markdirac
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Post by markdirac on Oct 18, 2021 9:43:37 GMT
We, 9 lenders together, would like to get a 6 weeks extension in order to seek legal advice on the position we find ourselves in and what we think is in our best interests. Any one would like to join us, please search "MT Action Group" in whatsapp. Thank you for attempting this cg, subject to the concerns of eeyore above. (I note that there have been several instances of enthusiastic and affronted lenders causing grief for all down the line.) I will decline to join you thank you, for the following reason. I note that you have declined to use the excellently functional group-communication software provided by this forum, but have chosen instead to use WhatsApp. It seems to me that it would be impossible to run such a subtle and elaborate project via communication through WhatsApp, which a medium completely unsuited to any sort of non-trivial business communication. Thank you nonetheless for your attempts on behalf of all of us.
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markdirac
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Post by markdirac on Oct 8, 2021 15:52:37 GMT
... ... is there a chance we are on the hook for more than our original Capital loaned out? ... Where is there any suggestion that this could be the case?
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markdirac
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Post by markdirac on Apr 16, 2021 7:38:11 GMT
Re NG and the "sponsors'" insurance
It feels to me that there's no money in it for the creditors and administrators. But there is for us. Is there some way we can band together and take it over?
Is there another forum anywhere where this is being discussed? Or a website, as for Lendy's disgruntled lenders? I am surprised that there are so few participants in this thread. If this is the only place that this is being discussed, then there's your answer shimself.
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markdirac
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Post by markdirac on Apr 15, 2021 18:40:49 GMT
TC used to be spoken of in the same breath as the big three of RS, FC and Zopa as one of the large, stable, respected lenders. Collateral and Lendy received a lot of attention and criticism from the press. I don't understand how TC and ESF have avoided such public scrutiny.
There was a lot of groupthink and emperor's clothes about TC. Their lax processes and toy-town website were hidden behind a wall of pompous and arrogant language which many lenders readily bought into. There was always a suggestion that anyone who challenged their hand-waving behaviour was a Low Nett Worth lender who just didn't understand how proper lenders do business.
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markdirac
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Post by markdirac on Feb 2, 2021 13:21:07 GMT
Martin Lewis has a convincing argument that it's not helpful to think of the 1% as being an "average" rate. He argues that for most people, the "average" rate will be much less than 1%, on average. That's only if you have a small amount invested. Large holdings average 0.9%. Ahh. So Lewis is correct then. Thanks.
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markdirac
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Post by markdirac on Feb 2, 2021 11:04:59 GMT
Martin Lewis has a convincing argument that it's not helpful to think of the 1% as being an "average" rate. He argues that for most people, the "average" rate will be much less than 1%, on average.
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markdirac
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Post by markdirac on Oct 30, 2020 11:38:55 GMT
Thanks dead money. So, I've hit the end of my 30-day notice to withdraw to cash and the leaves are gently rustling. Have I understood correctly that if I want to transfer to QAA (to use the market) that (a) I have to switch all my AA, not part (which is what you just said) AND (b) I have to restart the 30-day notice wait again?
Or, can I transfer my (whole) account to QAA immediately?
(It seems if I click the button something unexpected, counter-intuitive and infuriating may very well happen.)
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markdirac
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Post by markdirac on Oct 30, 2020 10:45:48 GMT
Slightly off topic, apologies, but... Of all the (dozen) P2Ps that I have invested with, AC is the only one where completely counter-intuitive things are always happening. - month after month I often did not get the expected rate of interest - 7% or whatever - even way back in the good times. I could never extract a transparent reason why.
- in the GBBA, which I opened to spread my risk and benefit from a provision fund, AC immediately invested 25% (one quarter!) of my investment in one loan (D******d M*****!)
- it was never intuitive to me that closing of the account would degrade AC's provision for Provision.
- back in March, I was not concerned about AA illiquidity, because no loan is longer than 5 years, and so my investment would all be paid back (+/- defaults) within 5 years. And then I discover that for some opaque reason, the occasional repayments and redemptions to MY loans are not being repaid to ME, but into some pool, such that at present, it looks as though my 5 year loans will be repaid in about 40 years.
AC stands for Always Counterintuitive.
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markdirac
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Post by markdirac on Oct 29, 2020 19:01:19 GMT
But ... I have received only about 90% repayment in my GBBA. I am wondering why it is that the recovery is not shared amongst all the provision-covered account. Is it because there are only a few GBBA account-holders left, and so there are fewer lenders likely to object to this seemingly unfair "discretion"?
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markdirac
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Post by markdirac on Feb 15, 2019 19:42:01 GMT
Why is this?
Scarcity of lenders fearful of Brexit consequences for the economy?
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markdirac
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Post by markdirac on Feb 11, 2019 18:55:02 GMT
I phoned AC and they reckoned that my not-suspended loans are not selling, or selling very slowly, because those loans were very much larger than the rest - over supply for buyers.
I am not surprised that AltFi reckon AC's returns are 2.5%. Half! of my GBBA1 loans are in default ("suspended"). And this proportion seems to vary massively between lenders according to (bad) luck. I cannot imagine how AltFi calculate a representative figure. What surprises me is that there is not more of an outcry about the massive rate of defaults in GBBA1. My AC defaults are far higher % than at Lendy or Thin Cats, or even Rebuilding Society, where there is considerable outcry.
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markdirac
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Post by markdirac on Feb 6, 2019 10:55:13 GMT
I don't vote because I once read somewhere at AC that if one votes "the wrong way" then that may invalidate one's claim to any future discretionary PF payment.
I have always assumed that this is the reason that so few % vote?
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markdirac
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Post by markdirac on Feb 6, 2019 8:27:30 GMT
I am not very concerned. Some frozen funds were expected, just not >10%. The accounts still sell out slowly. GBBA2 has much of the rest in just a handful of disproportionally large loans that are in monitored state but not (yet) suspended. Why do you reckon frozen funds are expected? I expected that suspended loans would be frozen, but I am finding (in GBBA2) that there are more frozen loans not suspended than those which are suspended. Why would this be? How are the funds liquidated - who do our GBBA loans get sold to when we "withdraw". Are the funds sold to MLIA investors, or to the other accounts? I am disturbed to find that >10% of my GBBA2 will not liquidate, even though most of it is not suspended.
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markdirac
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Post by markdirac on Jan 3, 2019 16:07:51 GMT
HCR have indicated to forum staff that their post this morning was not a one off statement, and that they will continue to engage on here. We have suggested that before the end of office hours today they make a short response in reply to the main queries raised during today stating some consise facts. In particular a) When exactly (date and time) and by what media (email, post stating 1st/2nd class registered or not) did HCR write to all lenders in the two loans. b) The number of lenders so contacted (to nearest 100 say) c) From where were the lender contact details obtained ? d) When exactly (date) and on whose authority were lenders joined to the case. e) The number of lenders so joined (to the nearest 100 say) f) When and how should lenders expect to be served ? Until HCR's earlier statement is fleshed out with some facts, a degree of caution is required. Did we ever hear anything back from HCR? Either publicly or privately? Have they "continued to engage on here" in any way? I note that some comments about HCR were pretty bloody rude.
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markdirac
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Post by markdirac on Oct 22, 2018 21:39:15 GMT
You can get a copy (I did) from the lawyers mentioned by Ly. ...
You're lucky. My simple initial email to the lawyers has been ignored for a week now. Not even an acknowledgement. Has anyone else found it difficult to get in touch?
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