angrysaveruk
Member of DD Central
Back and to the left..
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Post by angrysaveruk on Jul 4, 2018 13:48:45 GMT
I have voted yes for the proposal which I think is very fair. AC have done a great job putting up what is close to £1M to complete the project for sale to the prospective buyer. I was expecting to take a bit of a hit on these loans, but things are now looking alot better than I expected!
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Post by westcountryfunder on Jul 4, 2018 14:04:52 GMT
I have voted yes for the proposal which I think is very fair. AC have done a great job putting up what is close to £1M to complete the project for sale to the prospective buyer. I was expecting to take a bit of a hit on these loans, but things are now looking alot better than I expected! On the whole, I agree, as far as the MLIA is concerned. However, for those who accepted a lower return in the GEIA, I wonder whether the very modest Provision Fund will be making any limited contribution.
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Post by bikeman on Jul 4, 2018 15:42:20 GMT
Invested in #437 via GEIA - I haven't received any voting options
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Post by westcountryfunder on Jul 4, 2018 15:47:28 GMT
Invested in #437 via GEIA - I haven't received any voting options The email referred to by the OP relates only to #439 and #440. You haven't missed anything to my knowledge. Relax if you can!
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Post by df on Jul 8, 2018 21:20:04 GMT
I have voted yes for the proposal which I think is very fair. AC have done a great job putting up what is close to £1M to complete the project for sale to the prospective buyer. I was expecting to take a bit of a hit on these loans, but things are now looking alot better than I expected! On the whole, I agree, as far as the MLIA is concerned. However, for those who accepted a lower return in the GEIA, I wonder whether the very modest Provision Fund will be making any limited contribution. I expect PF to compensate the loss, it will be very disappointing for many lenders who invested through GEIA/GBBA with PF in mind if PF don't pay. I didn't have any of these four in MLIA, but they represent 52% of my GEA portfolio, so I voted yes, but even if I had them in MLA I would still vote yes. In situations like this it's better to get something back soon instead of waiting for miracles (IMO).
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cb25
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Post by cb25 on Jul 9, 2018 8:12:02 GMT
On the whole, I agree, as far as the MLIA is concerned. However, for those who accepted a lower return in the GEIA, I wonder whether the very modest Provision Fund will be making any limited contribution. I expect PF to compensate the loss, it will be very disappointing for many lenders who invested through GEIA/GBBA with PF in mind if PF don't pay. I didn't have any of these four in MLIA, but they represent 52% of my GEA portfolio, so I voted yes, but even if I had them in MLA I would still vote yes. In situations like this it's better to get something back soon instead of waiting for miracles (IMO). Did anybody ask AC if it was possible that the PF would make up the difference (or that, by voting to accept less than 100%, Lenders had effectively voted for no PF usage) ?
I'm not in these loans, but am interested in the way AC handle it as I have a 4-figure sum stuck in defaulted loan 227 and I'd like to be prepared in case that ends up going the same way.
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puddleduck
Member of DD Central
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Post by puddleduck on Jul 9, 2018 8:45:06 GMT
I'm not in any turbine loans - I've been engaged locally fighting off planning applications for these, so to invest would be hypocritical to say the least, but I'd certainly be interested in learning more generally how a vote works with regards to provision funds payouts, and whether this could preclude any PF payouts as a precedent for further problematic loans down the line.
Those in GEA and MLA have very different expectations, GEA may well expect some sort of PF payout, while MLA who won't benefit, will be looking for capital recovery + interest. I assume everyone who is invested gets a vote regardless of account type, but as I'm not in them, I have no visibility of this vote and the thoughts behind it.
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star dust
Member of DD Central
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Post by star dust on Jul 9, 2018 9:26:02 GMT
I expect PF to compensate the loss, it will be very disappointing for many lenders who invested through GEIA/GBBA with PF in mind if PF don't pay. I didn't have any of these four in MLIA, but they represent 52% of my GEA portfolio, so I voted yes, but even if I had them in MLA I would still vote yes. In situations like this it's better to get something back soon instead of waiting for miracles (IMO). Did anybody ask AC if it was possible that the PF would make up the difference (or that, by voting to accept less than 100%, Lenders had effectively voted for no PF usage) ?
I'm not in these loans, but am interested in the way AC handle it as I have a 4-figure sum stuck in defaulted loan 227 and I'd like to be prepared in case that ends up going the same way.
