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Post by Ton ⓉⓞⓃ on Mar 19, 2019 12:01:55 GMT
Good point SteveT (above) so without going into too much detail: I've voted to allow more time for the latest refi to be put together & work thru' I like some of those ideas, great to see them on the table now that feels like progress. So far I've either abstained or voted for. But I'm not far from voting against if I don't like what I see, but my holding is quite low in this so I only have a few votes.
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Post by roandy55 on Mar 19, 2019 12:48:16 GMT
I've voted yes also, which is something I never thought I would do. Doesn't seem like a great length of time to extend in the overall scheme of things, if there is a chance that the loan will ultimately be repaid. I've also learned from a previous insolvency case #296 M***D******P******* that once you have received your allocation from the receivers that is pretty much it.
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cb25
Posts: 3,524
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Post by cb25 on Mar 19, 2019 13:52:11 GMT
I've also learned from a previous insolvency case #296 M***D******P******* that once you have received your allocation from the receivers that is pretty much it. If the repayment fell short of 100% of your capital, did the PF make up the rest? If the PF didn't, did you ask AC why that was?
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nick1000
Assetz Capital shareholder
Posts: 18
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Post by nick1000 on Mar 19, 2019 14:22:28 GMT
I've voted yes, even though the offer of a full return of interest was rather vague.
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Post by roandy55 on Mar 19, 2019 17:31:19 GMT
I've also learned from a previous insolvency case #296 M***D******P******* that once you have received your allocation from the receivers that is pretty much it. If the repayment fell short of 100% of your capital, did the PF make up the rest? If the PF didn't, did you ask AC why that was? I was invested via GBBA1 and received the bulk of my investment back, but following the final distribution from the receivers there are still a couple of pounds outstanding plus a few pence in interest. I've just assumed this loan is now pretty much now dead and buried, although I have never been aware there might be PF cover available for it.
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Post by brightspark on Mar 19, 2019 19:55:30 GMT
Taken from AC website today in relation to GBBA1 "The recovery of loans takes time and different types of security may require shorter or longer periods to realise. Each time the recovery of a loan is concluded (i.e.: all avenues of realisation have been explored fully) we will check to see if there is a shortfall of capital and, if so, we will check at that time the balance of the Provision Fund. If the Provision Fund balance is sufficient to do so a discretionary payment may be made to make good some or all of any capital loss. As each remaining loan is recovered we will advise of the Provision Fund balance remaining. The current balance of the Provision Fund for this account is £1,008,000.00."
Might be worth asking AC how things lie but for the relatively tiny sum of capital loss perhaps involved it is probably hardly worth the effort. Still many a mickle makes a muckle.
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cb25
Posts: 3,524
Likes: 2,667
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Post by cb25 on Mar 19, 2019 20:54:07 GMT
I've voted yes also, which is something I never thought I would do. Doesn't seem like a great length of time to extend in the overall scheme of things, if there is a chance that the loan will ultimately be repaid. I've also learned from a previous insolvency case #296 M***D******P******* that once you have received your allocation from the receivers that is pretty much it. I find that I'm in 296 in GBBA. The latest update I have from AC is an email of 1 Feb 2019 which suggests the recovery process is still active and AC "will look to provide an update on this matter by close of business on 29 March 2019"
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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
Posts: 10,906
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Post by ilmoro on Mar 25, 2019 12:28:19 GMT
Result is A extend
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puddleduck
Member of DD Central
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Post by puddleduck on Mar 25, 2019 15:17:26 GMT
So jam tomorrow won? Absolute mugs voting to extend.
Turkeys voting for Christmas.
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Post by hammertime on Mar 25, 2019 16:24:59 GMT
I agree with you i am fed up with these companies taking the P*** out of us investors who give them the money in the first place.I used to give them a chance but not any more all they want is to extend the loan all the time and if its suspended we are not getting our interest.I am now voting all the time to call in the administrators to teach them a lesson.
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Post by brightspark on Apr 6, 2019 16:23:13 GMT
I agree with your sentiments. I blame the platform or platforms for, all too often, urging investors to be patient. Giving borrowers leeway simply encourages more risk taking. If borrowers know that their business is extremely likely upon default to go into administration quickly, more circumspection in their initial borrowing is more likely. Giving leeway allows defaulting borrowers opportunity to move assets out of reach. Personally all things being equal I am likely to stick with a platform that is robust in its approach to bad debtors even if losses rapidly crystallise. I never lend more than I am able to write off. From a platform perspective an ever increasing list of underperforming loans is a killer.
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Post by investor01010101 on Apr 30, 2019 21:36:50 GMT
I agree with you i am fed up with these companies taking the P*** out of us investors who give them the money in the first place.I used to give them a chance but not any more all they want is to extend the loan all the time and if its suspended we are not getting our interest.I am now voting all the time to call in the administrators to teach them a lesson. Yep me too, 30th April update - Borrower not able to make a statement due to accountant being "off sick" - next update 8th May. All votes I make now on any loan with a credit event are for final demand and administration.
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Post by roandy55 on May 8, 2019 17:00:14 GMT
And..... the current refinance is not now progressing. Apparently now ongoing with another lender and a valuation has been instructed, next update 7 June.
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jfh82
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Post by jfh82 on May 8, 2019 17:15:34 GMT
And..... the current refinance is not now progressing. Apparently now ongoing with another lender and a valuation has been instructed, next update 7 June. Let's guess what follows, a request from the lender for more time to resolve 'detail' in 'advanced talks', then a retraction of the offer. But the possability of another new lender if more time is provided. I voted to extend this on the basis that it was to allow more time for the 'deal on the table', now that's not happening I wan't another vote where I'd put this thing into administration without a second thought.
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travolta
Member of DD Central
Posts: 1,461
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Post by travolta on May 9, 2019 9:16:36 GMT
Been in P2P long enough to recognise the pattern : kicking it down the line benefits AC and the borrower.
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