victors
Member of DD Central
Posts: 157 
Likes: 86
|
Post by victors on Mar 20, 2020 9:56:29 GMT
chris Surely there is a very easy and much fairer way round this. Put a cap on the allocation per distribution, either in absolute terms or as a percentage of the allocation. So if £1m was to be distributed you could have a maximum allocation of £x or x% of £1m The smaller investor would still likely get a disproportionately higher amount of any distribution but not as bad as I suspect it will be now. Agree. Just because that's the way it works with loan parts has got nothing to do with it. AC changed the method of withdrawing, to take back cash that was released by the system because they wanted to retrospectively. These are not normal times as they keep telling us. We were told it was pro rata. Surely that is the fairest way.
|
|
|
|
Post by chris on Mar 20, 2020 10:46:23 GMT
chris When do AC expect Access Accounts to start releasing funds? Not that I have much money to invest (with a large chunk held in AA accounts and the rest in MLA), have AC paused new loans coming through - haven't seen any new ones for most of this week? Funds have started being released as new deposits come into the account. For non-technical questions such as when the next loan will draw I'd need to refer you to the lender support desk, sorry.
|
|
alanh
Posts: 556
Likes: 560
|
Post by alanh on Mar 20, 2020 10:47:21 GMT
evo22 - You have to be careful of unintended consequences and people seeking to game the system. If you have a hypothetical investor with £2m in the 30DAA who wants to withdraw £100k you wouldn't want to create a system where it's beneficial for them to list the full £2m for withdrawal so that they receive a larger share of withdrawals only for them to then want to cancel their withdrawal request or move funds back into the access accounts once they'd had their £100k released. A proportional system is open to gaming by those with the deepest pockets, something we're seeking to avoid. This does not make any sense. It is clearly detrimental to larger investors and they are presumably an important source of funds for AC. If someone had £2m invested and saw everyone else get paid off ahead of them then I would imagine they would just exit (eventually) and never come back. Paying off hundreds or thousands of small investors with couple of hundred quid invested ahead of those with larger than average balances sounds like suicide.
|
|
agent69
Member of DD Central
Posts: 6,043
Likes: 4,437
|
Post by agent69 on Mar 20, 2020 11:05:55 GMT
chris When do AC expect Access Accounts to start releasing funds? Not that I have much money to invest (with a large chunk held in AA accounts and the rest in MLA), have AC paused new loans coming through - haven't seen any new ones for most of this week? . For non-technical questions such as when the next loan will draw I'd need to refer you to the lender support desk, sorry. So how exactly does this work?
I've received £1 this morning, but is it the case that funds will ony be released at the same rate as new funds are being paid in (that is to say that there is no cash buffer in the accounts that could be used for repayments)?
|
|
oik
Member of DD Central
Posts: 254
Likes: 349
|
Post by oik on Mar 20, 2020 13:33:54 GMT
chris I think this should be rethought if the intention of Assetz is for investors to think they're being treated fairly.
I made a withdrawal request from the 30 day acc to QAA over a month ago (just part of the money I have in 30 day) but so far just 0.41% of the withdrawal, having served the full notice period, has been transferred to QAA. I assumed it has been queued.
Having got to the QAA, it seems I have now been put back to the end of the QAA queue to get that 0.41% to the Cash account, and if I ever get to the front of that queue I may have to wait in yet another queue to actually get that money to my bank account. That really is taking the mickey.
If investors see others being paid long before they are even allowed to join the queue, despite already having served the full notice period, then any reputation for fair dealing will be out of the window.
Surely, money that has already served the notice period should be transferred to the requested account , such as QAA, immediately so that it can join the queue with others to go to the cash account. Not queues to join queues.
|
|
|
|
Post by cheapaschips on Mar 20, 2020 14:07:04 GMT
All this queuing to que just smacks of a desperate attempt to not release money, I can understand their self-interest in this, but it is at the expense of many very worried lenders.
There is no agenda here to keep the future loyalty of lenders, this is cold hard Assetz Brand survival tactics on their part.
Unless they come up with more equitable solutions, bad feeling amongst lenders will fester and grow.
|
|
|
|
Post by Ace on Mar 20, 2020 15:42:53 GMT
There is no queuing to join queues. At the end of the notice period your cash will be placed in its selected destination unless the destination was the cash account, in which case it will join the withdrawal pool.
