|
|
Post by Ton ⓉⓞⓃ on Oct 24, 2018 18:12:17 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.
Hi and Welcome to the forum!!
Can you give the loan number of that one that went from 9.0 to 7.5 ?
I'll see if I hold that one
Thanks.
|
|
dave2
Member of DD Central
Posts: 177 
Likes: 163
|
Post by dave2 on Oct 25, 2018 0:17:26 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.
Hi and Welcome to the forum!!
Can you give the loan number of that one that went from 9.0 to 7.5 ?
I'll see if I hold that one
Thanks.
That is similar to loan #325. The loan overview tab clearly states " Interest rate of 9%pa for the development period, followed by an interest rate of 7.25%pa for the remainder of the loan". The activity tab on 9th Jun 2017 confirmed that the construction phase was complete, and that the interest rate would drop to 7.25. Difficult to spot these things, they can be detailed on the overview tab or hidden in the credit report, and it is difficult to keep track of the activity when you have a large number of loans.
|
|
|
|
Post by hammertime on Oct 25, 2018 9:11:08 GMT
Hi the loan that went from 9.0 to 7.5 is number 538.Hope that is of some help to you.I have been in touch with them and they keep saying that they will refund the interest but when that will be who knows.Its just wait and see.The same with the I** loans why cant they give a answer to our questions?.
|
|
puddleduck
Member of DD Central
Posts: 537
Likes: 489
|
Post by puddleduck on Oct 25, 2018 10:06:45 GMT
Hi the loan that went from 9.0 to 7.5 is number 538.Hope that is of some help to you.I have been in touch with them and they keep saying that they will refund the interest but when that will be who knows.Its just wait and see.The same with the I** loans why cant they give a answer to our questions?. I can confirm this was still showing as 9% very recently. I do not go below 8% for MLA and a while back there was quite an amount on the SM clearly marked at 9% so I grabbed some. I couldn't understand why I was suddenly holding at 7.5%. I managed to sell out again at 7.5% pretty quickly.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
|
Post by ilmoro on Oct 25, 2018 10:25:57 GMT
Hi the loan that went from 9.0 to 7.5 is number 538.Hope that is of some help to you.I have been in touch with them and they keep saying that they will refund the interest but when that will be who knows.Its just wait and see.The same with the I** loans why cant they give a answer to our questions?. I can confirm this was still showing as 9% very recently. I do not go below 8% for MLA and a while back there was quite an amount on the SM clearly marked at 9% so I grabbed some. I couldn't understand why I was suddenly holding at 7.5%. I managed to sell out again at 7.5% pretty quickly. Looking at the repayments, should always have been 7.5% so obviously a display error. Im also in it and dont go below 8% on MLIA (unless a discount) so will be awaiting the response with interest. Im not checking all my payments to see if the rate has been entered correctly so expect it to be right.
Does seem to be an issue with whoever does the front end data entry as they keep forgetting to populate the security tab info as well
|
|
|
|
Post by hammertime on Oct 25, 2018 11:09:25 GMT
They did say it was an error on there part and they would honour the 9.0 interest. But now they say they are looking at how to pay it back. I said just put it into my account but im still waiting. Has anyone got any news on the I** loans im more concerned about them.
|
|
dc848
Posts: 150
Likes: 92
|
Post by dc848 on Oct 25, 2018 12:02:43 GMT
...Has anyone got any news on the I** loans im more concerned about them. Any 'news' will only be forthcoming from AC. If you are invested, you'll be notified at the same time as the rest of us.
|
|
|
|
Post by hammertime on Oct 25, 2018 12:19:54 GMT
Which probably means no new news then.
|
|
dc848
Posts: 150
Likes: 92
|
Post by dc848 on Oct 25, 2018 12:48:40 GMT
Which probably means no new news then. "Get in touch with their chat line you might even get a decent answer. Well you can live in hope."
|
|
|
|
Post by hammertime on Oct 25, 2018 13:27:02 GMT
No news is good news or so they say but is that the case when investing?
|
|
|
|
Post by hammertime on Oct 25, 2018 13:59:07 GMT
I have had a important reply?  |
|
Nomad
Member of DD Central
Posts: 755
Likes: 513
|
Post by Nomad on Oct 26, 2018 12:02:18 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. Email received stating that their response may take a further 4 weeks and possibly longer as "there is still further data needed from some of the key staff within various sections of our business who need to provide feedback."
|
|
|
|
Post by hammertime on Oct 26, 2018 12:27:23 GMT
Lets hope something good comes of this i cant see why its taking so long.
|
|
DeafEater
Member of DD Central
Extremely Moderate
Posts: 228
Likes: 304
|
Post by DeafEater on Oct 26, 2018 12:52:49 GMT
Email received stating that their response may take a further 4 weeks and possibly longer as "there is still further data needed from some of the key staff within various sections of our business who need to provide feedback." ...and don't imagine you're the first to have received exactly the same reply after asking any difficult question that they weren't keen to answer.
|
|
kathy
Posts: 38 
Likes: 37
|
Post by kathy on Oct 26, 2018 14:24:38 GMT
Why does the word "obfuscate" keep springing to mind?
|
|
