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Post by Harland Kearney on Apr 5, 2020 19:52:12 GMT
Could you point me to the source for that £85k thing? I hadn't heard it before. It is on this Assetz board at some point in the last 3 or 4 days by either stuart or chris at assetz - I'm not sure how to easily locate it and don't fancy searching through it all Yes on the day of the introduction of lendership fees, he said it was 85k per account; If you have above that in any one account the pool was against you. Chris informed us of this.
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lara
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Post by lara on Apr 5, 2020 19:52:33 GMT
Could you point me to the source for that £85k thing? I hadn't heard it before. It is on this Assetz board at some point in the last 3 or 4 days by either stuart or chris at assetz - I'm not sure how to easily locate it and don't fancy searching through it all It was Chris, just have a look at his recent posts, it won't be too far back. eta Here it is. p2pindependentforum.com/post/377841/quote/17029
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Post by jonrgrant on Apr 6, 2020 5:31:22 GMT
Having set up a withdrawal from my standard 90 day account to arrive on 5th April in my QAA. I was then intending today to withdraw to the cash account for transfer to the 2020/21 ISA in AC.
I now find that £2.93 has been transferred to the QAA and I now have to que the withdrawal again to get it into the cash account for the Intended ISA transfer.
From my perspective what Assetz have forced me todo is progress an ISA elsewhere so that I can get the years tax benefits (hopefully) and then trickle the Assetz withdrawals back into the savings used to fund the ISA. I.e. they are forcing me / us to withdraw funds from the investments in Assetz through the unfair and short sighted policy of discrimination against medium sized investors in preference of the smaller investor. It would have been simple for them to have provided an account transfer facility (providing it was not actually withdrawn), but none provision of this shows they do not want investors funds. Or even the same percentage withdrawal per investor would have shown fairness.
They showed this contempt for current investors previously when they did not allow current investors to participate in the cash back promotion (the one before the latest one) which was a sign of the way they view current investors. Thankfully that resulted in my withdrawing 40k at the time to take advantage of another promotion elsewhere, in hindsight I am now greatfull that Assetz did exclude my participation in that promotion otherwise that £40k plus the promotion top up would now also be blocked at just £2.93 withdrawal every 2 days.
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alanh
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Post by alanh on Apr 6, 2020 8:09:46 GMT
Having set up a withdrawal from my standard 90 day account to arrive on 5th April in my QAA. I was then intending today to withdraw to the cash account for transfer to the 2020/21 ISA in AC. I now find that £2.93 has been transferred to the QAA and I now have to que the withdrawal again to get it into the cash account for the Intended ISA transfer. From my perspective what Assetz have forced me todo is progress an ISA elsewhere so that I can get the years tax benefits (hopefully) and then trickle the Assetz withdrawals back into the savings used to fund the ISA. I.e. they are forcing me / us to withdraw funds from the investments in Assetz through the unfair and short sighted policy of discrimination against medium sized investors in preference of the smaller investor. It would have been simple for them to have provided an account transfer facility (providing it was not actually withdrawn), but none provision of this shows they do not want investors funds. Or even the same percentage withdrawal per investor would have shown fairness. They showed this contempt for current investors previously when they did not allow current investors to participate in the cash back promotion (the one before the latest one) which was a sign of the way they view current investors. Thankfully that resulted in my withdrawing 40k at the time to take advantage of another promotion elsewhere, in hindsight I am now greatfull that Assetz did exclude my participation in that promotion otherwise that £40k plus the promotion top up would now also be blocked at just £2.93 withdrawal every 2 days. I had a similar situation and consider myself very lucky. I run several accounts on AC and move money from one to another to take advantage of these promotions. Just as a chunk of money came out of AC and into my bank account they did the overnight change to the pool and bailout, essentially becoming uninvestable. If that had happened one day later I would have reinvested and now be looking at saying goodbye to a considerably larger chunk of cash than I already am. A close escape...sort of
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mrsb
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Post by mrsb on Apr 6, 2020 9:19:44 GMT
I don't think we've hard from Chris since he posted the £85K thing .... I suspect he may be on the naughty step!
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warn
Member of DD Central
Curmudgeon
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Post by warn on Apr 6, 2020 10:14:16 GMT
Thanks, lara and others, for the pointer to chris' post. As I understand it, with the caveat (as far as I can tell) that withdrawals continue to be actioned at the current rate, <£85k means that you receive cash more quickly under flat-rate vs pro-rata, and <£1m means you receive your entire stash more quickly flat-rate vs pro-rata. I can't be arsed to make up a spreadsheet to check the accuracy of that -- I'll take Chris' word that it's at least a ballpark approximation. However, unless there is a bug in the code (wash my mouth out), those amounts presumably refer to the amount of withdrawal you've requested, rather than the full amount you have invested in the account. For my part, this year's (20-21) ISA money has been built up in my standard account, so I'm only requesting enough withdrawal to be able to move it across to my IFISA. Since that's well less than £85k, thumbs up for flat-rate from me.