If the selected destination was the QAA you can move it from the QAA to the withdrawal pool (by requesting to withdraw it to the cash account). No extra queuing.
|
|
m2btj
Member of DD Central
Posts: 631
Likes: 772
|
Post by m2btj on Mar 20, 2020 16:26:17 GMT
All this queuing to que just smacks of a desperate attempt to not release money, I can understand their self-interest in this, but it is at the expense of many very worried lenders. There is no agenda here to keep the future loyalty of lenders, this is cold hard Assetz Brand survival tactics on their part. Unless they come up with more equitable solutions, bad feeling amongst lenders will fester and grow. Their is no self interest & yes I applaud any action you call AC survival tactics. By ensuring the survival of the business AC will ensure the return of your investment. I'm quite sure there are a number of investors who would withdraw every last penny to invest in equity bargains & wouldn't give a flying fig to see the business collapse & the rest of us get F*** ALL! AC will be planning long term to ensure the business remains liquid & we ALL see our investments returned....with interest!
|
|
|
|
Post by cheapaschips on Mar 20, 2020 16:38:03 GMT
All this queuing to que just smacks of a desperate attempt to not release money, I can understand their self-interest in this, but it is at the expense of many very worried lenders. There is no agenda here to keep the future loyalty of lenders, this is cold hard Assetz Brand survival tactics on their part. Unless they come up with more equitable solutions, bad feeling amongst lenders will fester and grow. Their is no self interest & yes I applaud any action you call AC survival tactics. By ensuring the survival of the business AC will ensure the return of your investment. I'm quite sure there are a number of investors who would withdraw every last penny to invest in equity bargains & wouldn't give a flying fig to see the business collapse & the rest of us get F*** ALL! AC will be planning long term to ensure the business remains liquid & we ALL see our investments returned....with interest! Lets hope you are right then and we all get all of our money back, but after the way it is being handled I cannot imagine there being a rush to put it back in anytime in the future because of the way they are handling it. Ratesetter are handling it much better and given a settling down period I would consider re-investing in them. As far as Assetz is concerned, I would feel differently.
|
|
|
|
Post by Harland Kearney on Mar 20, 2020 16:47:47 GMT
All this queuing to que just smacks of a desperate attempt to not release money, I can understand their self-interest in this, but it is at the expense of many very worried lenders. There is no agenda here to keep the future loyalty of lenders, this is cold hard Assetz Brand survival tactics on their part. Unless they come up with more equitable solutions, bad feeling amongst lenders will fester and grow. Their is no self interest & yes I applaud any action you call AC survival tactics. By ensuring the survival of the business AC will ensure the return of your investment. I'm quite sure there are a number of investors who would withdraw every last penny to invest in equity bargains & wouldn't give a flying fig to see the business collapse & the rest of us get F*** ALL! AC will be planning long term to ensure the business remains liquid & we ALL see our investments returned....with interest! Their intention is just that. However the excution has just led large investors to wish to exit, wheather that when market return to normal or not doesn't matter. I'm not a large investor but I do have over 30k in the accounts. If they get to a point where they reopen investments as they used to be, do you really think large investors will stick around? I most likely won't be.
|
|
m2btj
Member of DD Central
Posts: 631
Likes: 772
|
Post by m2btj on Mar 20, 2020 16:52:05 GMT
Their is no self interest & yes I applaud any action you call AC survival tactics. By ensuring the survival of the business AC will ensure the return of your investment. I'm quite sure there are a number of investors who would withdraw every last penny to invest in equity bargains & wouldn't give a flying fig to see the business collapse & the rest of us get F*** ALL! AC will be planning long term to ensure the business remains liquid & we ALL see our investments returned....with interest! Lets hope you are right then and we all get all of our money back, but after the way it is being handled I cannot imagine there being a rush to put it back in anytime in the future because of the way they are handling it. Ratesetter are handling it much better and given a settling down period I would consider re-investing in them. As far as Assetz is concerned, I would feel differently. We really are in surreal times & I'm sure Assetz are trying their best. It would seem that everyone from the government, BoE to the small trader is in uncharted waters & making it up as they go. The system may not be perfect at the moment but it is a start. If they go down we all lose...inc. AC! If they make it thru & we all get our money back with some interest I'm sure we'll feel they've done a remarkable job. It's up to the government to now bring back some market stability & confidence.
