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Post by davidricketts1 on Dec 7, 2015 8:57:29 GMT
All
I've posted the following update that covers the position as to what happened with the repayment on Friday.
I wasn't best pleased to still be emailing the lawyer at 8pm on Friday evening attempting to get an explanation from him.
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sl75
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Post by sl75 on Dec 7, 2015 10:03:23 GMT
Thinking about it the GEIA would have sold those loan units as the rate is now 0% which is below the threshold for the account. 0% is below the rate I wish to hold too, so accordingly I've instructed the system to sell my holdings... I assume there is a good reason why AC still allow trading of loan units after they've set the interest rate to zero? Edit: Also, to be quite frank, the explanation from davidricketts1 makes the situation even more confusing. Surely it is up to AC to "redeem the loan" (using the funds received from the borrower), and confirm they have done this to the borrower's lawyer rather than the other way round? Are you sure that the email from the lawyer just after 5pm was not to his client (and copied to AC), advising that AC had not yet completed their side of the deal? I don't even see what else AC were waiting for in the first place after receiving the funds? If I were in the borrower's position I certainly wouldn't be best pleased to receive a demand for further interest if this were caused solely by AC's inaction.
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Post by Deleted on Dec 7, 2015 10:18:21 GMT
All
I've posted the following update that covers the position as to what happened with the repayment on Friday.
I wasn't best pleased to still be emailing the lawyer at 8pm on Friday evening attempting to get an explanation from him. Thanks for the feedback I've found, over the years, that you need a few things in your coms pack. 1) Their telephone number 2) Their home telephone number 3) Their home address I've only twice turned up on a lawyer's front door on a Saturday morning for a "coffee" when I got so irritated, all passes well as long as you take cake. Interesting to see Lord Sugar proposing much the same on his show
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Post by Ton ⓉⓞⓃ on Dec 7, 2015 13:38:13 GMT
All
I've posted the following update that covers the position as to what happened with the repayment on Friday.
I wasn't best pleased to still be emailing the lawyer at 8pm on Friday evening attempting to get an explanation from him. I've just bought £10 due to an old invest instruction.
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Post by mrclondon on Dec 7, 2015 16:16:13 GMT
Cornwall WT redemption was processed around 3:15 this afternoon.
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mikes1531
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Post by mikes1531 on Dec 7, 2015 16:49:19 GMT
Cornwall WT redemption was processed around 3:15 this afternoon. I decided to put in a sell instruction for some of my holding in case that was still possible. It was. Some lucky buyer owned that part for all of five minutes before it was repaid in full! 
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duck
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Post by duck on Dec 7, 2015 18:18:48 GMT
I sold half of my business holding in the WT at the end of last week and then sold the other half this morning along with my personal holding.
I noticed when I sold the first half of my business holding that it went to multiple buyers - as expected. This mornings sales both went to a single 'buyer'. I suspect that the 'buyer' was not an individual who had the privilege of 'holding' the loans for a few hours, I suspect the value was simply taken out of the market.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 7, 2015 23:58:56 GMT
Following on from the controversy surrounding the use of the words simultaneously/contempraneously for the repayment of #110 WLCH/drawdown of #165 MCH Im amused to see that someone at AC has found a theasurus in their draw and that the second charge MCH loan will run coterminous with the first (Q&A) Which led to this www.youtube.com/watch?v=hOSYiT2iG08  |
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Post by chris on Dec 8, 2015 6:54:20 GMT
I suspect that the 'buyer' was not an individual who had the privilege of 'holding' the loans for a few hours, I suspect the value was simply taken out of the market.
Eh?
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duck
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Post by duck on Dec 8, 2015 8:22:15 GMT
I suspect that the 'buyer' was not an individual who had the privilege of 'holding' the loans for a few hours, I suspect the value was simply taken out of the market.
Eh? It was a thought of 'no consequence'.
My reasoning was that both my holdings (a couple of £K) were given as a single sold entry on the download, not the multiple entries you would expect (especially if GEIA was still buying). We have been given a fair amount of notice that the loan was to be repaid and told that the payment had been received on Friday (accept there was some question over this - DR posts/Email).
If the repayment had been confirmed (but not yet distributed) would a sale still be made to a MLIA investor who had an outstanding 'buy' order?
Whilst I said it was a 'no consequence' thought to me (selling early helped me to tidy up my cash flow spreadsheet) if the sale was actually made to an individual and 'he' had money taken from the quick access account in order to settle I'm not sure 'he' would view it in the same way.
What I'm thinking is do we all need to be a bit more tidy in ensuring that 'buy' orders are cancelled when repayment is due/made and at what stage of the repayment process should this be carried out?
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Post by chris on Dec 8, 2015 8:37:41 GMT
It was a thought of 'no consequence'.
My reasoning was that both my holdings (a couple of £K) were given as a single sold entry on the download, not the multiple entries you would expect (especially if GEIA was still buying). We have been given a fair amount of notice that the loan was to be repaid and told that the payment had been received on Friday (accept there was some question over this - DR posts/Email).
If the repayment had been confirmed (but not yet distributed) would a sale still be made to a MLIA investor who had an outstanding 'buy' order?
Whilst I said it was a 'no consequence' thought to me (selling early helped me to tidy up my cash flow spreadsheet) if the sale was actually made to an individual and 'he' had money taken from the quick access account in order to settle I'm not sure 'he' would view it in the same way.
What I'm thinking is do we all need to be a bit more tidy in ensuring that 'buy' orders are cancelled when repayment is due/made and at what stage of the repayment process should this be carried out?
Nope, there's no special mechanisms. The GEIA would have stopped buying and started selling solely because the rate dropped to 0%. That in itself probably meant all but one buy orders were fulfilled, leaving that sole buy order which bought your units. The aftermarket does also try and minimise the number of transactions so where possible it should be grouping sales - ie. allocations are made based on the splitting algorithm, but then actual transactions are matched in a separate pass. What should probably happen is the market should be suspended should the rate drop to 0%. I'll run that past the rest of the management team to make sure there aren't any unintended consequences.
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duck
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Post by duck on Dec 8, 2015 8:44:22 GMT
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jonah
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Post by jonah on Dec 8, 2015 9:21:35 GMT
Loan 86 is going to auction. A Google search of the property address find the auction info. Nice pictures, all neat and clean etc. The guide price is just above the outstanding loan amount. I do wonder if the reserve price is though, as whilst there is a mention of restructuring finance, there is only discussion of free holds.
Of course the borrower could close any gap with his own cash.
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Mike
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Post by Mike on Dec 8, 2015 9:50:43 GMT
# Of course the borrower could close any gap with his own cash. More likely it will be his dads cash..
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mikes1531
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Post by mikes1531 on Dec 8, 2015 21:50:31 GMT
Loan 86 is going to auction. A Google search of the property address find the auction info. Nice pictures, all neat and clean etc. The guide price is just above the outstanding loan amount. That's not very encouraging, since the 'value' attributed to the security is more than 55% above that guide price.
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