dermot
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Post by dermot on Oct 26, 2020 16:14:49 GMT
A good start to the week; just needs the MT Liverpool loan to pay out and I'll maybe lay down a few bottles of fizz for Christmas.
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ian
Posts: 342
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Post by ian on Oct 26, 2020 16:16:12 GMT
Well I'll be damned. What is the approx % shortfall for Gbba accounts? Looks like 2/3 (66%) of capital paid so let's see what comes from the provision fund to make up the rest 23% of GBBA payout to come from PF ... 11% shortfall, which will most likely end up at 8%. Sets a significant precedent however is better than the alternative as regards the MLA
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mogish
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Post by mogish on Oct 26, 2020 16:27:26 GMT
This repayment of funds from platforms feels like I'm winning the lottery, then I remind myself that it's my own money anyway!! Overall a better result than expected, it gives me a bit faith in AC for the future. Damn I nearly turned my reinvestment back on .
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Post by brightspark on Oct 26, 2020 16:49:47 GMT
All credit to AC for coming to the table with a substantial amount. Repayment of all capital and interest by the borrower would have been ideal/wishful thinking though bearing in mind Lendy, Funding Secure and Collateral problems, £4M actually paid over is not to be sniffed at. Funding Circle's so called London loan is what cooled my ardour for prevaricating borrowers. I now have little empathy with them. This loan was originated in a reasonably benign economic environment and the borrower has not behaved in a way that has endeared his business practices to me. Anyway I am glad to be more or less shot of the loan bar the few remaining dribs and drabs and any PF payment as my tedious involvement with this loan came courtesy of GBBA1.
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jcb208
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Post by jcb208 on Oct 26, 2020 17:55:27 GMT
Are they still processing, not had my money back yet GBBA account
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dermot
Member of DD Central
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Post by dermot on Oct 26, 2020 18:08:25 GMT
This repayment of funds from platforms feels like I'm winning the lottery, then I remind myself that it's my own money anyway!! Overall a better result than expected, it gives me a bit faith in AC for the future. Damn I nearly turned my reinvestment back on . Looking back at the expected outcome, it implied 100% return on PSIA and access accounts and a 1.7% shortfall on GBBA *after* the profit sharing deal falls due in a year or two, which leads to ... a 27% shortfall after PF payout now, and the rest dependent on future performance?
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Post by bobthebuilder on Oct 26, 2020 20:16:42 GMT
Really can't understand why GBBA1 holders seem to be so happy. If the PF pays out on this one, I'll get bugger all on the remaining problem loans in the GBBA. In effect I'm no better off than if I were a MLIA holder.
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mogish
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Post by mogish on Oct 26, 2020 20:44:48 GMT
Even with a possible 27% haircut, the alternative of administration would have been prolonged and more expensive to investors. My gbba 1 and 2 are showing losses amounting to my overall interest therefore getting these funds returned go slightly to improving my returns situation. Still not ideal but better than where I was yesterday.
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ian
Posts: 342
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Post by ian on Oct 27, 2020 13:34:15 GMT
Any idea of the timescale for the provision fund payment?
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Post by investor01010101 on Oct 27, 2020 15:45:39 GMT
This hat tastes like ...........So after finally getting something back my obvious question to AC was - when does my obligation for confidentiality on this loan end? Only fair the new lender/investors get all the information on the pleasures they can expect when their first repayment is due. RINSE, RUN, REPEAT
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shimself
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Post by shimself on Oct 27, 2020 18:28:40 GMT
All credit to AC for coming to the table with a substantial amount. Repayment of all capital and interest by the borrower would have been ideal/wishful thinking though bearing in mind Lendy, Funding Secure and Collateral problems, £4M actually paid over is not to be sniffed at. Funding Circle's so called London loan is what cooled my ardour for prevaricating borrowers. I now have little empathy with them. This loan was originated in a reasonably benign economic environment and the borrower has not behaved in a way that has endeared his business practices to me. Anyway I am glad to be more or less shot of the loan bar the few remaining dribs and drabs and any PF payment as my tedious involvement with this loan came courtesy of GBBA1. The three "borrowers" who've really narked me because of their disdain for paying up The Laird N G OBE (TC) Property in Trust (FS) Point in common. Aristos.
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jfh82
Posts: 77
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Post by jfh82 on Oct 27, 2020 21:03:27 GMT
Finally got £4k back to the safety of my bank account. As for the other £11.5k stuck in AC... I don't think I'll be getting much more back. £6.5k was literally thrown down a well by the ******* Trade Finance fiasco with zero realisations to be had. D******** and his shaky property portfolio still owe me £2k The Liard still owes me £2k And the remainder is stuck in equally defaulted problem loans. Been trying to exit P2P for over 2 years, worst mistake of my life to fall in with AC and even more unfortunately, Lendy
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travolta
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Post by travolta on Oct 28, 2020 13:18:16 GMT
I wonder,what do you say when AssCap ask you: 'Reason for withdrawal ??'
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dermot
Member of DD Central
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Post by dermot on Oct 28, 2020 16:44:34 GMT
Any idea of the timescale for the provision fund payment? I've asked that question on the AC Q&A, waiting on a reply.
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Post by Companion Cube on Oct 28, 2020 18:02:44 GMT
I wonder,what do you say when AssCap ask you: 'Reason for withdrawl ??' Love the name "AssCap". How fitting. I certainly feel like they've fired a cap in my ass.
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