bg
Member of DD Central
Posts: 1,368 
Likes: 1,929
|
Post by bg on Apr 1, 2020 9:45:33 GMT
Not possible to verify the actual numbers of course but it does make sense. If you have £250k invested (say) then you would initially benefit from a proportional system, but as smaller investors get knocked out (fully repaid) you eventually become a smaller investor (relative to others) yourself and would then start being penalised by the proportional system. Under a true proportional repayment system all investors should be fully repaid on the same date. AC should be able to verify the numbers.
AC have told us the numbers (well Chris has). You can't expect them to release all lender balances and transactions so you can verify this. No its not. The fee is charged on a per loan basis so only if cash is returned from the loan in question. If a loan is non performing there will be no fee charged.
|
|
TitoPuente
Member of DD Central
Posts: 624
Likes: 655
|
Post by TitoPuente on Apr 1, 2020 9:46:00 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. You sound drunk. Perhaps you should try to control yourself. Hopefully you are not mistreating family members.
|
|
alender
Member of DD Central
Posts: 982
Likes: 683
Member is Online
|
Post by alender on Apr 1, 2020 9:55:29 GMT
AC should be able to verify the numbers.
AC have told us the numbers (well Chris has). You can't expect them to release all lender balances and transactions so you can verify this. No its not. The fee is charged on a per loan basis so only if cash is returned from the loan in question. If a loan is non performing there will be no fee charged. I did not see any numbers (perhaps they are complex and of the imaginary type) just a statement and some sort of estimate from Chris but sadly lacking in any real numbers.
So who decides which loans are performing, if that is AC and they charge Fees based on this seems like a conflict of interests. More information required.
|
|
benaj
Member of DD Central
N/A
Posts: 5,610
Likes: 1,739
|
Post by benaj on Apr 1, 2020 10:04:41 GMT
Okay, I understand the families need to be fed. I am totally confused about this lender membership fee.
1. Will there be a membership card?
2 Can I cancel my membership?
3 Why the membership fee is not a fixed price?
4 What's the difference between the membership fee and servicing fee described in the email?
|
|
ian
Posts: 342
Likes: 226
|
Post by ian on Apr 1, 2020 10:08:50 GMT
Not at all happy about this new fee, even if it is mentioned as a possibility in T&Cs. In particular, presumably we shall be charged this 0.075% per month even on those loans on which there is no hope of recovery, such as Epping and Ipswich. That really does rub salt into the wound. Increasingly AC is becoming very skilled in rubbing us all up the wrong way. Forbearance to borrowers should not mean that lenders are asked to bear more than the obvious consequences. So the introduction of lender fees is extremely aggravating. It’s clear profiteering - if Hsbc added 0.5% to your mortgage rate & introduced a 0.1 % fee the government would be up in arms. Do you think the fee applies to institutional investors???
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Apr 1, 2020 10:11:34 GMT
AC have told us the numbers (well Chris has). You can't expect them to release all lender balances and transactions so you can verify this. No its not. The fee is charged on a per loan basis so only if cash is returned from the loan in question. If a loan is non performing there will be no fee charged. I did not see any numbers (perhaps they are complex and of the imaginary type) just a statement and some sort of estimate from Chris but sadly lacking in any real numbers.
So who decides which loans are performing, if that is AC and they charge Fees based on this seems like a conflict of interests. More information required.
Yes Chris made a statement with the numbers in. He's not going to post the thousands of calculations that drove this estimate. No-one decides if a loan is performing. There is a charge against every loan but the charge is not paid by the lender unless the loan in question returns cash. So for a loan that is in effect dead the charge will never be paid.
|
|
cb25
Posts: 3,528
Likes: 2,668
|
Post by cb25 on Apr 1, 2020 10:12:10 GMT
Not at all happy about this new fee, even if it is mentioned as a possibility in T&Cs. In particular, presumably we shall be charged this 0.075% per month even on those loans on which there is no hope of recovery, such as Epping and Ipswich. That really does rub salt into the wound. Increasingly AC is becoming very skilled in rubbing us all up the wrong way. Forbearance to borrowers should not mean that lenders are asked to bear more than the obvious consequences. So the introduction of lender fees is extremely aggravating. You might want to look at this thread covering the same topic (and many pages long): p2pindependentforum.com/thread/17029/introduction-lender-membership-fees
|
|
alibaba
Member of DD Central
Posts: 341
Likes: 245
|
Post by alibaba on Apr 1, 2020 10:12:39 GMT
I’ve got just under £10k in the QAA. To be brutally honest, and given the awfulness of the current financial situation many people are in or are expecting to be in very soon, it’s clear that someone with £500 in AC is more likely to have a desperate need for it than I or someone with £200k in there. So, AC’s current mechanism is unfair but more compassionate.
a longer term positive outcome for all of us.
