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Post by stuartassetzcapital on Feb 12, 2018 16:19:00 GMT
Hello all. As promised, we have updated the provision fund web page text ( www.assetzcapital.co.uk/invest/faqs#help-document-84 ) this afternoon and I can also confirm that we have written to affected investors regarding having now updated the software that was preventing payment of late interest from the provision fund and we have made all pending pay-outs by the system today. |
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m2btj
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Post by m2btj on Feb 12, 2018 16:39:06 GMT
Hello all. As promised, we have updated the provision fund web page text ( www.assetzcapital.co.uk/invest/faqs#help-document-84 ) this afternoon and I can also confirm that we have written to affected investors regarding having now updated the software that was preventing payment of late interest from the provision fund and we have made all pending pay-outs by the system today. I look forward to reading in full the new PF web text but it appears to be a positive leap forward for AC. I quote; Covering capital losses is the primary goal of the Provision Fund
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Post by misterp2p on Feb 12, 2018 16:49:07 GMT
Hello all. As promised, we have updated the provision fund web page text ( www.assetzcapital.co.uk/invest/faqs#help-document-84 ) this afternoon and I can also confirm that we have written to affected investors regarding having now updated the software that was preventing payment of late interest from the provision fund and we have made all pending pay-outs by the system today. Interesting to see how this works, I may start adding a bit more to my AC holdings..
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jonah
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Post by jonah on Feb 12, 2018 16:57:00 GMT
Interest has hit my account from Gbba and GEA.
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daveb4
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Post by daveb4 on Feb 12, 2018 16:59:06 GMT
Thanks for sorting, I am sure not everyone will be happy as always in these situations but all we were asking was clarification which after reading the details certainly does appear much better than before.
Next maximum holdings in the various GBBA type accounts please.
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Post by stuartassetzcapital on Feb 12, 2018 17:01:30 GMT
Hi
Yes diversification updates are in progress and we will provide more news shortly.
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IFISAcava
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Post by IFISAcava on Feb 12, 2018 17:40:47 GMT
Hello all. As promised, we have updated the provision fund web page text ( www.assetzcapital.co.uk/invest/faqs#help-document-84 ) this afternoon and I can also confirm that we have written to affected investors regarding having now updated the software that was preventing payment of late interest from the provision fund and we have made all pending pay-outs by the system today. Interesting to see how this works, I may start adding a bit more to my AC holdings..I'd wait until the allocation algorithms are sorted. QAA/30-day/MLIA are the ones to use for now IMHO.
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jlend
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Post by jlend on Feb 12, 2018 17:43:19 GMT
Hello all. As promised, we have updated the provision fund web page text ( www.assetzcapital.co.uk/invest/faqs#help-document-84 ) this afternoon and I can also confirm that we have written to affected investors regarding having now updated the software that was preventing payment of late interest from the provision fund and we have made all pending pay-outs by the system today. Hi stuartassetzcapitalI've not had an email about it. Should I have?
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oldgrumpy
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Post by oldgrumpy on Feb 12, 2018 17:57:17 GMT
My email came in at 16:25. I'm not in these accounts.
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Post by stuartassetzcapital on Feb 12, 2018 18:09:39 GMT
The email only went to those who received a payout which means people that are presently or were invested in the past in the relevant investment accounts and in the affected loans with late payments and that there was a pay-out due. No email means that there is no late payment due to you at this time I understand.
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jlend
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Post by jlend on Feb 12, 2018 18:34:25 GMT
The email only went to those who received a payout which means people that are presently or were invested in the past in the relevant investment accounts and in the affected loans with late payments and that there was a pay-out due. No email means that there is no late payment due to you at this time I understand. Thanks for the prompt reply stuartassetzcapitalI have checked and I can see i have had some payments from the PF but have not received an email in my inbox or junk folder. I don't normally have an issue with AC emails I am the one who raised the official complaint on Interest Payments that Martin responded to with a final response letter last week detailing this payment along with other things. If you can get someone to send the email to me that would be great.
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dawn
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Post by dawn on Feb 12, 2018 18:46:38 GMT
The email only went to those who received a payout which means people that are presently or were invested in the past in the relevant investment accounts and in the affected loans with late payments and that there was a pay-out due. No email means that there is no late payment due to you at this time I understand. I received the email at 4.24pm. However I have only ever invested in MLIA and the QAA so was never due any payments from the PF. I also can see no payments in any accounts (which is right as I am not due any) so the above might have been your intention but does not appear to be what has actually happened. I was interested to read what was happening and think it is a good thing so if the email went to more people than it should have done that isn't a problem. However some people may be missing emails they should have received which is a problem.
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Post by brianac on Feb 12, 2018 19:00:56 GMT
The email only went to those who received a payout which means people that are presently or were invested in the past in the relevant investment accounts and in the affected loans with late payments and that there was a pay-out due. No email means that there is no late payment due to you at this time I understand. Had several (PF) payouts, no E mail "Provision fund interest payment for loan M*** D****** P* "(etc) Brian
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puddleduck
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Post by puddleduck on Feb 12, 2018 19:12:08 GMT
I got the e-mail and can see some interest payments dated today into the Property Secured Account, so I guess it must be part of the PF payout.
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jlend
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Post by jlend on Feb 12, 2018 19:39:42 GMT
I have held off posting about this in the past to give AC time to make a payment and communicate to lenders. I don't know what AC have communicated to lenders today as I haven't received the email yet so lenders may already have some or all of this information. Perhaps someone could be kind enough to post the email on this forum.
Last year I made an official complaint against AC specifically regarding late interest payments. AC upheld the complaint. I am assuming this was not communicated but that is obviously their choice, plus I don't know how much of a difference my complaint made and what AC were planning otherwise.
This is an extract from the final response in case it is helpful.
"I have now investigated your complaint fully and would like to apologise for the late deployment of Provision Fund Payments in your Green Energy Account (GEA) and for any inconvenience this has caused you.
Our proposed solution is deploying Provision Fund payments within the next 7 days, with respect to current qualifying loans within your GEA and all other related Investment Accounts.
We will, within the next 28 days or sooner, deploy payments of late interest for all loans that would have qualified previously had the deployment been made at the relevant time in the past.
In addition, we will also make a payment in order to cover any compound interest that could have reasonably been achieved, had the deployment been made at the correct time and will detail how we have calculated this.
Once this work is complete we will also provide you with a schedule detailing the loans which have had the Provision Fund payments applied, so that you can cross reference them with your own account.”
They have subsequently confirmed that the payment to cover compound interest will be paid by AC and not the provision fund.
I have the option of now taking this to the FOS if I am not happy with the AC response. I have been advised to keep my options open at this stage.
You are welcome to PM me if you have any concerns about the steps AC are taking regarding interest payments and the new wording regarding when the PF will make interest payments vs what was implied with the previous wording on the website. I can't promise to do anything with it though. I haven't seen the new wording until today.
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