angrysaveruk
Member of DD Central
Say No To T.D.S
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Post by angrysaveruk on May 12, 2018 8:33:08 GMT
In their last communication with investors AC stated that they would no longer be answering questions from investors on these loans, hardly an open and transparent way of dealing with their investors. I think AC try to recover as much of the value from the loan as possible and in this case that is probably working with the borrower to resolve the situation. These loans are likely to be a big issue for AC given the large exposure people in the green energy accounts had to them and the size of the loans.
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SteveT
Member of DD Central
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Post by SteveT on May 12, 2018 9:27:26 GMT
I'm not sure that is true. HMRC rules require the arranger to initiate recovery proceedings. As far as I can see AC have no intention of doing so. Not strictly correct. SAIM12050 includes the following: " Whether a loan has become irrecoverable should be judged on a case by case basis, however as the loan will be managed by a platform, the platform would usually be in a position to determine when a loan has become irrecoverable. The platform would then inform the lender that the loan had become irrecoverable.
If the platform does not undertake this action, then the lender may still determine that the loan has become irrecoverable. However it will be the responsibility of the lender to show that there is no reasonable prospect of the recovery of the loan and it is NOT simply a case of late payment."
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Post by bikeman on May 17, 2018 15:31:22 GMT
I'm not sure that is true. HMRC rules require the arranger to initiate recovery proceedings. As far as I can see AC have no intention of doing so. " Like I said I can't declare a loss on these loans until the lender (AC) does so.
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