|
|
|
|
Post by Harland Kearney on Mar 20, 2020 16:58:40 GMT
Lets hope you are right then and we all get all of our money back, but after the way it is being handled I cannot imagine there being a rush to put it back in anytime in the future because of the way they are handling it. Ratesetter are handling it much better and given a settling down period I would consider re-investing in them. As far as Assetz is concerned, I would feel differently. We really are in surreal times & I'm sure Assetz are trying their best. It would seem that everyone from the government, BoE to the small trader is in uncharted waters & making it up as they go. The system may not be perfect at the moment but it is a start. If they go down we all lose...inc. AC! If they make it thru & we all get our money back with some interest I'm sure we'll feel they've done a remarkable job. It's up to the government to now bring back some market stability & confidence. I can agree on that yes, that is why it is so painful to read some of the posts on here. As most are just investors with large sums, feeling rather put out to dry, whilst smaller investors are basically carrying much less risk enforced by AC now.
|
|
m2btj
Member of DD Central
Posts: 631
Likes: 772
|
Post by m2btj on Mar 20, 2020 17:00:29 GMT
Their is no self interest & yes I applaud any action you call AC survival tactics. By ensuring the survival of the business AC will ensure the return of your investment. I'm quite sure there are a number of investors who would withdraw every last penny to invest in equity bargains & wouldn't give a flying fig to see the business collapse & the rest of us get F*** ALL! AC will be planning long term to ensure the business remains liquid & we ALL see our investments returned....with interest! Their intention is just that. However the excution has just led large investors to wish to exit, wheather that when market return to normal or not doesn't matter. I'm not a large investor but I do have over 30k in the accounts. If they get to a point where they reopen investments as they used to be, do you really think large investors will stick around? I most likely won't be. Yes, I agree! We are all panicked by events & yes, I would love to see my rather large investment safely under my mattress in cash. If they get back to normal market conditions they have won the war & I would have no hesitation sticking with them. Not all P2P players will make it that far! Central government must provide strong leadership to restore confidence & stability to an economy hit by the biggest shock-wave since the 1926 crash!
|
|
alender
Member of DD Central
Posts: 981
Likes: 683
|
Post by alender on Mar 20, 2020 17:17:05 GMT
Lets hope you are right then and we all get all of our money back, but after the way it is being handled I cannot imagine there being a rush to put it back in anytime in the future because of the way they are handling it. Ratesetter are handling it much better and given a settling down period I would consider re-investing in them. As far as Assetz is concerned, I would feel differently. We really are in surreal times & I'm sure Assetz are trying their best. It would seem that everyone from the government, BoE to the small trader is in uncharted waters & making it up as they go. The system may not be perfect at the moment but it is a start. If they go down we all lose...inc. AC! If they make it thru & we all get our money back with some interest I'm sure we'll feel they've done a remarkable job. It's up to the government to now bring back some market stability & confidence. We all hope AC do not go down but there is a worse case scenario for the larger investors, AC keeps paying out on the current basis and small investors get out with all or most of their investments, gives out more money to Borrowers (as stated in the video), very little new money comes in and loans start to default. From what I understand there little chance of getting much out of a defaulted Borrower for some time. AC are out of money so we then get a resolution event with AC in a worse position than they are now in as they have been paying small lenders in full and giving borrowers more money. The larger lender take the biggest % hit, I do not believe this was explained in the risks or T&Cs, I thought all lenders took equal risk. If we do have a resolution event (which I really don't want), then the sooner the better for large investors.
|
|
|
|
Post by Harland Kearney on Mar 20, 2020 17:17:28 GMT
Yeah defo agree. Goverment stimulus will likely help. However for right now, knowing wheather AC will simply put a % of the daily income into the QAA back to pooled investors would likely calm many investors including myself. I can get over the £ based rate distubution (since sooner or later, smaller ppl who qued will be paid off quickly, if say payouts were daily) and thrus things would balance out. chris does the system pay out a daily amount % of the funds coming into the account from all sources? |
|
