sl75
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Post by sl75 on Feb 22, 2019 15:00:34 GMT
stuartassetzcapital a useful future feature might be the ability to see how much of the provision fund is already ring fenced in each of the access accounts. Then there may be less nervousness. ... or their may be more nervousness, if it turns out that the non-ringfenced funds are lower than you might otherwise have assumed...
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sl75
Posts: 2,092
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Post by sl75 on Feb 22, 2019 15:33:33 GMT
Current stats (as of a few minutes ago):
90DAA has £2.79M (compared to 0 yesterday lunchtime) 30DAA has £103.33M (compared to £105.80M yesterday lunchtime) QAA has £57.16M (compared to £57.43M yesterday lunchtime)
Total: £163.27M (compared to £163.23M yesterday lunchtime)
Although an impressive start for the 90DAA, it seems almost entirely to be funds that were already on the platform, and it's not (yet) attracted a significant quantity of "new" funds. It'll be interesting to see how this promotion compares to the £16M pulled in by the last one.
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cb25
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Post by cb25 on Feb 22, 2019 15:41:28 GMT
But that's my point. its all "In theory". I know I have instant access... at the moment. But only as long as there is people to take my place afterwards. That can easily disappear. But that means there's still a risk I'm left tied into loans that were suspended long before I invested. So how is trading suspended if, in fact, I (and therefore everyone else) is continuing to be invested into them with only a "discretionary" provision fund as cover? Trading in suspended loans is only allowed in the access accounts whilst the provision fund has ring fenced funds to cover any expected losses of capital in those loans, i.e. the discretionary decision has been taken and the funds set aside. or stuartassetzcapital Can you explain how that works in the context of loan 227 (which I see my 30DAA account holds), given AC's 19/12/2018 email update refers to the possibility of £multi-million losses and I've yet to see any PF which has that sort of money in it.
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Post by chris on Feb 22, 2019 15:51:19 GMT
Trading in suspended loans is only allowed in the access accounts whilst the provision fund has ring fenced funds to cover any expected losses of capital in those loans, i.e. the discretionary decision has been taken and the funds set aside. or stuartassetzcapital Can you explain how that works in the context of loan 227 (which I see my 30DAA account holds), given AC's 19/12/2018 email update refers to the possibility of £multi-million losses and I've yet to see any PF which has that sort of money in it. The access accounts hold £236,700 in that loan, even a 100% write off would comfortably fit in the provision funds.
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sl75
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Post by sl75 on Feb 22, 2019 16:32:44 GMT
chris or stuartassetzcapital Can you explain how that works in the context of loan 227 (which I see my 30DAA account holds), given AC's 19/12/2018 email update refers to the possibility of £multi-million losses and I've yet to see any PF which has that sort of money in it. The access accounts hold £236,700 in that loan, even a 100% write off would comfortably fit in the provision funds. Pretty much by definition it must comfortably fit in the provision funds; as I understand it, [Edit: my understanding was wrong - see pikestaff's later post] £236,700 of those provision funds is already ringfenced to allow that loan to circulate within the account...?
Actually that does raise another question...
The information about the 90DAA states that £300,000 of seed capital is present in its provision fund.
Hypothetically, if "everyone" immediately transferred their QAA and 30DAA balances to the 90DAA, most of that £300,000 seed capital would need to be ringfenced [Edit: and maybe would be insufficient?] just to cover loan 227, and that's undoubtedly not the only loan that needs ringfenced funds...
... but in the meantime, the 30DAA would have a huge surplus in its PF, as all the ringfenced balances would no longer be required.
The logical solution to that would be that whenever loans are transferred from the 30DAA to the 90DAA, the ringfenced funds get transferred from the 30DAAPF to the 90DAAPF at the same time, but is this what actually happens?
If not, what balance can the initial £300,000 of seed capital support in the 90DAA before it will be insufficient to allow funds to be ringfenced to cover the current ratio of loans that require it?
