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Post by captainconfident on Oct 18, 2018 12:32:15 GMT
We can confirm that we have already received a complaint and so the above process has already started. , will the Assetz Capital decision on the validity of the complaint from the single complainant under consideration be made known to all the other effected lenders?
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Post by stuartassetzcapital on Oct 18, 2018 12:55:35 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.
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jlend
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Post by jlend on Oct 18, 2018 13:54:43 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. Given one or more complaints are in progress is it prudent to pause the lender vote just in case something material comes to light that may impact the way people would like to vote irrespective of whether the complaint is upheld or not. I assume you could make available a redacted copy of any material information you provide in your response to the complaint on the AC website against the loan or loans impacted.
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jlend
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Post by jlend on Oct 18, 2018 18:48:29 GMT
People do not know the exact wording of the complaint so isn’t there a danger that they will be discouraged from making their own complaint? Lenders might wait for ages only to find out nothing or that the complaint was about some other aspect of this loan. it’s probably wise for affected lenders to ignore AC saying that “a complaint” has been made and go ahead and raise their own. Agree it is probably wise for anyone who feels affected to complain based on your own concerns that you may wish to add to any generic wording
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Post by captainconfident on Oct 19, 2018 9:03:37 GMT
The reason for drawing this issue out into public here is the total refusal of Assetz Capital to engage with the question when it is raised in the Q&A on your site. You have been asked over and over again about the mismatch between the promise in the loan details to protect lenders' funds and the almost immediate release of almost all the funds into the hands of whoever has run off with it. Your replies to each iteration of this question are always to await an 'update'. And when the update comes, it does not address the question. You intend to select a complaint, judge your actions in private and then maybe or maybe not communicate your decision about whether Assetz has acted in accordance with the loan conditions. Rather than put us all to this trouble of writing our own version of the same complaint, while you're here why not answer just the question here or in your Q&A, stuartassetzcapital? |
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Post by bracknellboy on Oct 19, 2018 9:33:19 GMT
I emailed a question to AC specifically regarding this vote, early Wednesday. I received a response back yesterday saying that it would take several depts. to answer it, and they would get back to me within 7 days, either with an answer or an update on progress. That of course will be after the vote has concluded. Given that this was specifically addressed as being a question with respect to the vote itself, that is a unhelpful response.
Edit: typos
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DeafEater
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Post by DeafEater on Oct 19, 2018 9:37:22 GMT
...Given that this was specifically addressed as being a question with respect to the vote itself, that is an unhelpful response. A masterful understatement 
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Post by captainconfident on Oct 19, 2018 10:11:56 GMT
The vote should be cancelled as it falsely tries to involve the investors in a mess that is not of their making.
While I'm sure we all agree that Assetz would be well advised to try to get back the 4 million pounds they gave away, the loan conditions specifically say they would not give the money away in such a manner.
Therefore they are probably legally but certainly morally obliged to reimburse all investors for their actions.
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Post by bikeman on Oct 20, 2018 8:08:47 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.
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 One issue is that AC have substantially revised (they would say clarified) the terms of their Provision Fund. Previous promises within their own marketing have long been removed from their website. I have made copies of much of the other communications including the very long q&a of unanswered questions in readiness of AC one day deciding to just remove it all.
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happy
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Post by happy on Oct 20, 2018 15:03:58 GMT
While I'm sure we all agree that Assetz would be well advised to try to get back the 4 million pounds they gave away, the loan conditions specifically say they would not give the money away in such a manner. Therefore they are probably legally but certainly morally obliged to reimburse all investors for their actions. I am not sure if we actually have any real proof that AC did not follow to the letter what the loan documentation said they would do. This loan was operated via an escrow account and as I understand it an escrow is a contractual arrangement in which a third party, or escrow agent, receives and then disburses, in this case, money, for the primary parties, with that disbursement dependent on conditions agreed to by the transacting parties. So in this case, AC (primary party 1) would have transferred all the loan money to the (third party) escrow agent and then the MS (primary party 2) would have requested monies from the escrow account to fund the build activity. So AC would have transferred all the loan monies to the escrow account at or shortly after drawdown (as was the case) and most likely would not have been involved in the subsequent drawing of funds from the escrow account, perhaps safe in the knowledge that funds would only be released according to the rules defined beforehand. As to what the rules for accessing the escrow funds were and the visibility AC had, or should have had, of how the funds were being utilised is another discussion altogether.
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jlend
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Post by jlend on Oct 22, 2018 9:25:06 GMT
Looking at the Q&A it looks like we might get some more information on the 26th Oct as that is the latest date they are quoting for an update for many of the questions.
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jlend
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Post by jlend on Oct 22, 2018 12:27:32 GMT
Do we know the name of the monitoring surveyor (s) for the connected wind turbine loans and how much insurance they have in place currently per claim and in total? Please don't post the name here for obvious reasons 😉
There is a lot of money at stake in these loans so it would be good to know the strength of the surveyors.
Does anyone have any experience of any claims against monitoring surveyors with other loans ?
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jlend
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Post by jlend on Oct 22, 2018 14:15:12 GMT
Do we know the name of the monitoring surveyor (s) for the connected wind turbine loans and how much insurance they have in place currently per claim and in total? Please don't post the name here for obvious reasons 😉 There is a lot of money at stake in these loans so it would be good to know the strength of the surveyors. Does anyone have any experience of any claims against monitoring surveyors with other loans ? AC have said I will get a reply in 7 days
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Post by captainconfident on Oct 24, 2018 13:11:18 GMT
I see the results of the voting are in on N*******n are in with 25% going for 'taking futile action'. A resounding success for democracy. The 73% who saw that the vote was nonsense are waiting for something else.
We are waiting for the 26th October update promised in the Q&A in which we will be shown the legendary IMS report which convinced Assetz that the windmills were so complete that £4 million across all four loans needed to be advanced immediately to pay the bills.
Also looking forward to a full account of the setting up of the "escrow account(s)" to "protect lenders" which if ever created, were filled up and emptied within 24 hours. Given the timeline, it seems practically impossible that these were ever set up.
What really happened? I would speculate that someone in the organisation sent out all the loan money immediately by mistake, rather than releasing an initial tranche, and that has been the problem that has lead to all the delays and stalling over requests for information.
Slightly concerned that the N******n activity tab now refers to next update being 23rd November but that would hardly be surprising given the Olympic can-kicking we've had so far.
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Post by hammertime on Oct 24, 2018 14:35:57 GMT
How do we now know that any loans are safe with A/C. One of my loans i was investing in was advertised at 9.0 then it changed to 7.5.I have been in touch with them but as usual they say that they will be in touch later.But i have not heard from them since.And what is going on with I** loans make it all seem even worse.It could end up being a similar problem like PPI.We will see.But at least investors are taking action now.
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