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Post by Harland Kearney on Mar 12, 2020 20:06:40 GMT
I wounder how long the restriction will be in place, and once its lifted this will simply cause a run on the platform anyway? Quick guys its a Virus, cause a rush!
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Post by drphil on Mar 12, 2020 20:25:01 GMT
According to this definition from their website:
"Abnormal market conditions would be if there was a very large, sudden and extended demand to withdraw cash from the Access Accounts."
there's already been a run, though I'm not sure how they're defining "extended"
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Post by Harland Kearney on Mar 12, 2020 20:26:01 GMT
I am sure we will see a reply from AC tommorow. However, they must be fully aware that once they have locked the accounts, when they are unlocked it will cause a run greater than what they have already seen? They shouldn't of phoned my house asking to invest for their new cashback offer, if only to lock funds away a few days later. A PR disaster right there  |
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benaj
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Post by benaj on Mar 12, 2020 20:30:25 GMT
Today we are seeing the start of not normal market conditions. I would love to be a fly on the wall in the boardroom of AC. It is in no ones interest to have a run on AC I hope that they are considering :- A restriction on withdrawals. I would do that today! A restriction on selling loan parts. Looking at ways to help borrowers in what will be difficult times. Making sure unscrupulous borrowers can't take advantage of the current happenings. My feeling is that if action is taken now our short term pain will be worth the long term gain. Deliberately controversial in the hope that lenders will enter into constructive discussion. With savings rates (building societies etc.) almost certainly to be reduced, why would people rush to withdraw from P2P that pays a higher rate? I could see that some lenders might want to put their money into assets like equities and properties, which tend to go up as a result of lower rates, but not sure I see a mass stampede for the exit. Well well well .... I have just referred a friend to join, I hope AC can find a solution quick because no deposit has been made yet.
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Post by Harland Kearney on Mar 12, 2020 20:35:22 GMT
I unfontunely invested a fair amount of cash into the cashback offer (Money that is not critical, but part of my greater portfilio)
Really hope we get clear comms tommrow and a possible time frame. I imagine as more loans complete they will be able to reopen liquidy.
If comms is poor, you can bet a massive stampede will take place if they even unlock the accounts.
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Post by mrclondon on Mar 12, 2020 20:37:31 GMT
Hmm ... this looks to be rather more involved than it seems at a first glance
I have cash in my MLA (swept into QAA as you'd expect.) Having set two new buy orders earlier this evening I am a bit surprised they haven't as yet been actioned. In the process of pondering why not, I note that a) when I click withdraw on MLA I'm told I'm unable to withdraw from QAA b) the option to turn off cash sweeping seems to have disappeared. EDIT - incorrect, its located in the QAA panel
But to fulfil my MLA buy orders the system needs to pull the cash from QAA ... and if I was buying parts being offered by QAA (poss. unlikely in my 2 cases) the cash would go straight back to QAA.
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Post by dan1 on Mar 12, 2020 20:39:03 GMT
Seasonal trend, no?
Jesting aside, the cash proportion is now around 1% or £2.2m. I interpret this as the cash required to be set-aside to meet reductions in capital valuation for the proportion of the loans held by the Access accounts. Or do AC require future inflows from interest and repayments to make up the shortfall?
Hmmm.... guess we can check this because we know the proportion of loans held by the access accounts and the loans with a capital valuation below 100%. Anyone done the calcs?
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Post by Harland Kearney on Mar 12, 2020 20:39:11 GMT
Hmm ... this looks to be rather more involved than it seems at a first glance
I have cash in my MLA (swept into QAA as you'd expect.) Having set two new buy orders earlier this evening I am a bit surprised they haven't as yet been actioned. In the process of pondering why not, I note that a) when I click withdraw on MLA I'm told I'm unable to withdraw from QAA b) the option to turn off cash sweeping seems to have disappeared.
But to fulfil my MLA buy orders the system needs to pull the cash from QAA ... and if I was buying parts being offered by QAA (poss. unlikely in my 2 cases) the cash would go straight back to QAA.
Likely because they were already invested in Loans from the QAA. People haven't been able to carry out actions since this afternoon.
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ilmoro
Member of DD Central
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Post by ilmoro on Mar 12, 2020 20:46:04 GMT
Hmm ... this looks to be rather more involved than it seems at a first glance
I have cash in my MLA (swept into QAA as you'd expect.) Having set two new buy orders earlier this evening I am a bit surprised they haven't as yet been actioned. In the process of pondering why not, I note that a) when I click withdraw on MLA I'm told I'm unable to withdraw from QAA b) the option to turn off cash sweeping seems to have disappeared.
But to fulfil my MLA buy orders the system needs to pull the cash from QAA ... and if I was buying parts being offered by QAA (poss. unlikely in my 2 cases) the cash would go straight back to QAA.
Im still able to turn off sweeping but obviously that doesn't release the currently swept funds, merely ensures any new payments aren't swept.
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Post by Harland Kearney on Mar 12, 2020 20:51:32 GMT
Look forward to comms from AC staff. I will not lie, as we have seen on all other P2P platforms this is likely not a "temporary" measure. But by God I sure hope it is. I was not invested in AC until last week due to the cashback offer (as they phoned and emailed me), and now they lock all accounts? Extremely disappointed.
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Post by mrclondon on Mar 12, 2020 20:51:59 GMT
Hmm ... this looks to be rather more involved than it seems at a first glance
I have cash in my MLA (swept into QAA as you'd expect.) Having set two new buy orders earlier this evening I am a bit surprised they haven't as yet been actioned. In the process of pondering why not, I note that a) when I click withdraw on MLA I'm told I'm unable to withdraw from QAA b) the option to turn off cash sweeping seems to have disappeared.
But to fulfil my MLA buy orders the system needs to pull the cash from QAA ... and if I was buying parts being offered by QAA (poss. unlikely in my 2 cases) the cash would go straight back to QAA.
Im still able to turn off sweeping but obviously that doesn't release the currently swept funds, merely ensures any new payments aren't swept. Yes, I'd forgotten it lives in the QAA panel.
I've now turned it off so at least any incoming interest/capital repayments don't get similiarly stuck.
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Post by greeninvestments on Mar 12, 2020 20:56:02 GMT
This is worrying, any idea how long it will last for?
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Post by Harland Kearney on Mar 12, 2020 21:00:31 GMT
Very worrying, still cannot believe I added money purely on the basis of the cashback, for it to be locked within 96 hours. Really hope we get a detailed estimate how they plan on resolving this. I do not see how locking the accounts will be getting any new capital into the accounts. We will be waiting purely on loan sells and interest payments?
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Mar 12, 2020 21:25:13 GMT
I run multiple accounts on Assetz to take advantage of these offers that come up from time to time, as is the case with the current 1% cashback offer. I withdrew a large chunk from the QAA yesterday and it was in my bank account by close of business. Its now been redeposited into my wifes account, hence making us 1% better off. On paper.
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Post by stuartassetzcapital on Mar 12, 2020 21:34:05 GMT
We expect the access account withdrawals to continue again as the queueing system starts up in the next few days. We will advise more tomorrow.
This is just a move to withdrawals being connected more to deposits, something all our peers use in normal market conditions and we only intend to use in more interesting markets that we have temporarily today.
And this doesn’t affect rates of return, withdrawal of cash from your cash account nor any secondary market trading - it is solely how the access account withdrawal process will work in these temporary market conditions.
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