mogish
Member of DD Central
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Post by mogish on Sept 30, 2020 18:57:41 GMT
Yes - we are being stuffed - the borrower gets away with another haircut to lenders and the GBBA provision fund is drained thus leaving nothing for other defaults...and possibly worst of all AC seem to be enjoying giving a continuous output of drivel to Lenders questions. Apologies. I was responding to ton quote. So mad re all the bad p2p news I'm getting a bit carried away!
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ian
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Post by ian on Sept 30, 2020 20:08:47 GMT
So it’s an 11% capital haircut for the majority. For those facing a bigger loss I feel sorry. Why are so many valuations massively overstated Stuart Just had notification over #330 a relatively simple loan from recovered 33% of value. Something seriously wrong with the valuations arrived at - verging on being corrupt.
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theprisoner
Assetz Capital reported this review for breaching of Trustpilot guidelines.
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Post by theprisoner on Oct 1, 2020 15:58:02 GMT
- Option A: 94% - Option B: 6% Next update 30 October. Ever get the feeling you've been cheated? BTW, isn't it considered normal practice with a vote or ballot to publish the number of votes cast? It's not just the result though, it's the percentages Does it not also strike anyone as odd, that despite all the apparent discontent these have barely changed within 1 or 2 percentage points in 2 years?
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Post by df on Oct 1, 2020 18:26:10 GMT
Years of votes deferring any positive action despite no interest or repayments, then suddenly every is happy with a loss. P2P makes less sense than ever to me. This should have been called in two years ago and never got this far.
The only positive will be being able to declare the loan a partial loss!
For those of us who got stuffed with this in the GBBA, the relatively low actual capital loss I would suggest is the reason its gone through. Regardless of the lost opportunity cost of no interest which should also be taken into account.
I am far from convinced that calling it in earlier would have necessarily led to a better outcome - for those holding it in GBBA.
Oh, and for the record. Regardless of the fact that I voted for this option, I still don't discharge AC from responsibility for my being stuffed like a Xmas turkey with having such a big exposure to this in the GBBA.
Mine was approx 18% of GBBA. Too far from my typical 0.5% limit in MLA and on other self select platforms with large loan books. But, didn't it say in T&C that it can be up to 20%? GBBA (and the other two) were inadequate products (imo), but it is also our own fault investing in them.
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alibaba
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Post by alibaba on Oct 1, 2020 18:54:06 GMT
Mine was 20% GBBA1 19k absolutely gutted
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dave2
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Post by dave2 on Oct 1, 2020 21:29:18 GMT
Mine was 20% GBBA1 19k absolutely gutted Cheer up. Better than having 19K invested in this through the MLIA. You should have some provision fund protection, just a few hundred quid "probable" loss if everything goes as currently planned.
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alibaba
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Post by alibaba on Oct 2, 2020 3:57:07 GMT
Many thanks for taking the time to contact me, I have been confused and probably misled by some of the posts.
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rogedavi
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Post by rogedavi on Oct 2, 2020 20:37:48 GMT
Arghh the annual D******* M***** vote. Its becoming something of a tradition around these parts and made me chuckle as I recalled a few choice quotes:
Mark Twain: "If voting mattered, they wouldnt let us do it!" Joseph Stalin: "It's not the people who vote that count, it's the people who count the votes."
Option B was clearly the way to go - if AC had any sense they would takeover ABLRate just to get their recovery team onboard. This is completely hopeless and sends a message to every other borrower that kicking the can is a viable strategy as there is no appetite for enforcement.
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slippery
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Post by slippery on Oct 2, 2020 23:23:57 GMT
Was it really a chuckle or a bitter laugh? If a chuckle then I guess you don't have a large chunk frozen in this loan. <redacted>
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Post by investor01010101 on Oct 4, 2020 15:01:45 GMT
Following an 'A' vote:- Vital documents will be eaten by cockroaches The solicitors will need to self isolate Bad weather will delay the surveyors The batteries on the valuers calculator will go flat The Laird's biro will be lost November and December will result in little progress due to Christmas Weather again in January A new finance offer will be considered in February - just needing a few weeks to finalize The September vote will be forgotten by March A new vote and a new story will be spun in April AC will recommend 'A' - Give the borrower one very very very very very very last chance Unwelcome questions on the Q&A will be deleted AC does something helpful - Pigs might fly You have this loan and AC down to a tee..........
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Post by investor01010101 on Oct 4, 2020 15:05:57 GMT
If the deal is not finalised by the last day of October, I will be asking on 1st November for another vote for administration. Anybody feel the same? Already asked AC to confirm the timing of the vote when the borrower fails to deliver, which he will......................
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Post by investor01010101 on Oct 4, 2020 15:11:10 GMT
Totally agree, how have 94% of voters suddenly decided that losing money is ok and passing this loan onto some other poor mug is somehow acceptable?
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tonyr
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Post by tonyr on Oct 4, 2020 15:16:20 GMT
Totally agree, how have 94% of voters suddenly decided that losing money is ok and passing this loan onto some other poor mug is somehow acceptable? I'm perfectly okay with "passing this loan onto some other poor mug" - I wish I could have done it years ago. Note: Those that lose money are the mugs, we don't know the terms of the new deal, it may be reasonable and leapords may change their spots. We are the mugs, we lost money because we couldn't negotiate - but that's the T&Cs we signed up to - no negoatiation.
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Post by investor01010101 on Oct 4, 2020 15:20:27 GMT
From the Q&A, just so you know what is going to happen in 27 days time...... Can AC confirm that the 31st October is a final date and will not become the start of a protracted period of delays and votes?
Answer (02/10/2020)
AC cannot confirm this. The refinance is reliant on 3rd parties therefore is outside of our control.
My position, If the money is not paid on 31st October, the borrower has failed to honour the vote, 1st November a vote with only B - administration because it is clear he is not going to return our money under ANY circumstances. This has to END...........NOW.
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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 Oct 4, 2020 15:24:28 GMT
Totally agree, how have 94% of voters suddenly decided that losing money is ok and passing this loan onto some other poor mug is somehow acceptable? Or 94% decided that a chance of losing less money is OK and that passing it on to some other poor mug is acceptable having previously been the drinking receptacle for a mainstream lender. The question is are you willing to lend significant additional sums £2-3m or drop to a second charge under administration as that is almost certainly what it will take to get a better outcome?
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