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Post by bikeman on Feb 8, 2019 21:14:55 GMT
I want people to know how my complaint is being handled by Assetz Capital regarding this loan.
On 20 October 2018 I made a complaint regarding my investment in loan #437 I** N****** via the GEIA on the following grounds:
1. Negligence on the part of Assetz Capital by failure to adequately diversify my investment. That there was a lack of transparency because details of the diversification methodology and provision fund was disseminated across multiple sources
2. Misleading marketing of the GEIA and specifically it's backing by a Provision Fund which would protect my capital and interest. Notwithstanding Assetz Capital's subsequent redefinition of the purpose of the PF.
3. That Assetz Capital mismanaged the release of loan money as defined within the loan agreement. Specifically Assetz Capital failed to set up an escrow account pending completion of the construction works and advanced to the Borrower in stages as construction progressed.
Activity Log
22 Oct 2018 - AC promised a response in 7 days
26 Oct 2018 - AC advised that a further 4 weeks would be required
12 Nov 2018 - AC stated that they would conclude the matter by 11 Dec
11 Dec 2018 - AC upheld my complaint in part and asked for further time to discuss a settlement for ALL lenders with the FCA.
24 Dec 2018 - AC advised that they had met with the FCA to discuss their proposal.
4 Jan 2019 - AC wrote to lenders to advise that the loan guarantor had placed themselves into liquidation.
17 Jan 2019 - AC advised that they were preparing a redress proposal letter for lenders.
8 Feb 2019 - AC advised that preparation of their proposal was not yet ready. An update will be given on 28 Feb 2019.
I can't say that I am happy how this is constantly being delayed.
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jlend
Member of DD Central
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Post by jlend on Feb 8, 2019 21:38:38 GMT
Thanks for keeping everyone up to date
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alibaba
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Post by alibaba on Feb 9, 2019 6:27:43 GMT
Your information is much appreciated
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blender
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Post by blender on Feb 9, 2019 9:22:56 GMT
The delay is unfortunate, but compare progress with that for the Coll lenders. If you take away the dates, and just look at the sequence of actions, are you not happy with their response?
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Post by hammertime on Feb 9, 2019 9:46:55 GMT
Delaying tactics as usual.
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niceguy37
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Post by niceguy37 on Feb 11, 2019 10:42:42 GMT
Just my opinion, but looking at the logs, there seems to be fairly steady progress. Considering there are probably lawyers involved I would have expected much longer delays.
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rookey123
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Post by rookey123 on Feb 11, 2019 21:30:40 GMT
Compared to most of the other P2P lenders I invest in this would appear to be transparent with proactive and positive responses. I am in this loan and we will see on the outcome but too early to judge.
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Mousey
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Post by Mousey on Feb 14, 2019 10:23:32 GMT
Compared to most of the other P2P lenders I invest in this would appear to be transparent with proactive and positive responses. Yep, just look at how much communication we're getting from @lendy full stop or from fundingsecure regarding the unsecured art loans
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Post by investor01010101 on Feb 14, 2019 18:06:31 GMT
I want people to know how my complaint is being handled by Assetz Capital regarding this loan. On 20 October 2018 I made a complaint regarding my investment in loan #437 I** N****** via the GEIA on the following grounds: 1. Negligence on the part of Assetz Capital by failure to adequately diversify my investment. That there was a lack of transparency because details of the diversification methodology and provision fund was disseminated across multiple sources 2. Misleading marketing of the GEIA and specifically it's backing by a Provision Fund which would protect my capital and interest. Notwithstanding Assetz Capital's subsequent redefinition of the purpose of the PF. 3. That Assetz Capital mismanaged the release of loan money as defined within the loan agreement. Specifically Assetz Capital failed to set up an escrow account pending completion of the construction works and advanced to the Borrower in stages as construction progressed. Activity Log 22 Oct 2018 - AC promised a response in 7 days 26 Oct 2018 - AC advised that a further 4 weeks would be required 12 Nov 2018 - AC stated that they would conclude the matter by 11 Dec 11 Dec 2018 - AC upheld my complaint in part and asked for further time to discuss a settlement for ALL lenders with the FCA. 24 Dec 2018 - AC advised that they had met with the FCA to discuss their proposal. 4 Jan 2019 - AC wrote to lenders to advise that the loan guarantor had placed themselves into liquidation. 17 Jan 2019 - AC advised that they were preparing a redress proposal letter for lenders. 8 Feb 2019 - AC advised that preparation of their proposal was not yet ready. An update will be given on 28 Feb 2019. I can't say that I am happy how this is constantly being delayed. Are you really surprised, its how their whole business model operates, do nothing and pray............
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Post by bikeman on Feb 14, 2019 21:08:22 GMT
Just my opinion, but looking at the logs, there seems to be fairly steady progress. Considering there are probably lawyers involved I would have expected much longer delays. You are aware that this log refers only to my complaint that has been upheld? I wouldn't expect to be advised repeatedly of a delay in offering a settlement after having upheld the complaint. The loan itself has been suspended since October 2017 - again AC's efforts to recover have amounted to little more than 'we'll update you next month'.
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wuzimu
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Post by wuzimu on Feb 14, 2019 23:37:45 GMT
Any lender in this loans, have a look at new thread re FCA group.....
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invester
P2P Blogger
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Post by invester on Feb 15, 2019 19:41:22 GMT
As I read it does the latest update kick the can down the road for another month?
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Post by stuartassetzcapital on Feb 20, 2019 18:41:21 GMT
We are close to issuing a strong update for all lenders - I can assure you that we have most certainly not been kicking cans, rather handling a complex an difficult case and situation and getting to a way to deliver a good and fair outcome for all lenders.
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Esmeralda
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Post by Esmeralda on Feb 26, 2019 14:43:39 GMT
Head on over to this page if you're unhappy about these I** wind loans: p2pindependentforum.com/thread/14285/attn-wind-energy-loans-group wuzimu is very kindly drafting a letter to send to the FCA/FOS, for those of us who have already contacted him directly, so that we can approach the FCA/FOS as a group. If you're as unhappy about these loans as we are please contact wuzimu and join us - there's strength in numbers. |
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Post by hammertime on Feb 28, 2019 17:16:34 GMT
We are close to issuing a strong update for all lenders - I can assure you that we have most certainly not been kicking cans, rather handling a complex an difficult case and situation and getting to a way to deliver a good and fair outcome for all lenders.
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