Post by westcountryfunder on Jun 12, 2018 11:23:03 GMT
The well documented and ongoing problems with the administration of Collateral have brought into sharper focus the nature of P2P lending, the supervision supposedly provided by the FCA, and the existence or otherwise of documentation and/or computer files relating to loans.
With that in mind I have a query to raise about the AC platform, which incidentally I rate as undoubtedly one of the best of the bunch, and one in which, even now and despite the Collateral saga, I have very considerable confidence. It certainly has the lion's share of my P2P investments.
I refer to the Terms and Conditions section 9:
"Loan and Security Documents
1) Documentation for each Loan will be generated on the basis of the Assetz Capital Companies' standard forms and will incorporate the key commercial terms set out in the information package posted on the Website.
2) On or shortly after the date of drawdown of a Loan, the Assetz Agent will notify each Lending Syndicate Member that the Loan has been drawn down and will issue a certificate to evidence the fact that a Lending Syndicate Member has made a Loan.
3) The Assetz Agent will prepare an electronic copy of the Loan Agreement and Security Document for each Loan. These electronic copies will be made available free of charge on request to any relevant Lending Syndicate Member."
I have never asked for a copy of the 'Loan Agreement and Security Document', therefore I do not know what details are included. For example I believe some borrowers wish to remain anonymous. However, I think I would prefer that the website included a link to these documents which I could download if I so choose. I have in mind that, in the event of the collapse of a the platform and especially in the event of erasure of computer records, it would be useful to have a record on my own computer. (I have not looked into this, but this can probably be said of some other platforms).
More puzzling is the position with the QAA and 30DN accounts. Given that the intention is for funds to be available immediately or after 30 days in normal market conditions, does a 'Loan Agreement and Security Document' exist for each of the very numerous loan parts which constitute the balances of these accounts? Exactly what is the basis on which these monies are held? It seems unlikely that they are simple deposits, as with a bank. How would these monies be recouped in the event of platform failure?
Perhaps all this is covered in the 'living will', but to the best of my knowledge and belief, this is not available to investors (willing to be corrected if I am wrong).
I wish to make it clear that I do still have full confidence in the AC platform, but I think that these matters are now not merely academic in nature.
With that in mind I have a query to raise about the AC platform, which incidentally I rate as undoubtedly one of the best of the bunch, and one in which, even now and despite the Collateral saga, I have very considerable confidence. It certainly has the lion's share of my P2P investments.
I refer to the Terms and Conditions section 9:
"Loan and Security Documents
1) Documentation for each Loan will be generated on the basis of the Assetz Capital Companies' standard forms and will incorporate the key commercial terms set out in the information package posted on the Website.
2) On or shortly after the date of drawdown of a Loan, the Assetz Agent will notify each Lending Syndicate Member that the Loan has been drawn down and will issue a certificate to evidence the fact that a Lending Syndicate Member has made a Loan.
3) The Assetz Agent will prepare an electronic copy of the Loan Agreement and Security Document for each Loan. These electronic copies will be made available free of charge on request to any relevant Lending Syndicate Member."
I have never asked for a copy of the 'Loan Agreement and Security Document', therefore I do not know what details are included. For example I believe some borrowers wish to remain anonymous. However, I think I would prefer that the website included a link to these documents which I could download if I so choose. I have in mind that, in the event of the collapse of a the platform and especially in the event of erasure of computer records, it would be useful to have a record on my own computer. (I have not looked into this, but this can probably be said of some other platforms).
More puzzling is the position with the QAA and 30DN accounts. Given that the intention is for funds to be available immediately or after 30 days in normal market conditions, does a 'Loan Agreement and Security Document' exist for each of the very numerous loan parts which constitute the balances of these accounts? Exactly what is the basis on which these monies are held? It seems unlikely that they are simple deposits, as with a bank. How would these monies be recouped in the event of platform failure?
Perhaps all this is covered in the 'living will', but to the best of my knowledge and belief, this is not available to investors (willing to be corrected if I am wrong).
I wish to make it clear that I do still have full confidence in the AC platform, but I think that these matters are now not merely academic in nature.
