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Post by drphil on Apr 21, 2020 11:34:01 GMT
I had a 30dayAA withdrawal scheduled for 15.30 on 12 March. AC are telling me that this was after the cut-off time of 2.35 so I will have to join the pool.
Could someone please advise if this correct, thanks.
The pay out for 12th of March only corrected those who made cash withdrawals from their cash accounts, which were inadvertly reversed a couple of days later back to their cash account. Thanks for quick reply.
The FAQ wording confused me because it refers to ""Access Account withdrawls" not cash account withdrawals (even though the initial source of the cash deposits in this case was the AA accounts)
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tonyr
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Post by tonyr on Apr 23, 2020 8:21:00 GMT
Are the 'queue times' accurate for you?
I set my QAA and swept fund to cash on the night of the 12th March.
My queue times show as 20:20 and 20:29 on 19th March. I assume this was some automated process.
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picnicman
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Post by picnicman on Apr 23, 2020 10:12:31 GMT
Are the 'queue times' accurate for you? I set my QAA and swept fund to cash on the night of the 12th March. My queue times show as 20:20 and 20:29 on 19th March. I assume this was some automated process. tonyr - my 30 day has stayed the same, but my 90 day has for some unknown reason changed from the 18th to 14th March - cannot see any particular logic compared to yours, but at least you are not alone re the change. Not that it matters at present, but if in the future withdrawals move back to time and date requested (I know I know!! ) it might be more important. If no one else posts re a good reason, you could always ask live chat if you are keen enough, although it seems to have disappeared the last couple of times I have logged in (which takes me straight to the Beta site). Hope this helps - Cheers P
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alanh
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Post by alanh on Apr 24, 2020 10:49:59 GMT
I am a very disillusioned investor whose primary wish is to escape from AC as quickly as possible with my £60000 investment in the QAA and have no more dealings with your company. I suspect there are a number of investors who feel the same way I do. I would be prepared to forgo my 4.1% interest payments for 9 months if I could have my investment back in full at the end of that time! I suppose no amount of investor complaints will make any difference to your management plans so I will seat and wait and hope against hope that I will see some portion of my original investment again. I'm sure every one would bite AC's hand off if they could get that deal. Unfortunately, with £60,000 invested your current expected payback date based upon what we have received since the start of the lock up is around the year 2029.
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agent69
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Post by agent69 on Apr 24, 2020 11:24:06 GMT
I am a very disillusioned investor whose primary wish is to escape from AC as quickly as possible with my £60000 investment in the QAA and have no more dealings with your company. I suspect there are a number of investors who feel the same way I do. I would be prepared to forgo my 4.1% interest payments for 9 months if I could have my investment back in full at the end of that time! I suppose no amount of investor complaints will make any difference to your management plans so I will seat and wait and hope against hope that I will see some portion of my original investment again. I'm sure every one would bite AC's hand off if they could get that deal. Unfortunately, with £60,000 invested your current expected payback date based upon what we have received since the start of the lock up is around the year 2029. I had £5.32 returned in the last week. Assuming about 15,000 access acounts in the pool, this equates to about £75k paid out by AC. A stark contrast to about £4m returned by RS.
Certainly goes to show what a business model AC are using.
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agent69
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Post by agent69 on Apr 24, 2020 11:27:00 GMT
I'm sure every one would bite AC's hand off if they could get that deal. Unfortunately, with £60,000 invested your current expected payback date based upon what we have received since the start of the lock up is around the year 2029. I had £5.32 returned in the last week. Assuming about 15,000 access acounts in the pool, this equates to about £75k paid out by AC. A stark contrast to about £4m returned by RS.
Certainly goes to show what a business model AC are using. Well there you go, you learn something new every day (as they say)
I typed a 4 letter word in my previous post and it got automatically replaced with an angry face. Is there a list of these auto replacements somewhere (probably just me being a bit slow off the mark again)?
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r00lish67
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Post by r00lish67 on Apr 24, 2020 11:31:52 GMT
I had £5.32 returned in the last week. Assuming about 15,000 access acounts in the pool, this equates to about £75k paid out by AC. A stark contrast to about £4m returned by RS.
Certainly goes to show what a business model AC are using. Well there you go, you learn something new every day (as they say)
I typed a 4 letter word in my previous post and it got automatically replaced with an angry face. Is there a list of these auto replacements somewhere (probably just me being a bit slow off the mark again)?
I think someone put up a list once, but it just turned into a few angry faces.
