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Post by Harland Kearney on Mar 18, 2020 16:42:25 GMT
Lets hope we see the system tomorrow would be reassured by a statement from AC, if its on time or will be pushed back.
Not expecting liquid instantly, but want to see the cogs moving, so that new investors are more likely to invest with better confidence (as would I)
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Post by englebert69 on Mar 18, 2020 17:39:46 GMT
Not going to be seeing my money then from the email just received. The one thing that gets me is the cutoff at 00:00 on 12/03. The system (let alone any communication) did not block withdrawals until mid afternoon. I think as an act of goodwill the cutoff should have been then and anything prior on the 12th honored. I just wish I'd acted a couple of hours earlier - roll on the queued withdrawals system a.s.a.p.
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Post by keelan on Mar 18, 2020 18:14:17 GMT
I see I have to wait until Assetz sort out the queue before I can have my money. So far its taken almost 7 days to arrange a queue. How difficult can it be. Up until now I have always given Assetz the benefit of the doubt. Yes like any others I have money stuck in various Assetz accounts no longer operate because of numerous issues associated with them. I knew the risks involved and was happy to accept them for the extra interest on my savings. I look on Assetz ongoing participation on this forum very favourably.
However the way they are handling this issue is a cause of great concern and I will be reassessing my position with Assetz.
I am invested in a number of P2P sites, all of which have issues with the current market conditions. How each handles the situation will be a barometer for any future investment.
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victors
Member of DD Central
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Post by victors on Mar 18, 2020 18:31:23 GMT
Not going to be seeing my money then from the email just received. The one thing that gets me is the cutoff at 00:00 on 12/03. The system (let alone any communication) did not block withdrawals until mid afternoon. I think as an act of goodwill the cutoff should have been then and anything prior on the 12th honored. I just wish I'd acted a couple of hours earlier - roll on the queued withdrawals system a.s.a.p. Agree. The cut-off should obviously have been when AC decided to make changes to the system to block withdrawals. Any withdrawals prior to that should be honoured. Theoretically then, they could have rolled it back to 10th March if they wanted. Would have saved them paying even more money out.
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warn
Member of DD Central
Curmudgeon
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Post by warn on Mar 18, 2020 20:35:28 GMT
...So far its taken almost 7 days to arrange a queue. How difficult can it be... Probably fairly difficult, with a lot of details to plan for and solve fairly. What ought to surprise me, but unfortunately doesn't, is that this wasn't wargamed and tested back when AC started to think of themselves as a serious fintech outfit. Too many more interesting things to play with, I suppose.
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iren
Member of DD Central
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Post by iren on Mar 18, 2020 22:01:41 GMT
Ironic isn’t it. In order to invest, we all have to prove that we understand that the QAA and other accounts can’t be guaranteed to provide the level of liquidity we might like. But when tshtf, it turns out it’s Assetz that didn’t understand this and hadn’t prepared for it. We need to get together and write a test for P2P companies, that they must pass in order to get our business.
…Maybe one for the FCA too.
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gt94sss2
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Post by gt94sss2 on Mar 19, 2020 1:11:29 GMT
The cut-off should obviously have been when AC decided to make changes to the system to block withdrawals. Any withdrawals prior to that should be honoured. There are two main things I don’t understand: a) the QAA had a ‘withdrawal time’ period next to it and when I made my withdrawal it was perhaps 0.3 second. Surely, if cash was getting low, that period should have been getting longer. b) AC’s statement suggests they did not run the withdrawal process from QAA’s on Thursday at all - not just after they blocked access in the afternoon. But surely, this process should have been operating 24/7 subject to the ‘withdrawal time’ previously listed on the site. stuartassetzcapital chris Any comments on this?
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