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Post by investor01010101 on Jan 19, 2020 13:02:57 GMT
Can you provide an option for lenders to accept losses and close account?
Sick of this now, 3K tied up in absolute disaster loans, hundreds of pound of interest that will never be seen, unlikely payout from provisioning funds.
I just want to end my relation ship with AC for good to save the disappointment I feel every day when I open my account and see no money repaid, more unpaid interest and an update due next month.
I'd rather just declare the AC experience as a total loss and move on.
If anyone else feels the same add yourself here and we might get a way out instead of being tied to a lame duck for the next 5 years.
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agent69
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Post by agent69 on Jan 19, 2020 13:53:24 GMT
Can you provide an option for lenders to accept losses and close account? Sick of this now, 3K tied up in absolute disaster loans, hundreds of pound of interest that will never be seen, unlikely payout from provisioning funds. I just want to end my relation ship with AC for good to save the disappointment I feel every day when I open my account and see no money repaid, more unpaid interest and an update due next month. I'd rather just declare the AC experience as a total loss and move on. If anyone else feels the same add yourself here and we might get a way out instead of being tied to a lame duck for the next 5 years. Maybe you could just delete the shortcut to the AC website from your web browser?
Why look at your account every day if you don't anticipte any further recovery?
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ashtondav
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Post by ashtondav on Jan 19, 2020 14:22:55 GMT
Why has the provision fund notpaid out?
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Post by roandy55 on Jan 19, 2020 17:10:24 GMT
I've been informed by Assetz that they will not formally close my account, even in the event of bereavement, as long as there is a fraction of a penny remaining unrepaid in any single loan in one of their automated accounts. Even if none are currently suspended which in my ISA account they are not. Some still have three years to run with the associated risk of further defaults. The manual and access accounts are presumably different.
Whilst fortunate in the sense that the sum involved is minute compared to others, they can gladly keep it. I want this over.
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iren
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Post by iren on Jan 20, 2020 1:14:38 GMT
I would argue that you have the right to forgive the debt, and that Assetz should adjust their records accordingly.
Whether this would be helpful to other lenders and wider recovery efforts is another matter.
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angrysaveruk
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Say No To T.D.S
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Post by angrysaveruk on Jan 20, 2020 11:33:14 GMT
You could just ignore the account. Who knows you might get some of the money back  Overall I made money with AC but ended up with a few bad loans, I log in once every few months to see what is happening. I had a pleasant surprise with the I** loans! |
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jan 20, 2020 11:58:50 GMT
You could just ignore the account. Who knows you might get some of the money back Overall I made money with AC but ended up with a few bad loans, I log in once every few months to see what is happening. I had a pleasant surprise with the I** loans! I have a few platforms where all that remains are zombie loans. I have mentally written them off, claimed tax relief and ignore them. If (ha ha) I got an email saying there had been a repayment I would of course log on.
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iren
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Post by iren on Jan 20, 2020 12:05:26 GMT
You could just ignore the account. Who knows you might get some of the money back Overall I made money with AC but ended up with a few bad loans, I log in once every few months to see what is happening. I had a pleasant surprise with the I** loans! That’s more like my approach on a site that I’m running down. With no action I can take to speed matters and no choices to exercise, I Iog in once a month to pick up on any changes. Making a recurring electronic calendar entry means I don’t even have to think about it the rest of the time: just log in when the calendar reminder pops up.
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Greenwood2
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Post by Greenwood2 on Jan 20, 2020 20:27:59 GMT
This has come up on a few sites, why can't sites allow your unloved loans to be given to a charity if they get some funds back great, as said before they can play the long game.
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iren
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Post by iren on Jan 20, 2020 21:55:23 GMT
There are certain issues within P2P that I some years ago took to exist because it was a new industry, and I imagined that solutions would be found over time. However, it’s apparent that some such issues are not on the radar, and that the industry may expect investors to tolerate them in perpetuity.
Any account that remains open requires some degree of monitoring by the customer, even in the event of a complete lack of substantive value in the investments, as unmonitored accounts may fall into the control of a third party for criminal purposes. Depending on a lenders net worth, there are thresholds below which their balance may fall that render their investment on a platform inconsequential and unworthy of their attention. There are also situations after a lender is deceased where it is necessary to finalise an estate to avoid disproportionate expense, or to provide psychological closure.
The industry needs to explore options such as charitable donation of loan balances.
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sd2
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Post by sd2 on Jan 20, 2020 23:38:34 GMT
This has come up on a few sites, why can't sites allow your unloved loans to be given to a charity if they get some funds back great, as said before they can play the long game. I believe that is possible on funding circle.
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SteveT
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Post by SteveT on Jan 21, 2020 8:49:16 GMT
This has come up on a few sites, why can't sites allow your unloved loans to be given to a charity if they get some funds back great, as said before they can play the long game. I managed to persuade both ReBS and Lending Crowd to do this with two (all-but-empty) company accounts that I once held with them. It meant I could then write off the remaining debts and shut down those ledgers in my company accounts.
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iren
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Post by iren on Jan 21, 2020 13:13:15 GMT
I've been informed by Assetz that they will not formally close my account, even in the event of bereavement, as long as there is a fraction of a penny remaining unrepaid in any single loan in one of their automated accounts. Even if none are currently suspended which in my ISA account they are not. Some still have three years to run with the associated risk of further defaults. The manual and access accounts are presumably different. Whilst fortunate in the sense that the sum involved is minute compared to others, they can gladly keep it. I want this over. This means Assetz insist on keeping accounts open even where the investment is so small that their own systems give you no right to see updates on the loans if defaulted. Yes, you will keep your account open, and no, we won’t give you access to the information that would tell you the current position and what we’re doing about it. I don’t think this position can be justified.
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agent69
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Post by agent69 on Jan 21, 2020 13:32:34 GMT
I've been informed by Assetz that they will not formally close my account, even in the event of bereavement, as long as there is a fraction of a penny remaining unrepaid in any single loan in one of their automated accounts. Even if none are currently suspended which in my ISA account they are not. Some still have three years to run with the associated risk of further defaults. The manual and access accounts are presumably different. Whilst fortunate in the sense that the sum involved is minute compared to others, they can gladly keep it. I want this over. This means Assetz insist on keeping accounts open even where the investment is so small that their own systems give you no right to see updates on the loans if defaulted. Yes, you will keep your account open, and no, we won’t give you access to the information that would tell you the current position and what we’re doing about it. I don’t think this position can be justified. What are the drawbacks (if any) of leaving the account open but never visiting it gain?
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jlend
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Post by jlend on Jan 21, 2020 13:33:25 GMT
I would argue that you have the right to forgive the debt, and that Assetz should adjust their records accordingly. Whether this would be helpful to other lenders and wider recovery efforts is another matter. I think that is a good point. The loan is meant to be between us as lenders and the borrower. I would have thought it is within our gift individually to say we are happy to forgive the debt. We are sometimes asked to do this as a collective via a vote (eg. Give a borrower an interest free period) so the general mechanism exists. Whether it is a good idea is another point, but I can see it being useful for some Lenders. Is this a contractual issue or a technical issue?
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Overall I made money with AC but ended up with a few bad loans, I log in once every few months to see what is happening. I had a pleasant surprise with the I** loans!