|
|
TitoPuente
Member of DD Central
Posts: 624
Likes: 655
|
Post by TitoPuente on Apr 1, 2020 10:16:05 GMT
Okay, I understand the families need to be fed. I am totally confused about this lender membership fee. 1. Will there be a membership card? 2 Can I cancel my membership? 3 Why the membership fee is not a fixed price? 4 What's the difference between the membership fee and servicing fee described in the email? Yes, you are totally confused. The answer to you single reasonable question is that the the "membership fee" is payable by lenders while the "servicing fee" is payable by borrowers. It is explained in the email.
|
|
mrsb
Posts: 196
Likes: 102
|
Post by mrsb on Apr 1, 2020 10:21:06 GMT
Okay, I understand the families need to be fed. I am totally confused about this lender membership fee. 1. Will there be a membership card? 2 Can I cancel my membership? 3 Why the membership fee is not a fixed price? 4 What's the difference between the membership fee and servicing fee described in the email? Yes, you are totally confused. The answer to you single reasonable question is that the the "membership fee" is payable by lenders while the "servicing fee" is payable by borrowers. It is explained in the email. Not sure I agree. All funds in P2P should be equal ranking - the advice not to invest money that's vital is universal. EDIT - obviously - I quoted the wrong post!
|
|
benaj
Member of DD Central
N/A
Posts: 5,610
Likes: 1,739
|
Post by benaj on Apr 1, 2020 10:23:07 GMT
Okay, I understand the families need to be fed. I am totally confused about this lender membership fee. 1. Will there be a membership card? 2 Can I cancel my membership? 3 Why the membership fee is not a fixed price? 4 What's the difference between the membership fee and servicing fee described in the email? Yes, you are totally confused. The answer to you single reasonable question is that the the "membership fee" is payable by lenders while the "servicing fee" is payable by borrowers. It is explained in the email. So, the servicing fee of 0.9% per annum is not the same as lender loan servicing fee? and no lender will be paying that from 1st May?
|
|
alender
Member of DD Central
Posts: 982
Likes: 683
Member is Online
|
Post by alender on Apr 1, 2020 10:23:08 GMT
I did not see any numbers (perhaps they are complex and of the imaginary type) just a statement and some sort of estimate from Chris but sadly lacking in any real numbers.
So who decides which loans are performing, if that is AC and they charge Fees based on this seems like a conflict of interests. More information required.
Yes Chris made a statement with the numbers in. He's not going to post the thousands of calculations that drove this estimate. No-one decides if a loan is performing. There is a charge against every loan but the charge is not paid by the lender unless the loan in question returns cash. So for a loan that is in effect dead the charge will never be paid. Well what are these numbers, I only saw a statement that mentioned 85k. You do not need all of the thousands of calculations, just some totals which will allow you to see how this is working (against you), it is a bit like saying that if 1m people have a £1, the only way you know the total amount is make a 1m additions.
So how do we know which loans we will be charged a monthly Fees, if no one decides this it will be impossible to implement.
|
|
cb25
Posts: 3,528
Likes: 2,668
|
Post by cb25 on Apr 1, 2020 10:34:07 GMT
I’ve got just under £10k in the QAA. To be brutally honest, and given the awfulness of the current financial situation many people are in or are expecting to be in very soon, it’s clear that someone with £500 in AC is more likely to have a desperate need for it than I or someone with £200k in there. So, AC’s current mechanism is unfair but more compassionate. Imo anybody in desperate need of £500 shouldn't have gone within a mile of any P2P platform.
|
|
sapphire
Member of DD Central
Posts: 489
Likes: 413
|
Post by sapphire on Apr 1, 2020 10:40:44 GMT
Dear all ...... I can also confirm that the new lender servicing fee only applies to loans not presently in default/ recovery so no, you are not charged for those. If loans aren't paying or have no retentions then you still accrue interest and we accrue the small fee. .......... You state "accrue" rather than "paid". For MLA loans which are not defaulted, just to be clear, please could you confirm that this new fee will only have to be *paid* by the lender to AC when the interest payment for the MLA loan this fee relates to, is actually received by the lender. i.e. this fee will not be required to be *paid* by the lender to AC if the borrower has not paid the interest for the related loan, and that this fee will *not* have to be paid from other cash balances held by the lender or interest payments received from other loans. My apologies if this has already been clarified and confirmed elsewhere and I have missed it.
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Apr 1, 2020 10:41:33 GMT
Yes Chris made a statement with the numbers in. He's not going to post the thousands of calculations that drove this estimate. No-one decides if a loan is performing. There is a charge against every loan but the charge is not paid by the lender unless the loan in question returns cash. So for a loan that is in effect dead the charge will never be paid. Well what are these numbers, I only saw a statement that mentioned 85k. You do not need all of the thousands of calculations, just some totals which will allow you to see how this is working (against you), it is a bit like saying that if 1m people have a £1, the only way you know the total amount is make a 1m additions.
So how do we know which loans we will be charged a monthly Fees, if no one decides this it will be impossible to implement.
All of the loans are charged a monthly fee but lenders only ever pay it if the loan in question ever returns any cash.
|
|
