alender
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Post by alender on Apr 6, 2020 12:27:05 GMT
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? If you mean they give information which is different from the one calculated from the information they supply on the Website "YES"
If you mean they will not tell us where our money is allocated "YES"
If you mean the reason what they have the removed useful information from the Website "YES"
If you mean the reason why the directors wont tell us how much they have/added during the crisis of their own money in the AA "YES"
If you mean they rarely post on the Website when we are in crisis and lenders would very much like to know what is happening "YES"
If you mean they change the T&Cs but won't tell us what are the changes but expect lenders to though all the old and new T&Cs to find the changes "YES"
If you mean the video that give no information but trust us "NO"
If you mean statements not backed up by figures "NO"
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warn
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Curmudgeon
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Post by warn on Apr 6, 2020 12:28:39 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.
OK. I still CBA spreadsheetwise, but even £23k is above the £20k IFISA limit, so my thumb hasn't moved.
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Mikeme
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Post by Mikeme on Apr 6, 2020 12:29:19 GMT
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? You wail, cry and complain enough for everyone and then have the audacity and selfishness to say 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.
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alanh
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Post by alanh on Apr 6, 2020 12:33:49 GMT
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.
OK. I still CBA spreadsheetwise, but even £23k is above the £20k IFISA limit, so my thumb hasn't moved. Yes you should get your £20k out in 6-9 months at the current rate - a pretty good result for you and better than most others will achieve
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iRobot
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Post by iRobot on Apr 6, 2020 12:36:05 GMT
Many investors run multiple accounts on this and other platforms for different family members. Is that illegal? I hope 'many investors' have comprehensively explained the risks associated with P2P to those family members and haven't just promised: "great returns, trust me, nothing will go wrong". I also hope they haven't gone 'all in' with those family members' savings and hard earned cash. If not, I can understand why 'many investors' may now be running around like lunatics, making all manner of ill-conceived demands and looking to place the blame for unwise levels of commitment to risky investment vehicles at the feet of other parties rather than just confess to their own folly.
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alanh
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Post by alanh on Apr 6, 2020 12:37:10 GMT
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? You wail, cry and complain enough for everyone and then have the audacity and selfishness to say 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. Sorry, I was under the mistaken impression that Assetz was an investment. Now that you have highlighted the fact that its more or less a crime to make a return or take any money out I will go elsewhere.
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alender
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Post by alender on Apr 6, 2020 12:38:12 GMT
OK. I still CBA spreadsheetwise, but even £23k is above the £20k IFISA limit, so my thumb hasn't moved. Yes you should get your £20k out in 6-9 months at the current rate - a pretty good result for you and better than most others will achieve It looks like that has changed and will be quite a bit longer, also this will slow down more and more as the 30d and 90d money hits the cash account (or forced into the QAA by AC).
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Post by Harland Kearney on Apr 6, 2020 12:38:55 GMT
Diversification
As I said above, if the queue has became bigger, than why have the daily payouts from new cash injection gotten bigger? Is it that hard to comprehend that loans will have various exposure to the access accounts.
Reguardless a running commentary on the progress of AC payouts is going to be a months long one. Don't expect any large payouts until at least 90 days from now from the property aspect of the loan book. Ideally it will end up being 120-180 days.
Oh well!
Your still making a return, it is only access to liquidity has been lost due to the type of asset underlying the product. Non-normal conditions caused this, for the billionth time.
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Mikeme
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Post by Mikeme on Apr 6, 2020 12:40:51 GMT
You wail, cry and complain enough for everyone and then have the audacity and selfishness to say 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. Sorry, I was under the mistaken impression that Assetz was an investment. Now that you have highlighted the fact that its more or less a crime to make a return or take any money out I will go elsewhere. Great idea If Corona virus doesn't get you first.. Which I hope it doesn't
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alanh
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Post by alanh on Apr 6, 2020 12:43:11 GMT
Many investors run multiple accounts on this and other platforms for different family members. Is that illegal? I hope 'many investors' have comprehensively explained the risks associated with P2P to those family members and haven't just promised: "great returns, trust me, nothing will go wrong". I also hope they haven't gone 'all in' with those family members' savings and hard earned cash. If not, I can understand why 'many investors' may now be running around like lunatics, making all manner of ill-conceived demands and looking to place the blame for unwise levels of commitment to risky investment vehicles at the feet of other parties rather than just confess to their own folly. There will be. With 38000 investors some people will have got absolutely carted out. Seems like that is a hilarious prospect to some people on here.
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alender
Member of DD Central
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Post by alender on Apr 6, 2020 12:43:33 GMT
You wail, cry and complain enough for everyone and then have the audacity and selfishness to say 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. Sorry, I was under the mistaken impression that Assetz was an investment. Now that you have highlighted the fact that its more or less a crime to make a return or take any money out I will go elsewhere. Unfortunately he regards AC as some sort of charity funded by large lenders for the benefit of borrowers and small lenders, everyone should virtue signal their support for AC approach as of course we can tell everything about the need of the investors from the amount invested and those who are over exposed deserve to lose vast amount of their funds.
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alanh
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Post by alanh on Apr 6, 2020 12:49:47 GMT
The situation is a joke. If you look at all other platforms you have a group of lenders discussing issues, working collaboratively and determining the best way forward for the lender group as a whole. Assetz have introduced a set of rules that pits one half of their investors against the other half and this is the net result.
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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 12:54:22 GMT
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? If you mean they give information which is different from the one calculated from the information they supply on the Website "YES"
If you mean they will not tell us where our money is allocated "YES"
If you mean the reason what they have the removed useful information from the Website "YES"
If you mean the reason why the directors wont tell us how much they have/added during the crisis of their own money in the AA "YES"
If you mean they rarely post on the Website when we are in crisis and lenders would very much like to know what is happening "YES"
If you mean they change the T&Cs but won't tell us what are the changes but expect lenders to though all the old and new T&Cs to find the changes "YES"
If you mean the video that give no information but trust us "NO"
If you mean statements not backed up by figures "NO"
Yep, unsurprisingly they seem to have chosen to ignore all those enquiries made by an anonymous poster on an unregulated public forum frequented by a small subset of their customers They actually have posted more since weve been in 'crisis' than when we werent chris 30+ posts since Mar 12, 11 posts in 2020 previously stuart the same
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alender
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Post by alender on Apr 6, 2020 12:54:55 GMT
The situation is a joke. If you look at all other platforms you have a group of lenders discussing issues, working collaboratively and determining the best way forward for the lender group as a whole. Assetz have introduced a set of rules that pits one half of their investors against the other half and this is the net result. And half the lenders against AC, when the corona virus lock down is eased I can see the FCA having to do a lot of overtime to deal with all the complaints with also possible group actions in the courts.
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Mikeme
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Post by Mikeme on Apr 6, 2020 12:59:02 GMT
The situation is a joke. If you look at all other platforms you have a group of lenders discussing issues, working collaboratively and determining the best way forward for the lender group as a whole. Assetz have introduced a set of rules that pits one half of their investors against the other half and this is the net result. AC are doing the same for both lenders and borrowers and as I keep harping on about. A bit of interest is less important than possible capital. I genuinely pit your love of money and lack of empathy. But then like many wealthy thats what comes with wealth. I am also laughing at your powerlessness to get your money before those with less than you.
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