markdirac
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Post by markdirac on May 9, 2018 18:05:33 GMT
The draft overview for the 2nd charge pipeline loan says: "A revaluation of the property has recently been undertaken and the GDV has increased ... to £23,976,072 (Gross of Unilateral Notices)" I wonder what "Gross of UNs" means? Does it mean - GDV = £24M, out of which £x M comprises deposits taken from the UN holders, or
- GDV = £24M, after subtracting £x M for deposits taken from the UN holders
?
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markdirac
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Post by markdirac on May 8, 2018 16:58:35 GMT
This was inevitable and should have been done long time ago (IMO). Why? Just because there is no flow of new loans, why should the account be closed? Others may want to buy in to whatever share of GEIA others are wanting to sell out of. Closing the account means that I cannot cash in any proportion of this account even if others want to buy in to it. My investment has become illiquid for 5 years.
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markdirac
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Post by markdirac on Feb 13, 2018 13:32:11 GMT
Well, we all speak as we find, of course. Just to add some balance to this discussion, I can tell you my experience of the GBBA account. I started in August 2015. I run a separate AC account for GBBA (which now includes GBBA and GBBA2), but at times there have been cash balances either awaiting investment or withdrawal at my discretion. Money has gone in and out to suit my own requirements, but peaked at about £70k. On a simple interest basis my yield is 6.02%, or 6.84% including accrued interest. This includes the funds from the provision account, just received. I have not attempted to analyze just how much the yield has been diluted due to holding cash at times, but I have no complaint - none whatsoever. Thanks West. For your fund of £70k, approx. how much have you just received from the PF? (I received negligible yesterday on my funds.)
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markdirac
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Post by markdirac on Feb 13, 2018 12:01:06 GMT
Well I am now even more baffled. I have spent hours discussing and complaining with AC that my return is nowhere near 7% - not slightly below 7%, but massively below 7%. Ben insisted twice that much of the shortfall below 7% was simply because of late payments. I have 5 figures invested in GBBA and GEA. I received the payments yesterday from the provision fund. £4.13 and £3.26 !! That represents about 0.01% of my holding! The PF payments yesterday come absolutely nowhere near making up the shortfall about which I have been complaining for some months. What on earth's going on here? I am not sure anyone on the forum will be able to answer your question. Perhaps an email or telephone call to AC might provide you with an answer? Thanks applets, but I've spent hours preparing for, calculating for, double-checking for, waiting for, then taking part in conversations and IMes with AC. But they just don't seem to get it. I was repeatedly told that some of my shortfall is because of "suspended" loans (not "defaulted" loans, or "bad debts", but "suspended"), and much was simply because of late payments. So I was expecting this PF payout / bug fixing to at least compensate for the latter. But no.
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markdirac
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Post by markdirac on Feb 13, 2018 11:07:37 GMT
Well I am now even more baffled. I have spent hours discussing and complaining with AC that my return is nowhere near 7% - not slightly below 7%, but massively below 7%. Ben insisted twice that much of the shortfall below 7% was simply because of late payments.
I have 5 figures invested in GBBA and GEA. I received the payments yesterday from the provision fund. £4.13 and £3.26 !! That represents about 0.01% of my holding! The PF payments yesterday come absolutely nowhere near making up the shortfall about which I have been complaining for some months.
What on earth's going on here?
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markdirac
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Post by markdirac on Jan 12, 2018 17:28:23 GMT
There seemed to be a lot of delayed payments related to the Christmas break. Borrowers using it as an excuse to squeeze out some extra days grace and AC staff reduced in Christmas week? Thanks Rick. But I am afraid this is not the reason. Whilst December's payments were particularly low, the shortfall (below 7%) has been getting worse and worse for some months now.
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markdirac
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Post by markdirac on Jan 12, 2018 16:16:53 GMT
I don't suppose that the PF is designed to cover these sorts of shortfalls. It has a 3x cover (IIRC) on expected defaults, but the expected defaults are far smaller than the shortfalls reported in this thread.
