Mikeme
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Post by Mikeme on Mar 31, 2020 15:29:34 GMT
I fully understand that, infact I was one of the first on the site to bring that issue up. That is why it is critical AC move onto the que system as soon as they are able too. The only thing laughble on this forum is peoples clear panic that is from that over exposure to this industry and shedding it across other investors who are sitting on hands that is still and always has been a fairly illquid asset. Small investors could receive 100% of their investment back if they only had 1 GBP invested, I get it. Its something I agree on and I've kept repeating I agree on it. It is like people on this site are so inside there own imagine of justice that they forget that others may agree half way. My point is that, not funding drawdowns would mean your 3.9% payout to investors is ALL you will likely be getting for years to come as AC would be unable to fund drawdowns, tranches. I don't see why this is being denied. I don't disagree with your drawdown point. The money in the access accounts - currently £9 million ish - should be used by Assetz in our best interests. If they deem that providing funding to existing half finished developments is the best way forward then so be it. I fully appreciate that there is often little value in a half finished development as others are loathe to take it over or else they come in with a preposterous lowball bid. We investors aren't in any position to decide on these issues so must leave it to Assetz who hopefully have some expertise in this area. My issue is with the way they distribute the cash (which all investors own, proportional to their investment size). It cannot be right, or indeed legal, to take large investors share of the cash and simply give it all to small investors. It is critical that they move back to the queue system, or at least a proportional distribution system as soon as possible. Chris would you mind asking when the update is made that any changes are highlighted. As has been said before sometimes it's hard to see the changes. Otherwise thanks to you all
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mark
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Post by mark on Mar 31, 2020 16:19:35 GMT
With all due respect, not 'everyone' is rushing for the door. There are 38,000+ retail investors along side multi national institutional investors, whose hundreds of millions of pounds dwarf our retail funding. Whilst I agree that the choice of word 'everyone' could of been chosen more accurately, the knock on effect of liquidity is much larger than you are playing it. If what you are saying is true, then there would be absolutely no need for AC to pause withdrawing from these so called "retailer funding" accounts which are, as you say, "dwarfed" by the multi national investors. Evidently all investors play a huge role in keeping the platform alive otherwise they could of just selectively prevented the multi national investors from liquiding their funds rather than Mrs Dorris with her 3k investment. The truth is it doesn't take much to cause a platform to start to have liquidity issues, so whilst it may not be 'everyone' even if it's just half that's still a significant amount. With the uncertainties of the past and next few weeks, and in reality months, I personally feel reassured at the pace of AC management's prudent action. Prudent, immediate, safeguarding action that I see as sensibly taken until a full understand of how the unparalleled turbulent financial crash 'could' impinge on the business is commendable and in my opinion should be supported by any AC investor. There is a substaintially bigger picture here. The understanding of the bigger picture of the interdependence of me the investor, the borrower and the company. This is crucial for peace of mind and relaxation !! When faced with the unknown or unpredictable, Prudent caution, that can then be managed and revised in clarity, is always preferable to a fingers crossed or head in the sand financial strategy.
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Post by chris on Mar 31, 2020 16:25:26 GMT
I don't disagree with your drawdown point. The money in the access accounts - currently £9 million ish - should be used by Assetz in our best interests. If they deem that providing funding to existing half finished developments is the best way forward then so be it. I fully appreciate that there is often little value in a half finished development as others are loathe to take it over or else they come in with a preposterous lowball bid. We investors aren't in any position to decide on these issues so must leave it to Assetz who hopefully have some expertise in this area. My issue is with the way they distribute the cash (which all investors own, proportional to their investment size). It cannot be right, or indeed legal, to take large investors share of the cash and simply give it all to small investors. It is critical that they move back to the queue system, or at least a proportional distribution system as soon as possible. Chris would you mind asking when the update is made that any changes are highlighted. As has been said before sometimes it's hard to see the changes. Otherwise thanks to you all As I understand it there'll be new video, email, and I would guess blog post with the contents of the email.
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mrsb
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Post by mrsb on Mar 31, 2020 16:40:06 GMT
Another video, i'll go dig out the pickle and crackers :-)
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agent69
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Post by agent69 on Mar 31, 2020 17:10:08 GMT
Apart from allowing all small lenders to exit with 100% of their investment (which is great for them), can you name any other benefit to anyone of this misappropriation of large investors cash? Large investors have deep pockets and tend to sue in situations like this. NOT ME Selective treatment of investors leads to Assetz become labelled as an untrustworthy platform, investment inflows dry up to nothing as investors choose to put their money elsewhere NOT ME Evaporating trust and lack of inflows has been a characteristic of all failed platforms NOT ME What exactly is this great benefit that you see in the current situation, apart from the clearly self evident fact that you don't have much money invested? Simple AC fails Administrators are appointed at huge cost. Assets are sold to the waiting vultures. Honourable borrowers are thrown to the vultures. Why should this happen given AC's previous assurances that in the event of platform failure they have robust procedures in place to ensure an orderly rundown of the loan book?
