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Post by df on Nov 13, 2019 10:19:47 GMT
"As part of this simplification process, we’ve made the decision to close the Great British Business Account Series 2 (GBBA2) and the Property Secured Account (PSA) to new investment."
Step in the right direction (imo) - should've done it long time ago.
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trium
Member of DD Central
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Post by trium on Nov 13, 2019 10:20:20 GMT
Email just received. I was selling out anyway
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Post by brianac on Nov 13, 2019 10:21:36 GMT
comments anyone? Personally, I've got all funds in these accounts to withdraw anyway, but it don't seem to be happening at all, so maybe this will speed it up? or maybe not .... Brian
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Post by texrichman on Nov 13, 2019 10:32:30 GMT
What a stitch up, any funds that are returned to my cash account in the next month, become void from the cashback bonus that ended last year.
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bg
Member of DD Central
Posts: 1,368
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Post by bg on Nov 13, 2019 10:38:26 GMT
What a stitch up, any funds that are returned to my cash account in the next month, become void from the cashback bonus that ended last year. Why? Just sweep them into the QAA so you remain invested.
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Post by texrichman on Nov 13, 2019 10:44:59 GMT
Does that definitely keep them eligible then? I assumed that if they became un-invested, even for a moment, then that would make them void.
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Post by carol167 on Nov 13, 2019 10:45:32 GMT
What a stitch up, any funds that are returned to my cash account in the next month, become void from the cashback bonus that ended last year. As long as you don't remove the funds from the platform, my understanding is that you will be fine.
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Post by texrichman on Nov 13, 2019 10:56:43 GMT
Okay brilliant, thanks all. Panic over!
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star dust
Member of DD Central
Posts: 2,998
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Post by star dust on Nov 13, 2019 10:56:50 GMT
Mod Hat On/
There were three threads created for this event so I've just merged them all 
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sl75
Posts: 2,092
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Post by sl75 on Nov 13, 2019 11:32:20 GMT
I'm hoping this will make way for better controls for MLA - so that users who wish to do so can build a portfolio with similar characteristics to the GBBA, PSA, etc. but using filtering rules of their own choosing rather than AC choosing on all investor's behalf.
(e.g. different LTV thresholds, different minimum interest rate thresholds, different maximum exposure per loan/borrower etc. - each user determining their own thresholds so that a single repayment won't suddenly make thousands of users' automated buying instructions all pile in at once)
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bg
Member of DD Central
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Post by bg on Nov 13, 2019 11:35:55 GMT
Does that definitely keep them eligible then? I assumed that if they became un-invested, even for a moment, then that would make them void. All they do is take a snapshot of your invested amount around midnight each night and that's what they check. AS long as you are reinvested by the end of the day you are fine.
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Post by bracknellboy on Nov 13, 2019 13:06:23 GMT
I'm hoping this will make way for better controls for MLA - so that users who wish to do so can build a portfolio with similar characteristics to the GBBA, PSA, etc. but using filtering rules of their own choosing rather than AC choosing on all investor's behalf.
(e.g. different LTV thresholds, different minimum interest rate thresholds, different maximum exposure per loan/borrower etc. - each user determining their own thresholds so that a single repayment won't suddenly make thousands of users' automated buying instructions all pile in at once)
I have a sneaking suspicion that the opposite will be true, and its MLIA which will either be next on the list, or at least not developed. Their various GEAI/GBBA etc etc. accounts were themselves meant to be a simplifaction c.g. the MLIA. My guess - and I may be completely wrong - is that the direction of travel is more along the lines of the instance access/30 day/90 day accounts.
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mary
Member of DD Central
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Post by mary on Nov 13, 2019 13:31:17 GMT
comments anyone? Personally, I've got all funds in these accounts to withdraw anyway, but it don't seem to be happening at all, so maybe this will speed it up? or maybe not .... Brian
Unclear, but be prepared for a long wait. I hit withdraw all in early February, I had 90% back in ~5 weeks, but am still waiting on the final 3%, across 8 loans, after 9 months! Only 0.2% is “stuck” in suspended loans. Most of the remaining loans have 40+ months to run, so I may have to wait that long. For this reason I strongly object to labels such as “Account” or “90 Day” as they are highly misleading when they rely on new investors to “purchase” (knowingly or unknowingly) second hand loans. I understood this, but many, likely will not. It’s not just AC that are at fault here.
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Post by stuartassetzcapital on Nov 13, 2019 13:46:07 GMT
There is no plan to close the MLIA. It has handled £14.5bn of secondary market trades between investors over the last 6 years or so and is a key component of our liquidity. Several institutional investors use it directly to invest including banks and funds. Ratesetter recently merged its marketplaces to achieve our benefit of one single marketplace too. And of course the Access Accounts use it to trade also. So no plan to close it at all. I hope that helps.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Nov 13, 2019 14:42:38 GMT
No advance warning and not even a notification. I just happened to look at my account to find recent funds removed from GBBA2. Not impressed so looking for alternatives for UK funds.
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