benaj
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Post by benaj on Mar 24, 2020 12:39:52 GMT
stuartassetzcapital, chrisWe have been told the withdrawals are slower than usual because of the Coronavirus. Could you make things better by allowing investment in the AAs to be switched into different accounts? For example QAA switched to the 90DAA as a choice or even switching MLIA loans in the same proportion of loans earning higher returns.
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Post by chris on Mar 24, 2020 12:44:15 GMT
The ability to move investment into a longer term access account is already being looked at, as is the ability to crystallise your holdings and sell out of the loans as you see fit on the aftermarket, including offering a discount to do so. I expect both of these to land within the next couple of weeks.
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savernake
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Post by savernake on Mar 24, 2020 12:52:55 GMT
The ability to move investment into a longer term access account is already being looked at, as is the ability to crystallise your holdings and sell out of the loans as you see fit on the aftermarket, including offering a discount to do so. I expect both of these to land within the next couple of weeks. That's great news. I'm sure these developments will make a real difference to easing the current logjam.
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Post by Harland Kearney on Mar 24, 2020 13:04:19 GMT
Great news!
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Post by gravitykillz on Mar 24, 2020 13:18:47 GMT
Sell the company to warren buffet. Let him
pump a £100 million into the coffers.
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Post by gravitykillz on Mar 24, 2020 13:20:34 GMT
Or they can go on dragons den.....
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Post by jasonnewman on Mar 24, 2020 13:22:03 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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cb25
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Post by cb25 on Mar 24, 2020 13:29:21 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. Much as I'd like to see my funds back from the Access Accounts, that money comes from borrowers repaying and/or lenders buying loans. Where are AC to get the money to repay the lenders? Have you seen any new loans posted in the last week/so, 'cos I haven't?
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bg
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Post by bg on Mar 24, 2020 13:30:01 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. They can't just release money to people that wish to withdraw. The money has been lent out, to repay lenders it either has to be repaid or sold on to another lender. There is absolutely no suggestion that AC will be funding new loans with access account funds. None have been funded since withdrawals were frozen (#1279 drew after the freeze but had already been funded).
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alexk
Posts: 17
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Post by alexk on Mar 24, 2020 21:28:49 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. They can't just release money to people that wish to withdraw. The money has been lent out, to repay lenders it either has to be repaid or sold on to another lender. There is absolutely no suggestion that AC will be funding new loans with access account funds. None have been funded since withdrawals were frozen (#1279 drew after the freeze but had already been funded). Please stop spreading wrong information. They said the exact opposite and also have removed the option to withdraw capital on repayment (when loans have matured and being repaid). Which is illegal.
Check how peer-to-peer operates, AC is not the legal owner of the capital, it is lenders. Capital is given to borrowers, once repaid, returns to legal owners. Simple legal procedure, which AC is not following and are withholding capital they do not legally own....
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 24, 2020 22:07:10 GMT
They can't just release money to people that wish to withdraw. The money has been lent out, to repay lenders it either has to be repaid or sold on to another lender. There is absolutely no suggestion that AC will be funding new loans with access account funds. None have been funded since withdrawals were frozen (#1279 drew after the freeze but had already been funded). Please stop spreading wrong information. They said the exact opposite and also have removed the option to withdraw capital on repayment (when loans have matured and being repaid). Which is illegal.
Check how peer-to-peer operates, AC is not the legal owner of the capital, it is lenders. Capital is given to borrowers, once repaid, returns to legal owners. Simple legal procedure, which AC is not following and are withholding capital they do not legally own.... Genuine question. Have you ever had an automatic withdrawal from an access account of repaid capital?
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Post by Harland Kearney on Mar 24, 2020 22:08:00 GMT
Seeing alot of very angry posters today.  Almost makes me just wanna stop posting here altogather. |
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puddleduck
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Post by puddleduck on Mar 25, 2020 10:29:35 GMT
I've had another think about this after looking at the rates on MLA - I found 4 1/2 pages of loans (50 loans per page) below 6% (around 220-ish) Those loans are going to be almost impossible to sell if converted into actual MLA holdings via the Access accounts. So I'm not sure that given so many sub-6% loans it's going to be an easy way to liquidate, even if heavily discounted. I'd rather stick to 5.75% in the 90DAA then hold so many low rate loans via a conversion.
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Post by Harland Kearney on Mar 25, 2020 10:48:58 GMT
I've had another think about this after looking at the rates on MLA - I found 4 1/2 pages of loans (50 loans per page) below 6% (around 220-ish) Those loans are going to be almost impossible to sell if converted into actual MLA holdings via the Access accounts. So I'm not sure that given so many sub-6% loans it's going to be an easy way to liquidate, even if heavily discounted. I'd rather stick to 5.75% in the 90DAA then hold so many low rate loans via a conversion. It is good so that I can move into the 90DAA. I wouldn't wanna use the MLA as I'm not looking to sell out said holdings by any large scale.
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bg
Member of DD Central
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Post by bg on Mar 25, 2020 10:49:04 GMT
They can't just release money to people that wish to withdraw. The money has been lent out, to repay lenders it either has to be repaid or sold on to another lender. There is absolutely no suggestion that AC will be funding new loans with access account funds. None have been funded since withdrawals were frozen (#1279 drew after the freeze but had already been funded). Please stop spreading wrong information. They said the exact opposite and also have removed the option to withdraw capital on repayment (when loans have matured and being repaid). Which is illegal.
Check how peer-to-peer operates, AC is not the legal owner of the capital, it is lenders. Capital is given to borrowers, once repaid, returns to legal owners. Simple legal procedure, which AC is not following and are withholding capital they do not legally own.... OK if what I am saying is wrong you must be able to give me the id of a loan that has been funded using your capital without your permission. I'm still waiting for one....
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Almost makes me just wanna stop posting here altogather.