mrsb
Posts: 196
Likes: 102
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Post by mrsb on Apr 8, 2020 15:17:35 GMT
The vote result suggests about 23,500 (399 votes = 1.7% of investors)
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Post by honda2ner on Apr 8, 2020 15:26:35 GMT
I'm finding the boards a fairly depressing place to be these last few weeks and wish everyone would calm down and get a grip. Personally I'm 100% behind ACs decision to make sure that everyone gets something instead of a wealthy few that get the lions share, I'm sure it hurts and I have sympathy but continuously screaming about it on forums and questioning the survival of a platform only hurts yourself and everybody else. Please, for everyone's sake pipe down and let's try and get out of this as unscathed as possible, that is the fastest way to get your money back. Hopefully after a few months the stress on the system will ease and things can get back to some sort of normal.
I suspect a few people are learning that the AA accounts are a square peg in a round hole, they are an investment account pretending to be a savings account. I've been around p2p a very long time and one unfortunate thing that stands out on every platform is that there are a lot of people who want to invest into a minimum effort black box account. Trouble is those accounts are always the most volatile as they are full of people that aren't looking for a long term investment, on the platform side, these lenders are the easiest to replace so there is temptation to hit them hardest in hard times. Bizarrely that makes the so called Access Accounts the most illiquid in hard times as both sides are pulling in opposite directions. I'm not trying to be smug, just hoping that people that have been made uncomfortable learn and move forward.
The best thing all of us can do is to stay calm, after all, we are all sophisticated investors who are only investing money we can afford to lose and we all know the value of our investment can go down as well as up. Right?
Personally I've always been 100% in the MLA (yes it's a lot of work but the only way to be sure of a good investment is to put in the legwork and study all those credit reports, anything black box like is going to bite at some point, every single automated account AC has ever had has underperformed but people DONT learn) and picking up juicy discounts in the hope that any capital losses (and there will be capital losses) are blunted by the discounts. There are many other platforms looking a lot more shaky than AC, LW was looking sickly before coronavirus and the RS cash burn, dodgy car finance firms that they were forced to buy and plummeting PF is far more worrying, they are 100% black box and with no data they terrify me.
Stay indoors and keep breathing.
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alanh
Posts: 556
Likes: 560
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Post by alanh on Apr 8, 2020 15:37:39 GMT
I'm finding the boards a fairly depressing place to be these last few weeks and wish everyone would calm down and get a grip. Personally I'm 100% behind ACs decision to make sure that everyone gets something instead of a wealthy few that get the lions share, I'm sure it hurts and I have sympathy but continuously screaming about it on forums and questioning the survival of a platform only hurts yourself and everybody else. Please, for everyone's sake pipe down and let's try and get out of this as unscathed as possible, that is the fastest way to get your money back. Hopefully after a few months the stress on the system will ease and things can get back to some sort of normal. I suspect a few people are learning that the AA accounts are a square peg in a round hole, they are an investment account pretending to be a savings account. I've been around p2p a very long time and one unfortunate thing that stands out on every platform is that there are a lot of people who want to invest into a minimum effort black box account. Trouble is those accounts are always the most volatile as they are full of people that aren't looking for a long term investment, on the platform side, these lenders are the easiest to replace so there is temptation to hit them hardest in hard times. Bizarrely that makes the so called Access Accounts the most illiquid in hard times as both sides are pulling in opposite directions. I'm not trying to be smug, just hoping that people that have been made uncomfortable learn and move forward. The best thing all of us can do is to stay calm, after all, we are all sophisticated investors who are only investing money we can afford to lose and we all know the value of our investment can go down as well as up. Right? Personally I've always been 100% in the MLA (yes it's a lot of work but the only way to be sure of a good investment is to put in the legwork and study all those credit reports, anything black box like is going to bite at some point, every single automated account AC has ever had has underperformed but people DONT learn) and picking up juicy discounts in the hope that any capital losses (and there will be capital losses) are blunted by the discounts. There are many other platforms looking a lot more shaky than AC, LW was looking sickly before coronavirus and the RS cash burn, dodgy car finance firms that they were forced to buy and plummeting PF is far more worrying, they are 100% black box and with no data they terrify me. Stay indoors and keep breathing. RS just added £4.65m in cash to their provision fund today by the way, increasing it by approx 65%. Seems like theres less to worry about there than you thought.
