alender
Member of DD Central
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Post by alender on Mar 24, 2020 12:51:26 GMT
Hi, My wife and I just moved £10,000 (each) from a cash ISA into an Assetz Capital IFISA and, interestingly, at the EXACT moment we invested our £10,000 (from Assetz Capital IFISA Cash Account into an ISA 90DAA) - we were repaid £1 into our QAA that has been queued for days .... I then invested my wife's £10,000 (in the same way) and that triggered another £1 payment ....... payments timed 11:07 and 11:09. So, in the absence of any transparency of how big the queue is (to withdraw cash) .... it looks like I've just discovered it (by accident) ..... and for all of you that received a £1 (at 11:07 and 11:09) .... you've got my wife and I to thank! Looks like it's going to be a long wait to get the rest of the money out of the QAA account! GLA Marky Your calculations are flawed and based on a lack of understanding of how of AC liquidity will be improved through loan repaymenrs as well as addotional investor funds. Your 10,000 in the queue calculation s less than useless, all you are achieving in your ' back on a cigerette packet' calculations is to probably cause additional worry to others who also do not fully understand how the business works and possibly put more strain on investors and the company at this wider crisis time. If you find yourself with spare time, maybe as a result of isolation, educate yourself as to how the investment vehicle of your chouce , Assetz Capital, works. This will have two benefits. One you will gain knowledge that you can then use maybe in part to reassure yourself and others, and two, there will be one less ill-informed, doom monger spreading nonsense about Assetz Capital who, in my informed opinion, are handling a matter not of there making, in a professional pro-active manner. I found Marky post interesting, it is anecdotal evidence, it may well encourage more people to post their information about the system and with each post we come closer to understanding how the system is working. I for one welcome information about this area especially the experiences of other investors. This is the only source we have until AC decide to give us the more information on how the system works but I would not hold your breath.
Also knowing there a people confident to add significant sums to the platform helps with confidence.
PS My £2 has now arrived, not a definitive statement on the way it works but a little more evidence.
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Post by Harland Kearney on Mar 24, 2020 12:52:07 GMT
At this rate it will take a lot of investors a lot longer than 2 years to get their money out. The facts of the matter are that whilst companies such as Ratesetter are returning anything up to a million pounds PER DAY to investors and being open and truthful about what they are doing, Assetz have decided to say nothing nothing and pay out dribs and drabs of a pound here and there with a £49 payment a few days ago. They are operating a totally hopeless and flawed system and the longer it goes on the little remaining trust in the platform will totally evaporate. They will not keep the system in place for two years, once market conditions stabilise it will be lifted. Again, it is very clear why. RS has reduced its lending amount in favour of exiters. AC has not reduced its operational business margin to borrowers. If it isn't able to fund loans, your 3% payout won't matter much when the business is in administration. These loans are 1-5 years, it should not be surprising that if AC allow only new cash to pay exiters, yes it might very well take the term of the loans to exit.Btw, I did a quick calculation on the date of the £41 withdrawal, as 100k went from QAA that day, the number was in the ball park of 2300-2500 ACCOUNTS (Not individal investors) It is not factual but it certainly was interesting.Personally I think the que is smaller than people are thinking it really is, as AC pointed out. Massive lenders tried to exit, including some companies. Due to needing funds to either invest in the stock market or help cash flow during the coming weeks/months. Many lenders aren't even going for the exit, they simply trying to get funds from the QAA into the 90daa, ISA & MLA accounts. AC were quite low on cash to begin with as they drew down alot of loans during Feb, another poster pointed this out (one of the mods I think).
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angrysaveruk
Member of DD Central
Say No To T.D.S
Posts: 1,331
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Post by angrysaveruk on Mar 24, 2020 12:55:00 GMT
Still got a few quid in suspended loans in AC, don't know if ill get it back and don't care given what is going on. I am more concerned about turning my garden into an allotment than investments at the moment. Was very impressed with Zopa who let me sell out my last remaining loans, which was my last substantial holding in P2P. Hopefully things will recover and the economy will get back to normal before too long, if it doesn't then money isn't going to be worth much no matter where you have those numbers stored.
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Post by Harland Kearney on Mar 24, 2020 13:01:05 GMT
Still got a few quid in suspended loans in AC, don't know if ill get it back and don't care given what is going on. Was very impressed with Zopa who let me sell out my last remaining loans, which was my last substantial holding in P2P. Hopefully things will recover and the economy will get back to normal before too long, if it doesn't then money isn't going to be worth much no matter where you have those numbers stored. Exactly, just sit on hands; allow things to happen. Bickering and causing false information. (at least qoute that your information is speculation guys, as new readers don't know who you are or what this forum is) My GBBA and GBBA 2 has been paying out small bits of cash over the past 10 days which has surprised me. 