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Mikeme
Member of DD Central
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Post by Mikeme on Mar 31, 2020 17:22:30 GMT
Simple AC fails Administrators are appointed at huge cost. Assets are sold to the waiting vultures. Honourable borrowers are thrown to the vultures. Why should this happen given AC's previous assurances that in the event of platform failure they have robust procedures in place to ensure an orderly rundown of the loan book? Where do you want your dummy sent to?
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alanh
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Post by alanh on Mar 31, 2020 17:54:05 GMT
Simple AC fails Administrators are appointed at huge cost. Assets are sold to the waiting vultures. Honourable borrowers are thrown to the vultures. Why should this happen given AC's previous assurances that in the event of platform failure they have robust procedures in place to ensure an orderly rundown of the loan book? Are these procedures available to view anywhere online?
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Mikeme
Member of DD Central
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Post by Mikeme on Mar 31, 2020 17:57:50 GMT
Why should this happen given AC's previous assurances that in the event of platform failure they have robust procedures in place to ensure an orderly rundown of the loan book? Are these procedures available to view anywhere online? Where do you want your dummy sent to?Do you want a sugar coated one?
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agent69
Member of DD Central
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Post by agent69 on Mar 31, 2020 17:59:19 GMT
Why should this happen given AC's previous assurances that in the event of platform failure they have robust procedures in place to ensure an orderly rundown of the loan book? Are these procedures available to view anywhere online? I suspect they are like the size of the withdrawl queue - only known to a chosen few at AC HQ.
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mark
Posts: 163
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Post by mark on Mar 31, 2020 18:14:23 GMT
uote author=" mark" source="/post/377550/thread" timestamp="1585671575"] Whilst I agree that the choice of word 'everyone' could of been chosen more accurately, the knock on effect of liquidity is much larger than you are playing it. If what you are saying is true, then there would be absolutely no need for AC to pause withdrawing from these so called "retailer funding" accounts which are, as you say, "dwarfed" by the multi national investors. Evidently all investors play a huge role in keeping the platform alive otherwise they could of just selectively prevented the multi national investors from liquiding their funds rather than Mrs Dorris with her 3k investment. The truth is it doesn't take much to cause a platform to start to have liquidity issues, so whilst it may not be 'everyone' even if it's just half that's still a significant amount. With the uncertainties of the past and next few weeks, and in reality months, I personally feel reassured at the pace of AC management's prudent action. Prudent, immediate, safeguarding action that I see as sensibly taken until a full understand of how the unparalleled turbulent financial crash 'could' impinge on the business is commendable and in my opinion should be supported by any AC investor. There is a substaintially bigger picture here. The understanding of the bigger picture of the interdependence of me the investor, the borrower and the company. This is crucial for peace of mind and relaxation !! When faced with the unknown or unpredictable, Prudent caution, that can then be managed and revised in clarity, is always preferable to a fingers crossed or head in the sand financial strategy. [/quote] Hi garreh Firstly and most valuable, I hope you, all posters and all your loved ones are staying healthy and safe. Regardless of our minor material differences of opinion, we are collectively all in this together. In response to your reply, here is an opposing possibility. Mrs Dorris with her £3k investmemt, invested her money for a small regular income or as a nest egg. Unless Mrs Dorris had the unfortunate bad timing or need of wanting to withdraw her funds recently from AC, ( or unless she was a P2P Independent Forum member) Mrs Dorris would be none the wiser. A mathematical possibility.. Multiply Mrs Dorris by those thousands of investors who invest in Assetz Capital for regular good monthly income on their savings with good secure, returns on their investments. Multiply them by the many investors who invest for long term accumulative growth and are not in the withdrawal queue. Multiply those investors by those who have more important matters at hand and as nothing has changed materially to their income or savings to date there is no problem to worry about. Multiply those be the number of investors who realise Assetz Capital is a safe haven looking at the alternative investment possibilities, with most, if not all, also adapting and changing due to circumstances. Multiply this number by the uncatergorised (the happy silent oblivious, less time in their hands, majority of other investors !!) Then, subtract the unhappy investors in the current Assetz Capital access account withdrawal queue. My monies is on even less than half of Assetz Capital's investors running towards the exit !!! Respect and health to all.
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alanh
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Post by alanh on Mar 31, 2020 18:20:20 GMT
Meanwhile, back in the real world.....
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Mikeme
Member of DD Central
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Post by Mikeme on Mar 31, 2020 18:27:27 GMT
Meanwhile, back in the real world..... Can't be bothered with your realism.
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alanh
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Post by alanh on Mar 31, 2020 19:44:32 GMT
Whilst that money may be in a segregated account, if Assetz go into administration you are unlikely to be able to get hold of it very quickly as we have seen in the cases of other platform failures. True but AC are not on the cusp of going into administration. I think you might find there are quite a number of people who would disagree with you on that one
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mrsb
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Post by mrsb on Mar 31, 2020 19:48:07 GMT
Gotta vote to get your cash out!
I vote C. Orderly wind down
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Post by stevexxx on Apr 6, 2020 21:37:02 GMT
I just wanted to put my account into draw down by turning off investment, you cant do that now which I don't like so I'm pulling out
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