cb25
Posts: 3,520
Likes: 2,665
|
Post by cb25 on Oct 26, 2018 17:49:56 GMT
Disappointed but not entirely surprised, given AC haven't been answering simple questions, e.g -where are valuations based on 180-day sale, see Question 15th Oct 2018 at 15:39 -why should we trust all plots can be sold in timescale indicated, see Question 10th Oct 2018 at 16:59 -are plot/house prices too high, see Question 5th Oct 2018 at 11:15 -what is the status of the plots, see Question 25th Sep 2018 at 15:01 -what is the justification for proposing lower rates (10% then 7.5%), see Question 25th Oct 2018 at 14:25
Small amount of positive info in today's email -looking NOT to give up first charge on infrastructure (good, as that would reduce lender security) -looking to review costing of development of plots
Still bad -looking to give up title to T*** R*** without getting full amount (reducing lender security, see AC Answer of 25th Sep 2018 at 10:12 as to whether that would get a separate Lender Vote. Uncertain)
I think AC know there's a growing number of Lenders who don't trust the Borrower to repay this loan, so will be voting to demand their money back.
If people don't already have access to the AC private board, would be good if they could get access so we can move this discussion over there, to remove the need to anonymise asset names etc.
|
|
|
Post by brightspark on Oct 26, 2018 19:16:38 GMT
The problems for AC in relation to this loan include that a number of investors were shafted by the GBBA1 algorithm. Money was put by investors into GBBA1 with the implied intention of diversification. Instead a tranche of GBBA1 investors received an unbalanced loan book heavily biased towards D******d M***** simply because it was a large loan and was spread around. In theory such investors should be eligible for provision fund compensation eventually. Is it in the interests of AC to have this loan go into Administration? Me thinks not - hence the bending over backwards/wishful thinking. Like others I think this loan was a dud, is a dud and will always be a dud. from my perspective as a small GBBA investor it needs putting out of its misery. With the benefit of not much hindsight this loan should never have been offered in the first place on existing terms . The borrowers have had a very long interest holiday and have barely advanced matters. Big hitters may see things differently but for them all I can see is a long drawn out process of procrastination, obfuscation and pie in the sky. Yet another grotesque p to p disaster!
|
|
alibaba
Member of DD Central
Posts: 341
Likes: 245
|
Post by alibaba on Oct 26, 2018 20:25:34 GMT
The problems for AC in relation to this loan include that a number of investors were shafted by the GBBA1 algorithm. Money was put by investors into GBBA1 with the implied intention of diversification. Instead a tranche of GBBA1 investors received an unbalanced loan book heavily biased towards D******d M***** simply because it was a large loan and was spread around. In theory such investors should be eligible for provision fund compensation eventually. Is it in the interests of AC to have this loan go into Administration? Me thinks not - hence the bending over backwards/wishful thinking. Like others I think this loan was a dud, is a dud and will always be a dud. from my perspective as a small GBBA investor it needs putting out of its misery. With the benefit of not much hindsight this loan should never have been offered in the first place on existing terms . The borrowers have had a very long interest holiday and have barely advanced matters. Big hitters may see things differently but for them all I can see is a long drawn out process of procrastination, obfuscation and pie in the sky. Yet another grotesque p to p disaster!
|
|
kathy
Posts: 38
Likes: 37
|
Post by kathy on Oct 26, 2018 22:01:38 GMT
I have had just about enough of AC and wish I had never invested a penny through this company. I was reading the comments about Lendy and its problems and I kept thinking I was reading about AC.
AC should stand up and admit they got this, and certain Wind Turbine loans completely wrong in that they should never have lent anyone's money to either of these borrowers in the first place. The GBBA and GEA account lenders have been well and truly shafted and those responsible in AC should be thoroughly ashamed of themselves. If this débâcle brings AC down then it is no more than they deserve. They should look what is happening to Lendy and act now before their reputation is tarnished beyond recovery.
AC aren't fit to manage even a child's empty piggy bank.
|
|
|
Post by investor01010101 on Nov 6, 2018 21:08:12 GMT
Since the CEO is invested in the properties that form part of this loan I doubt any vote for liquidation would go through. I think this is a clear conflict of interest and the CEO should step down immediately.
|
|
|
Post by investor01010101 on Nov 6, 2018 21:14:30 GMT
I have had just about enough of AC and wish I had never invested a penny through this company. I was reading the comments about Lendy and its problems and I kept thinking I was reading about AC. AC should stand up and admit they got this, and certain Wind Turbine loans completely wrong in that they should never have lent anyone's money to either of these borrowers in the first place. The GBBA and GEA account lenders have been well and truly shafted and those responsible in AC should be thoroughly ashamed of themselves. If this débâcle brings AC down then it is no more than they deserve. They should look what is happening to Lendy and act now before their reputation is tarnished beyond recovery. AC aren't fit to manage even a child's empty piggy bank. My vote is already decided on this loan, not that we will ever get that vote.