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mrsb
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Post by mrsb on Apr 6, 2020 10:55:12 GMT
I don't think we've hard from Chris since he posted the £85K thing .... I suspect he may be on the naughty step! I think they are coding the direct transfer from QAA -> 30DA/90DA and from QAA/30DA/90DA -> MLA facilities that some are clamouring for. (Chris is in charge of the developers) I think it's clear that promulgation of any useful info is against policy (e.g. the castration of the account balance figures). Therefore Chris remarks would have gone down like a lead balloon at ACHQ.
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alender
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Post by alender on Apr 6, 2020 11:25:51 GMT
Thanks, lara and others, for the pointer to chris ' post. As I understand it, with the caveat (as far as I can tell) that withdrawals continue to be actioned at the current rate, <£85k means that you receive cash more quickly under flat-rate vs pro-rata, and <£1m means you receive your entire stash more quickly flat-rate vs pro-rata. I can't be arsed to make up a spreadsheet to check the accuracy of that -- I'll take Chris' word that it's at least a ballpark approximation. However, unless there is a bug in the code (wash my mouth out), those amounts presumably refer to the amount of withdrawal you've requested, rather than the full amount you have invested in the account. For my part, this year's (20-21) ISA money has been built up in my standard account, so I'm only requesting enough withdrawal to be able to move it across to my IFISA. Since that's well less than £85k, thumbs up for flat-rate from me. This 85k disagrees with what I am seeing, from my loan book on the repayments of 2 loans and the amount repaid it is about 23K. I have asked for the figures for on how 85K was calculated but AC will not give these or any other information. My figures may not be seeing the whole picture but at least I have the figures and without further information from AC these are the only meaning figures to work with.
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alender
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Post by alender on Apr 6, 2020 11:33:12 GMT
I think they are coding the direct transfer from QAA -> 30DA/90DA and from QAA/30DA/90DA -> MLA facilities that some are clamouring for. (Chris is in charge of the developers) I think it's clear that promulgation of any useful info is against policy (e.g. the castration of the account balance figures). Therefore Chris remarks would have gone down like a lead balloon at ACHQ. AC are turning into the Scarlet Pimpernel of P2P.
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elliotn
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Post by elliotn on Apr 6, 2020 11:49:07 GMT
Having set up a withdrawal from my standard 90 day account to arrive on 5th April in my QAA. I was then intending today to withdraw to the cash account for transfer to the 2020/21 ISA in AC. I now find that £2.93 has been transferred to the QAA and I now have to que the withdrawal again to get it into the cash account for the Intended ISA transfer. From my perspective what Assetz have forced me todo is progress an ISA elsewhere so that I can get the years tax benefits (hopefully) and then trickle the Assetz withdrawals back into the savings used to fund the ISA. I.e. they are forcing me / us to withdraw funds from the investments in Assetz through the unfair and short sighted policy of discrimination against medium sized investors in preference of the smaller investor. It would have been simple for them to have provided an account transfer facility (providing it was not actually withdrawn), but none provision of this shows they do not want investors funds. Or even the same percentage withdrawal per investor would have shown fairness. They showed this contempt for current investors previously when they did not allow current investors to participate in the cash back promotion (the one before the latest one) which was a sign of the way they view current investors. Thankfully that resulted in my withdrawing 40k at the time to take advantage of another promotion elsewhere, in hindsight I am now greatfull that Assetz did exclude my participation in that promotion otherwise that £40k plus the promotion top up would now also be blocked at just £2.93 withdrawal every 2 days. I had a similar situation and consider myself very lucky. I run several accounts on AC and move money from one to another to take advantage of these promotions. Just as a chunk of money came out of AC and into my bank account they did the overnight change to the pool and bailout, essentially becoming uninvestable. If that had happened one day later I would have reinvested and now be looking at saying goodbye to a considerably larger chunk of cash than I already am. A close escape...sort of Are all the accounts you manage in your own name? If any are not, do you have the prerequisite power of attorney (for your great escape)? Are you admitting to gaming promotions aimed at bringing in new funds to help grow our platform? ( chris stuartassetzcapital) Do you still have 100s of thousands - or the accounts that you manage - in accounts with the clearest possible maturity mismatch with their underlying assets? After spending my Sunday reading this thread, were I to look in the Corona thread today, will it be full of posts critiquing the working poor for taking up to £2500/month when you are penalised for earning (or having earned) far more and yet you will be the one having to pay the taxes required for the now idle poor?
