PF to pay out according to 4th Way

I've received 4 x interest payments for each of the IL* windmill loans in the GEIA, well 3 out of the 4 that have gone bad. Nothing for #437, so I assume payments for this will be forthcoming when the hamster wakes up from his afternoon nap.

At least it's a start.

Stuart, having read the new PF terms page, I'm glad to see specific mention of the PF covering any capital shortfall from the sale of security on defaulted loans. While I realise all recovery cases are different, can you give a ballpark timescale for how long recovery action takes for a loan? I will make specific reference to the four turbine loans which need no futher identification, and which I'm heavily over invested in thanks to the incompetence of your IT system. Assuming these loans go bad, I'd like some idea of how long I would be without my 5 figure investment, which I have access to, and none of which, I assume, will be earning interest past the end of the loan term, if you were to have to go to recovery action.

I think many lenders in the GBBA and GEIA will be upset if years after a loan has gone bad, they're still without their capital because recovery action is taking so long. Would it not be better to automatically repay, from the PF, the principal investment to lenders at the end of term, and then replenish the PF from the sale of security?

Is there a reason that the PF interest payments haven't been paid out for #437 does anybody know?  I've rung AC to ask them when they'll be made and they told me it could take up to 48 hours to get back to me about it ...

A default doesnt have to relate to non-payment but can be a breach of conditions

Not in #437 (or any WT) so havent seen the latest info. ISTM that this turbine wasnt commisioned by the agreed date and I suspect that this is a default event. Therefore the loan was in default in July but the loan was not in arrears. As the PF doesnt cover interest after a default, no payment is due as interest wasnt in arrears until after the default event. The other three loans didnt have a default event prior to interest arrears accruing so the PF would have paid out accrued interest up until the default.

In this context AC reply would make sense

edit: crossed with paul as deleted original reply to investigate a bit to support previous deleted post

My understanding is that the PF pays out to make up any difference between the sale price achieved from the secured asset and the capital plus interest accrued on the loan for that asset. Based on my FS experience it can take at least a year between default and asset sale.

I personally think that MLIA, QAA and the 30 day accounts are the best AC have to offfer. I think they made an error getting into the "fire and forget" accounts which are anything but "fire and forget" - although they have improved with the latest algorythm changes.