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johni
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Post by johni on Apr 24, 2020 11:46:20 GMT
I am a very disillusioned investor whose primary wish is to escape from AC as quickly as possible with my £60000 investment in the QAA and have no more dealings with your company. I suspect there are a number of investors who feel the same way I do. I would be prepared to forgo my 4.1% interest payments for 9 months if I could have my investment back in full at the end of that time! I suppose no amount of investor complaints will make any difference to your management plans so I will seat and wait and hope against hope that I will see some portion of my original investment again. So where is the money to repay you coming from? When you invested did you not understand that the money was being loaned to others? Did you not read the warnings that a) you may not be able to get your money back instantly if everyone wanted it at once. b) you may not get all your capital back. If you wanted instant access a bank is where your money should have gone. Everyone wants their capital back but you accepted a better rate of interest now you are understanding the risk you took. Am I happy no. Is it Assetz fault no. Can they do anything to get our money back today absolutely not.
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alanh
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Post by alanh on Apr 24, 2020 11:49:40 GMT
I am a very disillusioned investor whose primary wish is to escape from AC as quickly as possible with my £60000 investment in the QAA and have no more dealings with your company. I suspect there are a number of investors who feel the same way I do. I would be prepared to forgo my 4.1% interest payments for 9 months if I could have my investment back in full at the end of that time! I suppose no amount of investor complaints will make any difference to your management plans so I will seat and wait and hope against hope that I will see some portion of my original investment again. So where is the money to repay you coming from? When you invested did you not understand that the money was being loaned to others? Did you not read the warnings that a) you may not be able to get your money back instantly if everyone wanted it at once. b) you may not get all your capital back. If you wanted instant access a bank is where your money should have gone. Everyone wants their capital back but you accepted a better rate of interest now you are understanding the risk you took. Am I happy no. Is it Assetz fault no. Can they do anything to get our money back today absolutely not. I don't think anyone expects their money back today. The more important question is are we going to get our money back ever?
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johni
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Post by johni on Apr 24, 2020 11:52:51 GMT
I'm sure every one would bite AC's hand off if they could get that deal. Unfortunately, with £60,000 invested your current expected payback date based upon what we have received since the start of the lock up is around the year 2029. I had £5.32 returned in the last week. Assuming about 15,000 access acounts in the pool, this equates to about £75k paid out by AC. A stark contrast to about £4m returned by RS.
Certainly goes to show what a business model AC are using. Totally different lending. Every day Ratesetter are repaid millions from individual lenders they took a decision to stop lending to the majority of new borrowers and return the money to lenders. Zopa same type of lenders have not done this they are returning a fraction of money to lenders. Assetz cannot return anything until a borrower repays the money. This cannot happen as no money is being lent to refinance at this point. So either you didn't understand the type of business you were lending your money to or you are deliberately trying to compare apples to pears .
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Post by Harland Kearney on Apr 24, 2020 11:57:48 GMT
I don't want a massive argument with ppl via qoutes and I get why some people are upset with some of the decisions made by AC. I too have issues with some steps taken by them. But I can't help but chip in on the comparaing of RS to AC repayment levels. (not models, just repayment totals)
But putting the repayment "model" aside, talking about the repayment amounts in total only here. Does this really surprise anybody? Like with the loan types on forebarance and the loan book type of AC.
Why compare it to RS, its a entirely diffrent thing. A primairly Property/SME loan book by AC is paying back slower than R.S personal loanbook. Does this surprise anybody? It shouldnt' surprise you, if it does then you don't understand the asset type.
I'm not super involved in RS & have only ever had a small holding with them. However the depleting PF that is covering the mounting defaults isn't going to last forever, its been depleting at 1 million a month BEFORE COVID 19. As other posters pointed out, it would of depleted by this Xmas, even without Covid-19 (if there was not large cash injections to keep it on life support, as there has been I believe to stop the massive amount of bleeding possibly going to occur in the short future)
It is nice that lenders are getting cash back from capital repayments; but you cannot blame the rate of AC capital repayments when its the nature of the loanbook.
With all due respect, can we not wait until forebarance is over and the UK Economy begins to reopen...Before making assumption thats going take into 2100 to repay us all. That would only be possible if no borrowers were to ever repay a penny, and the only cash we got was from new investors money. (a ponzi, crazy)
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alanh
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Post by alanh on Apr 24, 2020 12:00:35 GMT
I don't want a massive argument with ppl via qoutes and I get why some people are upset with some of the decisions made by AC. I too have issues with some steps taken by them. But I can't help but chip in on the comparaing of RS to AC repayment levels. (not models, just repayment totals) But putting the repayment "model" aside, talking about the repayment amounts in total only here. Does this really surprise anybody? Like with the loan types on forebarance and the loan book type of AC. Why compare it to RS, its a entirely diffrent thing. A primairly Property/SME loan book by AC is paying back slower than R.S personal loanbook. Does this surprise anybody? It shouldnt' surprise you, if it does then you don't understand the asset type. I'm not super involved in RS & have only ever had a small holding with them. However the depleting PF that is covering the mounting defaults isn't going to last forever, its been depleting at 1 million a month BEFORE COVID 19. As other posters pointed out, it would of depleted by this Xmas, even without Covid-19 (if there was not large cash injections to keep it on life support, as there has been I believe to stop the massive amount of bleeding possibly going to occur in the short future) It is nice that lenders are getting cash back from capital repayments; but you cannot blame the rate of AC capital repayments when its the nature of the loanbook. With all due respect, can we not wait until forebarance is over and the UK Economy begins to reopen...Before making assumption thats going take into 2100 to repay us all. That would only be possible if no borrowers were to ever repay a penny, and the only cash we got was from new investors money. (a ponzi, crazy) The provision fund at RS has been given a £4.65 million cash injection FYI, thereby increasing it by over 50%.
