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Post by bikeman on Oct 16, 2018 19:09:27 GMT
I have today received a voting request for loan #437 I** N*******.
I am extremely unhappy the Asset Capital's management of this and other I** loans, specifically:
1. AC's failure to sufficiently diversify my investment via the GEIA
2. AC's failure to manage a controlled release of the loan money
3. AC's failure to manage the monitoring surveyor or adequately verify their reported progress
4. AC's failure to track the loan monies
None of the above were managed in line with the terms of the loan or AC's stated objective of the GEIA. And don't get me started on ACs worthless Provision Fund.
Furthermore, over recent months AC have sought to silence investors on the basis that discussion may prejudice recovery.
They have also repeatedly deferred answering lenders questions.
I think it's unacceptable that AC now request a lenders vote, without fully answering the many questions that have been asked of them regarding their release and management of the loan money e.g. why it was released outside of the terms of the loan agreement against a verified progress schedule, where it went etc etc.
Collectively, investors on these loans need to start considering how we can hold AC to account.
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kathy
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Post by kathy on Oct 16, 2018 20:28:17 GMT
Bikemans post sums up my reaction too Right on the mark, I'd say.
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cb25
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Post by cb25 on Oct 16, 2018 22:09:08 GMT
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mj
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Post by mj on Oct 17, 2018 12:59:11 GMT
Thanks but all I get is: Oops, there was an error! You do not have permission to access this thread.
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lara
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Post by lara on Oct 17, 2018 13:10:52 GMT
Thanks but all I get is: Oops, there was an error! You do not have permission to access this thread. It's on the private board. If you ask for permission to join you'll be able to read it.
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wuzimu
Member of DD Central
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Post by wuzimu on Oct 17, 2018 13:25:16 GMT
Yeah there are serious questions to be asked, and more than have been listed here, and bikeman makes a good start....
I am trying to get some advice from finance lawyer I know (as I've only got a toe in this bungle) but the circumstances shout 'right of action' to me
I really thought AC were more competant than this, the tone of the updates smacks of bewilderment.
C'mon AC, get a wiggle on or this is going to bite you big time.
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cb25
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Post by cb25 on Oct 17, 2018 14:00:53 GMT
Thanks but all I get is: Oops, there was an error! You do not have permission to access this thread. I know, it's hidden from people who don't have access to the AC Private Board. To get access, see note at the top of this page p2pindependentforum.com/board/28/assetz-capital under "Private board for Assetz Capital members only"
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Post by captainconfident on Oct 17, 2018 18:00:56 GMT
Assetz has handed out the money in breach of the loan conditions. They should immediately refund all investors and pursue the return of this money themselves.
The vote on I** N******* alone is a toe in the water attempt to dress this as "let's go after them together". No. I ask those invited to vote not to do so. It offers a false choice.
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Post by captainconfident on Oct 17, 2018 18:52:52 GMT
If you have invested money in any of the I** loans, or have been locked into any of them through the GEIA (mis)- allocation, I ask you to do the following.
Please read the original credit report, which contains the loan conditions. Consider the paragraph which mandates the setting up of an escrow account in which lenders money will be held, and the subsequent condition that the monies be advanced only in stages to the borrower as the building of the turbines progresses.
Considering 1) this account was managed by Assetz Capital. and 2) almost all the money was paid out of this account approximately four days after the loan was completed.
Please write to Assetz Capital and point out that they are in breach of the loan conditions and request return of your money. Should the answer be unsatisfactory, we can address the next step that is open in cases of misselling, which is what I strongly believe this to be.
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Post by captainconfident on Oct 18, 2018 9:46:20 GMT
Let's make today, 18th October 2018, "Ask Assetz for a Refund Day". There is a fixed time limit for a financial services provider to reply after which, should the reply be unsatisfactory, the case can be presented to the Financial Ombudsman.
