michaelc
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Say No To T.D.S.
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Post by michaelc on Mar 12, 2020 23:51:56 GMT
I think AC are basically finished after this. No one will have any confidence in them given the current situation and the way they have handled it. In any case I'm already expecting massive, if not total losses as the directors run off into the sunset with the last remaining funds. Remember folks it's no longer a 'normal' situation. Utter rubbish. And probably libellous. They have handled it exactly as they should in the extraordinary circumstances we are in. I suppose you think the Dow Jones shouldn't have been suspended on several occasions over the last few days in response to the extreme share price movements? The only reason I have turned off auto invest is so I have the funds free to be able to invest in the MLIA as required. Thankfully I almost got out of AC around a year ago. I say almost, because as with most p2p platforms, its pretty hard to extract all ones cash as the loans are not liquid (by definition maybe - I'm not sure). Anyway, I don't see what this forumite of just a few hours standing wrote is libellous. IMO the tone of it suggests someone who is annoyed and thus genuinely providing their opinion. If it was a deliberate act actioned by say a competitor to AC, I think they would have used a style of language more in keeping with most posts on this forum. One thing to keep in mind is that there are probably a fair few forumites posting that have significant balances with AC and don't want to see anything go wrong with it.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 12, 2020 23:56:44 GMT
Utter rubbish. And probably libellous. They have handled it exactly as they should in the extraordinary circumstances we are in. I suppose you think the Dow Jones shouldn't have been suspended on several occasions over the last few days in response to the extreme share price movements? The only reason I have turned off auto invest is so I have the funds free to be able to invest in the MLIA as required. Thankfully I almost got out of AC around a year ago. I say almost, because as with most p2p platforms, its pretty hard to extract all ones cash as the loans are not liquid (by definition maybe - I'm not sure). Anyway, I don't see what this forumite of just a few hours standing wrote is libellous. IMO the tone of it suggests someone who is annoyed and thus genuinely providing their opinion. If it was a deliberate act actioned by say a competitor to AC, I think they would have used a style of language more in keeping with most posts on this forum. One thing to keep in mind is that there are probably a fair few forumites posting that have significant balances with AC and don't want to see anything go wrong with it. directors running off into the sunset with remaining funds?
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Post by Harland Kearney on Mar 13, 2020 0:11:28 GMT
Assetz have not arbitrarily suspended withdrawals, they have suspended the secondary market. They have a greater demand for cash than current liquidity allows, a queuing system (common on other platforms) will allow cash withdrawals as liquidity becomes available for new investment or repayments. The accounts are still open for investment but it will be a challenge to convince lenders that investment is worthwhile. If this is correct, then the situation is not as critically dire as some posters make out to be. Matching the lesser demand to current exit demand is unavoidble in this basically panic driven week in markets. We can only wait for AC explanation.
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Post by captainconfident on Mar 13, 2020 1:10:46 GMT
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lara
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Post by lara on Mar 13, 2020 7:34:38 GMT
I understand the situation and why AC made this decision however even being fully aware of the possibility or even probability of such a measure, the knee jerk reaction to hearing the news of the pause was worry. It's natural.
I believe AC should have issued a statement at the time of the pause, to mitigate the concern of their investors.
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tonyr
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Post by tonyr on Mar 13, 2020 7:44:57 GMT
Assetz entered non-normal market conditions. WITHDRAWALS FROM OUR ACCESS ACCOUNTS ARE CURRENTLY PAUSED AS WE ARE NO LONGER IN NORMAL MARKET CONDITIONS AS A RESULT OF CORONAVIRUS. WE EXPECT THIS TO BE A SHORT-TERM MEASURE AND WILL PROVIDE REGULAR UPDATES. (On their site) Would enjoy a response or news from AC as soon as possible. I really believe this platform to not go under so easily, I hope not as its the only Peer to Peer platform I've left sizeble money inside. They lied earlier when I called them about being unable to transfer funds out of the Quick Access Account telling me it was an IT problem. They are unethical and have been exposed. This has annoyed me too. I specifically asked if the problem was because the QAA was short on cash.
