cb25
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Post by cb25 on Feb 24, 2019 14:43:06 GMT
Given that AC cannot empty my 30-day account in .... 30 days (now 60 days+). Why can't they empty it in 30 days?
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Post by Deleted on Feb 24, 2019 14:56:42 GMT
Great question. I guess because they spread the money into individual loans and if those individual loans cannot be sold off to anyone, they go into some version of default or there is a queue then I don't get my money back until these issues are resolved.
So a bit like making a normal loan to AC but in micro lots and without any decisions on what goes where.
Of course I could be wrong, but it doesn't get all my money back....
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cb25
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Post by cb25 on Feb 24, 2019 15:02:13 GMT
Great question. I guess because they spread the money into individual loans and if those individual loans cannot be sold off to anyone, they go into some version of default or there is a queue then I don't get my money back until these issues are resolved.
So a bit like making a normal loan to AC but in micro lots and without any decisions on what goes where.
Of course I could be wrong, but it doesn't get all my money back....
Are you saying you put in a 'withdraw all funds' request to the 30DAA a/c and it hasn't emptied after 30 days? If so, what reason do AC give for money being stuck?
Some of my 30DAA money has been in iffy loans and I've always managed to get the withdrawals I requested, though they've only been partial withdraws (typically 1/30 of loan total)
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Post by Deleted on Feb 24, 2019 15:09:55 GMT
I havn't asked I only put a small amount of money in to test the system and roughly 3% didn't make it back. But if the interest rate is 6% then 3% means a lot. Not pushing for it on the phone as the phone call would consume all the benefits.
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cb25
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Post by cb25 on Feb 24, 2019 15:25:36 GMT
@bobo re 'Not pushing for it on the phone as the phone call would consume all the benefits' - there's always the Livechat facility or email, which cost nothing.
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Post by markaldrich on Feb 24, 2019 15:54:16 GMT
I withdrew a substantial sum at Christmas after the Christmas cashback. Was concerned there might be problems due to demand. No problem at all and throughout that period QAA was returning at 0 seconds too. Anyone else had any problems as what’s reported here surprises me
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bg
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Post by bg on Feb 24, 2019 15:58:50 GMT
I havn't asked I only put a small amount of money in to test the system and roughly 3% didn't make it back. But if the interest rate is 6% then 3% means a lot. Not pushing for it on the phone as the phone call would consume all the benefits. This doesn't sound right. As far as I am aware all withdrawals to date from the QAA have been instant as have all withdrawals from the 30DAA (after the 30 day notice period). I have made many from both as have lots of other people I know. If you think this is not the case its only fair you contact AC through the live chat and let them fix the problem (or if you're doing something wrong they can tell you)
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bg
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Post by bg on Feb 24, 2019 15:59:52 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. I wouldn't believe everything you read on this forum!
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Post by Deleted on Feb 24, 2019 16:03:41 GMT
Thanks guys, you've enthused me enough to make me drop them a note. I have to admit I tend to just use internet tools rather than think to correct them. ;-)
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cb25
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Post by cb25 on Feb 24, 2019 16:08:23 GMT
I havn't asked I only put a small amount of money in to test the system and roughly 3% didn't make it back. But if the interest rate is 6% then 3% means a lot. Not pushing for it on the phone as the phone call would consume all the benefits. As others have said, this doesn't seem right now I think about it.
Earlier post by chris "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."
Imo would be very wrong if it is the case that AC have put your money into loans where trading was suspended (albeit covered by a PF), but then use the "it can't be traded" to stop you withdrawing your money.
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ceejay
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Post by ceejay on Feb 24, 2019 16:16:44 GMT
I've made several withdrawals from 30DAA over the last year or two and never had a moment's delay over the 30 days.
That's not to say it can't ever happen - they do say "in normal conditions" - but for the benefit of anyone reading this forum and wondering what's going on, you really should be assured that *normally* ALL of your money will come out regardless of the individual loan status.
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Post by chris on Feb 24, 2019 16:29:37 GMT
I havn't asked I only put a small amount of money in to test the system and roughly 3% didn't make it back. But if the interest rate is 6% then 3% means a lot. Not pushing for it on the phone as the phone call would consume all the benefits. As others have said, this doesn't seem right now I think about it.
Earlier post by chris "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."
Imo would be very wrong if it is the case that AC have put your money into loans where trading was suspended (albeit covered by a PF), but then use the "it can't be traded" to stop you withdrawing your money.
No one should have any funds currently locked into any of the access accounts, and as far as I'm aware we've had no reports of lenders unexpectedly being in that situation. @bobo you should definitely talk to customer services to get to the bottom of this, whether it ends up being a bug or user error. To date almost £1.2bn has been withdrawn from the access accounts, with the average transaction time being less than 0.05 seconds (obviously after the notice period has been served on the 30daa). Past performance doesn't always indicate future performance, etc., but there are currently no reasons I know of for any deviation.
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ashtondav
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Post by ashtondav on Feb 24, 2019 20:02:18 GMT
No probs here my total transfer of all my 30 day money to my instant account took exactly 30days. Could you have made a mistake?
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Mousey
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Post by Mousey on Feb 24, 2019 20:59:59 GMT
FWIW my largest withdrawal from the 30-day account was £200,000 which I had no problem taking out. I even had a phone call asking if I had any feedback; sadly a house purchase has swallowed up most of that dosh.
Personally 90-days seems slightly too long to have money tied up given the uncertainty over Br***t. If the stuff does hit the fan then I'd rather my money had a bit of liquidity to it. That might just be my risk appetite though.
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micky
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Post by micky on Feb 24, 2019 21:54:34 GMT
Yep, agree 30 days to withdraw. If it had been any longer I would have been straight on to them. No need though, I do agree 90 days is pushing it and no longer quick access but I think the interest rate increase will attract a lot of investment.
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