ashtondav
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Post by ashtondav on Feb 13, 2020 10:55:21 GMT
Quite so. Chris, in his outrageous signature has no bullet point for: “estimated vs actual bad debt”, “diversification algorithm “ or “provision fund payout”.
Instead we have a platitudinous list of boll0x which ought to have been deleted by the mods.
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daveb4
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Post by daveb4 on Feb 13, 2020 11:35:47 GMT
I hope we get some move forward here. How I let this loan allow me to place more into it than any other over 5 years of p2p lending? What a numpty😣 If your exposure is down to holdings in GBBA etc, then it's entirely down to AC's diversification algorithm not diversifying. AC have massive exposure to legitimate complaints on this front, and they know it. Absolutely unfortunately as funds went into GBBA I should have reduced manual side. Just got greedy? Awaiting to see the next move, if what they say comes to fruition within a reasonable timescale I would be happy
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Post by madmitch on Feb 15, 2020 0:21:32 GMT
Only 14 days to go.........................
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Post by roandy55 on Feb 15, 2020 7:16:05 GMT
I take it everyone has seen AC's latest reply in the Q&A. Well colour me shocked.
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kathy
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Post by kathy on Feb 15, 2020 11:51:00 GMT
I take it everyone has seen AC's latest reply in the Q&A. Well colour me shocked. Cue tumble weed and large bucket of sand into which head can be inserted.
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Post by investor01010101 on Feb 15, 2020 14:10:16 GMT
and so it begins "not progressing as fast as expected..............."
I am happy I was right not believing a word of what this borrower says, about time AC did as well.
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kathy
Posts: 38
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Post by kathy on Feb 15, 2020 15:39:58 GMT
and so it begins "not progressing as fast as expected..............." I am happy I was right not believing a word of what this borrower says, about time AC did as well. If there were to be another vote tomorrow the result would still be to give the borrower yet more time.
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Post by brightspark on Feb 15, 2020 19:32:44 GMT
If that happens at the end of February I shall review my position in AC. I am only a small player but most of my p to p investing is now with AC having 'lost' Lendy, Funding Secure, Collateral and given up on FC when black box came along. AC need always to show with borrowers that they mean business. This DM saga is sending out all the wrong confidence signals.
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Post by roandy55 on Feb 16, 2020 12:15:02 GMT
I imagine the penny may possibly have dropped in 2017, after he sent those letters out to his tenants.
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bg
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Post by bg on Feb 16, 2020 15:44:48 GMT
If that happens at the end of February I shall review my position in AC. I am only a small player but most of my p to p investing is now with AC having 'lost' Lendy, Funding Secure, Collateral and given up on FC when black box came along. AC need always to show with borrowers that they mean business. This DM saga is sending out all the wrong confidence signals. But isn't the action taken determined by lender vote? If c90% of lenders are voting for the course of action that is being undertaken then what do you expect AC to do?
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sapphire
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Post by sapphire on Feb 16, 2020 18:32:42 GMT
If that happens at the end of February I shall review my position in AC. I am only a small player but most of my p to p investing is now with AC having 'lost' Lendy, Funding Secure, Collateral and given up on FC when black box came along. AC need always to show with borrowers that they mean business. This DM saga is sending out all the wrong confidence signals. But isn't the action taken determined by lender vote? If c90% of lenders are voting for the course of action that is being undertaken then what do you expect AC to do? Is there info available on what portion of this loan is held via the various access accounts? Does this portion of this loan (held under the various access accounts) carry a vote? If so, presumably this part of the voting entitlement is exercised by AC management (on behalf of the access accounts)?
