alexk
Posts: 17
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Post by alexk on Mar 25, 2020 12:23:58 GMT
No, it is that I had the options: 1. Wirthdraw principal on repayment and interest 2. Withdraw principal on repayment only 3. Withdraw interest only 4. Withdraw nothing
I used to use mainly option 3, but sometimes option 1 as well. As this is a Peer-to-Peer and we are the onwers of principal and loans, aka if things go south we lose, not AC. This is not a trustee, it is Peer-to-Peer, read rules of who is the onwer and who takes the risk too.
The above options are gone. It is only 3 and 4. Which is illegal.
I am due to have roughly 8% of my principal repaid within a month (this excludes 2 loans which are on default). AC has removed the options, and that is illegal in Peer-to-Peer. Simple as that.
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bg
Member of DD Central
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Post by bg on Mar 25, 2020 14:02:21 GMT
No, it is that I had the options: 1. Wirthdraw principal on repayment and interest 2. Withdraw principal on repayment only 3. Withdraw interest only 4. Withdraw nothing
I used to use mainly option 3, but sometimes option 1 as well. As this is a Peer-to-Peer and we are the onwers of principal and loans, aka if things go south we lose, not AC. This is not a trustee, it is Peer-to-Peer, read rules of who is the onwer and who takes the risk too.
The above options are gone. It is only 3 and 4. Which is illegal.
I am due to have roughly 8% of my principal repaid within a month (this excludes 2 loans which are on default). AC has removed the options, and that is illegal in Peer-to-Peer. Simple as that.
Illegal? Which T&C are you talking about here? The fact is that nearly 50% of all our money is stuck in development loans where a commitment has been made to fund future tranches. You seem very keen to walk away from this commitment which would lead to a 100% loss on these loans which would also likely push AC out of business with administrators stepping in to perform a fire sale of the assets in a currently non existent market. What kind of loss would we then be looking at for investors? 70%? 80%? This would be catastrophic for me and I have to question quite why you are angling for this to happen.
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ceejay
Posts: 975
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Post by ceejay on Mar 25, 2020 15:10:00 GMT
No, it is that I had the options: 1. Wirthdraw principal on repayment and interest 2. Withdraw principal on repayment only 3. Withdraw interest only 4. Withdraw nothing
I used to use mainly option 3, but sometimes option 1 as well. As this is a Peer-to-Peer and we are the onwers of principal and loans, aka if things go south we lose, not AC. This is not a trustee, it is Peer-to-Peer, read rules of who is the onwer and who takes the risk too.
The above options are gone. It is only 3 and 4. Which is illegal.
I am due to have roughly 8% of my principal repaid within a month (this excludes 2 loans which are on default). AC has removed the options, and that is illegal in Peer-to-Peer. Simple as that.
Unless you want to allege fraud, which I'm sure you don't (because that would be libellous), your use of the term "illegal" is wholly inappropriate and demonstrates (further) your fundamental lack of understanding of what is going on here. It might, conceivably, be a breach of contract (though I doubt that), but that would be a civil matter and "illegal" wouldn't apply. In my (considerable) experience of life, when someone really starts to froth at the mouth then one of two things is occurring. One is that a grievous injustice has been done (ooh, I don't know, how about Grenfell or Windrush?). The other is that someone has made a silly mistake and is now desperately seeking to shift the blame (lets say, for example, not understanding the nature of the investment and risk they were taking). In this case my money is on the latter.
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