cb25
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Post by cb25 on Oct 2, 2018 11:42:58 GMT
Thanks. Why is the 30DAA PF value so out-of-date (£1.3m as at 30th April 2018)?
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ilmoro
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'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 Oct 2, 2018 11:43:59 GMT
All figures 5 months out of date, so not particularly helpful!
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Post by chris on Oct 2, 2018 11:45:07 GMT
Thanks. Why is the 30DAA PF value so out-of-date (£1.3m as at 30th April 2018)? That's a question for the lender desk, I don't know. On a separate note it is worth noting that both those figures are cash held in the PF bank account. There's no investing of those funds elsewhere nor inflation of the figures through future expected income that may or may not come in.
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ilmoro
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'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 Oct 2, 2018 11:47:26 GMT
Thanks. Why is the 30DAA PF value so out-of-date (£1.3m as at 30th April 2018)? That's a question for the lender desk, I don't know. On a separate note it is worth noting that both those figures are cash held in the PF bank account. There's no investing of those funds elsewhere nor inflation of the figures through future expected income that may or may not come in. Working my way down the heirachy. Tried Stuart last week, you this, will get to the helpdesk eventually. 
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cb25
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Post by cb25 on Oct 2, 2018 11:47:41 GMT
Thanks. Why is the 30DAA PF value so out-of-date (£1.3m as at 30th April 2018)? That's a question for the lender desk, I don't know. Might pass on that for now, given I've been told (email) that AC need 10 working days to tell me how loan 227 is split percentage-wise across the various accounts. Perhaps somebody needs to buy them an Excel license for Christmas.
edit: I did email them (tagging ilmoro). Let's see if it does any good.
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jlend
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Post by jlend on Oct 2, 2018 12:04:36 GMT
That's a question for the lender desk, I don't know. On a separate note it is worth noting that both those figures are cash held in the PF bank account. There's no investing of those funds elsewhere nor inflation of the figures through future expected income that may or may not come in. Working my way down the heirachy. Tried Stuart last week, you this, will get to the helpdesk eventually. I think a few of us have asked 😊 - 5 months is too long imho - The figures don't tally with a figure recently posted by Stuart on the forum - We don't know how much of the PF has already been ring fenced so how much is free - We don't know what happened to the cases for PF capital payments that were expected shortly in Feb. stuartassetzcapital Representative of Assetz Feb 13, 2018 at 9:45am Hi The directors of Assetz Provision Funding Limited review regularly those loans which are in recovery and close to realisation of the assets pledged in support of the loan. When realisation is complete (or when the prospect of further realisation becomes extremely unlikely) the directors can exercise their discretion to trigger the provision fund, provided sufficient funds are available. We have cases which are approaching this threshold and expect shortly to make payments in accordance with the provision fund terms.
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mjc
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Post by mjc on Oct 4, 2018 2:14:22 GMT
This may be a very dumb question, but as the losses expected and coverage are the same for QAA and Instant accounts, do I get any greater security by depositing equally in both, than all in one or the other? (I’m guessing not, if basically the same loans are proportioned in both accounts?)
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Post by GSV3MIaC on Oct 4, 2018 6:47:55 GMT
? The qaa IS the instant access account. If you meant 30 day, then the answer is that this is, afaik, the same pile of loans as the qaa, so no advantage in splitting your investment (apart from faster access on some of it).
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benaj
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Post by benaj on Oct 4, 2018 11:41:25 GMT
? The qaa IS the instant access account. If you meant 30 day, then the answer is that this is, afaik, the same pile of loans as the qaa, so no advantage in splitting your investment (apart from faster access on some of it). Agree, I am comparing my QAA and 30DAA, both have 420 different loans, and the diversification is the same. Given the rates offered by these 2 accounts are lower than actual rate in the manual accounts, I have never experienced real money being stuck even if the loan is suspended yet, such as #414, #107, #108,#109 in very tiny amount.
