sl75
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Post by sl75 on Apr 5, 2019 9:47:31 GMT
sl75 . Quite correct. This issue is being caused by AC's poor design of their secondary market. In every other bond or tradeable loan market in the world,when you buy/sell the principal, you also buy/sell the accrued interest. Not quite "every". There is at least one other UK P2P lender which also leaves accrued interest to date with the seller... and there are undoubtedly complex derivative instruments out there which separate all manner of cash flows in a similar manner (although in those cases the seniority and/or voting rights would be much better defined between the different cash flows).
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cb25
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Post by cb25 on Apr 8, 2019 10:59:31 GMT
I have just received AC's response to my emailed question wrt me not receiving the latest email update on loan 327.
Q: For sake of argument in the next question, I’ve assumed the minimum holding is something low, e.g. £10.
Assume
-person A has £20 holding in loan X and £5 accrued interest, hence is owed £25 by the Borrower
-person B has £0 holding in loan X (having sold out) but still has £100 accrued interest, hence is owed £100 by the Borrower
Is it not unfair that person A receives the email update, whereas person B does not receive the email update despite being owed four times as much money by the Borrower?
AC's response: Please be advised that I passed on feedback regarding lenders not being able to receive updates despite having accrued interest – this was then raised in a meeting with management and this has now resulted in lenders being able to receive updates on loans if they have a loan holding of £1 or more, or accrued interest of £1 or more, or a combination of the two accumulating to £1 or more.
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Imo this is a good move on AC's part (and they included the latest loan 327 email update).
I don't know if this affects lenders' votes as I wasn't asking about that, or whether if affects lenders being denied access to various tabs within the loan.
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registerme
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Post by registerme on Apr 10, 2019 6:27:20 GMT
I have just received AC's response to my emailed question wrt me not receiving the latest email update on loan 327.
Q: For sake of argument in the next question, I’ve assumed the minimum holding is something low, e.g. £10.
Assume
-person A has £20 holding in loan X and £5 accrued interest, hence is owed £25 by the Borrower
-person B has £0 holding in loan X (having sold out) but still has £100 accrued interest, hence is owed £100 by the Borrower
Is it not unfair that person A receives the email update, whereas person B does not receive the email update despite being owed four times as much money by the Borrower?
AC's response: Please be advised that I passed on feedback regarding lenders not being able to receive updates despite having accrued interest – this was then raised in a meeting with management and this has now resulted in lenders being able to receive updates on loans if they have a loan holding of £1 or more, or accrued interest of £1 or more, or a combination of the two accumulating to £1 or more.
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Imo this is a good move on AC's part (and they included the latest loan 327 email update).
I don't know if this affects lenders' votes as I wasn't asking about that, or whether if affects lenders being denied access to various tabs within the loan.
Well done cb25.
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cb25
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Post by cb25 on Apr 11, 2019 15:59:00 GMT
Article here "Assetz boss: Uninvested ‘nosy parkers’ could derail recovery process"
Doesn't include any views from Lenders, but not sure how they could do that.
Little disappointing that no one from AC - whether stuartassetzcapital (quoted in the article), DanielZlupko or a.n.other - bothers to come on this thread and explain their increasing lack of transparency.
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Post by Ton ⓉⓞⓃ on Apr 11, 2019 19:31:05 GMT
Article here "Assetz boss: Uninvested ‘nosy parkers’ could derail recovery process"
Doesn't include any views from Lenders, but not sure how they could do that.
Little disappointing that no one from AC - whether stuartassetzcapital (quoted in the article), DanielZlupko or a.n.other - bothers to come on this thread and explain their increasing lack of transparency.
(My bold above)
I think it's unlikely that it's because they couldn't be bothered, in fact I suspect the opposite, it seems to me that they've gone to the bother of telling us this through the p2pfinancenews.co.uk site (which you've linked to and Thanks for that!). For me, I get the feeling that it's a regulatory reason they can't talk about it here, a possible reason might be if someone has raised a FOS complaint, my vague understanding is they can't "talk about it" and I suppose they can't talk about it specifically on this thread if someone in this thread has raised that complaint, but announcing it in these general terms to the media, I suppose, is okay. I've no special insight into this.
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Post by DanielZlupko on Apr 11, 2019 21:35:53 GMT
Article here "Assetz boss: Uninvested ‘nosy parkers’ could derail recovery process"
Doesn't include any views from Lenders, but not sure how they could do that.
Little disappointing that no one from AC - whether stuartassetzcapital (quoted in the article), DanielZlupko or a.n.other - bothers to come on this thread and explain their increasing lack of transparency.
Hello, everyone, and more specifically, CB25. After nearly 4 years of working on the Assetz Capital Defaults and Recoveries loans, I left my position of Head of Defaults and Recoveries mid-March 2019 (hence the profile name change). Happy to help where I can, though.
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shimself
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Post by shimself on Apr 12, 2019 7:53:27 GMT
Article here "Assetz boss: Uninvested ‘nosy parkers’ could derail recovery process"
Doesn't include any views from Lenders, but not sure how they could do that.
