angrysaveruk
Member of DD Central
Say No To T.D.S
Posts: 1,332 
Likes: 789
|
Post by angrysaveruk on Jul 7, 2018 15:15:45 GMT
I am not into these loans so am unfamiliar with the proposals. I am curious to know who is to advance a further £1M and on what terms. Second charge? Higher interest rate? etc etc From what I understand it is first charge on the proceeds of the sale at 0 interest. The money is coming from AC to complete the project for sale. Personally I am very pleased with AC reponse to a difficult situation.
|
|
|
|
Post by bikeman on Jul 13, 2018 19:42:19 GMT
Hi Happy Very simple question requiring very simple answer :- with reference to your comment above for automated account default will I receive my outstanding capital from the PF at some time in the future (2/3 years) or is it possible that AC may decide not to pay out? I never said this. If you're going to edit quotes, please get it right.
|
|
|
|
Post by investor01010101 on Nov 6, 2018 21:39:42 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. D****** M***** no payment since 21st Aug 2017
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
|
Post by ilmoro on Nov 7, 2018 0:29:21 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. D****** M***** no payment since 21st Aug 2017 Loan was defaulted April 2018 and placed in solvent recovery. Non payment of interest since August 2017 agreed by lenders.
|
|
|
|
Post by brightspark on Nov 7, 2018 7:56:22 GMT
D****** M***** no payment since 21st Aug 2017 Loan was defaulted April 2018 and placed in solvent recovery. Non payment of interest since August 2017 agreed by lenders. I was not aware that the loan was defaulted. On the AC website it shows only as being suspended i.e not tradeable on the secondary market and with interest payments suspended. The borrowers have now had six months to sort things out and lenders have had nothing to show for it. The sooner this loan goes into receivership the sooner long suffering lenders can recover something from this debacle. This loan and the three horrible wind farm loans are rapidly tarnishing AC's reputation for probity.
|
|
cb25
Posts: 3,528
Likes: 2,668
|
Post by cb25 on Nov 7, 2018 8:49:02 GMT
Loan was defaulted April 2018 and placed in solvent recovery. Non payment of interest since August 2017 agreed by lenders. I was not aware that the loan was defaulted. On the AC website it shows only as being suspended i.e not tradeable on the secondary market and with interest payments suspended. The borrowers have now had six months to sort things out and lenders have had nothing to show for it. The sooner this loan goes into receivership the sooner long suffering lenders can recover something from this debacle. This loan and the three horrible wind farm loans are rapidly tarnishing AC's reputation for probity. AC Lender Update 3 April 2018 "This loan is now subject to a recovery strategy and is in default.."
|
|
|
|
Post by brightspark on Nov 7, 2018 9:08:43 GMT
My apologies. You are technically correct. However no insolvency action as such has been taken by AC so 6 months on lenders are still up the creek without a paddle.
|
|