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alanh
Posts: 556
Likes: 560
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Post by alanh on Apr 8, 2020 15:52:57 GMT
Well, I guess we'll just have to agree to disagree on what can be considered alarmist. My 'line in the sand' is postulating " huge losses" and stating " Retired people who now have to sell their house to make ends meet" as facts, when it isn't the case. It's an opinion - maybe even an arguable one - but presenting it as anything other than opinion can be alarming. (In my opinion ) As I said earlier: beware of unintended consequences. It would not surprise me that some older investors will be forced to sell off their home in the future as the result of AC actions. I know as I in this age group and I am not so sure it might not be me at some point.
I have mentioned my situation here before and it is made worse by AC contempt for larger investors.
Recently my finances have taken a huge hit mostly to a particular situation outside the usual corona virus hit. I finished work a few years ago because all my work was being outsourced to India but I am still a few years from state pension. There is very little chance of me now finding any work even quite low paid work, no problem as I have some great assets and a private pension I will take later. Because of the government policy of low interest rates I could either watch my retirement nest egg disappear with tax and inflation or put it elsewhere, I bought what are regarded as quality shares, Insurance Companies, Banks, Oil etc. and a reasonable large amount in P2P to balance the equities.
When I check my private pension pot it is very uncomfortable experience, the governments believes I am so well off that I do no need my dividends from Banks and Insurance companies as they should use the money elsewhere so have blocked these (this will also hit my pension) even though these companies dividends are well funded, Oils are badly hit and other companies have reduced or stopped the the dividends. OK there is P2P, that will also be hit, however I was not expecting to be so badly treated because disproportionate treatment of lenders.
Will I have to sell my house, at this point I don't know but I do know that the chances have increased because of the way AC have acted.
Well its not taken long for there to be an example of exactly what I was talking about. You have my sympathies Sir, no doubt others will take great delight in your situation. I would suggest you try to reduce spending as much as possible and weather the storm if you can. Taking money out of equities in particular after a crash is to be avoided if possible. As for p2p I would expect much higher losses in Assetz than any of the other platforms (talking from a large investors point of view). Hopefully you are not solely in this platform. Many platforms are struggling but I am not expecting to take anything other than a small hit, if any, on the others I am invested in. Ultimately, until you find out what your recovery rate from AC is it will be difficult to judge exactly where you stand.
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Post by honda2ner on Apr 8, 2020 16:12:46 GMT
I see RS RYI pages are not working again, good timing.
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alender
Member of DD Central
Posts: 955
Likes: 645
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Post by alender on Apr 8, 2020 16:20:14 GMT
It would not surprise me that some older investors will be forced to sell off their home in the future as the result of AC actions. I know as I in this age group and I am not so sure it might not be me at some point.
I have mentioned my situation here before and it is made worse by AC contempt for larger investors.
Recently my finances have taken a huge hit mostly to a particular situation outside the usual corona virus hit. I finished work a few years ago because all my work was being outsourced to India but I am still a few years from state pension. There is very little chance of me now finding any work even quite low paid work, no problem as I have some great assets and a private pension I will take later. Because of the government policy of low interest rates I could either watch my retirement nest egg disappear with tax and inflation or put it elsewhere, I bought what are regarded as quality shares, Insurance Companies, Banks, Oil etc. and a reasonable large amount in P2P to balance the equities.
When I check my private pension pot it is very uncomfortable experience, the governments believes I am so well off that I do no need my dividends from Banks and Insurance companies as they should use the money elsewhere so have blocked these (this will also hit my pension) even though these companies dividends are well funded, Oils are badly hit and other companies have reduced or stopped the the dividends. OK there is P2P, that will also be hit, however I was not expecting to be so badly treated because disproportionate treatment of lenders.
