mikes1531
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Post by mikes1531 on Sept 27, 2016 2:24:02 GMT
#215 repaid in full yesterday (Monday) morning.
There was an update on #223 yesterday afternoon...
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mikes1531
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Post by mikes1531 on Sept 28, 2016 14:18:58 GMT
Email just arrived saying funds have been received to repay #49 in full. Investors' accounts will be credited "as soon as possible".
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mikes1531
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Post by mikes1531 on Sept 28, 2016 16:37:34 GMT
Email just arrived saying funds have been received to repay #153 and #178 in full. Investors' accounts will be credited "as soon as possible".
It's always nice to see investments end successfully. But it's even nicer if there's somewhere to re-invest the proceeds. That doesn't seem to be possible at AC right now, though I received an email earlier today suggesting that a few WT loans were coming very soon.
I'd guess the idea behind that email is to encourage GEIA investors not to abandon their accounts because of idle cash not being invested quickly. But it would be nice to think that after the GEIA has had its fill there might still be a few crumbs left for MLIA investors. Am I being overly optimistic?
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Sept 28, 2016 20:37:51 GMT
#79 A*********h H***l
According to the Browse Loans page this loan is STILL being bought and sold with 12% interest being "offered", yet no interest has been paid by the borrower for months, or, is likely to paid for the foreseeable future.........any newbies to P2P could be suckered into this by the "12%"........in fact, thinking about it, is it even legal???
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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 Sept 28, 2016 23:18:22 GMT
#79 A*********h H***l According to the Browse Loans page this loan is STILL being bought and sold with 12% interest being "offered", yet no interest has been paid by the borrower for months, or, is likely to paid for the foreseeable future.........any newbies to P2P could be suckered into this by the "12%"........in fact, thinking about it, is it even legal??? Hopefully the big pink warning on both the loan pages and on the invest page will catch their attention and they will follow the instructions to read the activity which details the current situation re-payments.
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Post by mrclondon on Sept 28, 2016 23:32:06 GMT
#79 A*********h H***l According to the Browse Loans page this loan is STILL being bought and sold with 12% interest being "offered", yet no interest has been paid by the borrower for months, or, is likely to paid for the foreseeable future.........any newbies to P2P could be suckered into this by the "12%"........in fact, thinking about it, is it even legal??? Well the good news is they have made it through to the start of the autumn term and are still trading. Their own forecasts showed they were due to run out of funds to service the loan in August, yet they have manged some payments in September, although by the looks of it not on the weekly schedule. The spreadsheet I drew up earlier this year showed if they kept to the new repayment schedule they would be able to start paying last December's interest next February, and would have repaid the interest accrued before the reoganisation when I sold out (i.e. Dec15 to Mar 16 interest) by this time next year ... assuming they manage to trade through the summer months next year. At present they appear to be just a couple of weeks behind where I expected them to be so all things considered not so bad. That said, I have to agree that this loan joins my long list of loans across the p2p sector which are not being presented clearly enough to potential lenders. The business is surviving on a knife edge as they have to to maintain adequate working capital to purchase stock, but the balance is being tipped towards survival by the generosity of lenders who voted for this restructuring plan earlier in the year. You ask is it legal ? I can't think of any reason why it wouldn't be. However there could well be a case of mis-selling to be answered following a formal complaint. AC could easily mitigate this risk if they published a simple spreadsheet (just like the one I've drawn up) that makes it clear when interest being accrued today could be expected to be paid (at a guess late 2018 / early 2019) IF the business survives until then. EDIT: ilmoro - I cross posted with you, but after reading your comment my gut feel is the FCA would find the information on the Activity tab is not presented sufficeintly clearly for retail investors to understand interest payments are being deferred for 2 plus years.
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Post by Butch Cassidy on Sept 29, 2016 7:34:46 GMT
#79 A*********h H***l According to the Browse Loans page this loan is STILL being bought and sold with 12% interest being "offered", yet no interest has been paid by the borrower for months, or, is likely to paid for the foreseeable future.........any newbies to P2P could be suckered into this by the "12%"........in fact, thinking about it, is it even legal??? Well the good news is they have made it through to the start of the autumn term and are still trading. Their own forecasts showed they were due to run out of funds to service the loan in August, yet they have manged some payments in September, although by the looks of it not on the weekly schedule. The spreadsheet I drew up earlier this year showed if they kept to the new repayment schedule they would be able to start paying last December's interest next February, and would have repaid the interest accrued before the reoganisation when I sold out (i.e. Dec15 to Mar 16 interest) by this time next year ... assuming they manage to trade through the summer months next year. At present they appear to be just a couple of weeks behind where I expected them to be so all things considered not so bad. That said, I have to agree that this loan joins my long list of loans across the p2p sector which are not being presented clearly enough to potential lenders. The business is surviving on a knife edge as they have to to maintain adequate working capital to purchase stock, but the balance is being tipped towards survival by the generosity of lenders who voted for this restructuring plan earlier in the year. You ask is it legal ? I can't think of any reason why it wouldn't be. However there could well be a case of mis-selling to be answered following a formal complaint. AC could easily mitigate this risk if they published a simple spreadsheet (just like the one I've drawn up) that makes it clear when interest being accrued today could be expected to be paid (at a guess late 2018 / early 2019) IF the business survives until then. EDIT: ilmoro - I cross posted with you, but after reading your comment my gut feel is the FCA would find the information on the Activity tab is not presented sufficeintly clearly for retail investors to understand interest payments are being deferred for 2 plus years. I still maintain a holding in this loan & have frequently topped it up, as capital repayments are made for several reasons; The borrowers have run this place for over 30 years, through thick or thin, it perhaps could be arguably better run (which is why I suggested business angel help be provided), however they have a proven track record of ongoing trading. I argued at the time for a lower rate than 12% & with the quality of some of the current loans now being given single figure rates it only strengthens my view that would have been a fairer option.
