johns
Posts: 35
Likes: 15
|
Post by johns on Mar 14, 2020 14:39:56 GMT
I echo mark's recent posting. AC is the only p2p platform in which I invest (yes, call me stupid if you wish). But I chose to do so because AC was the only one which gave me the confidence to do so at all! That confidence came from AC's openness and transparency, and the extent to which information is made available on individual loans. Long may AC continue.
(P.S. Not strictly true about being the 'only p2p platform' etc. I still have ca. £500 in 2 worthless FC loans (no prizes for guessing which 2!), but I don't look upon them as investments, but just mistakes).
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Mar 14, 2020 14:55:07 GMT
We may well reach a point when all the uncertainty and panic is over. I certainly hope we do. But there is a problem with getting the access accounts going again, if it relies on fresh deposits. I cannot see why anyone would put funds into an access account when access is suspended when they could instead invest in the underlying loans directly at a much higher rate of interest. The only way that I can see of restoring order is for AC to find a magic pot of cash with which they could pay out all queued requests AND put at least 10% into each account. I am guessing that this would require an enormous sum. If the access accounts cannot be restarted the only fair solution that I can see is for each lender's holding being converted into proportionate holdings in the actual loans. These amounts are already calculated and can be seen in one's portfolio. These loan parts would earn the higher rate but would also be at risk of loss. I realise that this idea raises a number of questions such as how the three types of account would be treated. But it would be most unfair to trap investors in these accounts for any length of time.
|
|
|
Post by Harland Kearney on Mar 14, 2020 15:01:51 GMT
Everybodies oppuions (thats what they are no facts because we don't have the context other than using the loan book to cash ratio via the access accounts which are now technically flawed due to the locking up) are basically unreliable. As I've made posts here before, this is simply because we do not have the information that AC do. I "believe" AC put this plan into action to avoid a disaster not create one, but investors are easily shaken and understandbly (usally this is why each of us here already hold sizeble wealth due to intellect and making rational decisions.)
Nobody rationally can choose to invest in AC currently until a number of things are made clear, not words but numbers. We dont' even know how liquid the Access account is right now, as I stated above again I have <0.01 invested in QAA according to when I goto withdraw (as of 1 hour ago) but I should of had 20k in my standard and 14k in my ISA. This means I've already likely sold out, showing that liquidy is alive, IF THIS IS TRUE.
Who knows, unlike in the stock market. I can be down 20%, but I know I'm down 20% unless you are using NAV calculations. Markets are speculation but they are timed and clear price speculation. AC speculation is based on whatever small reply and words we get from the AC group here on this site past few days, and a somewhat uninformative blog to specfic stats. Again I can understand this, they cant' sit all day chatting to us as well as giving out possible information that is subject to change and really in-house, not to be shown across the internet causing further confusion.
All I'm saying is, until we get more numbers, nobody can say AC is good or bad situation at this point, not 100%. Investors like to know things 100% of the time. Peoples rather panic comments in the earlier existance of this thead were more than founded, they shouldn't be removed and they should stand as a lesson to AC and other platforms about the importance of comms.
Many posters here have very hellish memories of the closeure of Lendy, COL, FS. I personally was only down a 3 figure some from all of this collaspes combined thrus I was not shaken. But I did used to at one point holding large sways of investments and thrus I don't wanna become the idiot who didn't learn from previous platform mistakes here.
|
|
benaj
Member of DD Central
N/A
Posts: 5,597
Likes: 1,736
|
Post by benaj on Mar 14, 2020 15:23:34 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.
stuartassetzcapital , I understand AC is fully working a fix on the issues related to the "Access" accounts. I managed to make a test withdrawal from the " Withdrawable Standard Cash Account Balance:", but could you fix the issue / make things better for the stuck Cash Account Balance not earning interest. The fund cannot be reinvested at the moment nor can be withdrawn.
|
|
benaj
Member of DD Central
N/A
Posts: 5,597
Likes: 1,736
|
Post by benaj on Mar 14, 2020 16:23:34 GMT
stuartassetzcapital , I understand AC is fully working a fix on the issues related to the "Access" accounts. I managed to make a test withdrawal from the " Withdrawable Standard Cash Account Balance:", but could you fix the issue / make things better for the stuck Cash Account Balance not earning interest. The fund cannot be reinvested at the moment nor can be withdrawn. If you go to your AC QAA panel, press invest idle funds button, choose option 3, Invest idle funds from other Assetz Standard Investment Accounts and your Standard Cash account. The funds in your cash account will earn QAA interest while in your cash account I believe I think it's better to leave the expert to fix it. The Cash Account Balance cannot be invested anywhere like 30DAA / 90DAA / MLIA. My friend who just joined AC is monitoring the situation. It's no point depositing money if there is some kind of unexpected cash drag issue.
|
|
tonyr
Member of DD Central
Posts: 477
Likes: 258
|
Post by tonyr on Mar 14, 2020 16:48:57 GMT
The issue for me is that I accepted that under abnormal market conditions my money might be stuck behind a stampede for the exit. What I didn’t expect is for AC to take their own axe to the exit pipe and then start muttering about having to write a new algorithm to manage withdrawals. Yes, this is very worrying. We signed up for one thing, we didn't get it and we don't know what we are going to get. Something is very wrong.
|
|
tonyr
Member of DD Central
Posts: 477
Likes: 258
|
Post by tonyr on Mar 14, 2020 16:57:33 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. Chris - thank you (again) for your work over weekends. We've all been worried that the queue wasn't in place or that you were going to change it from being a FIFO. You've helped us a lot by saying that it['s funds going into the queue that are changing. I think we all have no problem with AC having reasonable discression as to when funds go into the queue - you've got a business to run. However, that doesn't explain why the "Display" error messages and other issues. You could have just stopped funds going into the queue,but kept requests for witdrawals active.
|
|
rogedavi
Member of DD Central
Posts: 100
Likes: 129
|
Post by rogedavi on Mar 14, 2020 18:12:16 GMT
By far the most irritating thing about all this is the way queued has been spelt in the thread title.
|
|
|
Post by Harland Kearney on Mar 14, 2020 18:14:28 GMT
By far the most irritating thing about all this is the way queued has been spelt in the thread title. Woops, I didnt' proof read it when I change it this morning on AC's request.
|
|
Balder
Member of DD Central
Posts: 646
Likes: 622
|
Post by Balder on Mar 14, 2020 18:23:12 GMT
I see the queue is in place now.
|
|
|
Post by Harland Kearney on Mar 14, 2020 18:28:27 GMT
I can't enter the que, as I have only <0.01 invested, but the account is showing £19k still, (although its in my cash account, I cant' withdraw it from the QAA still).
Guessing it be resolved sometime tommorow, so that I can do something with the cash earning nothing locked down.
|
|
agent69
Member of DD Central
Posts: 6,038
Likes: 4,435
|
Post by agent69 on Mar 14, 2020 18:59:52 GMT
By far the most irritating thing about all this is the way queued has been spelt in the thread title. If that's the worst thing that you've encountered today then you have probably had a pretty decent day.
|
|
|
Post by sohao on Mar 14, 2020 19:29:26 GMT
I see the queue is in place now. Is there a queue already? Doesn't seem to work for me.
|
|
johns
Posts: 35
Likes: 15
|
Post by johns on Mar 14, 2020 19:42:09 GMT
Nor me? Could it be that investments in the QAA can now be queued but swept funds cannot?
|
|
|
Post by gravitykillz on Mar 14, 2020 19:43:11 GMT
What is the average queue time ?
|
|