Will I have to sell my house, at this point I don't know but I do know that the chances have increased because of the way AC have acted.
Well its not taken long for there to be an example of exactly what I was talking about. You have my sympathies Sir, no doubt others will take great delight in your situation. I would suggest you try to reduce spending as much as possible and weather the storm if you can. Taking money out of equities in particular after a crash is to be avoided if possible. As for p2p I would expect much higher losses in Assetz than any of the other platforms (talking from a large investors point of view). Hopefully you are not solely in this platform. Many platforms are struggling but I am not expecting to take anything other than a small hit, if any, on the others I am invested in. Ultimately, until you find out what your recovery rate from AC is it will be difficult to judge exactly where you stand. Not much option to reduce spending, a few weekends away every year in the winter (as it is cheaper) costing a total of around £250 each, 14 year old car, drive less than 5000 miles a year, service it myself and cycle a lot, manage to get most food reduced late at night from local supermarkets, heating free from from logs from a local tree surgeon which I cut myself, smart phone £6pm, (phone cost £80 from Ebay), TV cost £90 from Ebay, just watch TV from Freeview, go out to eat about twice a year, use folding bike carried in the car to avoid paying car parking charges. I consume very little, my partner is a professional carer (not paid much for a very demanding job as she does mostly management now) who is also very careful with money. Do all my house maintenance, defiantly no gardener, cleaner, plumber etc. A large proportion of income goes on things like council tax, car tax, insurance, petrol etc, the money from dividends and P2P was mostly going there.
I am happy healthy and have a good life in a nice house but now becoming very worried about the future made worse by AC policies who regard me as someone who is so well off I can be used to subsidise small lenders and borrowers.
I have one other platform GS, which is locked up, did have Landbay but when it closed moved money to increase my AC holding Used to have had RS but got fed up with goings on over rates so moved to AC, what a mistake.
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Post by honda2ner on Apr 8, 2020 16:22:34 GMT
It would not surprise me that some older investors will be forced to sell off their home in the future as the result of AC actions. I know as I in this age group and I am not so sure it might not be me at some point.
I have mentioned my situation here before and it is made worse by AC contempt for larger investors.
Recently my finances have taken a huge hit mostly to a particular situation outside the usual corona virus hit. I finished work a few years ago because all my work was being outsourced to India but I am still a few years from state pension. There is very little chance of me now finding any work even quite low paid work, no problem as I have some great assets and a private pension I will take later. Because of the government policy of low interest rates I could either watch my retirement nest egg disappear with tax and inflation or put it elsewhere, I bought what are regarded as quality shares, Insurance Companies, Banks, Oil etc. and a reasonable large amount in P2P to balance the equities.
When I check my private pension pot it is very uncomfortable experience, the governments believes I am so well off that I do no need my dividends from Banks and Insurance companies as they should use the money elsewhere so have blocked these (this will also hit my pension) even though these companies dividends are well funded, Oils are badly hit and other companies have reduced or stopped the the dividends. OK there is P2P, that will also be hit, however I was not expecting to be so badly treated because disproportionate treatment of lenders.
Will I have to sell my house, at this point I don't know but I do know that the chances have increased because of the way AC have acted.
Well its not taken long for there to be an example of exactly what I was talking about. You have my sympathies Sir, no doubt others will take great delight in your situation. I would suggest you try to reduce spending as much as possible and weather the storm if you can. Taking money out of equities in particular after a crash is to be avoided if possible. As for p2p I would expect much higher losses in Assetz than any of the other platforms (talking from a large investors point of view). Hopefully you are not solely in this platform. Many platforms are struggling but I am not expecting to take anything other than a small hit, if any, on the others I am invested in. Ultimately, until you find out what your recovery rate from AC is it will be difficult to judge exactly where you stand. Ohhh, I give up. Sick of the very stupid trolls continuously repeating themselves and hijacking every post in every thread in a desperate attempt to wipe out everyone's investment in AC. I hope you lose every penny, you deserve to.
