star dust
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Post by star dust on Mar 13, 2020 17:33:55 GMT
At the time of the freeze on withdrawal I only had funds in cash account but with “invest idle funds” turned on. I’ve now turned this off but I still can’t withdraw any cash from cash account. Unclear weather this action will have allocated me a slot in the queue to withdraw?! I am in the same postion, I believe we should be allocated a postion as its a request to withdraw from the access accounts. Maybe somebody can ask Chris? Not sure how to ping him here; I asked "chat" and they assured me I would be in the queue, and the trigger to join the queue was effectively turning off the sweep "invest idle funds" function. There is no indication of this fact on their site though, and of course you can't complete a withdrawal request. I assume once we get the "front end website" picture from AC we'll be able to see where we are in said queue. How long before we can make a real withdrawal will be another matter.
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jcb208
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Post by jcb208 on Mar 13, 2020 18:08:38 GMT
Shame it has come to this as there is some good cheap stocks available right now,I expect a lot of people are in the same position but with my money tied up in Assetz and Ratesetter quick access acounts I cant buy them  |
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lara
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Post by lara on Mar 13, 2020 18:43:39 GMT
Shame it has come to this as there is some good cheap stocks available right now,I expect a lot of people are in the same position but with my money tied up in Assetz and Ratesetter quick access acounts I cant buy them I think that's probably one of the reasons why there were so many withdrawals. Not because of lack of confidence in AC but because it's a really good time to buy stocks and shares!
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alender
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Post by alender on Mar 14, 2020 9:28:49 GMT
I am in the same postion, I believe we should be allocated a postion as its a request to withdraw from the access accounts. Maybe somebody can ask Chris? Not sure how to ping him here; I asked "chat" and they assured me I would be in the queue, and the trigger to join the queue was effectively turning off the sweep "invest idle funds" function. There is no indication of this fact on their site though, and of course you can't complete a withdrawal request. I assume once we get the "front end website" picture from AC we'll be able to see where we are in said queue. How long before we can make a real withdrawal will be another matter. I spoke to AC about another issue and also asked about the queues, I was told that my withdraw was in a queue but they could not see the position in the queue, I asked why I could still see it in the Cash account unlocked, no mention of a queue, I was then told the queues have not been set up yet and they are working on it so in fact at present there are no queues, probably early next week.
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Post by investor01010101 on Mar 14, 2020 17:07:58 GMT
Can they legally hold you money like this, all seems a bit like AC protecting their own interests because money being withdrawn only prevents them from generating more business.
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Post by drphil on Mar 14, 2020 19:49:03 GMT
Can they legally hold you money like this, all seems a bit like AC protecting their own interests because money being withdrawn only prevents them from generating more business. See this post also:
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Post by davee39 on Mar 14, 2020 20:17:21 GMT
For those who still do not understand
You are not in a savings account
Your money has been loaned, in small chunks, to hundreds of businesses.
If new lenders are interested in taking over your share of these loans you can have your cash, otherwise you will have to wait until new investors come forward or the loans are repaid. This is exactly how Zopa, Ratesetter, and FC work. The same applies to the secondary market of other P2P groups. You have made a commitment to the borrowers by your investment. This is very clearly explained in the terms and conditions which I am sure you have read fully before parting with your cash.
Assets however added a bit of clever engineering to the market concept. The access accounts contained a cash float which acted like a lubricant, balancing outflows against new investments so it looked like instant access.
Due to high withdrawal demand the cogs have got worn and the oil has got contaminated. Assetz have now done an oil change. While the engine is running in it will maintain lower revs so you will get your cash a little later.
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Post by stuartassetzcapital on Mar 14, 2020 20:55:35 GMT
For those who still do not understandYou are not in a savings account Your money has been loaned, in small chunks, to hundreds of businesses. If new lenders are interested in taking over your share of these loans you can have your cash, otherwise you will have to wait until new investors come forward or the loans are repaid. This is exactly how Zopa, Ratesetter, and FC work. The same applies to the secondary market of other P2P groups. You have made a commitment to the borrowers by your investment. This is very clearly explained in the terms and conditions which I am sure you have read fully before parting with your cash. Assets however added a bit of clever engineering to the market concept. The access accounts contained a cash float which acted like a lubricant, balancing outflows against new investments so it looked like instant access. Due to high withdrawal demand the cogs have got worn and the oil has got contaminated. Assetz have now done an oil change. While the engine is running in it will maintain lower revs so you will get your cash a little later. I’m not sure I could have explained it better myself, thanks davee39
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tonyr
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Post by tonyr on Mar 15, 2020 9:27:12 GMT
For those who still do not understandYou are not in a savings account Your money has been loaned, in small chunks, to hundreds of businesses. If new lenders are interested in taking over your share of these loans you can have your cash, otherwise you will have to wait until new investors come forward or the loans are repaid. This is exactly how Zopa, Ratesetter, and FC work. The same applies to the secondary market of other P2P groups. You have made a commitment to the borrowers by your investment. This is very clearly explained in the terms and conditions which I am sure you have read fully before parting with your cash. Assets however added a bit of clever engineering to the market concept. The access accounts contained a cash float which acted like a lubricant, balancing outflows against new investments so it looked like instant access. Due to high withdrawal demand the cogs have got worn and the oil has got contaminated. Assetz have now done an oil change. While the engine is running in it will maintain lower revs so you will get your cash a little later. I’m not sure I could have explained it better myself, thanks davee39 With respect, I think it's more complex than that. We signed up to a first-in-first-out queue for investnig and witdrawal. The investing bit worked, we've seen that in action already. If the withdrawal bit was working I'd be happy. I'm not sure it is, because if it was why is everything suspended? Our withdrawal requests should just be in a first-in-first-out queue and that would be that. When AC released money for withdrawal the person who had been waiting longest would get it - simples (just like investing). The fact that it's not already working is a problem. At very least AC have to recreate what we signed up for on the basis of web logs and complaints - that's a nightmare. At worst they will try to put something in place that we didn't sign up for - and that's more of a nightmare.