|
|
|
Post by madmitch on Nov 6, 2018 21:31:03 GMT
Snap!
|
|
alibaba
Member of DD Central
Posts: 341
Likes: 245
|
Post by alibaba on Nov 7, 2018 5:37:17 GMT
I have had just about enough of AC and wish I had never invested a penny through this company. I was reading the comments about Lendy and its problems and I kept thinking I was reading about AC. AC should stand up and admit they got this, and certain Wind Turbine loans completely wrong in that they should never have lent anyone's money to either of these borrowers in the first place. The GBBA and GEA account lenders have been well and truly shafted and those responsible in AC should be thoroughly ashamed of themselves. If this débâcle brings AC down then it is no more than they deserve. They should look what is happening to Lendy and act now before their reputation is tarnished beyond recovery. AC aren't fit to manage even a child's empty piggy bank. My vote is already decided on this loan, not that we will ever get that vote. +1
|
|
cb25
Posts: 3,520
Likes: 2,665
|
Post by cb25 on Nov 7, 2018 8:41:53 GMT
Since the CEO is invested in the properties that form part of this loan .. Where was that announced, as I don't remember seeing it?
Edit: as to the vote, imo AC will hold it as failing to do so would generate reputational damage and (probably loads of) complaints, first to them, then to the FCA (I'd be doing that).
|
|
dandy
Posts: 427
Likes: 341
|
Post by dandy on Nov 7, 2018 9:58:34 GMT
Since the CEO is invested in the properties that form part of this loan .. Where was that announced, as I don't remember seeing it?
Edit: as to the vote, imo AC will hold it as failing to do so would generate reputational damage and (probably loads of) complaints, first to them, then to the FCA (I'd be doing that).
What was mentioned somewhere recently (cant recall where) was that another of the Assetz companies is selling the individual units so stand to benefit from future sales. Hence being slow to take enforcement action. However the other side of the coin is that this ought to further incentivise AC to get a successful result.
|
|
cb25
Posts: 3,520
Likes: 2,665
|
Post by cb25 on Nov 7, 2018 10:04:54 GMT
Where was that announced, as I don't remember seeing it?
Edit: as to the vote, imo AC will hold it as failing to do so would generate reputational damage and (probably loads of) complaints, first to them, then to the FCA (I'd be doing that).
What was mentioned somewhere recently (cant recall where) was that another of the Assetz companies is selling the individual units so stand to benefit from future sales. Hence being slow to take enforcement action. However the other side of the coin is that this ought to further incentivise AC to get a successful result. AC's email of 12 Oct 2018? But, it only mentions assisting DM in how to shift units.
|
|
dandy
Posts: 427
Likes: 341
|
Post by dandy on Nov 7, 2018 10:18:59 GMT
What was mentioned somewhere recently (cant recall where) was that another of the Assetz companies is selling the individual units so stand to benefit from future sales. Hence being slow to take enforcement action. However the other side of the coin is that this ought to further incentivise AC to get a successful result. AC's email of 12 Oct 2018? But, it only mentions assisting DM in how to shift units. Not from that email. AC may assist (as expected) but it was a more formal arrangement with Assetz exchange perhaps
|
|
cb25
Posts: 3,520
Likes: 2,665
|
Post by cb25 on Nov 7, 2018 10:25:28 GMT
AC's email of 12 Oct 2018? But, it only mentions assisting DM in how to shift units. Not from that email. AC may assist (as expected) but it was a more formal arrangement with Assetz exchange perhaps I don't remembering seeing anything along those lines. Would be interested if you have a link.
|
|
dandy
Posts: 427
Likes: 341
|
Post by dandy on Nov 7, 2018 10:31:09 GMT
Not from that email. AC may assist (as expected) but it was a more formal arrangement with Assetz exchange perhaps I don't remembering seeing anything along those lines. Would be interested if you have a link. Would have given you a link but cant recall where it was stated. chris stuartassetzcapital should be able to confirm
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on Nov 7, 2018 10:40:42 GMT
Well Assetz Capital completely *!!&%** me in this loan, lending out a crazy percentage of my total GBBA amount, and with a loan amount I would never consider through the MLA.
I am therefore exiting this rogue P2P lender completely asap.
And I had really believed they were a reputable and professional company. Ugh!
|
|