happy
Member of DD Central
Posts: 397 
Likes: 497
|
Post by happy on Jun 21, 2018 9:08:45 GMT
In my experience AC doesn't even declare a default on loans where the borrower hasn't paid for well over 12 months. Can't declare a loss, communication stops and we get nothing form the PF. As for recovery, don't make me laugh, why would they bother since recovery would take them one step closer to dipping into that PF they bang on about but no one has ever got anything from. Yet still the suckers come - just offer them a 1% bonus and they line up. At some point AC will be forced to declare their losses and you watch how fast they freeze those funds in the QAA and 30DAA. This is highly misleading to readers. If you wish to make these statements please can you give precise and current examples. Our loan status and default policy is quite probably the tightest in the industry and well defined on our website. Totally agree, these negative and unsubstantiated statements do not reflect the reality of how AC go about their business. In my many years of experience with this platform their communication to lenders sets the bar in P2P and whilst there are / have been issues with individual loans their overall approach to defaults and recovery is very reassuring. On reviewing this posters activity it seems they have taken to attacking AC on a regular basis after, like many of us and myself included, suffering some large GEIA defaults and, perhaps coupled with not fully understanding how this account could invest your money, they have obviously got a significant amount of their investment tied up in these loans. I think this poster should try to accept that there is an often long process in asset recovery and any PF protection will only come into effect once this has reached it's conclusion. If they cannot accept this is what they signed up for then I can only assume that they did not do their research and understand the marketplace and product they invested their money in. We all understand the frustration in having money tied up in recovery but this is the P2P market we chose to be in so please could you stop trying to single handedly destroy the credability and reputation of one of the best P2P platform in the business.
|
|
niceguy37
Member of DD Central
Posts: 504
Likes: 254
|
Post by niceguy37 on Jun 21, 2018 13:24:46 GMT
This is highly misleading to readers. If you wish to make these statements please can you give precise and current examples. Our loan status and default policy is quite probably the tightest in the industry and well defined on our website. Totally agree, these negative and unsubstantiated statements do not reflect the reality of how AC go about their business. In my many years of experience with this platform their communication to lenders sets the bar in P2P and whilst there are / have been issues with individual loans their overall approach to defaults and recovery is very reassuring. On reviewing this posters activity it seems they have taken to attacking AC on a regular basis after, like many of us and myself included, suffering some large GEIA defaults and, perhaps coupled with not fully understanding how this account could invest your money, they have obviously got a significant amount of their investment tied up in these loans. I think this poster should try to accept that there is an often long process in asset recovery and any PF protection will only come into effect once this has reached it's conclusion. If they cannot accept this is what they signed up for then I can only assume that they did not do their research and understand the marketplace and product they invested their money in. We all understand the frustration in having money tied up in recovery but this is the P2P market we chose to be in so please could you stop trying to single handedly destroy the credibility and reputation of one of the best P2P platform in the business. And the platform that is doing it's best to get your money back!
|
|
jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
|
Post by jlend on Jun 21, 2018 20:12:00 GMT
In my experience AC doesn't even declare a default on loans where the borrower hasn't paid for well over 12 months. Can't declare a loss, communication stops and we get nothing form the PF. As for recovery, don't make me laugh, why would they bother since recovery would take them one step closer to dipping into that PF they bang on about but no one has ever got anything from. Yet still the suckers come - just offer them a 1% bonus and they line up. At some point AC will be forced to declare their losses and you watch how fast they freeze those funds in the QAA and 30DAA. This is highly misleading to readers. If you wish to make these statements please can you give precise and current examples. Our loan status and default policy is quite probably the tightest in the industry and well defined on our website. I share Stuarts frustration with this post...... it is both misleading and for me distracts from specific issues or concerns that lenders may have and wish to raise on this forum for discussion. I have always found AC take seriously issues raised with them. I have raised two official complaints about the PF, the response for one of these I posted on this forum. AC took remedial action after both of these complaints. I may not be satisfied with the outcome, but they do take things seriously and consider them. There is a big difference between venting frustration etc and posts like this....
