|
|
Post by popeye on Mar 31, 2020 17:40:15 GMT
email just received:
"Whilst we continue to offer attractive target investment rates of return, we are also now having to introduce a small lender membership fee to cover increased loan servicing costs during this period and to ensure the long-term health of the platform.
We are commencing a lender loan servicing fee of 0.9% per annum, which is 0.075% per month of the loans under management, starting on 1st May."
Quite frustrating because my portfolio is mainly non-performing loans now.
|
|
greatmarko
Member of DD Central
Posts: 343 
Likes: 373
|
Post by greatmarko on Mar 31, 2020 17:48:33 GMT
Not impressed! Why don't they just reduce interest rates by 0.9%, rather than introduce a 0.9% "fee"
|
|
|
|
Post by valueinvestor123 on Mar 31, 2020 17:49:08 GMT
This is beginning to look quite comical. First they lock you in, so you can't withdraw your funds. Then they introduce membership fees on funds you can't withdraw. Why not just fold already, in an honourable way, and let others unwind this mess? (Which is where this is probably going anyway). Is there any other way they forgot to charge investors for the company's own incompetence? (All this talk of 'many years of experience in this area' was and has always been complete bollocks).
How can people let the company corner them like this? I understand if you actually can choose yourself whether to stay or leave, given introduction of the new fees, but investors are locked in here in this situation and literally have no choice but bend over.
Don't get me wrong, I have no ill wish towards any of the peer2peer companies, but some of them seem to be completely detached from reality and it just comes across (and always did) as highly amateurish.
|
|
|
|
Post by valueinvestor123 on Mar 31, 2020 17:50:43 GMT
How wonderful it must be to scrape 0.9% off all that capital you've just locked up. I know, I know, unusual markets and all, nothing guaranteed, but the timing stinks.
They could at least have waited to bait some ISA money in first!
They don't have money. And they are not getting any more, anytime soon. They are trying to bleed investors every which way first before the inevitable. Sorry to be the bearer of bad news but actions speak louder than words.
|
|
pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
|
Post by pikestaff on Mar 31, 2020 17:50:49 GMT
That's a small part of a long, and generally both encouraging and extremely sensible, email about how Assetz is dealing with the challenges presented by the Coronavirus lockdown.
The hope expressed in the email is that the fee will be temporary. Unfortunately, just how temporary will depend on how soon things get back to normal, and on what the new normal turns out to be. I just hope it's enough.
Edit: crossed with all of the above replies. One of them talks about peer2peer companies seeming to be "completely detached from reality". Far from it. But lenders are, if they think the challenges can just be magicked away.
|
|
alanh
Posts: 556
Likes: 560
|
Post by alanh on Mar 31, 2020 17:52:05 GMT
I think the final nail has just been hammered into the coffin
|
|
|
|
Post by valueinvestor123 on Mar 31, 2020 17:52:17 GMT
Not impressed! Why don't they just reduce interest rates by 0.9%, rather than introduce a 0.9% "fee" Because nobody is paying any interest at the moment? But the staff staying at home in pyjamas still need to be paid.
|
|
|
|
Post by jasonnewman on Mar 31, 2020 17:52:39 GMT
Time to go to the FCA regarding their conduct …. How do we move the loans of AC platform? I no longer want to use this stupid platform run by seriously d*** people to keep my money
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
|
Post by ilmoro on Mar 31, 2020 17:52:45 GMT
Which other platforms charge lenders a fee? And I don't mean the borrower fee sliced off the rate paid to lenders.
|
|
|
|
Post by oppsididitagain on Mar 31, 2020 17:53:45 GMT
but they are still baiting us with a 1% bonus for new funds added before ISA deadline ?
In one hand and out of the other..
|
|
jo
Member of DD Central
dead
Posts: 741
Likes: 498
|
Post by jo on Mar 31, 2020 17:57:48 GMT
Get with the programme people. Lenders are completely immune from seismic events and lifestyle changes.
Didn't you hear?
|
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on Mar 31, 2020 17:57:49 GMT
Not impressed! Why don't they just reduce interest rates by 0.9%, rather than introduce a 0.9% "fee" Well, in the short term at least, it sounds like that will be the effect. They've said they're going to pay "the bulk" of the QAA interest for the next few months, so you can consider this fee the reduction. Whether that will be the case after the next few months, well, we'll see. At least our investments will be increasing in nominal value for a while. In the meantime, let's hope the measures described to enhance liquidity have some positive impact. I'm personally going to consider any received interest payments (net of servicing fee) as nominal small deductions to my AC exposure. Ultimately, even in the best scenario, there's a bill that will need to be paid for the severe economic disruption that has happened and will continue to happen.
|
|
|
|
Post by jasonnewman on Mar 31, 2020 17:59:22 GMT
Asset Capital is Finished.....Well done stuartassetzcapital chris You have just totally destroyed everything you have worked on AC the past 7 years. Your platform is FINISHED - You have destroyed everything AC was known for. |
|
Mikeme
Member of DD Central
Posts: 428
Likes: 331
|
Post by Mikeme on Mar 31, 2020 18:00:47 GMT
Expected this and I'm in.
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Mar 31, 2020 18:01:07 GMT
Not impressed! Why don't they just reduce interest rates by 0.9%, rather than introduce a 0.9% "fee" I think we were probably all preparing ourselves for an interest rate cut but for them to charge a fee, even if it amounts to the same thing, just adds insult to injury. They are not playing this well from a psychological point of view.
|
|
