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Post by jcams11 on Jun 24, 2018 20:33:02 GMT
I have had £14000 of my total £23000 invested into 4 loans which relate to wind turbines in Scotland. One company 4 projects all gone bust. I cannot believe assetz capital lent out 60% of my money to one company. Each loan represents 15% which is also crazy high. Does anyone know the rules of how much a p2p company can lend in terms of percentage. Does anyone have information of the company I** which has defaulted ? Thanks.
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dc848
Posts: 150 
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Post by dc848 on Jun 24, 2018 21:54:22 GMT
Your questions will be best answered by sending them to
enquiries@assetzcapital.co.uk
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angrysaveruk
Member of DD Central
Say No To T.D.S
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Post by angrysaveruk on Jun 26, 2018 18:55:00 GMT
I have had £14000 of my total £23000 invested into 4 loans which relate to wind turbines in Scotland. One company 4 projects all gone bust. I cannot believe assetz capital lent out 60% of my money to one company. Each loan represents 15% which is also crazy high. Does anyone know the rules of how much a p2p company can lend in terms of percentage. Does anyone have information of the company I** which has defaulted ? Thanks. I think there is a vote on the action AC will take with regard to these loans coming up very soon. £14,000 is alot of anyones money but I assume any losses will be covered by the provision fund. I think a number of people are keeping a close eye on how the recovery develops.
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billt
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Post by billt on Jun 26, 2018 20:15:19 GMT
I have had £14000 of my total £23000 invested into 4 loans which relate to wind turbines in Scotland. One company 4 projects all gone bust. I cannot believe assetz capital lent out 60% of my money to one company. Each loan represents 15% which is also crazy high. Does anyone know the rules of how much a p2p company can lend in terms of percentage. Does anyone have information of the company I** which has defaulted ? Thanks. I am in a very similar situation 9k invested in the same 4 loans from my total of 15k, unbelievable that AC could allocate such a large percentage
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Post by jcams11 on Jun 26, 2018 21:13:26 GMT
Totally agree. Just never in my thought that AC was so different to Zopa and funding circle. My fault for not looking at their terms I suppose. Made a complaint but the answer was no rules were broken. However I think that there algorithm for distribution has been changed which to me is an admission there was a problem.
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cb25
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Post by cb25 on Jun 26, 2018 21:20:50 GMT
No doubt some will say 'you should have read the Ts & Cs more carefully'. Some truth to that and I certainly wish I had, with £5500 in defaulted loan 227. However, never occurred to me that AC would allocate 20% of a portfolio to one loan outside of some sort of emergency, e.g extreme lack of loans. Plus, AC's recent change to their allocation and/or rebalancing algorithms shows it's possible to reduce over concentration on specific loans without a change to the Ts & Cs.
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aligibbs
Member of DD Central
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Post by aligibbs on Jun 28, 2018 10:21:08 GMT
Is this part of one of the funds they offer? eg. Green? If so, surely its covered by their provision fund?
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cb25
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Post by cb25 on Jun 28, 2018 10:34:52 GMT
Is this part of one of the funds they offer? eg. Green? If so, surely its covered by their provision fund? My 227 money is part of my GBBA1 fund, so - yes - technically covered by a provision fund. I've yet to see any evidence of AC using their PF.
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aligibbs
Member of DD Central
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Post by aligibbs on Jun 28, 2018 10:37:50 GMT
Is this part of one of the funds they offer? eg. Green? If so, surely its covered by their provision fund? My 227 money is part of my GBBA1 fund, so - yes - technically covered by a provision fund. I've yet to see any evidence of AC using their PF. I guess we will find out at some point then?
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ashtondav
Member of DD Central
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Post by ashtondav on Jun 28, 2018 10:38:41 GMT
I think The PF is used, to repay the CAPITAL shortfall when all recovery actions have been taken and assets sold. Based on experience with other sites that can be a good two years after the technical default date, maybe three with complex assets.
keep calm and carry on....
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cb25
Posts: 3,528
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Post by cb25 on Jun 28, 2018 10:43:56 GMT
I think The PF is used, to repay the CAPITAL shortfall when all recovery actions have been taken and assets sold. Based on experience with other sites that can be a good two years after the technical default date, maybe three with complex assets. keep calm and carry on.... Do AC publish payouts from the PF (per year) ? I can't find them on their site and, given they've been in existence since 2013, I'd have thought there would have been some payouts by now.
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Post by davee39 on Jun 28, 2018 11:51:00 GMT
The package accounts have been around for a shorter period (perhaps a couple of years). There have been some payouts for missing interest. It does look as though repayment for capital losses could take years, the final recovery step is likely to be squeezing any available funds from the guarantor (if any), and then waiting at least a year for completion of bankruptcy procedures.
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dc848
Posts: 150
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Post by dc848 on Jun 28, 2018 14:06:15 GMT
Your questions will be best answered by sending them to
enquiries@assetzcapital.co.uk
I rest my case. Nothing new here, just more of the same gripes.
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mary
Member of DD Central
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Post by mary on Jun 28, 2018 15:11:27 GMT
The auto allocation for GBBA2 seems, now, to work much better. On initial investment my largest single loan was 7.5%, which quickly dropped to 6.7%, with 20 loans accounting for ~57% of my investment, and ~80 loans the remaining 43%.
My main grip is that over 20 loans have <1p invested, which just creates a huge number of transactions for interest measured in 0.0001p.
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ceejay
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Post by ceejay on Jun 28, 2018 17:13:10 GMT
... My main grip is that over 20 loans have <1p invested, which just creates a huge number of transactions for interest measured in 0.0001p. Also, it hugely increases the risk (irritating rather than catastrophic) that one of them will go bad, meaning that you won't be able to close off the account when you want to move on one day...
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