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Mikeme
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Post by Mikeme on Mar 15, 2020 9:36:41 GMT
No. We signed up to lend money and take the risk. End of !! All else was ' subject to market conditions'
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Mousey
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Post by Mousey on Mar 15, 2020 9:46:01 GMT
No. We signed up to lend money and take the risk. End of !! All else was ' subject to market conditions' Dear Mike, Despite your in-depth and analysis I'm afraid I don't recognise the statement "lend money and take the risk" from the terms and conditions.
In my post here I do describe the terms and conditions that induced me and caused reliance upon.
As a further repetition that capital "would be available for withdrawal by investors regardless of market conditions being abnormal." This is clearly and demonstrably not the case. This is the issue people are complaining about.
As noted the current cash element in the QAA was/is circa 1.05%. Assetz are therefore unjustly preventing return of capital to at least one investor who is seeking to withdraw which is a material breach of the Terms and Conditions.
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Mousey
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Post by Mousey on Mar 15, 2020 10:19:00 GMT
Dear Mousey That 1.05% capital (£2m say) in cash and more will no doubt be needed for the many tranches on incomplete developments. Does your in depth analysis say to hell with those developments if they don’t finish and the majority of committed capital is then lost! Finishing existing developments subject to them being sensibly managed by the developers has to take precedence over instant withdrawals. Dear Deees, If that money has been allocated for a specific purpose then it should be shown as such which is an entirely fair and reasonable action for Assetz to take.
With regards your second point I accept your premise but not your conclusion. Assetz have many ways to ensure developments loans are fully funded including the allocation and holding of all mandated tranches at the start of the project. Readers may recall this is what caused great difficulty to Lendy so I cannot accept Assetz were not aware of this issue. If you are suggesting they failed to mitigate for that eventuality in advance and therefore that's an acceptable reason for Assetz to breach the Terms I had agreed with them then I simply cannot support that.
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Post by dan1 on Mar 15, 2020 10:26:40 GMT
Simply put, Assetz have been caught with their pants down.
None of this was unforeseen, and I would have expected them to be better prepared for when the inevitable closure/queuing to the Access accounts was necessary.
Just to be crystal clear, I have only nominal funds in the Access accounts, none of which I've requested for withdrawal. I do have cash funds which I requested for withdrawal on Wednesday which I'm still waiting for and my initial reaction to the block/delay (call it what you will) is that Assetz have run out of money.
And again, I've no issue with liquidity running dry, it's to be expected given the extraordinary circumstances and, incidentally, why I withdrew in the run up to the Access closure.
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r00lish67
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Post by r00lish67 on Mar 15, 2020 10:44:36 GMT
Simply put, Assetz have been caught with their pants down. None of this was unforeseen, and I would have expected them to be better prepared for when the inevitable closure/queuing to the Access accounts was necessary. Just to be crystal clear, I have only nominal funds in the Access accounts, none of which I've requested for withdrawal. I do have cash funds which I requested for withdrawal on Wednesday which I'm still waiting for and my initial reaction to the block/delay (call it what you will) is that Assetz have run out of money. And again, I've no issue with liquidity running dry, it's to be expected given the extraordinary circumstances and, incidentally, why I withdrew in the run up to the Access closure. Whilst I agree that cash withdrawals shouldn't in theory have been impacted by any of this, I think if we all receive them on Monday as we have been assured we will, then we might as well draw a line under it. It'll have still only been 3 working days (if the latest unprocessed withdrawals are Wednesday, mine is) Other than that, as you say liquidity in the QAA was always going to be hit by something. I expected it to be something more trivial than this, but this'll certainly do. I think the best frame of mind to adopt now for anyone with 30d/90d investments, (or indeed QAA investments yet to be withdrawn) if you haven't already is to assume that those loan holdings are now really yours. Anything else that re-emerges in terms of liquidity would be a big bonus.
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littleoldlady
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Post by littleoldlady on Mar 15, 2020 10:48:42 GMT
For those who still do not understand
You are not in a savings account
Your money has been loaned, in small chunks, to hundreds of businesses.
If new lenders are interested in taking over your share of these loans you can have your cash, otherwise you will have to wait until new investors come forward or the loans are repaid. This is exactly how Zopa, Ratesetter, and FC work. The same applies to the secondary market of other P2P groups. You have made a commitment to the borrowers by your investment. This is very clearly explained in the terms and conditions which I am sure you have read fully before parting with your cash.
Assets however added a bit of clever engineering to the market concept. The access accounts contained a cash float which acted like a lubricant, balancing outflows against new investments so it looked like instant access.
Due to high withdrawal demand the cogs have got worn and the oil has got contaminated. Assetz have now done an oil change. While the engine is running in it will maintain lower revs so you will get your cash a little later. But you are getting a much lower rate of interest than if you had done this directly in the MLA, in return for the privilege of instant/quick access which has now been suspended. Assetz should offer investors the option of converting their holdings to loans in the MLA where they would get more interest and clarity over repayment times but some risk of losses.
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