sapphire
Member of DD Central
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Post by sapphire on May 29, 2020 18:29:06 GMT
I did not invest in this loan directly but have a (small) exposure to this loan via my QAA investment. I was able to view updates for this loan under the previous interface but the 'Updates' option is greyed out in the new UI. Is this by design or an unintended limitation of the new UI? Have AC explicitly stated that QAA investors will be unable to view updates for defaulted loans henceforth? I am still able to view updates on other non-defaulted QAA loans. Is there any workaround/alternative route to view this update? I have some old, long-defaulted loans with only less than 1p in the access accounts only, and never invested via any other acount; I was unable to view the updates in these loans even under the old interface. I have other defaulted loans with less than £1 in AA accounts (and in no other accounts) and these I can view these ok - nothing greyed-out. So there is a cut-off at some low value (which I believe may be 1p), where AC refuse you access to details of defaulted loans.
Is you small investment via QAA now less than 1p? Is it possible you previously had just above this threshold, and QAA withdrawals have now taken it below? Thanks baldpate On this loan my exposure via QAA is more than 50p but less than a £1. Following your response I asked my wife to check and she is able to view this update. She has just over £5 exposure to this loan via QAA, so likes the (new?) threshold is somewhere between a £1 and £5.
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gmitz
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Post by gmitz on May 29, 2020 18:36:27 GMT
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iRobot
Member of DD Central
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Post by iRobot on May 29, 2020 18:37:12 GMT
I did not invest in this loan directly but have a (small) exposure to this loan via my QAA investment. I was able to view updates for this loan under the previous interface but the 'Updates' option is greyed out in the new UI. Is this by design or an unintended limitation of the new UI? Have AC explicitly stated that QAA investors will be unable to view updates for defaulted loans henceforth? I am still able to view updates on other non-defaulted QAA loans. Is there any workaround/alternative route to view this update? I have some old, long-defaulted loans with only less than 1p in the access accounts only, and never invested via any other acount; I was unable to view the updates in these loans even under the old interface. I have other defaulted loans with less than £1 in AA accounts (and in no other accounts) and these I can view these ok - nothing greyed-out. So there is a cut-off at some low value (which I believe may be 1p), where AC refuse you access to details of defaulted loans.
Is you small investment via QAA now less than 1p? Is it possible you previously had just above this threshold, and QAA withdrawals have now taken it below? Likewise, I have only QAA exposure to this loan to the princely sum of £42.28 and can see the update. Scanning down my holdings, if I look at #204, I have less than 1p and the updates tab is unavailable. #440 / £0.23 / unavailable. #296 / £0.83p / unavailable. #439 / £1.37 / is available. Hope that throws some light on it ...
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cb25
Posts: 3,523
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Post by cb25 on May 30, 2020 9:33:06 GMT
So many words to say "no progress".
Reading this update, I also think the penny has only just dropped for me why AC don't want to enforce this one. Perhaps I am misinterpreting the mention of another party in the update, and who happens to be a director of that company.
For quite some time I've wondered whether the AC team that are supposed to be monitoring this loan are suffering a form of 'regulatory capture' ( link) as I see no signs of them providing independent comment and/or valuations, they simply allow the Borrower to present any comment they like without verification or analysis.
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puddleduck
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Post by puddleduck on May 30, 2020 10:18:27 GMT
The real issue is that whenever there is a vote, voters seem to fail to engage in any sort of critical thinking, and tend to vote for the 'jam tomorrow' A option, regardless of how implausible there are, and regardless of how many previous votes have been held.
Remember, AC essentially bailed out a High Street bank (RBS?) for this loan, and this bank took a haircut to get rid of the loan. How this loan ever came to be on AC is a mystery given the precedence of this project never getting off the ground.
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Post by davee39 on May 30, 2020 13:07:07 GMT
As someone currently in need of a haircut I think it's time for AC to stop promoting the borrowers fantasy as option 'A' and call it in.
Of course, since the borrower is clearly an honest, decent and upright citizen, with full support of AC, perhaps AC should put their money where their mouth is and use CBILS to finance the 40 or 66 development plots
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Mikeme
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Post by Mikeme on May 30, 2020 13:37:19 GMT
As someone currently in need of a haircut I think it's time for AC to stop promoting the borrowers fantasy as option 'A' and call it in. Of course, since the borrower is clearly an honest, decent and upright citizen, with full support of AC, perhaps AC should put their money where their mouth is and use CBILS to finance the 40 or 66 development plots And the laird should be made to have a haircut if there is any short fall. Paid for from his PG.
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Post by brightspark on May 30, 2020 14:12:49 GMT
The handling of this loan has done more to damage my confidence in AC than any other. It is the root cause of why I have been a seller since Coronavirus came to the fore. I perceive that in this case the interests of the borrower are taking precedence over that of lenders and that this behaviour might be replicated. This borrower owes a very large sum of money to investors and all has been pie in the sky for too long.
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travolta
Member of DD Central
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Post by travolta on May 30, 2020 14:42:41 GMT
Covid19 . The answer to everyone.
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Post by Ton ⓉⓞⓃ on May 31, 2020 6:14:56 GMT
As someone currently in need of a haircut I think it's time for AC to stop promoting the borrowers fantasy as option 'A' and call it in. Of course, since the borrower is clearly an honest, decent and upright citizen, with full support of AC, perhaps AC should put their money where their mouth is and use CBILS to finance the 40 or 66 development plots
If only - with CBILS the Borrower must not have been in trouble since before this year, I think the rules say.
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johni
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Post by johni on May 31, 2020 9:25:23 GMT
Is it the case if you only hold black box accounts and you vote, subsequently there is a shortfall you are not covered by protection fund? Read this awhile ago but never new if true.
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Post by popeye on May 31, 2020 10:25:16 GMT
Is it the case if you only hold black box accounts and you vote, subsequently there is a shortfall you are not covered by protection fund? Read this awhile ago but never new if true. No. That's not my understanding.
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Post by Ton ⓉⓞⓃ on May 31, 2020 12:10:36 GMT
Is it the case if you only hold black box accounts and you vote, subsequently there is a shortfall you are not covered by protection fund? Read this awhile ago but never new if true. I asked a similar question awhile back
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Post by popeye on May 31, 2020 12:24:33 GMT
Wow. I stand corrected. Thank you
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johni
Member of DD Central
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Post by johni on May 31, 2020 14:26:27 GMT
Is it the case if you only hold black box accounts and you vote, subsequently there is a shortfall you are not covered by protection fund? Read this awhile ago but never new if true. I asked a similar question awhile back
Thanks appreciate that.
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