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Post by davee39 on Mar 16, 2020 12:31:18 GMT
The notice accounts will wait 30 or 90 days in their own queue. They will then slip into the withdrawal queue and receive cash payments as cash becomes available. It is currently unclear what interest rate will be paid for unreleased notice funding.
I would imagine the Access accounts will stop underwriting new loans until balance is restored, so repayments will come from loan repayments, and new cash will come in during ISA season once the panic subsides.
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puddleduck
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Post by puddleduck on Mar 16, 2020 12:43:20 GMT
Three Asset's biggest loans #985, #593 and #848 are all due to re-pay within a couple of months, that totals around 20 million.
So I'd assume once these re-pay coupled with any seasonal ISA inflow, the picture will look a lot healthier in 3 or 4 months time.
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Post by brightspark on Mar 16, 2020 17:58:52 GMT
From the FAQs:
Does this mean MLA trades cannot happen now where a seller would recieve proceeds as 'swept idle funds' and a buyer would be relying on their own 'swept idle proceeds' balance to do so?
[No one uses 'cash' anymore]
From looking at "Transactions" it appears that such a sale would result in funds going via the cash account, which AC can not allow to happen in the current lockdown. As I understand it the position currently if an investor has "invest idle funds" switched on, repayments showed as entering the MLA are regarded as QAA funds. To use the funds the investor would have to switch off "invest idle funds" and queue the money in order to withdraw it from QAA to their cash account. From there it could be transferred to the MLA for loan purchases. Gaining useful access to the funds thus depends on the length of the QAA queue. To stop incoming MLA repayments being locked up investors might consider switching off "invest idle funds". Idle funds would not then earn any interest.
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dead-money
Rocket to the Moon
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Post by dead-money on Mar 17, 2020 10:54:29 GMT
Yep, I turned off Invest Idle funds across all accounts on Thursday, a MLA loan principal repayment was received yesterday, it went to the Cash account rather than being swept into 'Quick Access Account' and would be available to be withdrawn to a designated bank account if so desired.
Unfortunately my other idle funds swept into QAA remain in limbo, so can neither be invested into MLA nor withdrawn.
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Post by cheapaschips on Mar 18, 2020 11:02:26 GMT
twitter.com/assetzcapital?lang=enWell their staff had Holistic training in Feb and learnt about breath-work & meditation practice - all about clearing the mind and balancing emotions. Should help them ride the next few weeks in a state of mindfulness detachment.
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benaj
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Post by benaj on Mar 19, 2020 14:50:40 GMT
The new market conditions on AC mean I have to access my account at least twice a day to minimise cash sitting in the cash account not interest bearing until the FIX is being released. Luckily, digital assistant does a very good job for reminder.
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dead-money
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Post by dead-money on Mar 19, 2020 22:42:56 GMT
So no clue what is happening now.
Money which was in Cash account from a MLA capital repayment, has no gotten moved into QAA account.
AC seem to be redirecting completed transactions.
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dead-money
Rocket to the Moon
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Post by dead-money on Mar 20, 2020 17:46:01 GMT
OK, we now have a cancel button on the queued withdrawals, so all those who have inadverently doubled up on requests can kill at least one of them.
But please Assetz Capital, more communication please on what's working, what's changed / changing and how the new world order algorithm is going to work !
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Mikeme
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Post by Mikeme on Mar 26, 2020 14:49:02 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. What a difference only 15 days make.
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Mikeme
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Post by Mikeme on Mar 27, 2020 8:55:59 GMT
I simply don't agree. Which companies are giving daily updates of what they are doing to keep there businesses going at this time? Very few if any. Best they put all their energy working on the plans.
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alanh
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Post by alanh on Mar 27, 2020 9:39:46 GMT
I simply don't agree. Which companies are giving daily updates of what they are doing to keep there businesses going at this time? Very few if any. Best they put all their energy working on the plans. Other companies are sending out daily or other regular updates to investors and AC are not. That is the situation so whether or not you agree is irrelevant.
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