p2pmark
Member of DD Central
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Post by p2pmark on May 3, 2019 19:58:47 GMT
Hi all,
I'd be very grateful if anybody could give me an indication of:
- How long it takes to sell loans in the Property Secured Account?
- How long it takes to sell loans in the GBBA (series 2)?
- Roughly what proportion of loans can typically be sold, if you haven't made any sales yet?
Many thanks.
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Post by df on May 3, 2019 20:10:25 GMT
Hi all, I'd be very grateful if anybody could give me an indication of: - How long it takes to sell loans in the Property Secured Account? - How long it takes to sell loans in the GBBA (series 2)? - Roughly what proportion of loans can typically be sold, if you haven't made any sales yet? Many thanks. PSA - I have no recent experience, but when I did it (about 18 months ago) it took 1 day to sell. GBBA - I'm not in series 2, but recently sold the remaining GBBA1 sellable bits and the sale was completed next day.
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Post by Ace on May 3, 2019 22:10:05 GMT
Hi all, I'd be very grateful if anybody could give me an indication of: - How long it takes to sell loans in the Property Secured Account? - How long it takes to sell loans in the GBBA (series 2)? - Roughly what proportion of loans can typically be sold, if you haven't made any sales yet? Many thanks. I started selling down my PSA and GBBA2 accounts in July 2018 as I decided to only invest in the MLA. At first I sold small portions of the accounts, say 10% chunks. I don't recall the exact proportions, but it doesn't matter; while it was within the tradable proportion (e.g. Not trading suspended, monitoring, etc) they sold very quickly (within a day). In August I decided to sell all the rest from PSA and GBBA2. Again, all tradable loans sold the same day. This left me with just the untradable loans, which have slowly sold down as they settle or become tradable. Today I'm left with 9 loans in the PSA and 18 in the GBBA2. Of these remaining loans, only one in each (loan #508) has more than 1p. I have £2.68 (PSA) and £1.05 (GBBA2) in #508. Sorry, but I can't remember what proportion was initially untradable, though it would obviously be different for you anyway depending on the current mix of tradable v untradable loans in each account. So, in short, most will sell pretty quickly, then you'll be left with the troublesome loans which will probably sell down very slowly over time.
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dead-money
Rocket to the Moon
Posts: 746
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Post by dead-money on May 4, 2019 12:22:34 GMT
With both PSA and GBBA2 you can be stuck with holdings until loans are repaid.
Suspended loans you can be waiting even longer, years?, for recovery or write off.
Even tradeable loans are not guaranteed to have any liquidity and could take months to sell.
And then you still have the sub 1p holdings...
Personally I stopped investing in PSA and GBBA2 over eighteen months ago.
Still have residual amounts in supposed tradeable loans plus half a dozen suspended loans with probably zero chance of recovery.
In my mind, I've written these all off, but according to AC tax statement only one is a write-off at this point.
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corto
Member of DD Central
one-syllabistic
Posts: 851
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Post by corto on May 5, 2019 22:12:43 GMT
For info  These were accounts younger than a year at time of sell-out. The PSA still has funds of significance in 3 loans, non suspended; the GBBA in 5 loans, 2 suspended. I wouldn't write the latter off completely. |
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number5
Member of DD Central
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Post by number5 on May 8, 2019 8:26:47 GMT
If you make a withdrawal request on your QAA account mid month, when does the accrued interest from the begining of the month get paid out?
At the time of withdrawing or do you still wait until the 1st of the following month?
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Post by chris on May 8, 2019 8:55:42 GMT
If you make a withdrawal request on your QAA account mid month, when does the accrued interest from the begining of the month get paid out? At the time of withdrawing or do you still wait until the 1st of the following month? 1st of the following month
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sl75
Posts: 2,092
Likes: 1,245
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Post by sl75 on May 8, 2019 9:27:28 GMT
If you make a withdrawal request on your QAA account mid month, when does the accrued interest from the begining of the month get paid out? At the time of withdrawing or do you still wait until the 1st of the following month? Also worth checking what setting you've got for "on repayment" on the QAA.
If you're wanting to get all the funds out, make sure it's set to "Withdraw all", otherwise you'll be credited interest, and then before you get a chance to withdraw that, it'll accrue interest on that amount, which will be credited the following month etc. (until the amount of interest drops below the smallest fraction of a penny that AC's systems can account for).
In addition, another weird quirk of AC's system is that you cannot ask to withdraw "the whole balance" in an obvious way - instead you need to ask for exactly a penny more than the displayed balance. Any more, and the form complains that you've entered an amount that's too large, and any less, you may be left with a fraction of a penny in the QAA.