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m2btj
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Post by m2btj on Mar 13, 2020 7:46:32 GMT
Assetz entered non-normal market conditions. WITHDRAWALS FROM OUR ACCESS ACCOUNTS ARE CURRENTLY PAUSED AS WE ARE NO LONGER IN NORMAL MARKET CONDITIONS AS A RESULT OF CORONAVIRUS. WE EXPECT THIS TO BE A SHORT-TERM MEASURE AND WILL PROVIDE REGULAR UPDATES. (On their site) Would enjoy a response or news from AC as soon as possible. I really believe this platform to not go under so easily, I hope not as its the only Peer to Peer platform I've left sizeble money inside. They lied earlier when I called them about being unable to transfer funds out of the Quick Access Account telling me it was an IT problem. They are unethical and have been exposed. The events of the last 24hrs have obviously had a major affect on new member p2pguy45. A number of hysterical posts creating panic in an already volatile situation. At this point I would suggest reading more & posting less! Yesterday, saw exceptional events with global markets falling to some of their lowest points since 1987. A run on any major financial institution was going to have dire consequences & decisive action was required to stop contagion. AC acted decisively to allow time to draw breath & assess the situation going forward. I expect AC to ensure that investors & borrowers interests are fully protected in these highly volatile times. I look forward to Stuart Law's statement today & some calm returning to the markets...ironically Friday 13th!
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sapphire
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Post by sapphire on Mar 13, 2020 8:00:07 GMT
Whilst the AC message states that withdrawals from Access accounts are currently paused, today morning I couldn't withdraw a small amount of the uninvested balance in my MLA account which is *not* in QAA ("Invest Idle Funds" option was set to "None" under QAA, before the cash amount was added to the MLA account). Attempting to withdraw from the MLA account gives the message :"You are unable to withdraw from the QAA at this time as withdrawals from Access Accounts are paused temporarily. Market conditions are not normal at present as a result of Coronavirus." stuartassetzcapital , chris : Is this as intended or an error in implementation? Also, Can secondary market purchases in MLA still be made from uninvested balances in MLA, held *outside* a QAA cover? |
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Post by chris on Mar 13, 2020 8:14:33 GMT
Whilst the AC message states that withdrawals from Access accounts are currently paused, today morning I couldn't withdraw a small amount of the uninvested balance in my MLA account which is *not* in QAA ("Invest Idle Funds" option was set to "None" under QAA, before the cash amount was added to the MLA account). Attempting to withdraw from the MLA account gives the message :"You are unable to withdraw from the QAA at this time as withdrawals from Access Accounts are paused temporarily. Market conditions are not normal at present as a result of Coronavirus." stuartassetzcapital , chris : Is this as intended or an error in implementation? Also, Can secondary market purchases in MLA still be made from uninvested balances in MLA, held *outside* a QAA cover? I suspect that you had "invest idle funds" turned on when the funds were deposited into the MLA, you shouldn't see that error message otherwise. Best to speak with customer services if you think the site isn't operating as it should. The marketplace continues to operate as normal for all funds held outside QAA cover.
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IFISAcava
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Post by IFISAcava on Mar 13, 2020 8:19:14 GMT
Whilst the AC message states that withdrawals from Access accounts are currently paused, today morning I couldn't withdraw a small amount of the uninvested balance in my MLA account which is *not* in QAA ("Invest Idle Funds" option was set to "None" under QAA, before the cash amount was added to the MLA account). Attempting to withdraw from the MLA account gives the message :"You are unable to withdraw from the QAA at this time as withdrawals from Access Accounts are paused temporarily. Market conditions are not normal at present as a result of Coronavirus." stuartassetzcapital , chris : Is this as intended or an error in implementation? Also, Can secondary market purchases in MLA still be made from uninvested balances in MLA, held *outside* a QAA cover? I suspect that you had "invest idle funds" turned on when the funds were deposited into the MLA, you shouldn't see that error message otherwise. Best to speak with customer services if you think the site isn't operating as it should. The marketplace continues to operate as normal for all funds held outside QAA cover. I have the same issue - can't withdraw non-invested MLA funds, invest idle funds turned off several days ago
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easynow
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Popcorn anyone?