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rscal
Posts: 985
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Post by rscal on Feb 22, 2019 16:33:17 GMT
I am currently holding a balance from the promotion b4 last (for the second 1% cashback, payable in June) but have ignored the most recent promotion so not increased balances much since December. Now if I withdraw overall balances after 17 June (and after 23 May therefore) I would still qualify for cashback on this new account? My thinking is this if I add further funds now, it only extends that increased exposure until June and not until August - which is preferable.
Terms: Please correct me if I am wrong but it seems to me that the T&C state that any withdrawal from 90daa REQUESTED before May 24 will be deducted from the amount qualifying for the extra 1%, so you would still be exposed until August. Yes, but my point was after 17th June (and 20th June when the second 1% is credited) I may reduce my overall AC platform balance after initially increasing it (post 22 Feb) for this promotion (Say I withdraw, after 20th June, from other accounts an amount equal to what was put in to the 90DAA at opening - Then compared to any original intention to draw down Platform Balances in June, there would be an equivalent balance until August - but only for a stretch of 2 months. EDIT And the withdrawal would not be limited by that amount either, coming from different access accounts!)
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Post by dan1 on Feb 23, 2019 21:14:13 GMT
Apologies if this has already been addressed but, is the intention to display the opening snapshot (i.e. balance as at 00.00.00am on the 22nd February 2019) on the dashboard, and if so, can we expect this to appear in the next week or so?
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Post by wellgood on Feb 23, 2019 23:43:17 GMT
Apologies if this has already been addressed but, is the intention to display the opening snapshot (i.e. balance as at 00.00.00am on the 22nd February 2019) on the dashboard, and if so, can we expect this to appear in the next week or so? apparently not. I emailed assetz yesterday to ask the same question as I was expecting to see it, they said no. my eligible balance looks right if it helps (I'd made a withdrawal the day before the launch so re-invested)
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Post by markaldrich on Feb 24, 2019 8:40:30 GMT
So have I misread the cash back offer. I thought that money transferred from the 30 day account to the 90 day account would qualify. However looking at the amount showing as qualifying this is not the case. Can you advise please? Thanks
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 24, 2019 9:25:50 GMT
So have I misread the cash back offer. I thought that money transferred from the 30 day account to the 90 day account would qualify. However looking at the amount showing as qualifying this is not the case. Can you advise please? Thanks My understanding is that that are 2 criteria.You have only met one of the criteria, but it's not too late. If you deposit new funds into AC from your bank account, before the 15th March, equivalent to the amount you invested in the 90 day account, then you will get the 1% cashback. Edit: Any interest you earn before 15th March will count as new funds.
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Post by markaldrich on Feb 24, 2019 9:31:06 GMT
Thanks. I had thought it looked too easy!
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Post by df on Feb 24, 2019 9:41:36 GMT
Thanks. I had thought it looked too easy! All AC promotions are designed to encourage people to invest more funds and keep them there for as long as possible.
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Post by figtree on Feb 24, 2019 13:21:49 GMT
Thanks. I had thought it looked too easy! All AC promotions are designed to encourage people to invest more funds and keep them there for as long as possible. Why else would they run a promotion?
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Post by Deleted on Feb 24, 2019 14:18:09 GMT
Given that AC cannot empty my 30-day account in .... 30 days (now 60 days+). I would not be that interested in investing in 90 days. What should I expect, half a year? I think AC needs to calm it all down a bit and be tighter on borrower account control rather than stretch out to get more loans and drag more lenders into this disappointing morass.
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alibaba
Member of DD Central
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Post by alibaba on Feb 24, 2019 14:25:10 GMT
Given that AC cannot empty my 30-day account in .... 30 days (now 60 days+). I would not be that interested in investing in 90 days. What should I expect, half a year? I think AC needs to calm it all down a bit and be tighter on borrower account control rather than stretch out to get more loans and drag more lenders into this disappointing morass. This I why I love this site, I was deciding if this was a good home for my longer term savings. I will have to look elsewhere. Many thanks for the post bobo.
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