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Post by geoffrey on Mar 1, 2019 17:41:24 GMT
The first two loans that will have a provision fund payout to lenders' cash accounts for capital losses are now in process following work this month that was announced earlier. There is a little remaining work to do on how this is displayed on lenders' transaction histories but suffice to say we are near enough there now and you will be receiving cash in relation to S*** D*** and A*** G*** very shortly. Such transactions will be quicker and easier in the future you will be pleased to hear. Thank you, stuartassetzcapital. It really helps to have clear information and communication.
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Post by stuartassetzcapital on Mar 1, 2019 18:51:57 GMT
And the money will follow very shortly - probably next week subject to final user testing which may be finalised on Monday. It’s good to have the PFs now paying capital out as well as interest following some finalisation of recoveries. It’s not a common occurrence with us so we are a little tardy in the original software being dusted off, brought up to date and executed, apologies everyone.
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daveb4
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Post by daveb4 on Mar 2, 2019 7:07:19 GMT
I am very pleased the PF is paying out. Excellent news although fortunately does not really affect me much at the moment, plenty waiting though for the meeting 😀
I do have thoughts though and I know it goes against the existing process is that when a cause is basically lost I would rather have say 75/80% of capital paid out sooner and then if there is any more at the very end top us up. Appreciate this may put pressure on PF cashflow. Cases being looked at under the PF say they are still persuing so may work better for me.
One case in Scotland for example could have paid out 75% 6 months ago when security sold and anything after full attempted recoveries in another 6 months/year?
Say business was lent £100k
Property sale £50k
PF pays £25k at that time (committee has time to think whilst property sale goes through)
Whatever left at end is paid out appropriately after chasing customer for guarantees, valuers etc, may be worth doing 50/50 split on the rest, us/PF as commission?
Just think PF could pay out more often and keep our cash flow moving quicker.
Surely if the committee are going to pay out they are probably going to pay out, why take so long.
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Post by geoffrey on Mar 2, 2019 8:29:07 GMT
If cashflow is an issue, then staged payments from the PF -- perhaps even payments that follow the original loan repayment schedule -- would indeed be the better solution. Obviously, since the PF doesn't cover interest, then payments following the original schedule would ultimately deductible from final capital repayment should the security not cover the owed interest. Some European provision funds operate this model: they effectively step in and take over the loan to maintain the payment schedule. RateSetter seems to operate a model whereby its fund maintains payments to lenders until the loan is deemed unrecoverable, at which point a full early repayment is made.
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Post by stuartassetzcapital on Mar 4, 2019 19:51:46 GMT
The first provision fund payouts have been applied to lender accounts today.
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Post by bikeman on Mar 4, 2019 21:41:58 GMT
The first two loans that will have a provision fund payout to lenders' cash accounts for capital losses are now in process following work this month that was announced earlier. There is a little remaining work to do on how this is displayed on lenders' transaction histories but suffice to say we are near enough there now and you will be receiving cash in relation to S*** D*** and A*** G*** very shortly. Such transactions will be quicker and easier in the future you will be pleased to hear. Which loans are we talking about - loan numbers?
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jlend
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Post by jlend on Mar 4, 2019 21:46:42 GMT
The first two loans that will have a provision fund payout to lenders' cash accounts for capital losses are now in process following work this month that was announced earlier. There is a little remaining work to do on how this is displayed on lenders' transaction histories but suffice to say we are near enough there now and you will be receiving cash in relation to S*** D*** and A*** G*** very shortly. Such transactions will be quicker and easier in the future you will be pleased to hear. Which loans are we talking about - loan numbers? S*** D*** is #330 A*** G*** is #435
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Post by bikeman on Mar 4, 2019 22:09:34 GMT
Which loans are we talking about - loan numbers? S*** D*** is #330 A*** G*** is #435 What effect will these two have on the PF balance?
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Post by stuartassetzcapital on Mar 5, 2019 8:30:58 GMT
That will be reflected in the next defaults and losses statistics update. Bear in mind that defaulted loans have their expected losses reassessed and will be part of any PF coverage ratio therefore and given the time period these have been defaulted the recently published provision fund coverage ratios will have allowed for this so it is unlikely to make any significant difference. I trust this helps.
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jlend
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Post by jlend on Mar 5, 2019 8:52:49 GMT
That will be reflected in the next defaults and losses statistics update. Bear in mind that defaulted loans have their expected losses reassessed and will be part of any PF coverage ratio therefore and given the time period these have been defaulted the recently published provision fund coverage ratios will have allowed for this so it is unlikely to make any significant difference. I trust this helps. Thanks, useful. Just for info. I don't think the loans where in the GBBA2 or PSA, but I could be wrong. So I don't think we would see any difference there in terms of coverage ratio. At the moment at least, AC aren't publishing updates to the GBBA1 coverage ratio which were removed from the website a few years ago.
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cb25
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Post by cb25 on Mar 5, 2019 9:14:39 GMT
That will be reflected in the next defaults and losses statistics update. Bear in mind that defaulted loans have their expected losses reassessed and will be part of any PF coverage ratio therefore and given the time period these have been defaulted the recently published provision fund coverage ratios will have allowed for this so it is unlikely to make any significant difference. I trust this helps. Would be nice if I could get AC to answer my two week old email asking for PF figures on the (now closed) GBBA1, which AC must have.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 5, 2019 10:14:04 GMT
That will be reflected in the next defaults and losses statistics update. Bear in mind that defaulted loans have their expected losses reassessed and will be part of any PF coverage ratio therefore and given the time period these have been defaulted the recently published provision fund coverage ratios will have allowed for this so it is unlikely to make any significant difference. I trust this helps. Would be nice if I could get AC to answer my two week old email asking for PF figures on the (now closed) GBBA1, which AC must have. Have you checked your spam? Has been some recent problems with AC emails getting misdirected by email providers. Given you have asked about missing updates on a loan which had been provided by email suggests you may have been affected. PS I assume you want more than just the value of PF which is displayed on the account banner if you click 'show more' or in tracking thread on the other forum.
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Post by davee39 on Mar 5, 2019 10:22:35 GMT
That will be reflected in the next defaults and losses statistics update. Bear in mind that defaulted loans have their expected losses reassessed and will be part of any PF coverage ratio therefore and given the time period these have been defaulted the recently published provision fund coverage ratios will have allowed for this so it is unlikely to make any significant difference. I trust this helps. Would be nice if I could get AC to answer my two week old email asking for PF figures on the (now closed) GBBA1, which AC must have. Click 'show more' on the account - does not give a date. As has been previously stated GBBA1 cover is thought likely to be adequate provided there is a good recovery from the Scottish loan (which currently cannot be discussed).
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cb25
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Post by cb25 on Mar 5, 2019 10:23:24 GMT
ilmoro You're right - I have occasionally suffered from missing emails on Lender Votes. With this one, AC did give me a 'holding' response a week ago: "Unfortunately, I am unable to provide immediate feedback to you regarding your question as this is something which will require input from multiple departments within our business."
I'm waiting for the proper figures, in line with what they provide on other packaged accounts.
Edit: just got an email from AC, but it gave the GBBA1 figures from Dec 2016. Have replied, stating that I'm after current figures.
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cb25
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Post by cb25 on Mar 5, 2019 13:50:17 GMT
Would be nice if I could get AC to answer my two week old email asking for PF figures on the (now closed) GBBA1, which AC must have. Click 'show more' on the account - does not give a date. As has been previously stated GBBA1 cover is thought likely to be adequate provided there is a good recovery from the Scottish loan (which currently cannot be discussed). I'd still like to see the figures though
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