pikestaff
Member of DD Central
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Post by pikestaff on Aug 17, 2018 14:46:08 GMT
Further email received from AC which is ostensibly with additional information, but tells us little we hadn't been told already - apart from one point (not for the public board) which in my view makes it even more important to vote A.
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Post by brightspark on Aug 17, 2018 16:33:01 GMT
I am not in these wind turbines but was in a disastrous Northern Ireland unit via FS. Investors practically lost the shirts off their backs. Salutory reading if you happen to also be FS investors.
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Nomad
Member of DD Central
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Post by Nomad on Aug 31, 2018 12:10:11 GMT
Further email update -
" it does appear that there may not be any recovery value" for the site.
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ding
Member of DD Central
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Post by ding on Aug 31, 2018 12:21:40 GMT
Perhaps stupidly I was looking forward to them realising this and just writing the loan off. This is my only holding in the GEA. The provision fund is 130k and this loan is 1750k  I wonder what AC will do....
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lobster
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Post by lobster on Aug 31, 2018 12:22:03 GMT
Further email update - " it does appear that there may not be any recovery value" for the site. Given the sensitivity of this, I would suggest that discussion is restricted to the members board (ie. the "pink pages")
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dandy
Posts: 427
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Post by dandy on Aug 31, 2018 13:02:32 GMT
Perhaps stupidly I was looking forward to them realising this and just writing the loan off. This is my only holding in the GEA. The provision fund is 130k and this loan is 1750k I wonder what AC will do....
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IFISAcava
Member of DD Central
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Post by IFISAcava on Aug 31, 2018 14:09:36 GMT
Perhaps stupidly I was looking forward to them realising this and just writing the loan off. This is my only holding in the GEA. The provision fund is 130k and this loan is 1750k I wonder what AC will do....
![]() my likely losses from a modest GEIA investment will wipe out most of the year's interest from a 10 times larger MLIA investment. GEIA has been a disastrous and ill-conceived investment product.
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Post by bikeman on Aug 31, 2018 17:48:57 GMT
So it seems that lenders have agreed to pay the rent on this empty field. I bet the landlord is celebrating tonight! What a bunch of mugs.
Also disappointed that one borrower can take out multiple loans, spend the money without any tracking of where. Meanwhile AC decide it's appropriate to lend from the GEIA account without any diversification and then have the gall to not equally share the loss across the loans.
It's about time these loans were declared a loss so I can at least offset my taxed income. But of course that wont happen because no loss means no pressure for the PF to pay.
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angrysaveruk
Member of DD Central
Say No To T.D.S
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Post by angrysaveruk on Aug 31, 2018 20:28:31 GMT
Further email update - " it does appear that there may not be any recovery value" for the site. Given the sensitivity of this, I would suggest that discussion is restricted to the members board (ie. the "pink pages") I think there is a suggestion in the email that AC might be considering legal action of some kind so I think it is best that people do not wildly speculate or give out information AC pass on to lenders in a public forum.
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Brainer
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Post by Brainer on Sept 1, 2018 1:07:34 GMT
my likely losses from a modest GEIA investment will wipe out most of the year's interest from a 10 times larger MLIA investment. GEIA has been a disastrous and ill-conceived investment product. Yep, similar here. Despite the GEIA being only a small percentage of my p2p pot, the loss is looking likely to be my largest in all P2P. Potentially significantly larger than anything in the much maligned FS, MT and even Lendy.
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lobster
Member of DD Central
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Post by lobster on Sept 1, 2018 13:04:27 GMT
So it seems that lenders have agreed to pay the rent on this empty field. I bet the landlord is celebrating tonight! What a bunch of mugs. Also disappointed that one borrower can take out multiple loans, spend the money without any tracking of where. Meanwhile AC decide it's appropriate to lend from the GEIA account without any diversification and then have the gall to not equally share the loss across the loans. It's about time these loans were declared a loss so I can at least offset my taxed income. But of course that wont happen because no loss means no pressure for the PF to pay. This has probably been asked before elsewhere, but if this loan is declared officially as a loss (eventually  ) , can that loss be offset against taxed income ? I'm only guessing, but I would have assumed that it would have to be declared as a capital loss and would therefore have to be offset against taxed capital, ie. in the Capital Gains section of the tax return ?
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Post by GSV3MIaC on Sept 1, 2018 18:01:57 GMT
Assuming you are investing as an individual, aiui, you can offset it against other P2P income (not capital gains) for that tax year, or carry it forward if you can't use it all at once. You can't offset it again general taxed (non-P2P) income. If you are a company, consult your tax advisor.
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Post by captainconfident on Sept 2, 2018 10:01:51 GMT
"Although interest will be charged monthly on the entire loan from drawdown, the loan will be held in
an escrow account pending completion of the construction works and advanced to the Borrower in
stages as construction progresses. This will protect the lenders’ security"
I** N****** Credit Report.
As construction works did not commence, the whole loan must still be in the escrow account. So Assetz will simply withdraw it from there and pay it back to us. I wonder what the hold up is?
Am I wrong about this? Its there in black and white. If Assetz paid out from the escrow account then they made a mistake and should reimburse the lenders.
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Post by charlata on Sept 2, 2018 12:38:39 GMT
"Although interest will be charged monthly on the entire loan from drawdown, the loan will be held in
an escrow account pending completion of the construction works and advanced to the Borrower in
stages as construction progresses. This will protect the lenders’ security"
I** N****** Credit Report. As construction works did not commence, the whole loan must still be in the escrow account. So Assetz will simply withdraw it from there and pay it back to us. I wonder what the hold up is? Am I wrong about this? Its there in black and white. If Assetz paid out from the escrow account then they made a mistake and should reimburse the lenders. I think you're right. There was a failure in loan monitoring, similar to FS and Whitehaven. Additionally, of the lent monies much were in the GEIA, and a large loss on a provision fund protected account would do huge damage to the AC business model. So for both these reasons AC will probably ultimately decide to compensate lenders. Maybe they'll need a bit of encouragement from the courts.
And therein the problem: 'ultimately'. It's analogous to letting the condemned choose the route to the gallows. They naturally choose to go on a round the world tour. The more time that can be spent exhausting every conceivable route for recovery, the better. The longer the recovery drags on, and the more bleak the situation looks, the harsher the hair cut lenders will accept just to be clear of the situation. If they can stall long enough, maybe AC will be able to float or sell out, thus passing part of the loss onto the new equity owners. As both a GEIA lender in these loans and a shareholder in AC I'm deeply conflicted.
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angrysaveruk
Member of DD Central
Say No To T.D.S
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Post by angrysaveruk on Sept 2, 2018 13:19:45 GMT
"Although interest will be charged monthly on the entire loan from drawdown, the loan will be held in
an escrow account pending completion of the construction works and advanced to the Borrower in
stages as construction progresses. This will protect the lenders’ security"
I** N****** Credit Report. As construction works did not commence, the whole loan must still be in the escrow account. So Assetz will simply withdraw it from there and pay it back to us. I wonder what the hold up is? Am I wrong about this? Its there in black and white. If Assetz paid out from the escrow account then they made a mistake and should reimburse the lenders. I dont really want to speculate on a public forum since this set of loans might be subject to legal action - but I definitely want to see alot more information about the background to what is going on here. These are very large loans totally millions of pounds.
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) , can that loss be offset against taxed income ? I'm only guessing, but I would have assumed that it would have to be declared as a capital loss and would therefore have to be offset against taxed capital, ie. in the Capital Gains section of the tax return ? 
