victors
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Post by victors on Mar 19, 2020 14:19:02 GMT
In the AC email last night saying they weren't paying anyone who activated a withdrawal at anytime on 12th March, it states 'Please be assured that your request has been added to the queue in the correct position'.
Whatever that correct position is I don't know. I know where it should be, at the front and in full, no pro rata.
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iren
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Post by iren on Mar 19, 2020 14:23:47 GMT
So on my statement, it shows that the money had left QAA (it was Cash, swept into QAA). Then on the 19th, it shows that Assetz took this money, and inserted it back into QAA, without my knowledge or instruction. I find this absolutely unacceptable behaviour.... I agree this is unacceptable. Even if Assetz genuinely believe that withholding the withdrawal is the right course of action, they should have undone the previous transactions so that interest would be paid for the period between the 12th and the 19th. In the banking industry, this is accomplished by reversing the transaction or by adding the credit with an “as date”.
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benaj
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Post by benaj on Mar 19, 2020 14:24:44 GMT
There’s nothing being denied. I received cash in the bank from Withdrawable cash account balance on Monday 16th & Tuesday 17th. Both arrived same day via FPS Check the FAQ regarding Access account update. You are universalising your own experience, rather than reading and taking on board what has happened to other investors. Withdrawal from AA - paused Withdrawal from Cash account already swept into AA, paused Withdrawal from MLIA / GEA / GBBA / PSA that not being swept into AA - transferred normally into Cash account. Withdrawalable cash account balance in the Cash account - can be withdrawn as normal Disclaimer: I have reinvested repayment into 90DAA, and I also have money queuing for withdrawal, we are all in the same boat. Just a patient investor like others.
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picnicman
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Post by picnicman on Mar 19, 2020 14:25:01 GMT
In the AC email last night saying they weren't paying anyone who activated a withdrawal at anytime on 12th March, it states 'Please be assured that your request has been added to the queue in the correct position'. Whatever that correct position is I don't know. I know where it should be, at the front and in full, no pro rata. As per my previous post, it appears that they are not giving all the toilet rolls to the first person at the till (absolutely no slight intended)  Cheers P
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Post by Harland Kearney on Mar 19, 2020 14:29:41 GMT
The system comes online to start the wheels moving for sell orders. Many investors who are in this "que" are not even looking to sell out, but rebalance into the 90DAA or MLA.
That system should be coming online later today, I am sure the AC team will update us here when its online.
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alender
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Post by alender on Mar 19, 2020 14:29:49 GMT
alender - see para 5 of the FAQ on the platform - 'What is the Access Account withdrawal queue.' It makes it clear that everyone in the withdrawal queue will be treated equally and there is no disadvantage in joining the queue later than anyone else. Reads to me like as cash becomes available, it will be distributed to lenders based on their % of funds held in the queue, so for example if you have 0.0056% of the value of the withdrawal queue you get that % of the total cash sum available at that particular time. This is just my view and I may be completely wrong - probably best to use live chat and ask them directly. Hope this is of some help Cheers P Thanks for the update, this is their current position but not the ones told to me and others which have been release since last Thursday and we can only hope they do not change it again before at least they start processing withdrawals. On the Pro Rata point that is one way to look at it, it could be on a Pro Rata for the funds which you have available for withdrawal (funds in QAA and Cash account could be one measure), another could be total funds, or funds in AA.
It would seem unfair if one person just asked for 10% of there funds to help them through a cash flow crisis and another asked for all of their funds because they wanted to get out and they both get x% of the funds they asked to withdraw. This will just lead to everyone who wants to withdraw money putting requests in to withdraw everything in hope that the Pro Rata % is enough for what they want.
Once money can be withdrawn and investors know where they stand I believe this will raise confidence in AC and the number of withdrawal request will reduce and perhaps some money will start to flow back.
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m2btj
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Post by m2btj on Mar 19, 2020 14:36:08 GMT
In the AC email last night saying they weren't paying anyone who activated a withdrawal at anytime on 12th March, it states 'Please be assured that your request has been added to the queue in the correct position'. Whatever that correct position is I don't know. I know where it should be, at the front and in full, no pro rata. I asked live chat today if we would receive confirmation of our queue positions. They confirmed that they are hoping to have the queue system finalised later but didn't answer the question. Any queue system should be clear & transparent.
