alanh
Posts: 556
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Post by alanh on Oct 28, 2020 18:50:52 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. Its like that question has been put in to deliberately wind you up. "Because I'm fed up with losing money" is probably the most succinct answer.
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Post by captainconfident on Oct 28, 2020 19:08:47 GMT
I was beyond amazed when AC told us that the money we invested in trade finance had been used to buy a water well, and that it was worthless, and that there was nothing inappropriate or illegal about that use of the funds. I think everyone whose money washed don the well were amazingly calm and resigned, when really it sounds like someone should be behind bars. hold on ... wrong thread.
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iano
Member of DD Central
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Post by iano on Oct 28, 2020 19:26:26 GMT
I was beyond amazed when AC told us that the money we invested in trade finance had been used to buy a water well, and that it was worthless, and that there was nothing inappropriate or illegal about that use of the funds. I think everyone whose money washed don the well were amazingly calm and resigned, when really it sounds like someone should be behind bars. hold on ... wrong thread. Hmm, I'm hoping it's more a case of calm but not resigned and waiting for the final play on that one. I certainly hope it isn't allowed to disappear without anyone's feet held to the fire.
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rcrcrc
New Member
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Post by rcrcrc on Oct 29, 2020 15:40:28 GMT
Provision payment received!
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alibaba
Member of DD Central
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Post by alibaba on Oct 29, 2020 16:08:47 GMT
Ditto
If the windmill loans are repaid I will start re investing.
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jo
Member of DD Central
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Post by jo on Oct 29, 2020 16:19:53 GMT
Ditto If the windmill loans are repaid I will start re investing. Me too.
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Post by investor01010101 on Oct 29, 2020 16:40:50 GMT
I wonder,what do you say when AssCap ask you: 'Reason for withdrawal ??' My quotes over the past few weeks "Leaving for a P2P site that works for the lenders not the borrowers" "The D%%%%%%%% M£££££££££ fiasco" "Cant wait to leave such a p!ss p00r platform" "Management of bad debtors is attrocious" "No way I am leaving any money on this platform" "93% of my portfolio is suspended, why would I invest in any loans?"
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Post by investor01010101 on Oct 29, 2020 16:47:11 GMT
I wonder how much of the £4m is still on the platform, my share went straight back to the bank, I just can't trust AC anymore and the laird has set the standard for every other borrower in difficulty...............
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mogish
Member of DD Central
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Post by mogish on Oct 29, 2020 18:33:31 GMT
E mail recieved. Re provision fund payment. Can someone cut through the waffle and tell me if GBBA accounts will recieve a provision fund payment or not.
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Post by angel19 on Oct 29, 2020 18:35:45 GMT
E mail recieved. Re provision fund payment. Can someone cut through the waffle and tell me if GBBA accounts will recieve a provision fund payment or not. Yes.
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markdirac
Member of DD Central
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Post by markdirac on Oct 29, 2020 19:01:19 GMT
But ... I have received only about 90% repayment in my GBBA. I am wondering why it is that the recovery is not shared amongst all the provision-covered account. Is it because there are only a few GBBA account-holders left, and so there are fewer lenders likely to object to this seemingly unfair "discretion"?
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Post by angel19 on Oct 29, 2020 20:16:33 GMT
But ... I have received only about 90% repayment in my GBBA. I am wondering why it is that the recovery is not shared amongst all the provision-covered account. Is it because there are only a few GBBA account-holders left, and so there are fewer lenders likely to object to this seemingly unfair "discretion"? I’m afraid this ties back to the scandalous closure of the GBBA accounts. No new loans and no new money meant a steadily impoverished provision fund left to cover a larger rump of bad debts. Add to this the humongous scale of this particular loan, and I think GBBA investors are probably lucky to only have a 10% shortfall. Of course there is always the hope the promised future profit share will cover this gap! Must go, I think a pig just crash landed in my garden.
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Post by df on Oct 29, 2020 21:12:11 GMT
I'm quite happy with 90% recovery, it left my remaining 227 holding at the value I would've invested via MLA, which I would be prepared to loose. Plus some interest received before this loan stopped paying offsets some of the loss. Good to see my GEA/GBBA shrank significantly since they became dormant.
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markdirac
Member of DD Central
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Post by markdirac on Oct 30, 2020 10:45:48 GMT
Slightly off topic, apologies, but... Of all the (dozen) P2Ps that I have invested with, AC is the only one where completely counter-intuitive things are always happening. - month after month I often did not get the expected rate of interest - 7% or whatever - even way back in the good times. I could never extract a transparent reason why.
- in the GBBA, which I opened to spread my risk and benefit from a provision fund, AC immediately invested 25% (one quarter!) of my investment in one loan (D******d M*****!)
- it was never intuitive to me that closing of the account would degrade AC's provision for Provision.
- back in March, I was not concerned about AA illiquidity, because no loan is longer than 5 years, and so my investment would all be paid back (+/- defaults) within 5 years. And then I discover that for some opaque reason, the occasional repayments and redemptions to MY loans are not being repaid to ME, but into some pool, such that at present, it looks as though my 5 year loans will be repaid in about 40 years.
AC stands for Always Counterintuitive.
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Post by budgiebird on Oct 30, 2020 11:27:30 GMT
I still have a few pounds outstanding in this, but have received the bulk of my outstanding balance. I am not quite clear as to whether there will be any further provision fund payments to clear the balance completely, as I am looking to close my account with AC asap.
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