alibaba
Member of DD Central
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Post by alibaba on Mar 13, 2020 11:59:37 GMT
I had some concern about quite a large withdrawal request from the QAA that I made two days ago, I have had a very reassuring email from Mel at AC, my confidence in AC has been restored, I still have some issues with the way that GBBA1 and GEA accounts have been administered but moving forward I will be re investing more funds with AC. I have learnt from previous experience that an indicator of a companies performance is how they deal with problems, in my case they have provided a positive response in a timely manner.
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Post by gravitykillz on Mar 13, 2020 12:06:20 GMT
I had some concern about quite a large withdrawal request from the QAA that I made two days ago, I have had a very reassuring email from Mel at AC, my confidence in AC has been restored, I still have some issues with the way that GBBA1 and GEA accounts have been administered but moving forward I will be re investing more funds with AC. I have learnt from previous experience that an indicator of a companies performance is how they deal with problems, in my case they have provided a positive response in a timely manner. At least someone is providing liquidity!
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Mousey
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Post by Mousey on Mar 13, 2020 12:07:12 GMT
Capital not invested in loans is frozen as well ? The circa 1.05% of the QAA that is uninvested cash has been frozen which is a material breach of the terms and conditions of the account. This behaviour is contrary to every operational description Assetz have ever made when they purported to explain how these accounts operate.
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jlend
Member of DD Central
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Post by jlend on Mar 13, 2020 12:13:10 GMT
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Post by Harland Kearney on Mar 13, 2020 12:29:59 GMT
Good share, very interesting thank you. Should bring a resolve to the liquidity issue. Imagine the Goverment actually helping! 
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withnell
Member of DD Central
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Post by withnell on Mar 13, 2020 12:32:28 GMT
Good share, very interesting thank you. Should bring a resolve to the liquidity issue. Imagine the Goverment actually helping! Don't think it will - pretty sure it'll be earmarked for new lending, rather than going into the Access accounts cash pot
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Post by drphil on Mar 13, 2020 12:33:06 GMT
My thoughts:
Firstly, thanks to Chris/Stuart for engaging rapidly with the forum. Like me, I am sure it has reassured many investors.
Secondly, I am in broad agreement with AC’s strategy on this, though I think their communication could have been a bit better.
Thirdly, I am very surprised by the apparent naivety of some of the more optimistic posters on here (and in fact on the forum generally). Far be it for me to spread panic, but I don’t think the serious nature of the current situation on the p2p industry is appreciated. Borrowers are going to get into difficulties as staff absences etc take hold putting a big strain on already precariously balanced PFs.
Fourthly, IMHO comparisons with the stock market are unhelpful. No-one who has not yet cashed out has lost a penny and are unlikely to have (at least in the equity markets) in 10- or 15-years’ time which is the sort of timescale over which equity investments should be made. |
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Post by drphil on Mar 13, 2020 12:36:09 GMT
Yes thanks for this. But why are we hearing it from you, not AC (via email, on here, on their blog etc) ?
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m2btj
Member of DD Central
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Post by m2btj on Mar 13, 2020 12:45:22 GMT
At last a sensible investment decision from British Business Bank. I dread to think what they've lost with Funding Circle!
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Post by gravitykillz on Mar 13, 2020 12:49:13 GMT
Just got an email from loanpad they seem to be handling this very well compared to assetz and ratesetter. They state their loans are uncorellated to the stockmarket and they have reduced lending to increase platform liquidity.
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Mikeme
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Post by Mikeme on Mar 13, 2020 12:49:51 GMT
Yes thanks for this. But why are we hearing it from you, not AC (via email, on here, on their blog etc) ? I do think that they are taking time and making sure that there plans are workable before announcing full plans. The step of controlling money out is the right way. They also will be looking at how to help borrowers and ensure borrowers don't take advantage. I see a new hotel loan has been stopped from being traded. They have lots to do and I like many others have confidence that they will work through the issues and keep us informed. Give them some slack too.
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cb25
Posts: 3,528
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Post by cb25 on Mar 13, 2020 12:54:35 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. You can move un-invested MLA cash to the Cash account, as I've just done that (to see if it was 'locked')
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jlend
Member of DD Central
Posts: 1,840
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Post by jlend on Mar 13, 2020 13:15:35 GMT
Good share, very interesting thank you. Should bring a resolve to the liquidity issue. Imagine the Goverment actually helping! Don't think it will - pretty sure it'll be earmarked for new lending, rather than going into the Access accounts cash pot Of course it will not resolve the current liquity issue on its own, but that was never the purpose. It does show their is confidence in Assetz and p2p in general. The bank has provided money to many financial institutions in the past. This is a vote of confidence in AC. As loans are redeemed on AC, some of which have holdings in the Access accounts, so new loans will be accepted. The BBB money can support some of these loans. It is important that AC keeps lending, albeit if at lower levels for a time. I am sure this new money will help along with other plans I am sure AC have and will continue to work on. It is what it is, am sure AC are working hard, albeit it is only natural there is a level of concern from lenders.
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Post by drphil on Mar 13, 2020 14:39:45 GMT
official statement now on website
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Post by Harland Kearney on Mar 13, 2020 14:46:01 GMT
Very detailed very precise, bravo. Looking forward to seeing the que postion and a guage of liquiditiy. As they state, the underlying loan book is perfectly fine; the inbalance simply being between withdrawers and new investors taking a negative correlation this week.
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