mikeb
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Post by mikeb on Mar 13, 2020 9:03:07 GMT
The marketplace continues to operate as normal for all funds held outside QAA cover. Just did a rest withdrawal on the Property Secured Account, it was refused "You are unable to withdraw from the QAA at this time as withdrawals from Access Accounts" ... chris Is it intended that you have also locked the PSA too? Error message seems to indicate this is not the intention.
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Post by chris on Mar 13, 2020 9:03:48 GMT
The marketplace continues to operate as normal for all funds held outside QAA cover. Just did a rest withdrawal on the Property Secured Account, it was refused "You are unable to withdraw from the QAA at this time as withdrawals from Access Accounts" ... chris Is it intended that you have also locked the PSA too? Error message seems to indicate this is not the intention. No, it sounds like there's a bug. The team are investigating
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Balder
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Post by Balder on Mar 13, 2020 9:09:36 GMT
Who would have thought Coronavirus would also be a software tester.
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cb25
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Post by cb25 on Mar 13, 2020 9:26:11 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 Contacted Livechat, who started with "..withdrawal requests may take up to 2 working days...That's always been our service level for withdrawals". I explained that it has never taken that long and I wanted a better explanation and pointed them to Stuart's post on this site (above) saying "...doesn't affect...withdrawal of cash from your cash account".
So, they confirmed my id, said they could see the request and "Today is the 2nd working day of processing so funds will be paid out today". They also answered No to my question "Are there any hold-ups that you are aware of on the process?"
I told them I'd check my bank a/c at the end of today, which I will. I've saved the transcript just in case.
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Post by Harland Kearney on Mar 13, 2020 9:28:06 GMT
Any ETA on Queing System
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Post by brightspark on Mar 13, 2020 9:34:33 GMT
The amount of people who have basically turned off invest funds automatically in this thread is telling of peoples worry about the situation, understandably 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. I note you are a new member to this forum and perhaps to property investing per se or have malign intent. There is no evidence for your allegations. In tumultuous trading conditions prudent financial organisations move to avert a run on cash which is what AC has done. Currently there is no reason to believe that things are fundamentally amiss.
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SteveT
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Post by SteveT on Mar 13, 2020 9:42:02 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. This is helpful! Thanks a lot for this. Is there any estimated time to allow withdraw from quick assess account? I have put some money there and expect to withdraw it by end of this month to pay the initial payment for a flat as the contract gets finalised. If I am not able to withdraw it, I will not be able to finalize the purchase. Though I totally totally understand the decision made on this to avoid massive withdraw due to panic but will Assetz capital allow people to withdraw under extreme conditions like this by providing the necessary documents (e.g. real estate contract)? No, of course they cannot decide that certain lenders should be permitted to queue-jump, however foolhardy they might have been in lending time-critical funds for a couple of extra % per annum.
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withnell
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Post by withnell on Mar 13, 2020 9:51:21 GMT
Can you share the response please?I dont want to flood the staff Contacted Livechat, who started with "..withdrawal requests may take up to 2 working days...That's always been our service level for withdrawals". I explained that it has never taken that long and I wanted a better explanation and pointed them to Stuart's post on this site (above) saying "...doesn't affect...withdrawal of cash from your cash account".
So, they confirmed my id, said they could see the request and "Today is the 2nd working day of processing so funds will be paid out today". They also answered No to my question "Are there any hold-ups that you are aware of on the process?"
I told them I'd check my bank a/c at the end of today, which I will. I've saved the transcript just in case.
I have the same experience - I always make withdrawals at the same time of the day but one from cash I'd normally have received yesterday still hasn't arrived - stuartassetzcapital please would you check that your staff haven't misread the memo about account suspension and are processing cash withdrawals in the usual timescales?
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sapphire
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Post by sapphire on Mar 13, 2020 10:14:08 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. 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. Issue now fixed, at least for MLA. If say one had £100 uninvested in MLA under QAA cover, switched off the QAA cover, then added £10 cash to MLA, whilst withdrawal from MLA is now allowed and appears to accept a withdrawal amount of £110, only the £10 outside the QAA cover is withdrawn immediately into the cash account. *Edit* In a subsequent call to AC I have been informed that the £100 in the above example has now been 'queued' for withdrawal from QAA. At this point the AC agent couldn't tell my position in the QAA withdrawal queue and I was informed that AC are working on displaying this. (I was told that the 'Queue position' option in the QAA product section was *not* intended for this scenario) Also the AC agent didn't know at this point how the withdrawal queue worked - i.e. will it be first come first served or would all queued requests until a particular point in time be released equal amounts or some other approach. Hopefully a communication will clarify this.
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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 13, 2020 10:35:14 GMT
Just did a rest withdrawal on the Property Secured Account, it was refused "You are unable to withdraw from the QAA at this time as withdrawals from Access Accounts" ...
chris Is it intended that you have also locked the PSA too? Error message seems to indicate this is not the intention. No, it sounds like there's a bug. The team are investigatingYes, it's called Covid-19 apparently.
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Post by gravitykillz on Mar 13, 2020 10:52:42 GMT
Considering this drama about withdrawals could possibly go on for a few weeks may as well move quick access funds to the 30 or 90 day account. You cant withdraw it anyway!
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Post by brianac on Mar 13, 2020 11:33:56 GMT
Considering this drama about withdrawals could possibly go on for a few weeks may as well move quick access funds to the 30 or 90 day account. You cant withdraw it anyway! Excellent positive forward thinking. An opportunity not a crisis. Can't do that either, at least I couldn't 10 mins ago Brian
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Post by chris on Mar 13, 2020 11:38:28 GMT
Excellent positive forward thinking. An opportunity not a crisis. Can't do that either, at least I couldn't 10 mins ago Brian
Not currently, although we're looking into allowing it. The earlier report of a bug should have been fixed a couple of hours ago too - was on a call so only just catching up.
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Mousey
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Post by Mousey on Mar 13, 2020 11:52:18 GMT
Regarding the 'Pausing' of withdrawals from the Access Accounts. I don't consider that you have jurisdiction to do so either under FCA rules or under your Terms and Conditions. There has never been to my knowledge any warning that transactions to and from the account would be unilaterally halted.
The expected performance of the account is described in detail on the Assetz Website:
I repeat and emphasize that any capital not invested "would be available for withdrawal by investors regardless of market conditions being abnormal."
I allege your decision to halt trading full stop is a material breach of the terms and conditions of this account.
Further the statement on this page "We do not impose any minimum term on your investment" contradicts the pausing of the accounts which is a de facto minimum term again a material breach of the terms and conditions of this account. #
ETA: I note the current cash element in the QAA is circa 1.05%
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Post by gravitykillz on Mar 13, 2020 11:56:27 GMT
Regarding the 'Pausing' of withdrawals from the Access Accounts. I don't consider that you have jurisdiction to do so either under FCA rules or under your Terms and Conditions. There has never been to my knowledge any warning that transactions to and from the account would be halted.
The expected performance of the account is described in detail on the Assetz Website:
I repeat and emphasize that any capital not invested "would be available for withdrawal by investors regardless of market conditions being abnormal."
I allege your decision to halt trading full stop is a material breach of the terms and conditions of this account.
Further the statement on this page "We do not impose any minimum term on your investment" contradicts the pausing of the accounts which is a de facto minimum term again a material breach of the terms and conditions of this account. Capital not invested in loans is frozen as well ? I thought the notice only stated access accounts? This should be resolved. At least the people in access accounts are still earning interest.
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