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Post by Harland Kearney on Mar 19, 2020 14:43:06 GMT
alender - see para 5 of the FAQ on the platform - 'What is the Access Account withdrawal queue.' It makes it clear that everyone in the withdrawal queue will be treated equally and there is no disadvantage in joining the queue later than anyone else. Reads to me like as cash becomes available, it will be distributed to lenders based on their % of funds held in the queue, so for example if you have 0.0056% of the value of the withdrawal queue you get that % of the total cash sum available at that particular time. This is just my view and I may be completely wrong - probably best to use live chat and ask them directly. Hope this is of some help Cheers P Thanks for the update, this is their current position but not the ones told to me and others which have been release since last Thursday and we can only hope they do not change it again before at least they start processing withdrawals. On the Pro Rata point that is one way to look at it, it could be on a Pro Rata for the funds which you have available for withdrawal (funds in QAA and Cash account could be one measure), another could be total funds, or funds in AA.
It would seem unfair if one person just asked for 10% of there funds to help them through a cash flow crisis and another asked for all of their funds because they wanted to get out and they both get x% of the funds they asked to withdraw. This will just lead to everyone who wants to withdraw money putting requests in to withdraw everything in hope that the Pro Rata % is enough for what they want.
Thats a very specfic example your using. If they having a cashflow crisis, maybe investing in peer to peer was a oversight on their own behalf, all due respect. Pro-rata system is as fair as you will get. There must be some fat cats in the que with massive requests for withdrawals, I'd argue into the six figures, these guys will basically clog up the que for days if not weeks if the number is larger. The only way to ensure everybody gets something in their withdrawals is to do a pro-rata. Dont' underestimate the panic that would be caused, if people were on this forum getting ZERO withdrawals for a week+ because one fat cat is being paid out. Most people would be here typing up * conspiracy* and the lot. As we normally see in a panic. I would be at the front of the que, as I too was a 12th of March withdrawal presser, so I have nothing to gain from backing the postion above, only the platform has something to gain which ultimately will benefit all investors.
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alender
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Post by alender on Mar 19, 2020 14:55:13 GMT
Thanks for the update, this is their current position but not the ones told to me and others which have been release since last Thursday and we can only hope they do not change it again before at least they start processing withdrawals. On the Pro Rata point that is one way to look at it, it could be on a Pro Rata for the funds which you have available for withdrawal (funds in QAA and Cash account could be one measure), another could be total funds, or funds in AA.
It would seem unfair if one person just asked for 10% of there funds to help them through a cash flow crisis and another asked for all of their funds because they wanted to get out and they both get x% of the funds they asked to withdraw. This will just lead to everyone who wants to withdraw money putting requests in to withdraw everything in hope that the Pro Rata % is enough for what they want.
Thats a very specfic example your using. If they having a cashflow crisis, maybe investing in peer to peer was a oversight on their own behalf, all due respect. Pro-rata system is as fair as you will get. There must be some fat cats in the que with massive requests for withdrawals, I'd argue into the six figures, these guys will basically clog up the que for days if not weeks if the number is larger. The only way to ensure everybody gets something in their withdrawals is to do a pro-rata. Dont' underestimate the panic that would be caused, if people were on this forum getting ZERO withdrawals for a week+ because one fat cat is being paid out. Most people would be here typing up * conspiracy* and the lot. As we normally see in a panic. I would be at the front of the que, as I too was a 12th of March withdrawal presser, so I have nothing to gain from backing the postion above, only the platform has something to gain which ultimately will benefit all investors. My point is that it makes no difference what system is preposed by AC if they keep changing it before they put it into place.
I am not advocating a particular option for Pro Rata but again pointing out we (or at least myself) have no idea what AC means by Pro Rata at this point in time, if it is in the one suggested above there are potential issues with a lot of people racing for the door.
In general I agree that if you have cash flow problems you are ill-advised to put money in P2P but these are exceptional times and not everybody can account for every eventuality that can occur, also it might not be you who has a cash flow problem but there may be friends or family you wish to help.
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Post by Harland Kearney on Mar 19, 2020 15:05:57 GMT
From the F.A.Q Pro-rate simply means each investor will have the cash that comes free shared out equally between investors. £1000 between 1000 investors, we all get £1 each. I believe this is the basic principle. It is as AC staff in a other thread, to avoid larger investors clogging the withdrawal system entirely. Something which I can agree with at this point, clearly the situation is not great. But lets see how it goes, I am not posting to support or be critical to AC; it is simply what I have observered since the 12th from all the information.
I'm not exactly thrilled with the situation either.
Also to not seem overly brutal, again the cash flow problem you speak of is so specifc, that it isn't truely related to the topic. AC is a investment website and platform, its not a savings site. Just like with any investment, money should be put away for sometime. Savings and money market accounts should be used for temp possible cashflow injection capital. I cant' see any reasonble business using AC quick access as a dump for its money. If you did, then you truely mis-judged the situation and its overall purpose.