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markdirac
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Post by markdirac on Jan 10, 2018 20:19:55 GMT
It sounds bad but is still considerably better than my GEIA investment which should be bearing interest at a rate of 0.5654% per month but has been falling gradually for the past 4 months and in December only returned 0.22% of the capital as interest. This suggests about 61% of my GEIA is non-performing. I'm showing an impressive figure for accrued interest but given AC's cautious approach to using their provision fund, that's only likely to be of interest to my heirs' children. If anyone's wondering, I calculate: 0.5654% per month target is equivalent to 7% p.a 0.22% per month is equivalent to 2.7% p.a. Shocking!
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markdirac
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Post by markdirac on Jan 9, 2018 12:05:58 GMT
Yes Steve you're spot on. But this is by no means the whole story - loan#227 accounts for only a small part of the 34% shortfall. And it is only a part of the 20% shortfall due to suspended loans. There are many many other loans contributing to this alarming shortfall.
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markdirac
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Post by markdirac on Jan 9, 2018 11:34:28 GMT
AC has a good reputation for low defaults and methodical recovery. But ... these are the (annualised) yields from my GBBA#1 account in recent months:
may 5.68%
jun 7.55%
jul 6.35%
aug 4.22%
sep 5.46%
oct 6.50%
nov 5.14%
dec 4.65%
I note that in December, 4.65 % points is a full 34% down from the target 7% points. Ben has diligently looked into this for me, and I am shocked to find that 34% of my GBBA account is non-performing.
20% of the shortfall is due to loans which are suspended, and have not been paying interest. And the remaining 14% is due to late payments.
I would not be too concerned at late payments, if it were the fact that late payments in December were matched by late payments from Nov being paid into Dec. But instead the late payments are accumulating, and there is a word different to "late" that I would use for such a situation.
This 34% figure is so very very different to the respectable default figures published on AC's website that I am quite concerned. Is this just bad luck regarding the loans which AC's algorithm has allocated to me, or has anyone else noticed this large shortfall in their GBBA income?
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markdirac
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Post by markdirac on Nov 1, 2017 20:26:30 GMT
How do you guys work out your interest income for a month? Surely I am not alone in recording, at the end of each month, the interest earned from each platform during that month? For AC I used to go to the tax statement and filter from the start of the month to the end of the month. That possibility is now removed. It looks as though I need to download 6 huge spreadsheets, do some extra arithmetic and work it out myself? Really? Is that what everyone else does? Or am I missing something? e Can't you just use the new daily balance statements. Balanced on last of current month minus balance on the last day of previous month plus/minus any credits/withdrawals to from platform equals interest. Or is that too obvious? Hang on! That doesn't work at all Ilmoro - that would include capital repayments as well as interest payments. Is it really the case that no one else bothers recording their interest each month?
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markdirac
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Post by markdirac on Sept 30, 2017 20:38:46 GMT
Thanks Ilmoro. Not obvious enough for me I'm afraid. I have been hunting around for something as obvious as all the other platforms. But thanks that I can stop hunting around now.
(I am now perturbed that the values I get using your method are all about £5 to £15 different from the values I used to get from the tax statement.)
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markdirac
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Post by markdirac on Sept 30, 2017 19:30:11 GMT
How do you guys work out your interest income for a month? Surely I am not alone in recording, at the end of each month, the interest earned from each platform during that month?
For AC I used to go to the tax statement and filter from the start of the month to the end of the month. That possibility is now removed.
It looks as though I need to download 6 huge spreadsheets, do some extra arithmetic and work it out myself? Really? Is that what everyone else does? Or am I missing something?
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markdirac
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Post by markdirac on Aug 10, 2017 20:42:13 GMT
When (if) we claim tax relief via an HMRC irrecoverable loss, will the value of that irrecoverable loss be the outstanding capital owed to each of us, or the outstanding debt ( = outstanding capital + outstanding interest )?
And if the latter, up until what date can we claim to have been accruing interest?
(That is, if we decided to wait say 5 (or 10) years before finally deciding that x% is irrecoverably lost, and then claiming tax relief, could we claim for the outstanding capital and also for 5 (or 10) years of outstanding interest?
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markdirac
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Post by markdirac on Jun 9, 2017 12:01:52 GMT
Not what you were asking - but if it helps - I initiated a successful withdrawal yesterday and received today.
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