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Post by Harland Kearney on Apr 6, 2020 11:57:33 GMT
Interestingly, it is far more likely the Bank of England is just going to mass print the money to then reduce the bill by Q.E. We will not pay the bailouts by tax money, it will be funded by inflation erosion of the orginal debt pile just like in 08. Yes, you are more likely to see alot of angry investors who made poor investment choices but now must try and sink Assetz Capital for some reason. That will get their money I am sure. Another long 85 days to go boys.
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alender
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Post by alender on Apr 6, 2020 11:57:52 GMT
Loan #945 £735K being redeemed I'm guessing it was the above loan (now in the Repaid Loans list) that caused multiple £16.61 amounts to be released from my access accounts, following on from earlier payments of £3.62. Clearly not huge amounts, but it all helps
Edit: and I've been managing to sell out of a few building loans at only 1% discount. Also sold some at 3% discount that I'd bought at 6% discount From the repayment of £16.61, the amount of the loan #945 in my QAA loan book gives a a figure of about 13.5K as the amount below which you are better off with the pool approach, this is different from previous calculated amount of about 23K. Either some of this money is going elsewhere or more withdraws have hit the queues. All I really know is that I am getting substantially less back than my loans repaid and getting left with a higher and higher proportion of non performing loans
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Post by Harland Kearney on Apr 6, 2020 12:01:14 GMT
I'm guessing it was the above loan (now in the Repaid Loans list) that caused multiple £16.61 amounts to be released from my access accounts, following on from earlier payments of £3.62. Clearly not huge amounts, but it all helps
Edit: and I've been managing to sell out of a few building loans at only 1% discount. Also sold some at 3% discount that I'd bought at 6% discount From the repayment of £16.61, the amount of the loan #945 in my QAA loan book gives a a figure of about 13.5K as the amount below which you are better off with the pool approach, this is different from previous calculated amount of about 23K. Either some of this money is going elsewhere or more withdraws have hit the queues. All I really know is that I am getting substantially less back than my loans repaid. You held 13.5k of that loan yourself? Is their a way to see how much the QAA held entirely? Without it would be hard to really answer those questions. My guess is the queue has not got bigger, because the payouts from new cash in has increased overtime, by pennies each time (thrus a reducing pool size.) It'll help if AC kicked the transfers between access accounts into gear, as well as to the MLA. People on the board do keep requesting this, queueing to simply transfer doesnt' help people who want out get out.
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ilmoro
Member of DD Central
'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 Apr 6, 2020 12:10:12 GMT
I think it's clear that promulgation of any useful info is against policy (e.g. the castration of the account balance figures). Therefore Chris remarks would have gone down like a lead balloon at ACHQ. AC are turning into the Scarlet Pimpernel of P2P. You mean that despite being one of the few UK platforms that actually engages with this forum on a fairly regular basis they have chosen to not respond to your or anyone else's comments when several of them looked in this morning?
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alanh
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Post by alanh on Apr 6, 2020 12:12:11 GMT
I had a similar situation and consider myself very lucky. I run several accounts on AC and move money from one to another to take advantage of these promotions. Just as a chunk of money came out of AC and into my bank account they did the overnight change to the pool and bailout, essentially becoming uninvestable. If that had happened one day later I would have reinvested and now be looking at saying goodbye to a considerably larger chunk of cash than I already am. A close escape...sort of Are all the accounts you manage in your own name? If any are not, do you have the prerequisite power of attorney (for your great escape)? Are you admitting to gaming promotions aimed at bringing in new funds to help grow our platform? ( chris stuartassetzcapital ) Do you still have 100s of thousands - or the accounts that you manage - in accounts with the clearest possible maturity mismatch with their underlying assets? After spending my Sunday reading this thread, were I to look in the Corona thread today, will it be full of posts critiquing the working poor for taking up to £2500/month when you are penalised for earning (or having earned) far more and yet you will be the one having to pay the taxes required for the now idle poor? Many investors run multiple accounts on this and other platforms for different family members. Is that illegal? Redeeming money from one account to invest in another - is that also against your home made rules too? And if you read what I said you will see that I fortunately got most of it out before the lock in/bailout/extra fees were introduced. Anything else you want to cry and wail about?
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