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Post by chris on Jul 18, 2018 9:15:01 GMT
I only use access accounts and I would also like to have this data for the PF. The PF for the access accounts are ~ 2% according to website. AC have confirmed that this covers all expected losses on all loans (else they would not be trade-able). Would be nice if AC can back that up by telling us: 1. How much of the access accounts is in loans that have had trading suspended elsewhere 2. How much of the PF has been "ring fenced" to cover expected losses and how much “buffer” is then left to cover unexpected losses chris seeing as AC already have these figures – can we have them too?? One for the lender desk please as it wouldn't be my call to release those figures or not.
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jlend
Member of DD Central
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Post by jlend on Jul 27, 2018 16:06:59 GMT
I only use access accounts and I would also like to have this data for the PF. The PF for the access accounts are ~ 2% according to website. AC have confirmed that this covers all expected losses on all loans (else they would not be trade-able). Would be nice if AC can back that up by telling us: 1. How much of the access accounts is in loans that have had trading suspended elsewhere 2. How much of the PF has been "ring fenced" to cover expected losses and how much “buffer” is then left to cover unexpected losses chris seeing as AC already have these figures – can we have them too?? Hi dandyDid you get a response ?
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dandy
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Post by dandy on Jul 30, 2018 9:58:45 GMT
I only use access accounts and I would also like to have this data for the PF. The PF for the access accounts are ~ 2% according to website. AC have confirmed that this covers all expected losses on all loans (else they would not be trade-able). Would be nice if AC can back that up by telling us: 1. How much of the access accounts is in loans that have had trading suspended elsewhere 2. How much of the PF has been "ring fenced" to cover expected losses and how much “buffer” is then left to cover unexpected losses chris seeing as AC already have these figures – can we have them too?? Hi dandy Did you get a response ? hi jlend I have not followed it up with AC directly as their cut and paste reply is all too predictable and I could write it myself
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jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
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Post by jlend on Oct 8, 2018 15:14:42 GMT
Hi The directors of Assetz Provision Funding Limited review regularly those loans which are in recovery and close to realisation of the assets pledged in support of the loan. When realisation is complete (or when the prospect of further realisation becomes extremely unlikely) the directors can exercise their discretion to trigger the provision fund, provided sufficient funds are available. We have cases which are approaching this threshold and expect shortly to make payments in accordance with the provision fund terms. I can also confirm that the email update has gone to a wide base and everyone ever invested in GEA, GBBA1, GBBA2, PSA and the Access Accounts will have received this email. Hi stuartassetzcapital On the 13th Feb in response to lender queries you stated that the PFs were expected to shortly be making some payments to cover capital losses. Can you provide details of which loans have now had capital losses covered by the PFs in the gbba, geia and property accounts? Hi stuartassetzcapitalAny news about what happened to the cases?
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Post by stuartassetzcapital on Oct 8, 2018 15:42:21 GMT
News is imminent, watch this space.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Nov 2, 2018 17:47:36 GMT
News is imminent, watch this space. Still watching.
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kathy
Posts: 38 
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Post by kathy on Nov 2, 2018 20:18:49 GMT
News is imminent, watch this space. Still watching. You must have missed due to the wind and tumble weed rolling by.
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Post by bikeman on Jan 11, 2019 19:11:40 GMT
News is imminent, watch this space. @stuartasseztcapital - been over 3 months now - usual BS from AC then?
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Post by davee39 on Jan 11, 2019 21:14:48 GMT
Dear Lender
We are aware that repayment of this loan is now three years overdue. We are doing everything possible to recover funds in a timely manner. Following the appointment of liquidators the borrowers property has been sold. Twelve months have now passed since the completion of Bankruptcy proceedings and unfortunately we have not made any recovery under the personal guarantee.
We are continuing to consider pursuing a considered action to ensure a considerable proportion of the outstanding loan is evaluated for potential payment from the provision fund. We understand that that the borrower has recently purchased a lottery ticket. Should this prove to be a successful enterprise we will evaluate further recovery action.
The next update will be by the 20th March 2020.