I didn't put it quite like that but I did ask for clarification stressing that I wanted to remain eligible for any potential PF payout, and all I got was the PF blurb in their FAQ quoted back at me with this paragraph emphasised in bold
"Separately, in a situation where lenders vote to accept a proposal from a borrower for debt forgiveness when there is a clear alternative that offers the prospect of full recovery of lenders' funds, the Provision Fund will not normally cover losses for those individual lenders who voted to accept that loss. Lenders that did not vote or that individually voted against taking a loss should expect to be covered by the Provision Fund."
Even though AC is effectively complicit in the proposal, given that there was an alternative that may have resulted in a better recovery although didn't seem very clear I decided not to vote. I only have a very small amount of these loans in GEIA although too much in proportional terms afaic, so in the grand scheme of things it won't make too much difference to me one way or the other; but I think AC need to address this issue going forward.
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jlend
Member of DD Central
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Post by jlend on Jul 9, 2018 9:56:16 GMT
I also find myself in the position of being concerned about voting.
I really do not understand why AC will not explicity say wether voting for Option A means that i would not be eligible for the PF in the GEIA should a future payment be made for these two loans.
I assume i would still be eligible, but a simple confirmation either way would be good.
This should be standard on all votes to avoid the continued confusion that does nothing for ACs reputation. It is such a simple thing to fix.
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IFISAcava
Member of DD Central
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Post by IFISAcava on Jul 9, 2018 11:31:53 GMT
I also find myself in the position of being concerned about voting. I really do not understand why AC will not explicity say wether voting for Option A means that i would not be eligible for the PF in the GEIA should a future payment be made for these two loans. I assume i would still be eligible, but a simple confirmation either way would be good. This should be standard on all votes to avoid the continued confusion that does nothing for ACs reputation. It is such a simple thing to fix. I regret voting in this one and won't do in any other loans given this (avoidable) uncertainty
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jo
Member of DD Central
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Post by jo on Jul 9, 2018 11:42:47 GMT
AssetzCapital will just once try and screw-over people who vote in good faith and they'll be in a world of (legal) hurt.
I think they already know this.
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Post by df on Jul 9, 2018 12:50:07 GMT
I also find myself in the position of being concerned about voting. I really do not understand why AC will not explicity say wether voting for Option A means that i would not be eligible for the PF in the GEIA should a future payment be made for these two loans. I assume i would still be eligible, but a simple confirmation either way would be good. This should be standard on all votes to avoid the continued confusion that does nothing for ACs reputation. It is such a simple thing to fix. I regret voting in this one and won't do in any other loans given this (avoidable) uncertainty Me too. I knew this long time ago, but didn't think of option A as debt forgiveness. Lesson learned - in future I won't vote for any loans I don't have in MLA.
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Post by westcountryfunder on Jul 9, 2018 14:52:25 GMT
I regret voting in this one and won't do in any other loans given this (avoidable) uncertainty Me too. I knew this long time ago, but didn't think of option A as debt forgiveness. Lesson learned - in future I won't vote for any loans I don't have in MLA. The trouble is that if you have invested through the MLA, and you also make use of the GBBA, then a high proportion of you MLA loans will also appear in your GBBA. I know that is true of my investments, although I have not done an analysis. On that basis it now seems that it would be unwise ever to vote. On this occasion, although I am inclined reluctantly to support the proposal, I'm glad to say I haven't voted. I agree that AC really do need to make the position a lot clearer.
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Post by df on Jul 10, 2018 0:23:28 GMT
Me too. I knew this long time ago, but didn't think of option A as debt forgiveness. Lesson learned - in future I won't vote for any loans I don't have in MLA. The trouble is that if you have invested through the MLA, and you also make use of the GBBA, then a high proportion of you MLA loans will also appear in your GBBA. I know that is true of my investments, although I have not done an analysis. On that basis it now seems that it would be unwise ever to vote. On this occasion, although I am inclined reluctantly to support the proposal, I'm glad to say I haven't voted. I agree that AC really do need to make the position a lot clearer. In the past it was difficult to figure out your "double investments", but since AC started displaying your share across all accounts I've sold some of my MLIA parts to reduce overexposure. I would've been ok now if GEIA/GBBA were diversified properly. If you have your limit (how much you are prepared to invest in a single loan/borrower) it could be worth going through your GBAA/GEA loans, see what your total investment is and sell the surplus in MLA. I believe "the proposal" is the best outcome we can possibly have. If two of them are cleared, even with some loss, it is something rather than nothing.
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Post by delboy711 on Jul 10, 2018 10:36:33 GMT
The response to a question in the QA of #439 seems pretty clear.
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