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Post by Ace on Mar 14, 2020 10:17:27 GMT
I'm fully behind what AC are doing to sort the queuing system out for withdrawals, but what I can't understand is why we were told that it had already been implemented quite some time ago in this post. chris ? |
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Post by gravitykillz on Mar 14, 2020 10:26:03 GMT
I am behind assetz as well. This is the price we pay for above average interest rates. Assetz was not bank account and we were continuously warned this could happen.
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Post by chris on Mar 14, 2020 11:08:51 GMT
I'm fully behind what AC are doing to sort the queuing system out for withdrawals, but what I can't understand is why we were told that it had already been implemented quite some time ago in this post. chris ? The queue is in place, however the current market conditions are necessitating a different algorithm to be put in place for releasing funds to the queue.
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Post by stuartassetzcapital on Mar 14, 2020 11:14:14 GMT
There will be a full FAQ update to our blog a little later today and that should answer most questions we trust.
And to correct the title on this thread - withdrawal of funds is not blocked, just withdrawals on access Accounts are paused.
Perhaps the thread title could be updated.
The relevant FAQ entry regarding normal withdrawals is here:
I had some normal withdrawals delayed, when with those be paid out?
• Any normal withdrawal requests for cash that you have not yet received and that were not monies held in the access accounts in any way will be released on the morning of Monday 16th March.
They will continue to be processed as normal going forwards.
• We apologise for the workload in the finance team at this very busy time having delayed those but we would not compromise or shortcut security checks to make that faster so the whole batch was paused unfortunately until the proper process could be applied.
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Post by stuartassetzcapital on Mar 14, 2020 11:29:55 GMT
There are two reasons why I am not particularly reassured by the statement:
"We expect this will continue at least to some degree before treatments and then the vaccine are announced in due course. We all know that this is being worked on at a pace and the announcement of either, or both, will likely remove the substantial uncertainty from the markets"
What on earth are they talking about? Everybody knows that a vaccine is 12-18 months away, and there are no "treatments". Nothing will be announced in "due course". Yet this is apparently what we are relying on to restore normal market conditions? Bizarre.
Secondly, the quality of English throughout the statement is really quite poor. It feels like somebody has thrashed it out on a train and pressed send without even proof reading it. Combined with the above, it gives an impression of disarray.
I am a big fan of Assetz; I have faith that they will deal with this crisis professionally and will hopefully come through the other end.
I just thought the above was too strange to ignore.
As part of our preparation and management of future guidance for investors and understanding the likely direction of travel of the markets we carefully research the facts. Our considered opinion at present is that with the likes of Gilead, AbbVie, Moderna, Glaxo and several others having partially developed anti-viral drug treatments that may be able to be modified to alleviate symptoms or more in the absence of a vaccine and perhaps therefore alleviate pressure on ICU beds that this would be seen as good news by all and likely be part of the end of this confused stage in the markets. It may not happen but it most certainly is being worked on and there is no technical reason for it not to work in due course. Not being available today is of course not good if you, friends or family have it or are concerned about it today and we feel for those. Regarding vaccines yes indeed these are slow to be developed even when accelerated and likely soonest next year if we are lucky - and even then mutated versions of Covid-19 will need revised vaccines we understand. In the meantime events may overtake all that and the virus may well wave through the population regardless of efforts to prevent that and then we will have real facts emerging on statistics and how bad or otherwise it is in the general population and again uncertainty will ebb away at some point once facts are known. Not investment advice but a main reason that people are very concerned and uncertain is the lack of understanding of what is actually happening or could be done and once firmer news and progress is announced confusion will fade away as it always does.
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johns
Posts: 35 
Likes: 15
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Post by johns on Mar 14, 2020 11:49:27 GMT
There will be a full FAQ update to our blog a little later today and that should answer most questions we trust. And to correct the title on this thread - withdrawal of funds is not blocked, just withdrawals on access Accounts are paused. Perhaps the thread title could be updated. The relevant FAQ entry regarding normal withdrawals is here: I had some normal withdrawals delayed, when with those be paid out?
• Any normal withdrawal requests for cash that you have not yet received and that were not monies held in the access accounts in any way will be released on the morning of Monday 16th March.
They will continue to be processed as normal going forwards.
• We apologise for the workload in the finance team at this very busy time having delayed those but we would not compromise or shortcut security checks to make that faster so the whole batch was paused unfortunately until the proper process could be applied.
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johns
Posts: 35
Likes: 15
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Post by johns on Mar 14, 2020 11:51:19 GMT
Where do you find the AC blog?