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mrsb
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Post by mrsb on Mar 19, 2020 15:16:05 GMT
I think the FAQ says that the same proportion of each investors money is held in the float. So larger holdings will get a larger part of the distribution(s) ... as and when ...
.... it's all very quiet on the day we were told (and still being told) the wheels would start grinding round.
It would be handy if AC made some kind of comment about the queue. Even if I'm only gonna get £1.50, it'd be a further hit for confidence if it doesn't pan-out today, particularly if there's no comment or explanation.
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Post by Harland Kearney on Mar 19, 2020 15:18:05 GMT
I think the FAQ says that the same proportion of each investors money is held in the float. So larger holdings will get a larger part of the distribution(s) ... as and when ... .... it's all very quiet on the day we were told (and still being told) the wheels would start grinding round. It would be handy if AC made some kind of comment about the queue. Even if I'm only gonna get £1.50, it'd be a further hit for confidence if it doesn't pan-out today, particularly if there's no comment or explanation. Yes, I personally don't know, I'm just interpretating it. You could very well be right. (and surely that would make more sense actually!  )
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alender
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Post by alender on Mar 19, 2020 15:55:27 GMT
Also to not seem overly brutal, again the cash flow problem you speak of is so specifc, that it isn't truely related to the topic. AC is a investment website and platform, its not a savings site. Just like with any investment, money should be put away for sometime. Savings and money market accounts should be used for temp possible cashflow injection capital. I cant' see any reasonble business using AC quick access as a dump for its money. If you did, then you truely mis-judged the situation and its overall purpose. If you believe no mater what life throws at you you will never have a cash flow crisis you are very lucky.
I am retired (job outsourced to India) living off my investments until I get my pension (now diminished), some of which are equities which have cancelled the dividend.
My circumstance are that I do not suffer from a cash flow crisis, however my partner (meet her after I invested in P2P) who lives separate from me and has separate finances is going through a tough time, her car gave up (vital for her work), she had to have an operation and lost over half of he income for a time. She works in 2 different care jobs (normally 60+ hours a week) and one of these jobs (self employed one, which she can do while looking after her son) most of work has stopped due the parents of these people not wanting them to go to any activities at present and mix with anyone else. If she has any symptoms no matter how unlikely it is to be Coronavirus she must stop work due to the nature of her job. Her loggers are looking to return to Poland to get away from the Coronavirus (as one believes she is a in a high risk category). Her son at school will now be home from next week. Although she asks nothing from me I have leant her money to help her with the car, I do not expect to have a cash flow crisis even helping out my partner but it is getting closer and I would like to be in a postilion to help more should it be required. We cancelled the first real holiday we had booked partly due to Coronavirus and partly because of her cash flow as she did not want to borrow more money from me for non essentials. I am sure she could re-mortgage/get a loan but this would add additional stress and I would far rather help out.
I do not consider myself to be hard done by and lucky in many ways, I sure I will get though this fine but I am not confident that I can handle absolutely everything that life can throw at me (just the vast majority), I do have assets I can liquidate but it will be difficult during this period. I do not expect any special treatment but would very much like to know when and how much money is available so I can make some plans.
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Post by Harland Kearney on Mar 19, 2020 15:59:57 GMT
Never said that such issues wouldn't happen. But my point still remains the same, Peer to Peer has proven for years to be illiquid. This isn't my oppuion, or my morals I'm speaking from. That is just factual, and its all over this site. You only have to see the sites in administration/liquididation, that this asset class really isn't a liquid asset, once the horse is bolted your money is locked for years... (Although AC doesn't look like its going down this route, it is likely trying to avoid this route by taking these frustrating measures as we speak) I sympathise but I also hope all investors understand the risk involved is far greater in terms of restricted access than the stock and bond markets even.
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alender
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Post by alender on Mar 19, 2020 16:15:08 GMT
I understand that P2P can be an illiquid asset and when I invested I took that risk and it is a matter of probabilities, I do not believe given very unlucky and exceptional circumstances there are many who invest in P2P who could not find themselves in a cash flow problem, it is just that the chances are very low. Those who have no chance of being in this position probably do not invest in P2P as there is no need as they will have more than enough cash to last them the rest of their and their families lives.
However during a crisis like this things change very quickly and some clarity would be very helpful. Once payments are made (no matter how small) we will know how much money we can get and make appropriate plans.
PS Concentrating on P2P and making and following these post takes my mind of my stock market investments, at leat for now.
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Cheers P
)