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Post by captainconfident on Nov 30, 2018 17:43:12 GMT
Thanks for your help. But there seems to be other things going on here,what with the money being lent out by A/C. You're telling me. If the money had been put in escrow as specified in the loan agreement, the third party controlling that account would surely not have disbursed all the money in one go.
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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 Nov 30, 2018 18:07:55 GMT
Hi does any one know the longest amount of time its taken A/C to resolve a default and what is the worst financial outcome. Are they any good at retrieving lenders investments. With F/C they were awful but i find it better here.Any advice. Order the loans by rate & have a read. #35 has been in recovery for 4 years with no end sight, top 4 are the longest. Do the same for repaid. Full resolution is probably Spondon, or the loan that just kept giving, (default but not enforced recovery) #39 longest in recovery with full recovery. To your general point IMO yes they are but like most platforms they have their shockers but they have learnt. Not sure others have. Edit biggest loss hard to say as no loss has been crystallised but probably the Plumber.
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angrysaveruk
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Say No To T.D.S
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Post by angrysaveruk on Nov 30, 2018 20:15:28 GMT
AC sound to be doing a little better but it would not surprise me if investors take a 40%-50% haircut. Time will tell. I would be over the moon with a 40%-50% recovery on these loans.
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DeafEater
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Post by DeafEater on Nov 30, 2018 20:47:15 GMT
I would be over the moon with a 40%-50% recovery on these loans. I wouldn't just bite their hand off, I'd take it off at the elbow. Mind you that might just be evidence of the hostility I'm harbouring over how these loans have been handled.
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Post by jevans4949 on Nov 30, 2018 22:16:24 GMT
Hi does any one know the longest amount of time its taken A/C to resolve a default and what is the worst financial outcome. Are they any good at retrieving lenders investments. With F/C they were awful but i find it better here.Any advice. There are a number of loans in the #130's which AC have not closed off, although there is no realistic hope of further recovery, and no mileage in pursuing the case - i.e. guarantors who were directors have no remaining assets, their homes having been sold ... like the plumber aforementioned.
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Post by df on Nov 30, 2018 22:49:55 GMT
AC sound to be doing a little better but it would not surprise me if investors take a 40%-50% haircut. Time will tell. I would be over the moon with a 40%-50% recovery on these loans. I would even more over the moon if PF will have enough funds to offset capital loss. The complexity of recovery of I** loans suggests many years until losses are crystallised. Meanwhile I have 12% of my AC funds locked in Green&Great accounts. It was one of my biggest p2p mistakes to invest in GEIA/GBBA with no control of exposure. I have no doubt that AC team is doing their best in I** and other recoveries, but it is also in AC's interest if the losses are not crystallised for indefinite period of time.
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Post by bracknellboy on Nov 30, 2018 23:02:07 GMT
I would be over the moon with a 40%-50% recovery on these loans. ... It was one of my biggest p2p mistakes to invest in GEIA/GBBA with no control of exposure. I have no doubt that AC team is doing their best in I** and other recoveries, but it is also in AC's interest if the losses are not crystallised for indefinite period of time. I agree that the first part of that statement well may be true. I’m not sure I understand the confidence in the second part. The very fact that AC willfully constructed a situation whereby lenders in those accounts were by design, but not advertisement, going to by hung up by the proverbials on whatever “outsized” loans they decided to use those accounts as underwriters for...does not give me any confidence whatsoever of either their ability, capability or willingness to ensure recovery.
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Post by hammertime on Dec 1, 2018 13:02:19 GMT
So if A/C have paid out all the investors money in one go rather than in stages. And then the I** loan goes into default have they not broken the contract . Therefore they are negligent and should return the money to the investors.
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Post by bikeman on Dec 1, 2018 20:55:38 GMT
So if A/C have paid out all the investors money in one go rather than in stages. And then the I** loan goes into default have they not broken the contract . Therefore they are negligent and should return the money to the investors. Indeed. And in a few days time AC's 8 week 'investigation' into my complaint will be up and I will refer their incompetence to the FCA.
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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 Dec 1, 2018 22:15:24 GMT
So if A/C have paid out all the investors money in one go rather than in stages. And then the I** loan goes into default have they not broken the contract . Therefore they are negligent and should return the money to the investors. Indeed. And in a few days time AC's 8 week 'investigation' into my complaint will be up and I will refer their incompetence to the FCA. FOS hopefully as the FCA don't do individual complaints
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Post by df on Dec 2, 2018 0:12:26 GMT
... It was one of my biggest p2p mistakes to invest in GEIA/GBBA with no control of exposure. I have no doubt that AC team is doing their best in I** and other recoveries, but it is also in AC's interest if the losses are not crystallised for indefinite period of time. I agree that the first part of that statement well may be true. I’m not sure I understand the confidence in the second part. The very fact that AC willfully constructed a situation whereby lenders in those accounts were by design, but not advertisement, going to by hung up by the proverbials on whatever “outsized” loans they decided to use those accounts as underwriters for...does not give me any confidence whatsoever of either their ability, capability or willingness to ensure recovery. Well, they do better than some others. "Doing their best" doesn't necessarily imply confidence.
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Post by captainconfident on Dec 2, 2018 15:03:40 GMT
So if A/C have paid out all the investors money in one go rather than in stages. And then the I** loan goes into default have they not broken the contract . Therefore they are negligent and should return the money to the investors. Indeed. And in a few days time AC's 8 week 'investigation' into my complaint will be up and I will refer their incompetence to the FCA. Thanks for the reminder. You and a few others! Should the 'investigation' not fully justify certain actions taken by those charged with looking after our funds, we should look at coordinating our further action.
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Post by hammertime on Dec 2, 2018 15:47:17 GMT
Lets get on with it then anyone up for it
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DeafEater
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Post by DeafEater on Dec 2, 2018 17:51:17 GMT
Indeed. And in a few days time AC's 8 week 'investigation' into my complaint will be up and I will refer their incompetence to the FCA. Thanks for the reminder. You and a few others! Should the 'investigation' not fully justify certain actions taken by those charged with looking after our funds, we should look at coordinating our further action. I don't want to put a damper on your exuberance but I know someone who some months ago put in a very well reasoned complaint about the GEIA in general and the I** debacle in particular. AC prevaricated for as long as they were legally allowed to before eventually finding that they had no case to answer. Their final response was also curiously selective about which charges in the original complaint that they chose to address.
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Post by captainconfident on Dec 2, 2018 18:11:13 GMT
I'm not exuberant, I'm really irate!
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