I didn't enter P2P lending to become another predator bank, indebting, chasing, defaulting & closing viable businesses. I think the AC approach of capital reduction & rolled interest is the best (possible only way) to help this business survive & preserve the owners life's work & the jobs it provides. I also think that allowing trading is vital, as those who disagree with this approach have an exit route & as for those who may buy into it in error they can always sell out or perhaps should read the details more closely before buying  - whether it ultimately survives remains to be seen but I am confident investors have given it every chance & in this case would fully support AC's actions.
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duck
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Post by duck on Sept 29, 2016 12:43:31 GMT
For those interested in the current batch of repayments, #49 and #153 have now appeared in my account, #178 (connected to #153) is yet to make an appearance.
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ilmoro
Member of DD Central
'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 Sept 30, 2016 15:36:35 GMT
For those interested in the current batch of repayments, #49 and #153 have now appeared in my account, #178 (connected to #153) is yet to make an appearance. #178 paid now, just before midnight, but they appear to have forgotten the interest in their hurry. Ive prodded them.
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duck
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Post by duck on Sept 30, 2016 16:30:29 GMT
For those interested in the current batch of repayments, #49 and #153 have now appeared in my account, #178 (connected to #153) is yet to make an appearance. #178 paid now, just before midnight, but they appear to have forgotten the interest in their hurry. Ive prodded them. Cheers for giving them a prod ilmoro it's 'end of year' today for my company, I would have missed that, I just checked that the payment had come through!
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tonyr
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Post by tonyr on Sept 30, 2016 17:29:41 GMT
So disappointing to see 5 loans totalling £2.4m get reduced to 2 loans totalling £480k at 6pm on Friday evening. When I see £2.4m over five loans I think I'll get a bit of it one way or another and that'll make up for all the redemptions that have happened in the last few days. Then it all evaporates leaving so much in cash over the weekend (and maybe beyond).
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mikes1531
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Post by mikes1531 on Oct 1, 2016 20:26:55 GMT
So disappointing to see 5 loans totalling £2.4m get reduced to 2 loans totalling £480k at 6pm on Friday evening. When I see £2.4m over five loans I think I'll get a bit of it one way or another and that'll make up for all the redemptions that have happened in the last few days. Then it all evaporates leaving so much in cash over the weekend (and maybe beyond). : Are we taking about the pipeline loans with 'Underwriting called'? I thought one of those five actually did draw down -- #337 -- and the other four weren't expected to draw down until next week, so they're still on the 'coming soon' list. Have I missed something? Not that the £169 allocation for #337 will sop up much of the recent redemptions.
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tonyr
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Post by tonyr on Oct 2, 2016 9:08:45 GMT
So disappointing to see 5 loans totalling £2.4m get reduced to 2 loans totalling £480k at 6pm on Friday evening. When I see £2.4m over five loans I think I'll get a bit of it one way or another and that'll make up for all the redemptions that have happened in the last few days. Then it all evaporates leaving so much in cash over the weekend (and maybe beyond). : Are we taking about the pipeline loans with 'Underwriting called'? I thought one of those five actually did draw down -- #337 -- and the other four weren't expected to draw down until next week, so they're still on the 'coming soon' list. Have I missed something? Yes, Underwriting called. Unless I am very much mistaken, there were 5 upcoming loans all with estimated drawdown of 30th September for most of Friday. Some/all appeared on Friday and the Friday date persisted to about 6pm (give or take a few minutes). Now I don't know all the details, but AC have quite a process to get through (which is why loans always draw down in the afternoon) and it just feels as though they must have known that these weren't going to make the whole process before 6pm. At 6pm on Friday I'd expect people to be going home, not kicking off a draw down process. Of course I could be hallucinating - so you're sure that the other four weren't expected to draw down until next week?
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Post by Ton ⓉⓞⓃ on Oct 2, 2016 10:25:01 GMT
When there's several all drawing on the same day I'm in the habit now of having targets set for them all but only supplying enough funding for some.
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elsee
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Post by elsee on Oct 2, 2016 10:53:01 GMT
Ton
I'm buying into three of the four that currently have underwriting called and have put funds in to cover them all. I'm new to AC (am in RS, FC and SS), what happens if you don't have the funds available? Would I effectively buy into the three up to the amount of funds I have?
I didn't get anything in one I was buying into earlier in the week so ended up with cash in the sweep up account so I'm loathe to keep topping up on a promise. (I'm spoilt by the SS INPL)
thanks Elsee (newbie)
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- whether it ultimately survives remains to be seen but I am confident investors have given it every chance & in this case would fully support AC's actions.
