mikes1531
Member of DD Central
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Post by mikes1531 on Jan 3, 2015 21:32:59 GMT
AIUI we are waiting for the tax that was deducted to be received from the borrower ... I guess it will be easier to try and rebuild the database records without subsequent sales activity to confuse things. Possibly will have to wait for Jan's payment before everything balances correctly. As you say it will be easier to distribute the withheld funds without there being a lot of activity but it potentially depends on whether the Borrower has already paid the tax to HMRC, who are not well known for acting particularly quickly when giving money back. If the borrower has been convinced that they shouldn't have withheld the tax in the first place and that they will be able to retrieve what they've sent to HMRC, then we could hope that they would dig into their own pocket -- or arrange a short-term loan -- and pay the appropriate amount across to AC for distribution to us without having to wait for the money to come back from HMRC. If that's what's holding things up, then it could be quite some time before the units of this loan are allowed back onto the Aftermarket
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bugs4me
Member of DD Central
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Post by bugs4me on Jan 3, 2015 22:29:43 GMT
As you say it will be easier to distribute the withheld funds without there being a lot of activity but it potentially depends on whether the Borrower has already paid the tax to HMRC, who are not well known for acting particularly quickly when giving money back. If the borrower has been convinced that they shouldn't have withheld the tax in the first place and that they will be able to retrieve what they've sent to HMRC, then we could hope that they would dig into their own pocket -- or arrange a short-term loan -- and pay the appropriate amount across to AC for distribution to us without having to wait for the money to come back from HMRC. If that's what's holding things up, then it could be quite some time before the units of this loan are allowed back onto the Aftermarket That's assuming they have paid HMRC the withholding tax immediately. Thought there was a post around here that they had 90 days after they had withheld it. Think we're going to have to wait until things get back to normal on Monday. Maybe even AC will be able to reverse out their admin errors on a couple of repayments and put them into the correct month so those units can be traded again.
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