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alanh
Posts: 556
Likes: 560
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Post by alanh on Apr 8, 2020 16:24:13 GMT
Well its not taken long for there to be an example of exactly what I was talking about. You have my sympathies Sir, no doubt others will take great delight in your situation. I would suggest you try to reduce spending as much as possible and weather the storm if you can. Taking money out of equities in particular after a crash is to be avoided if possible. As for p2p I would expect much higher losses in Assetz than any of the other platforms (talking from a large investors point of view). Hopefully you are not solely in this platform. Many platforms are struggling but I am not expecting to take anything other than a small hit, if any, on the others I am invested in. Ultimately, until you find out what your recovery rate from AC is it will be difficult to judge exactly where you stand. Ohhh, I give up. Sick of the very stupid trolls continuously repeating themselves and hijacking every post in every thread in a desperate attempt to wipe out everyone's investment in AC. I hope you lose every penny, you deserve to. Oh god.......another one
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Post by Harland Kearney on Apr 8, 2020 16:27:09 GMT
Ohhh, I give up. Sick of the very stupid trolls continuously repeating themselves and hijacking every post in every thread in a desperate attempt to wipe out everyone's investment in AC. I hope you lose every penny, you deserve to. Oh god.......another one He has probs read 50+ comments of the same thing from you, in all due respect he didnt' need to go that far also. But yes, you are already making sweeping statements like 50% capital loss ect. Way too early to be doing things like that, just wait a couple of months to see where everything is at, please? It be much clearer then, nobody knows for certain. Sort of what iRobot said too.
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alender
Member of DD Central
Posts: 955
Likes: 645
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Post by alender on Apr 8, 2020 16:30:11 GMT
Ohhh, I give up. Sick of the very stupid trolls continuously repeating themselves and hijacking every post in every thread in a desperate attempt to wipe out everyone's investment in AC. I hope you lose every penny, you deserve to. Oh god.......another one Yep, we are getting to see the true character of some people. Schadenfreude
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Post by gravitykillz on Apr 9, 2020 6:09:31 GMT
In 3 weeks managed to withdraw £50 from my £1k in assetz.
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benaj
Member of DD Central
Posts: 4,852
Likes: 1,590
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Post by benaj on Apr 9, 2020 6:14:32 GMT
Withdrawing £50 from 1k account in 3 weeks. That's one of the quickest probably quickest for the big guns. I am pretty sure other platforms haven't been this quick.
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Post by gravitykillz on Apr 9, 2020 6:14:52 GMT
But still better than ratesetter. Assetz is paying back faster than ratesetter. Lending works and growth street are paying back zilch. Have more faith in assetz than ratesetter at present.
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elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
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Post by elliotn on Apr 9, 2020 8:50:06 GMT
If I may weigh in on gravity’s post, it is not possible for me to agree more. RS may deny their investors funds for two months and significantly further once the March 16th second wave of peak, panic releases hit. What happens to NHS staff denied access to their small investments by the panicking, queue-blocking rich during an unprecedented health crisis - for which normal market condition T&C evidently no longer apply - and we rely on them for the safety of our family’s lives? I’m one of the lucky ones. I have the majority of my funds out already (earning sh’t-loads in the markets). As a latecomer to the platform run I would like personally to thank alanh . I could not have done it without you.
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alanh
Posts: 556
Likes: 560
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Post by alanh on Apr 9, 2020 9:23:48 GMT
If I may weigh in on gravity’s post, it is not possible for me to agree more. RS may deny their investors funds for two months and significantly further once the March 16th second wave of peak, panic releases hit. What happens to NHS staff denied access to their small investments by the panicking, queue-blocking rich during an unprecedented health crisis - for which normal market condition T&C evidently no longer apply - and we rely on them for the safety of our family’s lives? I’m one of the lucky ones. I have the majority of my funds out already (earning sh’t-loads in the markets). As a latecomer to the platform run I would like personally to thank alanh . I could not have done it without you. You got out in one piece, good for you. But I can't possibly take all the credit for this. There are thousands of us stuck in the zombie access account exit queue. It was a team effort.
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