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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 Feb 16, 2020 19:33:54 GMT
But isn't the action taken determined by lender vote? If c90% of lenders are voting for the course of action that is being undertaken then what do you expect AC to do? Is there info available on what portion of this loan is held via the various access accounts? Does this portion of this loan (held under the various access accounts) carry a vote? If so, presumably this part of the voting entitlement is exercised by AC management (on behalf of the access accounts)? You can calculate it by working out what % of the total sum invested in the QAA your investment represents and what % of your QAA account investment your holding in this loan is. Holdings in the access accounts don't carry a vote, only MLIA & GBBA holdings vote
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Post by charlie on Feb 17, 2020 6:42:27 GMT
Guys
I have invested in Assetz for over 5 years. I see so many negative comments on this forum and i think most of them are not warranted. We all know that investing in p2p is not without risk. There will be defaults. Yes perhaps mistakes have been made by Assetz on this loan but that is easy to say with 20/20 hindsight.
The stock market may fall by 50% this year who knows?
A prudent p2p investor spreads risk amongst platforms and individual loans, so the failure of one loan (or platform) does not have a significant impact on their overall portfolio. In this loan there is still a good hope of achieving some recovery through the security that has been taken. So even if the return is only 50 pence in the pound, then if we have 100 loans in our overall portfolio, then this is only a small loss of capital on a portfolio basis. I personally have many more loans than that in my portfolio and the interest return will soon cover this kind of capital loss.
I think we all need some perspective here. Assetz are doing their best to recover as much of our capital as possible. Proper diversification should mean that any default should not affect any overall portfolio to a significant extent.
If there have been mistakes in the assetz algorithm putting a large percentage of any portfolio automatically into one loan then this should be discussed with assetz. But those of us that have a small percentage of their overall portfolio into this loan should not be casting aspersions against assetz. Let’s see in a few years what the recovery looks like. I am sure the position will be more rosy than now.
I personally think that Assetz is the most professional p2p lender i invest with. It is up to us to ensure that we spread the risk amongst platforms and individual loans and we must give assetz time to work-out this loan.
Charles
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Post by westcountryfunder on Feb 17, 2020 9:44:42 GMT
Guys I have invested in Assetz for over 5 years. I see so many negative comments on this forum and i think most of them are not warranted. We all know that investing in p2p is not without risk. There will be defaults. Yes perhaps mistakes have been made by Assetz on this loan but that is easy to say with 20/20 hindsight. --- If there have been mistakes in the assetz algorithm putting a large percentage of any portfolio automatically into one loan then this should be discussed with assetz. But those of us that have a small percentage of their overall portfolio into this loan should not be casting aspersions against assetz. Let’s see in a few years what the recovery looks like. I am sure the position will be more rosy than now. I personally think that Assetz is the most professional p2p lender i invest with. It is up to us to ensure that we spread the risk amongst platforms and individual loans and we must give assetz time to work-out this loan. Charles I agree with most of the sentiment expressed above, but personally I rejected this loan right from the start for the MLIA (regarding it as obviously a case of 'don't touch with a barge pole'), only to find that an enormously disproportionate investment had been made on my behalf in the GBBA. That is where the grievance lies, and it is heartfelt not only by me but countless others who were let down by an apparently badly designed algorithm. I'm sure AC is well aware of the strength of feeling about this. The trouble is this also comes on top of the fiascos of the various 'green' windmill schemes. I'm rather heavily involved in both, and I'm slowly but steadily losing confidence in AC's willingness and ability to get these cases resolved. If you're involved in neither this loan nor the 'green' ones, then you've probably done OK with AC.
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Post by davee39 on Feb 17, 2020 10:34:22 GMT
Echoing westcountryfunder, most of the anger is from those invested through the now closed business accounts. These were marketed with a provision fund. In the early days the rules for this were not defined other than it would make up missing interest and capital shortfall. The fund was discretionary, but only to ensure it was not seen as insurance.
Unfortunately funds were not diversified - so 20% went into this loan (most of the rest of my investments in GBBA1 have been recovered), furthermore the provision fund did not make any payments, under rules which were only clarified AFTER the investments were made. Subsequent votes have always favoured the borrower and his fantasy schemes, by both the wording of the votes and the placing of the 'extra time' option as option 'A'. I foolishly believed that this time we really were going to see some form of repayment, but yet again the plan looks to have been a fiction.
If the current plan does fail Assetz must go for administration.
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