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Post by markaldrich on Sept 23, 2018 6:40:29 GMT
I know I should know the answer to this but I don’t. If I invest in this account my loan is diversified across all the available loans I believe. If I then seek to withdraw at some stage and one or two of the underlying loans are in default will I have to wait for recovery to get my full principal back or the pf kick in? Or, in normal conditions, will I get my full principal back after 30 days. Sorry if this is a silly question but I have looked at the website and couldn’t find a clear answer.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Sept 23, 2018 7:02:37 GMT
I know I should know the answer to this but I don’t. If I invest in this account my loan is diversified across all the available loans I believe. If I then seek to withdraw at some stage and one or two of the underlying loans are in default will I have to wait for recovery to get my full principal back or the pf kick in? Or, in normal conditions, will I get my full principal back after 30 days. Sorry if this is a silly question but I have looked at the website and couldn’t find a clear answer. AIUI AC keep some cash in this account to meet withdrawals. this is why the rate is much less than could be got for the same loans if investing directly. "Normal market conditions" means that this cash element has not been exhausted by a run of withdrawals, and is not directly related to defaults although obviously the latter could well trigger the former.
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pence
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Post by pence on Sept 26, 2018 20:28:09 GMT
Is this level of cash lower than for the quick access account ? So is the quick access account safer (apart from faster withdrawals)?
The website says that there is a provision fund for every account and the amount is visible somewhere. Can anyone see where this is?
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Post by stuartassetzcapital on Sept 27, 2018 15:53:28 GMT
There is £3m+ in the Access Accounts provision fund - it covers both QAA and 30DAA
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 27, 2018 16:00:35 GMT
There is £3m+ in the Access Accounts provision fund - it covers both QAA and 30DAA Good to know. Can we have that displayed on site please because according to the figures displayed youre £1m+ shy?
And the up to date figures for the other accounts as well, especially the GEIA which has a few claims looking likely.
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jlend
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Post by jlend on Sept 27, 2018 16:48:03 GMT
There is £3m+ in the Access Accounts provision fund - it covers both QAA and 30DAA Good to know. Can we have that displayed on site please because according to the figures displayed youre £1m+ shy?
And the up to date figures for the other accounts as well, especially the GEIA which has a few claims looking likely.
Yep good to know stuartassetzcapitalCan we also have up to date figures on the website about how much of the PF has already been ring fenced to cover current expected shortfalls. We have been told many times that some of the PF money is already ring fenced and once all the PF is ring fenced then this will impact liquidity Thanks.
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number5
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Post by number5 on May 12, 2019 15:56:59 GMT
Is the GS 5.3% pretty much the same as the 30day QAA, which is 5.1%?
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Post by df on May 12, 2019 16:08:17 GMT
Is the GS 5.3% pretty much the same as the 30day QAA, which is 5.1%? Yes, pretty much he same. You can exit both with 1 month notice. On GS you'll need to turn auto-invest off to get your returns ready for withdrawal. Both hassle free - put money in and forget about it until you need to withdraw.
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number5
Member of DD Central
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Post by number5 on May 12, 2019 17:34:22 GMT
Is the GS 5.3% pretty much the same as the 30day QAA, which is 5.1%? Yes, pretty much he same. You can exit both with 1 month notice. On GS you'll need to turn auto-invest off to get your returns ready for withdrawal. Both hassle free - put money in and forget about it until you need to withdraw. So GS seems the better option for the 30 day for me. In terms of diversification from AC 90day and better % rate. What is the lending and selling time on GS?
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liso
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Post by liso on May 12, 2019 18:00:00 GMT
GS model doesn't have a 'selling time' as such. Rather than take over the AC thread with a discussion about GS, it may be helpful to read through this. www.growthstreet.co.uk/investing |
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Post by gravitykillz on May 12, 2019 23:28:43 GMT
Provision fund on assetz however is far stronger. In my opinion you opt for extra 0.2 and put your money in a platform which is more risky or go for 5.1 in a platform with a stronger provision fund.
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Post by df on May 12, 2019 23:36:50 GMT
Yes, pretty much he same. You can exit both with 1 month notice. On GS you'll need to turn auto-invest off to get your returns ready for withdrawal. Both hassle free - put money in and forget about it until you need to withdraw. So GS seems the better option for the 30 day for me. In terms of diversification from AC 90day and better % rate. What is the lending and selling time on GS? Lending is either the same or next day. GS has no SM - all loans have 1 month term, it is up to you if you want your funds to be re-invested or withdrawn, but you can't get your funds back before maturity date. As to the point of comparison. Yes, GS offer (especially including their generous bonus offers) is a healthy competition for 30-day. I don't add any new funds to AC or GS (both have up to my limit), but within AC my funds are gradually shifting towards 90-day.
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Post by df on May 13, 2019 0:15:45 GMT
Provision fund on assetz however is far stronger. In my opinion you opt for extra 0.2 and put your money in a platform which is more risky or go for 5.1 in a platform with a stronger provision fund. The strength of AC's PF is still to be tested. I wish myself luck in getting all my capital back from GBBA//GEA 
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Post by chris on May 13, 2019 6:00:49 GMT
Provision fund on assetz however is far stronger. In my opinion you opt for extra 0.2 and put your money in a platform which is more risky or go for 5.1 in a platform with a stronger provision fund. The strength of AC's PF is still to be tested. I wish myself luck in getting all my capital back from GBBA//GEA Different PFs on those accounts operated differently.
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zlb
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Post by zlb on May 17, 2019 9:32:46 GMT
The strength of AC's PF is still to be tested. I wish myself luck in getting all my capital back from GBBA//GEA Different PFs on those accounts operated differently. Hi Chris, could we perhaps have a reminder of what would be prioritised if there were a problem? I've seen elsewhere that having money in the Access Accounts is riskier than using the manual lending accounts in the case of, let's say, a panic run on withdrawals, or the unthinkable collapse of the housing/property market. Is this safety of the manual lending accounts, here, true and how would that be the case? Someone else has metaphorically positioned the Access Accounts are more like buying shares in something, although I personally prefer the metaphorical reference to 'fractional reserve banking', as used as illustration some time back on the forum by someone. Which lenders/investors would be prioritised, in reality? I'm sure that you can understand people being wary of this given that so many people are using companies like yours instead of banks for their ISAs (as in press stats). Thanks.
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