shimself
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Post by shimself on Mar 3, 2019 17:51:13 GMT
The response taken by AC will pay dividends to them as a company, reputation and trust is priceless, some other p2p sites should learn from this. How much has it taken out of their profits I wonder? (Maybe nothing in the end, and I hope not). But it does make me wonder about the business of being a platform, it only takes a couple of errors and they might be in trouble
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jlend
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Post by jlend on Oct 1, 2019 5:51:53 GMT
If we uphold a complaint, all lenders in the same circumstances would be treated consistently so they would be aware of the outcome as a result. I do not think that we could post a decision to reject an individual’s complaint to a public forum but that wouldn’t prevent the individual from doing so, should they wish to place that information into the public domain. If they chose to do that, other lenders would be aware of the outcome. Do the recent announcements by AC mean AC have decided to uphold a complaint?
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Post by stuartassetzcapital on Oct 1, 2019 10:06:46 GMT
No, this is a goodwill repayment of 100% of capital and further interest for the greater good of all lenders in this unique case as we work through recoveries in the background, it doesn’t relate to a complaint.
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Mike
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Post by Mike on Oct 1, 2019 12:38:02 GMT
No, this is a goodwill repayment of 100% of capital and further interest for the greater good of all lenders in this unique case as we work through recoveries in the background, it doesn’t relate to a complaint. Can anyone help me work out what the tax implications are of receiving this "goodwill repayment", and the further "interest" payments? I am not exactly clear what I am giving up in return for payment and how that transaction is being accounted for at AC towers, presumably it should match my own accounting in terms of why/how these payments are being made..
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sl75
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Post by sl75 on Oct 1, 2019 14:47:12 GMT
Can anyone help me work out what the tax implications are of receiving this "goodwill repayment", and the further "interest" payments? I am not exactly clear what I am giving up in return for payment and how that transaction is being accounted for at AC towers, presumably it should match my own accounting in terms of why/how these payments are being made.. I'm not clear why you think there would be any "tax implications" besides the usual implications of similar transactions (e.g. sales at par, receipt of interest, etc.)
Edit: Experimenting with the on-site "tax statement", narrowing the range of the statement down to yesterday, I see that the payments are counted in the subtotal marked "Capital recovered during the period 30th Sep 2019 to 1st Oct 2019 from loans put into recoveries since 6th April 2015" "(this may be taxable if you previously declared this as a potential loss)".
Your own tax position would of course depend on whether or not you reduced your tax bill in an earlier tax year by treating that loan as a loss.
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Mike
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Post by Mike on Oct 1, 2019 15:51:46 GMT
I'm not clear why you think there would be any "tax implications" besides the usual implications of similar transactions (e.g. sales at par, receipt of interest, etc.) Edit: Experimenting with the on-site "tax statement", narrowing the range of the statement down to yesterday, I see that the payments are counted in the subtotal marked "Capital recovered during the period 30th Sep 2019 to 1st Oct 2019 from loans put into recoveries since 6th April 2015" "(this may be taxable if you previously declared this as a potential loss)". Your own tax position would of course depend on whether or not you reduced your tax bill in an earlier tax year by treating that loan as a loss.
Because the loan isn't being repaid, but based on your comment it sounds like this is 36H compliant at-par transfer (I don't really know what that means but apparently important) despite the value being written off previously and the change in interest rate..
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sl75
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Post by sl75 on Oct 1, 2019 16:08:45 GMT
I'm not clear why you think there would be any "tax implications" besides the usual implications of similar transactions (e.g. sales at par, receipt of interest, etc.) Edit: Experimenting with the on-site "tax statement", narrowing the range of the statement down to yesterday, I see that the payments are counted in the subtotal marked "Capital recovered during the period 30th Sep 2019 to 1st Oct 2019 from loans put into recoveries since 6th April 2015" "(this may be taxable if you previously declared this as a potential loss)". Your own tax position would of course depend on whether or not you reduced your tax bill in an earlier tax year by treating that loan as a loss.
Because the loan isn't being repaid, but based on your comment it sounds like this is 36H compliant at-par transfer (I don't really know what that means but apparently important) despite the value being written off previously and the change in interest rate.. It seems I got confused - a large recovery of a similar order of magnitude (in terms of my own exposure) occurred around the time I was fiddling with the tax statement, so showed up on summaries including "today".
The I** "recoveries" don't show up on the tax statement - this is either because they weren't shown as a loss in a previous tax year, or because AC still need to do stuff with their programming. I'm not sure how to check exactly which loans AC showed as losses in their statements, but I should probably find out before commenting further!
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ianj
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Post by ianj on Oct 2, 2019 9:37:37 GMT
No, this is a goodwill repayment of 100% of capital and further interest for the greater good of all lenders in this unique case as we work through recoveries in the background, it doesn’t relate to a complaint. Allways best, especially with an IPO imminent, to get your 'goodwill gesture' in before the complaints start to get serious. Looking forward to similar applied for the greater good of all lenders in an different 'unique case', the Midland Finance loans, where our security also vanished, apparently unnoticed until too late! 
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