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angrysaveruk
Member of DD Central
Say No To T.D.S
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Post by angrysaveruk on Mar 14, 2020 11:51:55 GMT
Made a withdrawl from my cash account went through fine. I can understand AC suspending withdrawls from their QAA given what is going on in the world. Defaults are probably going to increase across the P2P sector but there isn't going to be any investment that is going to come out of this 100 year storm without some disruption. Lets hope the mortality rate isn't too high and the world comes out of this situation a wiser place.
I am certainly pleased to be out of P2P but I have been hammered on the stock markets, but there is more to life than money and I am in a very fortunately situation compared to a lot of people.
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cb25
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Post by cb25 on Mar 14, 2020 11:53:05 GMT
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cb25
Posts: 3,528
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Post by cb25 on Mar 14, 2020 11:54:23 GMT
There will be a full FAQ update to our blog a little later today and that should answer most questions we trust. And to correct the title on this thread - withdrawal of funds is not blocked, just withdrawals on access Accounts are paused. Perhaps the thread title could be updated. The relevant FAQ entry regarding normal withdrawals is here: I had some normal withdrawals delayed, when with those be paid out?
• Any normal withdrawal requests for cash that you have not yet received and that were not monies held in the access accounts in any way will be released on the morning of Monday 16th March.
They will continue to be processed as normal going forwards.
• We apologise for the workload in the finance team at this very busy time having delayed those but we would not compromise or shortcut security checks to make that faster so the whole batch was paused unfortunately until the proper process could be applied.
Tagging locutus iRobot lobster Mikeme r00lish67
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Post by Harland Kearney on Mar 14, 2020 12:22:29 GMT
There will be a full FAQ update to our blog a little later today and that should answer most questions we trust. And to correct the title on this thread - withdrawal of funds is not blocked, just withdrawals on access Accounts are paused. Perhaps the thread title could be updated. The relevant FAQ entry regarding normal withdrawals is here: I had some normal withdrawals delayed, when with those be paid out?
• Any normal withdrawal requests for cash that you have not yet received and that were not monies held in the access accounts in any way will be released on the morning of Monday 16th March.
They will continue to be processed as normal going forwards.
• We apologise for the workload in the finance team at this very busy time having delayed those but we would not compromise or shortcut security checks to make that faster so the whole batch was paused unfortunately until the proper process could be applied.
I have updated the title for it to concern QAA only, at the time I made the thread, any reports of withdrawls were not going though and pure panic lol.
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sapphire
Member of DD Central
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Post by sapphire on Mar 14, 2020 13:48:31 GMT
I'm fully behind what AC are doing to sort the queuing system out for withdrawals, but what I can't understand is why we were told that it had already been implemented quite some time ago in this post. chris ? The queue is in place, however the current market conditions are necessitating a different algorithm to be put in place for releasing funds to the queue. Please could you clarify what the new algorithm for release funds to the queue is and how it differs from the old one. In the new algorithm, will it be first come first (fully) served or would all queued requests until a particular point in time be released equal amounts or some other approach?
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sapphire
Member of DD Central
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Post by sapphire on Mar 14, 2020 14:00:40 GMT
chris When I now try to withdraw the uninvested balance from my MLA (within a QAA cover) I get the message: "Please cancel your current withdraw target before proceeding. Current withdraw target £xxxx.xx" Two option buttons: <<Close>> and <<Cancel withdraw target>> Please could you clarify what the "current withdraw target" is, what action of mine caused this to be set and the effects/impacts of choosing <<Cancel withdraw target>>
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Post by davee39 on Mar 14, 2020 14:07:17 GMT
The queue is in place, however the current market conditions are necessitating a different algorithm to be put in place for releasing funds to the queue. Please could you clarify what the new algorithm for release funds to the queue is and how it differs from the old one. In the new algorithm, will it be first come first (fully) served or would all queued requests until a particular point in time be released equal amounts or some other approach? Each withdrawal request in the queue has to be 2 metres away from the previous and following request.
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Post by Harland Kearney on Mar 14, 2020 14:23:46 GMT
chris When I now try to withdraw the uninvested balance from my MLA (within a QAA cover) I get the message: "Please cancel your current withdraw target before proceeding. Current withdraw target £xxxx.xx" Two option buttons: <<Close>> and <<Cancel withdraw target>> Please could you clarify what the "current withdraw target" is, what action of mine caused this to be set and the effects/impacts of choosing <<Cancel withdraw target>> Obviously wait for Chris, but I wouldn't touch anything until you get a reply or the site is displaying. I am displaying <0.01 invested, but I should have just shy of 20,000 invested in the QAA via idle funds. Maybe I'm already sold out and it has yet to be released by AC due to the on going coding work.
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