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Post by easynow on Mar 13, 2020 8:25:52 GMT
Whilst the AC message states that withdrawals from Access accounts are currently paused, today morning I couldn't withdraw a small amount of the uninvested balance in my MLA account which is *not* in QAA ("Invest Idle Funds" option was set to "None" under QAA, before the cash amount was added to the MLA account). Attempting to withdraw from the MLA account gives the message :"You are unable to withdraw from the QAA at this time as withdrawals from Access Accounts are paused temporarily. Market conditions are not normal at present as a result of Coronavirus." stuartassetzcapital , chris : Is this as intended or an error in implementation? Also, Can secondary market purchases in MLA still be made from uninvested balances in MLA, held *outside* a QAA cover? Best to speak with customer services if you think the site isn't operating as it should. The marketplace continues to operate as normal for all funds held outside QAA cover. I have to agree with the OP, I have had invest idle funds turned off on all accounts for several days, yesterday afternoon I did a test sale and had cash waiting this morning, I am also unable to draw it down to my cash account.
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sapphire
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Post by sapphire on Mar 13, 2020 8:30:06 GMT
Whilst the AC message states that withdrawals from Access accounts are currently paused, today morning I couldn't withdraw a small amount of the uninvested balance in my MLA account which is *not* in QAA ("Invest Idle Funds" option was set to "None" under QAA, before the cash amount was added to the MLA account). Attempting to withdraw from the MLA account gives the message :"You are unable to withdraw from the QAA at this time as withdrawals from Access Accounts are paused temporarily. Market conditions are not normal at present as a result of Coronavirus." stuartassetzcapital , chris : Is this as intended or an error in implementation? Also, Can secondary market purchases in MLA still be made from uninvested balances in MLA, held *outside* a QAA cover? I suspect that you had "invest idle funds" turned on when the funds were deposited into the MLA, you shouldn't see that error message otherwise. Best to speak with customer services if you think the site isn't operating as it should. The marketplace continues to operate as normal for all funds held outside QAA cover. Thanks for your prompt response chris I am 100% certain that from my side, "invest idle funds" was turned off *before* the funds were deposited into the MLA, so definitely a 'bug' in the system! Another impact of this is that secondary market purchases in MLA using funds outside QAA have also effectively been stopped. I will call customer services as suggested.
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Post by chris on Mar 13, 2020 8:31:17 GMT
I suspect that you had "invest idle funds" turned on when the funds were deposited into the MLA, you shouldn't see that error message otherwise. Best to speak with customer services if you think the site isn't operating as it should. The marketplace continues to operate as normal for all funds held outside QAA cover. I have the same issue - can't withdraw non-invested MLA funds, invest idle funds turned off several days ago Okay, I'll ask the devs to investigate. Could you PM me your email address so we can investigate your specific case?
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Post by bracknellboy on Mar 13, 2020 8:43:40 GMT
funnily enough, I almost posted the same thing about 7:15 this morning. But decided not to.
On reflection, I decided I didn't actually have any cash sitting in the MLIA. But since I also didn't have sweep to QAA switched on (I've not had it on for months now) I shouldn't have got the message regardless. I really can't recall how the Withdraw should work in this case (no uninvested cash) but I think if I had proceeded (if I was a able to) it woujld have put stuff up for sale.
So think its a problem in several different scenarios.
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Mikeme
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Post by Mikeme on Mar 13, 2020 9:02:27 GMT
chris Regarding the comment from stuartassetzcapital earlier in this thread " And this doesn’t affect rates of return, withdrawal of cash from your cash account nor any secondary market trading"
Do you know why a withdrawal request I made Wed 11th Mar @ 16.43 (from transaction log, then email confirmation of withdrawal request at 16.44) has yet to reach my bank account (and I have not received a 'your withdrawal request has been processed' email)? I've never seen a withdrawal take this long.
Was Stuart wrong to say this change "..doesn't affect...withdrawal of cash from your cash account"?
Happy to take it up with Livechat if/when they open
Can you share the response please?I dont want to flood the staff
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