|
|
|
|
Post by bikeman on Jun 22, 2018 11:48:50 GMT
In my experience AC doesn't even declare a default on loans where the borrower hasn't paid for well over 12 months. Can't declare a loss, communication stops and we get nothing form the PF. As for recovery, don't make me laugh, why would they bother since recovery would take them one step closer to dipping into that PF they bang on about but no one has ever got anything from. Yet still the suckers come - just offer them a 1% bonus and they line up. At some point AC will be forced to declare their losses and you watch how fast they freeze those funds in the QAA and 30DAA. This is highly misleading to readers. If you wish to make these statements please can you give precise and current examples. Our loan status and default policy is quite probably the tightest in the industry and well defined on our website. Since you ask: The following loans, made to a single borrower totaling some £4.4M, were suspended ~June 2017. In the intervening 12 months, AC have not started any formal recovery process. #440 I** #439 I** #438 I** #437 I**
|
|
jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
|
Post by jlend on Jun 22, 2018 13:22:54 GMT
This is highly misleading to readers. If you wish to make these statements please can you give precise and current examples. Our loan status and default policy is quite probably the tightest in the industry and well defined on our website. Since you ask: The following loans, made to a single borrower totaling some £4.4M, were suspended ~June 2017. In the intervening 12 months, AC have not started any formal recovery process. #440 I** #439 I** #438 I** #437 I** I sold some of 438, 439, 440 in December 2017 so these three loans were suspended later than June 2017.
|
|
walktall7
Member of DD Central
Posts: 184
Likes: 35
|
Post by walktall7 on Jun 22, 2018 13:44:41 GMT
I sold some of them on Jan 4 18 !!
|
|
angrysaveruk
Member of DD Central
Say No To T.D.S
Posts: 1,332
Likes: 789
|
Post by angrysaveruk on Jun 22, 2018 13:55:19 GMT
Capital loss only is what I understand according to the AC PF FAQs In my experience AC doesn't even declare a default on loans where the borrower hasn't paid for well over 12 months. Can't declare a loss, communication stops and we get nothing form the PF. As for recovery, don't make me laugh, why would they bother since recovery would take them one step closer to dipping into that PF they bang on about but no one has ever got anything from. Yet still the suckers come - just offer them a 1% bonus and they line up. At some point AC will be forced to declare their losses and you watch how fast they freeze those funds in the QAA and 30DAA. I dont think this is a fairly accurate assessment of AC to be honest. I think they communicate the situation of the loans that are in recovery fairly honestly.
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on Jun 22, 2018 20:47:30 GMT
This is highly misleading to readers. If you wish to make these statements please can you give precise and current examples. Our loan status and default policy is quite probably the tightest in the industry and well defined on our website. Since you ask: The following loans, made to a single borrower totaling some £4.4M, were suspended ~June 2017.
In the intervening 12 months, AC have not started any formal recovery process. #440 I** #439 I** #438 I** #437 I** The recovery process is very much underway with all of these loans. AC is working with the borrower, who has other loans with AC BTW, and other parties to identify the best route to realising the maximum value from the assets of each loan. I for one am very glad of the fact that AC have taken the approach they have, as the cooperation and involvement of the borrower is probably vital to fully understanding the complexities of each individual loan to achieve the best result. Initiating formal proceedings against another party just because you have the right to do so is very often not in the best interest of any of the parties involved as much of the control of the process that AC has is passed to the receivers and typically precipitates a fire-sale of assets with the significant additional receiver costs further reducing the realised value for borrowers. I have every confidence that if the situation changes and AC feel that formal process is the best way forward then they will not hesitate to follow that path as they have done a number of times in the past. However, in the case of your statement, if you mean FORMAL recovery as in forcing bankruptcy on the borrower, receivers appointed etc then I suppose you are correct in that fact, but in that fact alone. To simply put your statement out there and therefore imply that AC have actually done nothing to recover our money is grossly untrue, what is often described nowadays as FAKE NEWS I believe! Enough said.
