IFISAcava
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Post by IFISAcava on Jan 14, 2018 12:28:47 GMT
I am moving out of the GEIA in the non-ISA account (pending reinvestment via ISA), but don't appear to be making any progress in selling out of my last four (big proportion of total) loans: #437-440 inclusive. #437 is marked as suspended, so fair enough, but the other three aren't (although they are linked loans, same borrower). Does any one know if all four loans are actually suspended? Or is the overall lack of new money into the GEIA preventing others like me from selling out? Or a glitch? chris |
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walktall7
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Post by walktall7 on Jan 14, 2018 15:36:36 GMT
I do not think the other three are suspended I am also trying to sell some and did sell a little nible some days ago at 3.5 discount but now there is some for sale at 6% discount so I can only assume there is not much demand
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IFISAcava
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Post by IFISAcava on Jan 14, 2018 16:18:08 GMT
I do not think the other three are suspended I am also trying to sell some and did sell a little nible some days ago at 3.5 discount but now there is some for sale at 6% discount so I can only assume there is not much demand Ah - perhaps that is it - one of the big drawbacks of the auto accounts is that you can't discount so have to remain at the back of any queue.
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rambler
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Post by rambler on Jan 14, 2018 17:18:34 GMT
I am new to AC but it seems to me that investment into the GEA is not possible at present.
How is it possible for you to sell GEA loans if nobody is able to buy them?
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walktall7
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Post by walktall7 on Jan 14, 2018 17:34:13 GMT
I have bought some 373, 471,450.558 all today, and sold 411, 358,339 all today in MLA account. There were issues middle of the week and I think there still might be a backlog but some trades are happening, but with IFSA accounts being introduced it possible excessive amount of trades being done.
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jonah
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Post by jonah on Jan 14, 2018 22:23:50 GMT
I am new to AC but it seems to me that investment into the GEA is not possible at present. How is it possible for you to sell GEA loans if nobody is able to buy them? The loans could be bought by people in the mlia. Geia accounts basically bundle up a bunch of eco friendly mlia accounts, add a PF and set the rate at 7%.
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IFISAcava
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Post by IFISAcava on Jan 15, 2018 3:09:12 GMT
It's definitely the discounting issue - any buyers from the MLIA (or reinvested income from GEIA) will automatically buy the discounted loan parts first. As I said, this is a big (unpublicised) drawback with the auto accounts and another reason for hoping the MLIA will be opened up in the ISA ASAP. As it is, 50% of my GEIA investment was allocated to those 4 loans, and I am stuck (earning zero interest for now, unable to sell at discount, and with the faint hope of a discretionary PF at some unspecified time in the future for capital return - not sure if PF [discretionarily] covers lost interest too).
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DeafEater
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Post by DeafEater on Jan 15, 2018 10:52:38 GMT
As it is, 50% of my GEIA investment was allocated to those 4 loans, and I am stuck (earning zero interest for now, unable to sell at discount, and with the faint hope of a discretionary PF at some unspecified time in the future for capital return - not sure if PF [discretionarily] covers lost interest too). I'm in exactly the same boat and mightily fed up with the situation. An account that's supposed to have a more stable rate of return and be safer for your capital, favours picking up discounted MLIA sales from people who can't wait to get rid of their dross which is already non-performing but not defaulted. Hence I get stuffed from both ends because my GEIA investment is currently returning a third of the interest it should be and AC's provision fund is about as likely to remedy the situation as it is to bail out Carillion.
If I'd realised the full horror of how the GEIA/GBBA accounts work when I first started investing with AC I wouldn't have touched them with a bargepole.
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