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Post by garreh on Mar 31, 2020 11:49:45 GMT
Interesting, this was something I actually spotted and when I contacted Assetz Capital they seemed to suggest the "On Repayment: Withdraw [...]" only supported withdrawing of INTEREST and not any capital. I explained that it was not labeled as such and provided an option to withdraw both interest + capital.
I can see they have now changed this to just allow withdrawing of interest "on repayment".
So maybe this was just a UI mistake by AC that they have now corrected? Pretty bad one though tbh. It left a lot of people confused. They are still allowing withdrawings... but alas, "in queue" 😐
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bg
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Post by bg on Mar 31, 2020 11:54:53 GMT
With recent memories of the T+C changes made by Lendy in the last few months of their platform to the detriment of lenders it would appear Assetz have started using sneaky tactics to keep money on the platform.
I would recommend the following e-mail is sent to enquiries@assetzcapital.co.uk
You do realise that the "Withdrawal All" option never actually did anything? You could only ever withdraw interest automatically from these accounts. Furthermore and more importantly, about half of the investment in these accounts is in development loans that require future funding tranches. If we (as lenders) were to fail to fund these obligations then what happens? We can hardly make a claim against the security if we have not upheld our side of the contract and could be liable for losses by the developer. That would not be a great outcome for anyone.
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alanh
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Post by alanh on Mar 31, 2020 12:02:07 GMT
The more they try and trap people in using underhand tactics, the more people will leave (or attempt to anyway). I don't know what is going on behind the scenes but their recent actions are an ominous sign.
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Mousey
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Post by Mousey on Mar 31, 2020 12:07:43 GMT
As explained in this post the current cash element of the Access accounts is currently £9.3m. This uninvested cash should be released to investors who do not wish it to be reinvested. Furthermore and more importantly, about half of the investment in these accounts is in development loans that require future funding tranches. If we (as lenders) were to fail to fund these obligations then what happens? We can hardly make a claim against the security if we have not upheld our side of the contract and could be liable for losses by the developer. That would not be a great outcome for anyone. I accept your premise but not your conclusion that this somehow makes it my responsibility. I personally have made no contractual commitment to continue to fund loans on the platform and I understand neither has anyone else.
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agent69
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Post by agent69 on Mar 31, 2020 12:08:24 GMT
With recent memories of the T+C changes made by Lendy in the last few months of their platform to the detriment of lenders it would appear Assetz have started using sneaky tactics to keep money on the platform.
I would recommend the following e-mail is sent to enquiries@assetzcapital.co.uk
So how does this work if you have tried to withdraw your funds but have been unabe to do so?
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Post by garreh on Mar 31, 2020 12:20:18 GMT
I accept your premise but not your conclusion that this somehow makes it my responsibility. I personally have made no contractual commitment to continue to fund loans on the platform and I understand neither has anyone else.
I understand your frustration, we are all in this situation together but stating that you made no contractual commitment is not accurate. You agreed to the terms when investing in a P2P platforms, as did we all, and the risks associated with it. We just need to all have a level head and get through this together.
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Mousey
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Post by Mousey on Mar 31, 2020 12:22:37 GMT
Well it doesn't!
It's farcical to suggest that contractual terms can be changed in this way.
The very foundation of a valid contract require an offer and acceptance. An acceptance is a final and unqualified expression of assent to the terms which Assetz cannot obtain in this way.
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Post by garreh on Mar 31, 2020 12:24:10 GMT
Mods can this thread get moved/reviewed? Suggesting that everyone emails AC with the template text isn't going to help the situation and is only going to overload AC with more work when they are already in a challenging condition.
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Mousey
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Post by Mousey on Mar 31, 2020 12:24:42 GMT
I accept your premise but not your conclusion that this somehow makes it my responsibility. I personally have made no contractual commitment to continue to fund loans on the platform and I understand neither has anyone else.
I understand your frustration, we are all in this situation together but stating that you made no contractual commitment is not accurate. You agreed to the terms when investing in a P2P platforms, as did we all, and the risks associated with it. We just need to all have a level head and get through this together. Please show me the exact contractual commitment I made that has bound me to continue to make funds available for future investment propositions.
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alanh
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Post by alanh on Mar 31, 2020 12:28:40 GMT
Mods can this thread get moved/reviewed? Suggesting that everyone emails AC with the template text isn't going to help the situation and is only going to overload AC with more work when they are already in a challenging condition. Great idea. Lets just let them get away with it and do whatever they want with our money.
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Post by garreh on Mar 31, 2020 12:31:13 GMT
I understand your frustration, we are all in this situation together but stating that you made no contractual commitment is not accurate. You agreed to the terms when investing in a P2P platforms, as did we all, and the risks associated with it. We just need to all have a level head and get through this together. Please show me the exact contractual commitment I made that has bound me to continue to make funds available for future investment propositions.
Your the one claiming it - you find it. In any case, suggesting we all email them with a template text airing frustration isn't going to help resolve the liquidity issue. Everyone rushing for the door is the problem, not the solution.
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sl75
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Post by sl75 on Mar 31, 2020 12:33:50 GMT
Please show me the exact contractual commitment I made that has bound me to continue to make funds available for future investment propositions.
How about 6.4 (irrelevant parts stripped - see the original T&Cs for the full version)
"... For the period of utilisation of ... an Access Account, ... there will be a continuing instruction to the Assetz Capital Companies to acquire in the name of the relevant Lending Member an appropriate number and value of Micro Loans in Loans that, under the current published investment criteria of the ... Access Accounts..."
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alanh
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Post by alanh on Mar 31, 2020 12:34:28 GMT
Please show me the exact contractual commitment I made that has bound me to continue to make funds available for future investment propositions.
Your the one claiming it - you find it. In any case, suggesting we all email them with a template text airing frustration isn't going to help resolve the liquidity issue. Everyone rushing for the door is the problem, not the solution. Everyone rushing for the door is the problem, but there is a reason why everyone is rushing for the door. Randomly changing the T&C's and other account conditions overnight and without consent is making the rush for the door even worse.
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corto
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Post by corto on Mar 31, 2020 12:37:57 GMT
It wasn't a random change. They have explained their choices.
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alanh
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Post by alanh on Mar 31, 2020 12:39:37 GMT
It wasn't a random change. They have explained their choices. OK, for your benefit: Everyone rushing for the door is the problem, but there is a reason why everyone is rushing for the door. Changing the T&C's and other account conditions overnight and without consent is making the rush for the door even worse.
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