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r00lish67
Member of DD Central
Posts: 2,692
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Post by r00lish67 on Mar 24, 2020 13:06:29 GMT
If I may make a suggestion, whatever the true state of play is, can we please treat each other with a little respect and understanding, and not let this site deteriorate into yet another polarised forum which will make me and many others think twice about posting and eventually choosing not to visit this site. Alibaba. If my post has, without any intention, accidentally been misconstrued as anything other than concern for less informed investors who may be panicked due to 'fake news' posted about AC on this forum then I regret that has happened. <shuffles feet awkwardly on the floor> I'm sorry for calling you names. Not acceptable. Appreciate there's a lot of emotion at present, myself included. I can see you didn't mean to offend.
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Post by jasonnewman on Mar 24, 2020 13:07:12 GMT
Assetz capital should IMMEDIATELY release capital to investors that wish to withdraw and NOT issue new loans, service your existing lenders before trying to draw in new business.
Rate Setter have this right in my view, AC won't be getting any more cash from me due to their irresponsible behaviour.
How does Asset Capital assess risk of new borrowers in this uncertain environment? They can't and may end up in situations where cash goes out to businesses who don't even make the first month's payments.
Their new lending business is reckless in my view. They would be better off servicing their existing lenders who wish to withdraw to build up confidence. Without lenders there is no business, it is as simple as that.
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Post by gravitykillz on Mar 24, 2020 13:09:14 GMT
Assetz, I am curious now.
How many investors are waiting in the queue? Please reply asap or I will send boris to the homes of your senior managers.
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Post by Harland Kearney on Mar 24, 2020 13:27:08 GMT
Assetz capital should IMMEDIATELY release capital to investors that wish to withdraw and NOT issue new loans, service your existing lenders before trying to draw in new business. Rate Setter have this right in my view, AC won't be getting any more cash from me due to their irresponsible behaviour. How does Asset Capital assess risk of new borrowers in this uncertain environment? They can't and may end up in situations where cash goes out to businesses who don't even make the first month's payments. Their new lending business is reckless in my view. They would be better off servicing their existing lenders who wish to withdraw to build up confidence. Without lenders there is no business, it is as simple as that. Somebody has to buy your loans from you. If they use repaid loans to pay investors who are withdrawing, it will effectively be majorly downsizing the business. Infact neither of us can even discuss this matter without it being pure speculation. There is a reason AC hasnt' taken the *RS* route and its likely because it would plunge the business into a very bad situation. If AC platform collaspes because it has no free cash to grab new business ( their lending reckless on what merit? speculation? okay) then the platform will run into issues and everybody elses investments will be worthless & in Administration whilst a few exiters run off with the last of the companies cash. Assets Capital Loans are between 1-5 years, we have a que for 15 days and people are expecting AC to repay the majority of the loan book.
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Post by Harland Kearney on Mar 24, 2020 13:34:19 GMT
Hi, My wife and I just moved £10,000 (each) from a cash ISA into an Assetz Capital IFISA and, interestingly, at the EXACT moment we invested our £10,000 (from Assetz Capital IFISA Cash Account into an ISA 90DAA) - we were repaid £1 into our QAA that has been queued for days .... I then invested my wife's £10,000 (in the same way) and that triggered another £1 payment ....... payments timed 11:07 and 11:09. So, in the absence of any transparency of how big the queue is (to withdraw cash) .... it looks like I've just discovered it (by accident) ..... and for all of you that received a £1 (at 11:07 and 11:09) .... you've got my wife and I to thank! Looks like it's going to be a long wait to get the rest of the money out of the QAA account! GLA Marky Could you change your title to something that isn't mis-information please. Or can a moderator force the threads name. It is not a good look at all. Also just no note, 10,000 *investors would need to be likely 25-30,000 accounts as many investors own 2 accounts or sometimes even 3 with the company account. I think that is nearly mathmatically impossible at this point, not sure lol.
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Post by jasonnewman on Mar 24, 2020 13:35:29 GMT
Harland
After the financial crisis the big banks cut back on their lending significantly - they were not growing their loan book which is why P2P came about. However in recent years Big banks have built up a huge capital base to absorb losses and thus continue lending even in this environment.
What capital base does AC have to absorb losses and continue lending? They don't.
