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Post by investor01010101 on Feb 19, 2020 20:53:46 GMT
AC have already stated in the Q&A that no single lender holds more than 1.6% of this loan (a little less than £100k) so your hypothetical scenario is irrelevant. Given the size of this loan and the fact it was reviewed and approved by the AC board before launch, I've little doubt it gets more time and attention from AC management than any other defaulted loan in the book. I strongly suspect that, if / when AC reach the point they feel appointing an Administrator is the best course, this will be obvious from the voting options presented. No they won't, they have already stated they are acting as the agent for the loan and will only act as the loan holders instruct. to coin a phrase its "sh!t or bust" as far as they are concerned. But you are right that AC management give this loan more attention, they will do absolutely anything to prevent it showing as a loss on their accounts, including dragging it out until DM goes bust and the loan is in a fund long forgotten about. Not beyond the realms of possibility to divide that up in a syndicate of 30 people investing 100k each ?
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cb25
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Post by cb25 on Feb 20, 2020 10:09:34 GMT
We can have an endless debate whether the Borrower and/or AC dictated the terms of the votes, but the fact is is we've had 9 votes since Aug 2017 and it has resulted in the grand total of £0 returned to Lenders.
EDIT:
The Dec 2019 lender vote contains "Assetz Capital Note: The wording of the sections titled Current Position, Option A- Borrower Proposal, Strategy 2, Strategy 3, Option A – Borrowers Request, Option B – Appointment of Administrator have been prepared by the Borrower in conjunction with D*** & P***."
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Given the Dec 2019 gives no fixed repayment amounts/dates for this loan, I'm not sure which would be worse -proposal written solely by the Borrower, with AC taking a hands-off ("nothing to do with us guv") approach, OR -proposal written by the Borrower and AC, and still has no fixed amounts/dates
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Mick
Be nice... People respond.
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Post by Mick on Feb 21, 2020 9:57:13 GMT
I think the average 'man in the street' looking at the proposals from the borrower/Assetz would have to conclude we have been Encouraged, Helped, Goaded, pushed, dragged, down this fruitless path. My prediction is this path will never be paved with our own Gold but will become stonier and stonier, as long as we allow the person who is in our debt to be the one in charge. This is a situation with the very fundamentals of Lender/ Borrower relationship Turned on its head. The analogy I give is people who have bought shares for pounds that are now worth pennies, desperately holding on to them while recanting..... I haven't lost anything yet..... Ho yes you have. Someone with our interests Only! needs to be running this debacle of a company. That's how to look after yourself, the borrower has his own interests to consider.
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Post by investor01010101 on Feb 23, 2020 12:30:28 GMT
Up until this morning C****** H**** had a banner on their website saying "Coming soon a new development..............." its gone from the site now and the new plots do not appear on the site map for home builders. Looks like this path has ended.
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kathy
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Post by kathy on Feb 23, 2020 12:55:57 GMT
Up until this morning C****** H**** had a banner on their website saying "Coming soon a new development..............." its gone from the site now and the new plots do not appear on the site map for home builders. Looks like this path has ended. I wouldn't have expected anything else.
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Post by Ton ⓉⓞⓃ on Feb 23, 2020 15:27:14 GMT
Up until this morning C****** H**** had a banner on their website saying "Coming soon a new development..............." its gone from the site now and the new plots do not appear on the site map for home builders. Looks like this path has ended. I've not looked at this site before but on my map I can see a blue pointer a few kilometres of the site. I also have a banner ad across the top saying "coming soon South West of Glasgo...."
I've edited out the name of the web site as this gives too much away.
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tonyr
Member of DD Central
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Post by tonyr on Feb 23, 2020 16:03:28 GMT
Up until this morning C****** H**** had a banner on their website saying "Coming soon a new development..............." its gone from the site now and the new plots do not appear on the site map for home builders. Looks like this path has ended. There is still text that says "New site coming soon, South-West of Glasgow" - just it's dark red on a black background.
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Post by davee39 on Feb 23, 2020 17:09:42 GMT
fool me once, shame on you; fool me twice, shame on me
After being tricked once, one should learn from one's mistakes and avoid being tricked in the same way again.
Fool me nine times ASSETZ?
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shimself
Member of DD Central
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Post by shimself on Feb 24, 2020 17:35:15 GMT
Up until this morning C****** H**** had a banner on their website saying "Coming soon a new development..............." its gone from the site now and the new plots do not appear on the site map for home builders. Looks like this path has ended. Companies House?
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cb25
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Post by cb25 on Feb 24, 2020 17:37:44 GMT
Up until this morning C****** H**** had a banner on their website saying "Coming soon a new development..............." its gone from the site now and the new plots do not appear on the site map for home builders. Looks like this path has ended. Companies House? No. See Strategy 2 of the Dec 2019 Lender Vote
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cb25
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Post by cb25 on Feb 26, 2020 16:48:22 GMT
Capital Valuation now set at 67%. Guess that'll teach me to ask how AC could justify it being set at 100%.
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ton27
Member of DD Central
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Post by ton27 on Feb 26, 2020 22:47:35 GMT
Beyond comprehension! AC have strung this out for solong by giving lenders norealchoice in the votes and then downgrades it to 67%. Most lenders have known for a long time that this loan was not worth 100%.
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daveb4
Member of DD Central
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Post by daveb4 on Feb 27, 2020 6:19:21 GMT
Following all the rules and regulations that they have to do to keep authorisation of the FCA 😀
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cb25
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Post by cb25 on Feb 27, 2020 10:04:20 GMT
Capital Valuation now set at 67%. Guess that'll teach me to ask how AC could justify it being set at 100%. I recall there was a thread (or post) on what Capital Valuation meant, but I can't find it.
Does it mean
i) the security is worth 67% of the original estimate OR ii) there is already a 33% shortfall in return to lenders iii) something else
I think i) would make most sense?
If you view any loan with AC and hover your cursor over the '?' to the right of Capital Valuation, it displays the meaning.
EDIT: shirehorse I've only just noticed that AC placed an update in the loan yesterday (26 Feb) explaining the change.
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sapphire
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Post by sapphire on Feb 27, 2020 10:35:01 GMT
Capital Valuation now set at 67%. Guess that'll teach me to ask how AC could justify it being set at 100%. I recall there was a thread (or post) on what Capital Valuation meant, but I can't find it. ....
I think you are referring to this link
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