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cb25
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Post by cb25 on Oct 4, 2018 16:43:07 GMT
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jlend
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Post by jlend on Oct 5, 2018 8:14:38 GMT
Thanks for pointing this out Imho it would be good if this was on the front dashboard. AC do include the PF figures for a couple of the investment accounts on the dashboard. Also it shouldn't be difficult to update the figure daily for all the PFs. Without knowing how much AC have already decided to ring fence in the PF in the QAA and 30 day accounts I personally find it difficult to assess the financial and liquidity risks of these 2 accounts. It is nice to see a growing number in the PFs but the amount of ring fenced money may also be growing at more or less the same rate. We have been told money has been ring fenced but as far as I know we have no idea how much either in total or for individual loans.
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cb25
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Post by cb25 on Oct 5, 2018 9:00:07 GMT
.. Also it shouldn't be difficult to update the figure daily for all the PFs. In my email to AC earlier this week, I asked if they could i) update the figures (done) and ii) keep them up-to-date (we'll have to see on that one). I'd probably settle for monthly if it's a manual update.
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sl75
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Post by sl75 on Oct 5, 2018 9:27:28 GMT
On a separate note it is worth noting that both those figures are cash held in the PF bank account. There's no investing of those funds elsewhere nor inflation of the figures through future expected income that may or may not come in. By this, can I assume you mean non-ringfenced cash? Otherwise it would be your figures that are inflated...
Consider:
Platform A had £2M cash in a PF, and suffers a £1M default. It immediately pays out, but expects to recover £500k. It shows a PF of £1.5M including future recoveries.
Platform B had £2M cash in a PF, and suffers a £1M default. It does not pay out, but ringfences £1M of cash [hoping to recover £500k before the PF actually has to pay out]. The PF should show £1M of non-ringfenced cash. If it shows £2M, it is inflating its figures even more than platform A.
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jlend
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Post by jlend on Oct 5, 2018 9:29:15 GMT
.. Also it shouldn't be difficult to update the figure daily for all the PFs. In my email to AC earlier this week, I asked if they could i) update the figures (done) and ii) keep them up-to-date (we'll have to see on that one). I'd probably settle for monthly if it's a manual update. Thanks for doing that. Monthly would be a start. Imho automated daily figures for the amount in each PF are going to become increasingly important. As AC have publicly stated back in Feb there are a number of cases where the PF is expected to be making a payment shortly to cover capital shortfalls. I don't know what ACs definition of expected shortly is or how many cases they were referring to in Feb.
These payments may or may not have a material impact on one or more of the PFs. Since February several other large loans to me at least look like they may need to call on one or more of the PFs.
Timely information on the strength of each PF will be critical so lenders can make informed decisions to invest more or less money
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Post by chris on Oct 5, 2018 9:43:56 GMT
On a separate note it is worth noting that both those figures are cash held in the PF bank account. There's no investing of those funds elsewhere nor inflation of the figures through future expected income that may or may not come in. By this, can I assume you mean non-ringfenced cash? Otherwise it would be your figures that are inflated...
Consider:
Platform A had £2M cash in a PF, and suffers a £1M default. It immediately pays out, but expects to recover £500k. It shows a PF of £1.5M including future recoveries.
Platform B had £2M cash in a PF, and suffers a £1M default. It does not pay out, but ringfences £1M of cash [hoping to recover £500k before the PF actually has to pay out]. The PF should show £1M of non-ringfenced cash. If it shows £2M, it is inflating its figures even more than platform A.
By a quick estimate there'll be £17m of interest heading to the access accounts over the lifetime of the existing loans. Given the average rates maybe 1/4 to 1/3rd of that will make its way into the provision fund. You are correct in that the ringfencing isn't represented in the figures, and is an estimate of expected loss which could be better or worse than reality, however I believe that discrepancy to be dwarfed by the future projected income figure.
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