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Post by Harland Kearney on Apr 24, 2020 12:04:01 GMT
I don't want a massive argument with ppl via qoutes and I get why some people are upset with some of the decisions made by AC. I too have issues with some steps taken by them. But I can't help but chip in on the comparaing of RS to AC repayment levels. (not models, just repayment totals) But putting the repayment "model" aside, talking about the repayment amounts in total only here. Does this really surprise anybody? Like with the loan types on forebarance and the loan book type of AC. Why compare it to RS, its a entirely diffrent thing. A primairly Property/SME loan book by AC is paying back slower than R.S personal loanbook. Does this surprise anybody? It shouldnt' surprise you, if it does then you don't understand the asset type. I'm not super involved in RS & have only ever had a small holding with them. However the depleting PF that is covering the mounting defaults isn't going to last forever, its been depleting at 1 million a month BEFORE COVID 19. As other posters pointed out, it would of depleted by this Xmas, even without Covid-19 (if there was not large cash injections to keep it on life support, as there has been I believe to stop the massive amount of bleeding possibly going to occur in the short future) It is nice that lenders are getting cash back from capital repayments; but you cannot blame the rate of AC capital repayments when its the nature of the loanbook. With all due respect, can we not wait until forebarance is over and the UK Economy begins to reopen...Before making assumption thats going take into 2100 to repay us all. That would only be possible if no borrowers were to ever repay a penny, and the only cash we got was from new investors money. (a ponzi, crazy) The provision fund at RS has been given a £4.65 million cash injection FYI, thereby increasing it by over 50%. So about 150 days worth (at £1 million a month), that money that sold on bad debt went into the PF not investors pockets for cashing out. Its simply prolonging the need to keep defaulted loans paying interest to investors. Not a inherently bad thing but my point stands. That calculation is done pre-covid19 so we can only imagine it will be less. Anyway completely overshooting my point. Repayment amounts are gonna be RADICALLY diffrent between RS & AC when it comes to time scale. One does Personal loans, the other does SME and property loans with charge security. (I did point this out above)
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alanh
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Post by alanh on Apr 24, 2020 12:07:17 GMT
I had £5.32 returned in the last week. Assuming about 15,000 access acounts in the pool, this equates to about £75k paid out by AC. A stark contrast to about £4m returned by RS.
Certainly goes to show what a business model AC are using. Totally different lending. Every day Ratesetter are repaid millions from individual lenders they took a decision to stop lending to the majority of new borrowers and return the money to lenders. Zopa same type of lenders have not done this they are returning a fraction of money to lenders. Assetz cannot return anything until a borrower repays the money. This cannot happen as no money is being lent to refinance at this point. So either you didn't understand the type of business you were lending your money to or you are deliberately trying to compare apples to pears . The fact remains, RS are repaying millions vs Assetz repaying nothing. Where is all the money going? The access accounts have 580 individual loans underlying them with terms of up to 5 years. As a rough average we should have 10 chunky loans repayments per month for maturing loans, plus capital repayments on those that amortise. And yet what do we have..........nothing. (Well a fiver over the past week.) I would think anyone with more than a couple of k invested is looking at capital losses.
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alanh
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Post by alanh on Apr 24, 2020 12:09:59 GMT
The provision fund at RS has been given a £4.65 million cash injection FYI, thereby increasing it by over 50%. So about 150 days worth (at £1 million a month), that money that sold on bad debt went into the PF not investors pockets for cashing out. Its simply prolonging the need to keep defaulted loans paying interest to investors. Not a inherently bad thing but my point stands. That calculation is done pre-covid19 so we can only imagine it will be less. Anyway completely overshooting my point. Repayment amounts are gonna be RADICALLY diffrent between RS & AC when it comes to time scale. One does Personal loans, the other does SME and property loans with charge security. (I did point this out above) Completely wrong. The provision fund has gone UP by £4.65 million. Its currently around £13 million. Your 150 days is actually something over a year.
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