Whether you are a manual investor lumped in through the GEIA, what you should say is along the following lines:-
Dear Assetz Capital,
I am an investor in the following I** Loans: I** X, I** Y, I** Z.
Each loan contains the following condition:-
"Although interest will be charged monthly on the entire loan from drawdown, the loan will be held in
an escrow account pending completion of the construction works and advanced to the Borrower in
stages as construction progresses. This will protect the lenders’ security"
Assetz Capital does not appear to have set up any such account and paid out practically the entire sum of each of the loans within days of the loans being completed. Construction work was in most cases nil and in others appeared to stop at the moment the money was paid out.
In paying out practically all the money in one lump sum you have breached the conditions of the loan and the contract with me, the lender, is void.
I therefore request that you immediately refund to me the following sums:- (List what you are owed).
I further request compensatory interest for the period that you have held my capital at a rate of no less than 4%, which I believe to be perfectly reasonable, given the egregious breach of trust in this case.
Yours faithfully,
Send your email to enquiries@assetzcapital.co.uk
Should the reply from Assetz be unsatisfactory, I suggest that we group our submission to the Financial Ombudsman together as the I** Investor Group.
I hope you all agree with this way forward.
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dandy
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Post by dandy on Oct 18, 2018 9:51:55 GMT
Dont know the full details of this but where exactly do you think AC are going to just magic up £4m+ from even if they wanted to?
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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 Oct 18, 2018 10:53:36 GMT
There is a fixed time for them to respond to a complaint. You might want to add that word and a timeframe for reply.
You have no contract with AC with regards to the sums advanced to the borrower or the conditions those sums are advanced under. AC is the agent so any complaint would have to be in relation to their misconduct in that role and would probably need to make reference to their terms & conditions not the loan contract as the basis for the complaint.
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jlend
Member of DD Central
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Post by jlend on Oct 18, 2018 11:20:28 GMT
There is a fixed time for them to respond to a complaint. You might want to add that word and a timeframe for reply.
You have no contract with AC with regards to the sums advanced to the borrower or the conditions those sums are advanced under. AC is the agent so any complaint would have to be in relation to their misconduct in that role and would probably need to make reference to their terms & conditions not the loan contract as the basis for the complaint.
Following on from the important post from ilmoro. Just to comment on this. Should the reply from Assetz be unsatisfactory, I suggest that we group our submission to the Financial Ombudsman together as the I** Investor Group.
From my limited understanding, others may be more experienced. There is no such thing as a group submission to the FOS. You each have to submit your own complaint based on your own circumstances and each complaint has to be considered separately by the FOS. That said once one complaint is uphelp, you can use the same arguments, and subsequent complaints will be handled a lot quicker by the FOS. An investor action group can also prompt the FOS to make sure the complaints are all handled by the same adjudicator which would speed things up. The forming of an investor action group may help share ideas, experience and information, also share the cost of any legal help you may wish to consider prior to the submission of any complaints or subsequent appeals to the FOS. The FOS issues Provisional and Final Decisions of merit. Any investor action group may not want to discuss everything on an open forum for obvious reasons. As well as any formal terms and conditions, my experience is that you can also make reference in any complaint at the same time to any promotional material or comments/statements that have been made
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Post by captainconfident on Oct 18, 2018 12:00:13 GMT
Dont know the full details of this but where exactly do you think AC are going to just magic up £4m+ from even if they wanted to? They had no trouble giving it away when they had it.
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Post by stuartassetzcapital on Oct 18, 2018 12:14:18 GMT
Assetz Capital take complaints from lenders very seriously and any lender is able to complain at any time. Our Complaints Page describes how to complain and how we deal with complaints in accordance with FCA rules. We are committed to treating our customers fairly and, should we uphold a customer’s complaint, we would seek to remedy the situation for that customer and for any others in the same circumstances, whether those others had complained to us or not. We can confirm that we have already received a complaint and so the above process has already started. |
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