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Post by jevans4949 on Feb 6, 2024 15:24:43 GMT
On the one hand, Assetz have previously encouraged us to take out uninvested funds as soon as possible; now they want to charge us...
Up to now, I have been withdrawing money when the balance goes over £20. The balance sometimes hits £100 when a punter repays at the end of his term - I usually worked on investing a maximum of £100 per client. Now I am likely to leave it for the qurterly free repayment. Maybe it would be fairer if Assetz charged on reayments under £x (£20? £50?). Perhaps they could give a clue as to what would be acceptable. Problem is, the wind-down is dragging on a bit.
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Post by jevans4949 on Mar 22, 2023 12:22:27 GMT
We just had a vote this morning on extending one loan for 3 months. Although this means my money is tied up for longer, at least we should get the benefit if the borrower keeps paying eventually.
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Post by jevans4949 on Jan 24, 2023 17:32:27 GMT
Technical point: what is the difference between a loan book ' run-off' and a ' wind-down'? Is it: 1) One appears in the official documentation on the AC platform and the other doesn't, or 2) There was no one called Bernhard Wind-Down Run-off is what you get after heavy rain.
It's just a wind-up.
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Post by jevans4949 on Jan 6, 2023 15:36:48 GMT
It's just the nonsense of doing the test when you can't invest any more money anyway.
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Post by jevans4949 on Jan 6, 2023 0:13:13 GMT
When I log on to Ablrate, I get prompted to take the Appropriateness Test.
If I don't take it, will they send all my money back to me?
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Post by jevans4949 on Jan 4, 2023 11:24:11 GMT
Sadly this wind down will be similar to Funding Circle's closure to lenders, still trying to exit money from that account even now! The only positive I can see is that the time to exit may assist with the overall recovery of loans in default. Maybe! get2jaime - I think your 'maybe' is the correct word. Unless AC are prepared/willing to write-off/crystallise those defaults and bring the PF into play even though it is discretionary I can see this running for years. AC though is a changed animal from when it first launched. Transparency and communication is no longer part of their DNA in my book. Just sorted my portfolio by months outstanding. Didn't buy into some of the later loans, but a number have 54 months outstanding, which is 4.5 years, and that's not allowing for all the extensions that will be requsted, as well as the defaults. Not tempted to invest in any other product under the Assetz banner.
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Post by jevans4949 on Dec 23, 2022 10:35:04 GMT
When I signed up to Assetz, using MLA only, I did in on the basis that there was a secondary market if I needed my money back urgently. Now I am locked in for the next five years. I am surprised the FCA allow this.
The same applies to Ablrate.
Zopa were good enough to buy us out of existing loans when they dropped out of the P2P business.
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Post by jevans4949 on Dec 15, 2022 12:37:17 GMT
So long, and thanks for all the fish!
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Post by jevans4949 on Dec 4, 2022 16:45:11 GMT
Just checked my Ovo bill and am £550 in credit, and unless the next three months are exceptionally cold I'm unlikely to use anything like that. I tried to adjust my direct debit payments online but the website will only accept increases. I'll send in my latest meter readings and then haggle with an "agent". I have Ovo,and found recently they had introduced a minimum direct debit based on their estimate on the online site. Eventually a tmy wife's insistence I phoned them (after a couple of number choices, you can hang on for a human being, although this may involve a 20-minute wait) You can ask the operator to reduce the DD, but this will have to be approved by the Revenue Control team, so don't be too ambitious.
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Ablrate (ABL) in Administration
AF Loans (ABL)
Nov 11, 2022 14:13:52 GMT
Post by jevans4949 on Nov 11, 2022 14:13:52 GMT
Do you remember the old sign:
This is a non-profit organisation. It wasn't intended to be, but that's how it is.
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Post by jevans4949 on Oct 13, 2022 10:37:47 GMT
Experience tells me there is always a greater risk with stock / working capital loans. By their nature, these things get used up. The proceeds of the sales get spent on the borrower's other costs (e.g. salaries), or he replenishes the stock but doesn't pay the suppliers' invoices. Equipment once used has a lower second-hand value. Bricks and mortar is safer security, although valuations may be optimistic.
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Post by jevans4949 on Aug 8, 2022 10:47:12 GMT
Given that some of the outsanding loans are not due to repay until 2025, I wonder if Ablrate will eventually buy back the loans, as Zopa did, to save on administration. Depending on their future plans,they might then sell them on to a traditional financier. I think there is no chance that they will do it in that order. If they negotiate a sale expect a sizeable haircut. You may or might not get a say in it. Agreed that haircuts are highly likely on non-paying loans. Some loans are still payng regularly though.
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Post by jevans4949 on Aug 7, 2022 14:53:00 GMT
Given that some of the outsanding loans are not due to repay until 2025, I wonder if Ablrate will eventually buy back the loans, as Zopa did, to save on administration. Depending on their future plans,they might then sell them on to a traditional financier.
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Post by jevans4949 on Jul 19, 2022 10:26:50 GMT
I got the email too. On logging in, the only uninvested money was <0.01 in the cash acccount. which I can't move anyway. I have set up bids for £100 on dozens on medium risk loans, and at present other people selling up any interest/repayments coming in are being soaked up. I think this strategy is safer than the access accounts, even though it takes more work.
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Post by jevans4949 on Jan 23, 2022 13:31:49 GMT
I have about £300 on my MLA accout and have buy orders on most low/medium low loans. I pick up dribs and drabs as other people diinvest, although I have taken out several hundred from my peak investment a couple of months ago.
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