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benaj
Member of DD Central
N/A
Posts: 5,609
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Post by benaj on May 8, 2019 9:59:42 GMT
Hi all, I'd be very grateful if anybody could give me an indication of: - How long it takes to sell loans in the Property Secured Account? - How long it takes to sell loans in the GBBA (series 2)? - Roughly what proportion of loans can typically be sold, if you haven't made any sales yet? Many thanks. Accounts like PSA, GBBA, GBBA2 & GEA buy & sell loans automatically on daily basis for auto-diversification purposes. I suppose you want to know how long to withdraw money instead of selling loans. Like others have already mentioned, most can be withdrawn pretty quickly, say less than a week under normal condition. The obvious bit, the loan in default can't be sold. The one with monitoring event may be withdrawn very slowly, take 729 for example, no arrears but required extension more than once, I get bits and pieces from time to time from withdrawal, but not the entire loan.
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number5
Member of DD Central
Posts: 449
Likes: 98
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Post by number5 on May 8, 2019 11:51:30 GMT
If you make a withdrawal request on your QAA account mid month, when does the accrued interest from the begining of the month get paid out? At the time of withdrawing or do you still wait until the 1st of the following month? Also worth checking what setting you've got for "on repayment" on the QAA.
If you're wanting to get all the funds out, make sure it's set to "Withdraw all", otherwise you'll be credited interest, and then before you get a chance to withdraw that, it'll accrue interest on that amount, which will be credited the following month etc. (until the amount of interest drops below the smallest fraction of a penny that AC's systems can account for).
In addition, another weird quirk of AC's system is that you cannot ask to withdraw "the whole balance" in an obvious way - instead you need to ask for exactly a penny more than the displayed balance. Any more, and the form complains that you've entered an amount that's too large, and any less, you may be left with a fraction of a penny in the QAA.
Thanks for all the tips above! Good point on the interest payments, I didn't think of that!
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Post by ogwellian on May 18, 2019 9:13:02 GMT
I put my GBBA 1 & 2 up for sale about three weeks ago. Shifted about half in the first few days. Now it's just a trickle, about a fiver a day. About 10k left to sell, so could be a long time!!
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Post by glocal on Jun 25, 2019 13:45:50 GMT
I am selling my IFISA GBBA loans to move funds to a cash ISA with another provider. 5/6 of the funds were recovered within 2-3 days and idle cash was swept away into the QAA.
Does Assetz alert you when they consider the sale to be completed -- ie when you are left with non-tradable loans that may take ages to recover? I am assuming there is a cut-off point because certain loans can take years to be paid off. And what happens to those trouble loans? I know FC ends the sale and removes the IFISA wrapper for these, even though IFISA contributions from previous years can be transferred to different providers at different times without losing their ISA wrapper. In other words, how/when does a cash ISA provider initiate the transfer of the whole ISA funds?
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Post by Harland Kearney on Jun 25, 2019 18:04:29 GMT
Assetz only notfiy when a withdrawl from the 30DAA, 90DAA is complete from my expirence. I have £163 stuck in GBBA for about 16 months now. I also have like £16 in the green account. The withdrawal depends entirely on the loans that you are allocated in. I personally would not invest money you need on a short notice (not even 90 days-180 days) since suspended loans could take years to resolve, well more of a "will" in the expierence of loan recovery.
My strat is I am invested only in the QAA, 30DAA and 90DAA
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Post by glocal on Jun 25, 2019 19:00:35 GMT
I understand that it may take years to completely empty a GBBA account. What I am not clear about is how 'the whole' IFISA is defined for the purposes of an ISA transfer. Ie am I supposed to instruct the cash ISA provider to claim 'the whole' of the IFISA from Assetz (ie what has been successfully liquidated within a certain timeframe). Or should I specify an amount to be transferred that has been liquidated already by the time I instruct the new provider and leave the rest of the funds for a later ISA transfer?
FC solves this problem by ending a sale when there are no more immediately tradeable loans, which can be within a few days (if it can start at all). The rest of the IFISA funds lose their wrapper and are immediately moved to the standard account, where they can be stuck for a long time. The IFISA cash is then classified as 'the whole' IFISA for the cash ISA provider to claim.
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Post by faraday815 on Jul 8, 2019 9:41:47 GMT
Assetz only notfiy when a withdrawl from the 30DAA, 90DAA is complete from my expirence. I have £163 stuck in GBBA for about 16 months now. I also have like £16 in the green account. The withdrawal depends entirely on the loans that you are allocated in. I personally would not invest money you need on a short notice (not even 90 days-180 days) since suspended loans could take years to resolve, well more of a "will" in the expierence of loan recovery. My strat is I am invested only in the QAA, 30DAA and 90DAA Similar story here (slightly higher amounts). Just another caveat for those reading - although we don't have a negative experience of a defaulted loan with no payback on AC yet (that I'm aware of), it could be possible that a suspended loan never really resolves. It stays in limbo indefinitely and can technically be written off as bad debt, leaving it to a plethora of scenarios that could then take over.
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