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Post by geoffrey on Feb 3, 2019 15:49:24 GMT
It's worrying that AC doesn't seem to be stepping up to its responsibilities with the accounts covered by Provision Funds. Clear, honest, fair and transparent information and procedures is what lenders would like to see. In particular, it seems difficult to know what is happening with the closed original accounts (GBBA, GEIA, first series). The discussion in p2pindependentforum.com/thread/14210/provsion-funds-balances-coverage-ratios is particularly worrying -- if these accounts are seriously underwater, we need to know this and be told what AC proposes to do about that. |
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jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
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Post by jlend on Feb 3, 2019 21:46:50 GMT
Hi The directors of Assetz Provision Funding Limited review regularly those loans which are in recovery and close to realisation of the assets pledged in support of the loan. When realisation is complete (or when the prospect of further realisation becomes extremely unlikely) the directors can exercise their discretion to trigger the provision fund, provided sufficient funds are available. We have cases which are approaching this threshold and expect shortly to make payments in accordance with the provision fund terms. News is imminent, watch this space. Hi stuartassetzcapitalAny news you can share on the cases? Perhaps an email to investors? It is now approaching a year since we were told that there were cases where further realisations were unlikely and expect shortly to make payments. A year seems like a long time. Could you let investors know which loans these cases refer to? Many thanks
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Post by hammertime on Feb 4, 2019 14:35:48 GMT
They are just holding on to your money for as long as possible to get the interest.
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Post by faraday815 on Feb 13, 2019 9:07:38 GMT
....and forego the capital
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Post by davee39 on Feb 13, 2019 10:43:48 GMT
An unsustainable model.
As far as I know there has never been a loan written off to the point of qualifying for a provision fund payment. One problem is that the the funds available are insufficient. A second problem is the smoke and mirrors behind the quick access accounts.
The quick access accounts ('instant' and 30 Day) hold a proportion of the non trade-able loans, shared proportionately among all lenders. These loans are attributed full value even if they are worthless. As long as new money coming in matches withdrawals, a game of pass the parcel sends these bad parts to another lender, who hopes, in turn, that his share of bad loans can be appropriately dumped at a later stage.
The impending car crash is signaled by
1) Constant flurry of offers aiming to settle new lenders funds
2) Trending lower interest rates - overall margins must be dropping
3) Recession risk - Brexit worries , continuing European economic incompetence, US/China trade. More bad loans will be hidden in the Access accounts
4) Thundering silence from Assetz itself over provision fund payouts
5) The Green loans failure, the Trade finance loans failure and a certain Scottish loan which seems to have had more bad luck than the Scottish play. If the true state of these disasters actually entered the the books the solvency of the the access funds would be impaired.
I hope I am wrong. Until the business updates from Assets are more honest about some of the troubled loans, particularly those that I actually thought were covered by a provision fund (not almost 2 years late and no nearer decisive action) I will be continuing to withdraw funds.
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Post by westcountryfunder on Feb 13, 2019 13:15:06 GMT
An unsustainable model. As far as I know there has never been a loan written off to the point of qualifying for a provision fund payment. One problem is that the the funds available are insufficient. A second problem is the smoke and mirrors behind the quick access accounts. The quick access accounts ('instant' and 30 Day) hold a proportion of the non trade-able loans, shared proportionately among all lenders. These loans are attributed full value even if they are worthless. As long as new money coming in matches withdrawals, a game of pass the parcel sends these bad parts to another lender, who hopes, in turn, that his share of bad loans can be appropriately dumped at a later stage. The impending car crash is signaled by 1) Constant flurry of offers aiming to settle new lenders funds 2) Trending lower interest rates - overall margins must be dropping 3) Recession risk - Brexit worries , continuing European economic incompetence, US/China trade. More bad loans will be hidden in the Access accounts 4) Thundering silence from Assetz itself over provision fund payouts 5) The Green loans failure, the Trade finance loans failure and a certain Scottish loan which seems to have had more bad luck than the Scottish play. If the true state of these disasters actually entered the the books the solvency of the the access funds would be impaired. I hope I am wrong. Until the business updates from Assets are more honest about some of the troubled loans, particularly those that I actually thought were covered by a provision fund (not almost 2 years late and no nearer decisive action) I will be continuing to withdraw funds. Agree completely. At one time my favourite P2P platform. Now withdrawn as much as possible - all that is left is what I can't sell. That includes manual, green and both GBBAs. Mind you I now have little confidence in any of the platforms. Two exceptions (and even that is questionable) are BondMason and Landbay. BM unfortunately is messed up by Collateral, and Landbay is barely worth the effort. But once you have filled up on mainstream bank regular savers, Tesco, Nationwide and stashed some away in CoventryBS and Marcus, what is there left?
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