Little disappointing that no one from AC - whether stuartassetzcapital (quoted in the article), DanielZlupko or a.n.other - bothers to come on this thread and explain their increasing lack of transparency.
Diddums. People with £0.01 in the QAA, genuine nosy parkers like myself who have invested £1 just to follow the progress of a loan which I think might be informative can equally obtain access. And I'm not so sure that invested people's complaints aren't equally disruptive.
Whilst it may be true that "daddy knows best" is most productive in terms of achieving recovery that isn't the only issue. It's people shouting foul that got us I*I turbines recompense
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cb25
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Post by cb25 on Apr 12, 2019 8:20:11 GMT
Article here "Assetz boss: Uninvested ‘nosy parkers’ could derail recovery process"
Doesn't include any views from Lenders, but not sure how they could do that.
Little disappointing that no one from AC - whether stuartassetzcapital (quoted in the article), DanielZlupko or a.n.other - bothers to come on this thread and explain their increasing lack of transparency.
Diddums. People with £0.01 in the QAA, genuine nosy parkers like myself who have invested £1 just to follow the progress of a loan which I think might be informative can equally obtain access. And I'm not so sure that invested people's complaints aren't equally disruptive.
Whilst it may be true that "daddy knows best" is most productive in terms of achieving recovery that isn't the only issue. It's people shouting foul that got us I*I turbines recompense
Also strikes me as an odd approach for SL to describe AC Lenders who have genuine concerns about AC's overall recovery processes (even if they're not invested in some of the loans being recovered) as 'nosy parkers'. (Edit:) It's Lenders who built AC's business and will continue to do so in future.
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Post by roandy55 on Apr 12, 2019 8:48:57 GMT
Sorry, but this simply doesn't wash. I am stuck in these suspended zero value loans thanks to no fault of my own, having requested quite some time ago the liquidation of my entire GBBA holdings. However they persist in continuing to show up in my account. If it's any help I would be more than happy to write off the few pence in accumulated interest in order to see the back of them.
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lara
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Post by lara on Apr 12, 2019 8:50:45 GMT
Also strikes me as an odd approach for SL to describe AC Lenders who have genuine concerns about AC's overall recovery processes (even if they're not invested in some of the loans being recovered) as 'nosy parkers'. It's Lenders who have and will continue to build AC's business. Agree. Not a terribly diplomatic choice of language.
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walktall7
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Post by walktall7 on Apr 12, 2019 9:06:04 GMT
Article here "Assetz boss: Uninvested ‘nosy parkers’ could derail recovery process"
Doesn't include any views from Lenders, but not sure how they could do that.
Little disappointing that no one from AC - whether stuartassetzcapital (quoted in the article), DanielZlupko or a.n.other - bothers to come on this thread and explain their increasing lack of transparency.
Diddums. People with £0.01 in the QAA, genuine nosy parkers like myself who have invested £1 just to follow the progress of a loan which I think might be informative can equally obtain access. And I'm not so sure that invested people's complaints aren't equally disruptive.
Whilst it may be true that "daddy knows best" is most productive in terms of achieving recovery that isn't the only issue. It's people shouting foul that got us I*I turbines recompense
I find that too often when loans are in recovery information is posted on this board not in the private section. Every email says be careful what is said what is said in the public domain as it may effect recovery. This is being ignored and may be effecting recovery and leaves Assetz capital recoveries in a difficult position and when people post they should also consider the bigger picture and if sensitive information is possibly being posted it will mean that Assetz capital will try to limit information about any loan in recovery will increasing be limited to the detriment of us all.
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jo
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Post by jo on Apr 12, 2019 9:28:02 GMT
I can see merit in both sides of the argument but tawk is cheap and the best response Assetz could make would be to improve their glacial rate of recovery.
Amazingly, they'd experience a sea-change in investor sentiment.
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cb25
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Post by cb25 on Apr 12, 2019 9:37:09 GMT
The article ( here) quotes SL as saying " Any investor can see everything but if you’re not an investor it’s not appropriate to see information on a defaulted loan as it can be detrimental"
That's not true, as on some loans AC send out Lender email updates and tell us to post Questions to AC rather than post them on the Q&A. Though I accept AC are trying to keep recovery on track, the effect is that Lenders can't see questions raised by other Lenders and hence can't "see everything".
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Post by roandy55 on Sept 25, 2019 16:21:07 GMT
Now blocked from viewing the repayments tab in these loans as well, hope it's not personal. I have a bottle of champagne on ice ready for the day I am finally free of these people.
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iren
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Post by iren on Jan 21, 2020 19:45:37 GMT
Apparently, the block on viewing activity applies to any suspended loan, even if the reason for suspension is that the repayment of the loan is in progress.
I have only a few pence of interest outstanding on 380. Not another defaulted loan of minimal value attached to my portfolio indefinitely I thought, as I saw it suspended today, but hopefully not as there is a refinance loan to the borrower in Upcoming Loans.
This is another AC process that still needs a rethink from a customer service perspective.
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