|
|
jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
|
Post by jlend on Jun 23, 2018 7:43:59 GMT
Just following on from the post from happyI do think AC took far to long to ask more probing questions of the borrower. There were warning signals last year. Particularly with such a large exposure to a single borrower. Regular independent QS reports would also have been good. Hindsight is easy. I hope AC have learnt some lessons from this group of loans. |
|
angrysaveruk
Member of DD Central
Say No To T.D.S
Posts: 1,332
Likes: 789
|
Post by angrysaveruk on Jun 23, 2018 13:52:10 GMT
This is highly misleading to readers. If you wish to make these statements please can you give precise and current examples. Our loan status and default policy is quite probably the tightest in the industry and well defined on our website. Since you ask: The following loans, made to a single borrower totaling some £4.4M, were suspended ~June 2017. In the intervening 12 months, AC have not started any formal recovery process. #440 I** #439 I** #438 I** #437 I** I would agree the I** loans are a bit of a situation. I am waiting to see what the outcome is before I pass judgement on the situation. To be fair this loan would not benefit from a quick recovery strategy and AC are on the right road in my opinion.
|
|
walktall7
Member of DD Central
Posts: 184
Likes: 35
|
Post by walktall7 on Jun 23, 2018 17:28:48 GMT
I have just checked and all those four loans made interest payments on 21 September 17 in my MLA account. They were supposed to pay interest on 20 so the payments were only one day late and they paid the correct amount in full on 21/09/17.
|
|
|
|
Post by jcams11 on Jun 24, 2018 20:39:40 GMT
This is highly misleading to readers. If you wish to make these statements please can you give precise and current examples. Our loan status and default policy is quite probably the tightest in the industry and well defined on our website. Since you ask: The following loans, made to a single borrower totaling some £4.4M, were suspended ~June 2017. In the intervening 12 months, AC have not started any formal recovery process. #440 I** #439 I** #438 I** #437 I** These 4 have taken 60% of all my investments. Complete disaster. Any news ?
|
|
|
|
Post by jcams11 on Jun 24, 2018 22:19:27 GMT
Hi Stuart. I can not make this any clearer. Loans 437 - 440 have taken 60% (£14.,000) of my holdings within assetz. This averages 15% per loan. This is hugely over what I would expect from a peer to peer company. Funding circle at 1% maximum and Zopa lend a maximum of £10. I believe there has been a massive mistake somewhere and this situation does not represent a good model. I respect a lot of the way Assetz do business but this needs some explaining to me.
|
|
cb25
Posts: 3,528
Likes: 2,668
|
Post by cb25 on Jun 25, 2018 8:40:44 GMT
Hi Stuart. I can not make this any clearer. Loans 437 - 440 have taken 60% (£14.,000) of my holdings within assetz. This averages 15% per loan. This is hugely over what I would expect from a peer to peer company. Funding circle at 1% maximum and Zopa lend a maximum of £10. I believe there has been a massive mistake somewhere and this situation does not represent a good model. I respect a lot of the way Assetz do business but this needs some explaining to me. FC lends at 0.5% maximum of portfolio total, Zopa lends at maximum of 1% of available cash (as I know to my cost having once invested £15K in one lump and got 100 x £150 loans !).
I agree with you that AC's diversification was pretty rubbish a while back. I've got £5500 in defaulted loan 227, was easily 20% of my GBBA1 funds originally, now a much higher percentage.
|
|
|
|
Post by jevans4949 on Jun 25, 2018 8:44:39 GMT
It would be a useful improvement if Assetz could introduce an amendment to indicate where loans were substantially connected to the same borrower, as in the case of the I** loans. This to include where the "Controlling Mind" behind SPV companies is effectively the same, or where one loan substantially depended on the successful outcome of another. Limits on funds using GBBA-type rules should be with reference to this. This would help prevent what has happened to jcams11 (and others).
Personally, I stick with MLA, and try to avoid the situation in this way.
|
|