The right course of action is for them to cut back on lending not grow their loan book.
The biggest risk is loss of capital, if capital is repaid to investors then at some future point that capital has a chance of returning to AC. If they lend it out they may never see that capital, it is a permanent loss of capital.
AC had da lot less funds several years ago and operated from a much smaller base, no reason why can't go back and then grow when economic conditions are more favourable.
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agent69
Member of DD Central
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Post by agent69 on Mar 24, 2020 13:35:32 GMT
If I may make a suggestion, whatever the true state of play is, can we please treat each other with a little respect and understanding, and not let this site deteriorate into yet another polarised forum which will make me and many others think twice about posting and eventually choosing not to visit this site. Alibaba. If my post has, without any intention, accidentally been misconstrued as anything other than concern for less informed investors who may be panicked due to 'fake news' posted about AC on this forum then I regret that has happened. What about the other side of the coin, with less informed investors being lulled into a false sense of security by 'fake news' posted by those that continually shout in praise of AC. Could less informed investors be misled by the fact that AC are still advertising accounts as 30 / 90 day access when they are nothing of the sort, and are unlikely to be for some considerable time.
The access accounts were great at providing liquidity for AC in normal times, but I suspect that at present they just a large millstone dragging them down.
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Post by Harland Kearney on Mar 24, 2020 13:38:55 GMT
Harland After the financial crisis the big banks cut back on their lending significantly - they were not growing their loan book which is why P2P came about. Big banks have built up a huge capital base to continue lending even in this environment. What capital base does AC have to absorb losses and continue lending? They don't. The right course of action is for them to cut back on lending not grow their loan book. The biggest risk is loss of capital, if capital is repaid to investors then at some future point that capital has a chance of returning to AC. If they lend it out they may never see that capital, it is a permanent loss of capital. AC had da lot less funds several years ago and operated from a much smaller base, no reason why can't go back and then grow when economic conditions are more favourable. I am bored of replying to people with speculation, this is all pointless anyway. All these threads are as AC clearly already have some plan going on which they aren't ready to release pubically. Chris has replied on another thread about the aiding the size of the que with new features in few weeks. anyway; AC isn't a bank,
AC isn't in 2013 size anymore
Down sizing the company could cause major issues.AC hasn't lent any new loans since the que implementation, so they may very well ALREADY being doing this. But those funds could be being used for other uses or to create a cash buffer before reopening the accounts. Like nobody knows this is the point. Speculation, speculation, speculation. They may already have stopped growing the loan book, but the repaid cash isn't in the access accounts. There must be some reason for this, but I don't know you, you don't know; I'm sure AC will come up with something shortly for everybody.
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Post by Harland Kearney on Mar 24, 2020 13:43:12 GMT
Alibaba. If my post has, without any intention, accidentally been misconstrued as anything other than concern for less informed investors who may be panicked due to 'fake news' posted about AC on this forum then I regret that has happened. What about the other side of the coin, with less informed investors being lulled into a false sense of security by 'fake news' posted by those that continually shout in praise of AC. Could less informed investors be misled by the fact that AC are still advertising accounts as 30 / 90 day access when they are nothing of the sort, and are unlikely to be for some considerable time.
The access accounts were great at providing liquidity for AC in normal times, but I suspect that at present they just a large millstone dragging them down.
Very true, but I dont' think anybody is doing that. We are just asking for thread titles not to be named *10,000 IN QUE!!!!* when this isn't true or at least isn't backed by undeniable evidence and confirmation from AC. I'm going to basically stop posting other than to help people, because alot of lenders on this forum seem like they really mis-guaged their risk appietate. Now not being unable to withdraw until market conditions cool down has really woke them up to what investing really means. 1-5 year loans, 1-5 year loans.
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Post by jasonnewman on Mar 24, 2020 13:44:13 GMT
Like nobody knows this is the point. Speculation, speculation, speculation
The very fact that AC does not communicate exactly what they are proposing is where the real issue is.
If you speak to online chat they refer you to the blog, the management need to tell investors exactly what they are proposing and make it very clear.
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Post by Harland Kearney on Mar 24, 2020 13:46:46 GMT
They have been in discussion with the Goverment. I honestly think they are still analysing all options, and they only want to post once its 100% confirmed. Baby sitting daily updates right now, may improve investor confidence on here, but it may not be that simple legally for them right now.
We just don't know,
all I'm pointing across is threads like this shouldn't exist in this manner, but should be discussion, the thread title really needs to change. As it isnt' true and it honestly looks very bad for the platform.
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