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Post by martinde21 on Apr 1, 2020 16:43:07 GMT
Hi Mark
I fully agree. We can be both compassionate and sensible. The last thing lenders should want is the platform to collapse and/or to start defaulting loans. At the moment this would throw many people out of work or deeper into difficulty and realistically, the assets acting as security to the loans will be seriously impaired.
I would prefer to see AC execute its plan, minimise capital loss to lenders and strengthen itself for an economic recovery in perhaps six months time (or even a year)....
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Mikeme
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Post by Mikeme on Apr 1, 2020 16:45:07 GMT
I have 120k in QAA and entirely agree, anyone with less than 1k should be given preferential treatment, some lenders are going to be in desperate need, others in my situation should be willing to support AC, borrowers and smaller lenders. In my view this is best approach to take in order to achieve
a longer term positive outcome for all of us. Paul123 and Alibaba. Respect to you guys for your compassionate approach to others. I am in full agreememt. Concern for others in a less fortunate position, financial or otherwise, will see us through this and the wider health crisis. Pity the I WANT MY MONEY brigade have no heart. Maybe a system of withdrawal inverse of complaining.
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mrsb
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Post by mrsb on Apr 1, 2020 16:51:42 GMT
The "less fortunate" will be those that need their money - regardless of size of investment.
Perhaps misfortune is in fact misadventure - over invested people have made a mistake, not been unlucky.
"We're so lucky, lets help the unfortunate" reeks of condescension and piety.
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alender
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Post by alender on Apr 1, 2020 17:37:45 GMT
Paul123 and Alibaba. Respect to you guys for your compassionate approach to others. I am in full agreememt. Concern for others in a less fortunate position, financial or otherwise, will see us through this and the wider health crisis. Pity the I WANT MY MONEY brigade have no heart. Maybe a system of withdrawal inverse of complaining. Feel free to add as much money as you like to AC, should help more than virtue signalling.
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wishy
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Post by wishy on Apr 1, 2020 20:08:26 GMT
I am a tad overwhelmed trying to read and assimilate so much information. I want it explained in simple terms. As far as I can ascertain (help me if I am wrong) the lenders fee would mean that we lenders incur a trim to our interest of 0.075% of stated loan value per monthly interest payment. So, trying to simplify, if I was previously earning, say, 0.4% per month, I would now get 0.4%-0.075% instead, i.e. 0.325% per month. *IF* that is all there is to it, then it doesn't seem too bad to me considering the rather extreme current circumstances.
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Post by Harland Kearney on Apr 1, 2020 21:39:37 GMT
I am a tad overwhelmed trying to read and assimilate so much information. I want it explained in simple terms. As far as I can ascertain (help me if I am wrong) the lenders fee would mean that we lenders incur a trim to our interest of 0.075% of stated loan value per monthly interest payment. So, trying to simplify, if I was previously earning, say, 0.4% per month, I would now get 0.4%-0.075% instead, i.e. 0.325% per month. *IF* that is all there is to it, then it doesn't seem too bad to me considering the rather extreme current circumstances. You will be bombarded by the angry crowd. But yes, that is pretty much the general jist of things.
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Post by gravitykillz on Apr 1, 2020 22:17:34 GMT
I dont like 2020! 2008 was a cruise compared to this!
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p2pfan
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Post by p2pfan on Apr 1, 2020 23:39:33 GMT
I am a tad overwhelmed trying to read and assimilate so much information. I want it explained in simple terms. As far as I can ascertain (help me if I am wrong) the lenders fee would mean that we lenders incur a trim to our interest of 0.075% of stated loan value per monthly interest payment. So, trying to simplify, if I was previously earning, say, 0.4% per month, I would now get 0.4%-0.075% instead, i.e. 0.325% per month. *IF* that is all there is to it, then it doesn't seem too bad to me considering the rather extreme current circumstances. You will be bombarded by the angry crowd. But yes, that is pretty much the general jist of things. To confirm, is the new "lender membership fee" of 0.9% per annum payable on your entire sum held in AC, lent out or not, or only on the interest (not capital) paid back to you by borrowers as this example suggests? There is a huge difference in whether the fee is payable on both the capital + interest or only on the interest.
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p2pfan
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Post by p2pfan on Apr 1, 2020 23:43:11 GMT
I dont like 2020! 2008 was a cruise compared to this! Tell me about it. But 1914 and 1939 were much worse. We're fortunate most of us haven't experienced cataclysmic events at the frequency and to the degree of previous generations or to this day in some parts of the world.
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Post by Ace on Apr 1, 2020 23:43:53 GMT
You will be bombarded by the angry crowd. But yes, that is pretty much the general jist of things. To confirm, is the new "lender membership fee" of 0.9% per annum payable on your entire sum held in AC, lent out or not, or only on the interest (not capital) paid back to you by borrowers as this example suggests? There is a huge difference in whether the fee is payable on both the capital + interest or only on the interest. It's paid on capital, but paid from interest, so not paid on loans that are not paying interest and not paid on cash.
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p2pfan
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Full-Time Investor
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Post by p2pfan on Apr 1, 2020 23:59:02 GMT
To confirm, is the new "lender membership fee" of 0.9% per annum payable on your entire sum held in AC, lent out or not, or only on the interest (not capital) paid back to you by borrowers as this example suggests? There is a huge difference in whether the fee is payable on both the capital + interest or only on the interest. It's paid on capital, but paid from interest, so not paid on loans that are not paying interest and not paid on cash. Thanks. Therefore, the previous poster's calculation is incorrect, as it doesn't cover your capital? "So, trying to simplify, if I was previously earning, say, 0.4% per month, I would now get 0.4%-0.075% instead, i.e. 0.325% per month." If you are paying it "on capital" as well, then, in the case of lending, say, £1,000 at 0.4% per month interest, you are not only paying the new 0.9% annual / 0.075% per month fee on the 0.4% per month interest you earn but also on the original £1,000 capital you lent to the borrower? That makes a massive difference.
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Post by Ace on Apr 2, 2020 0:13:35 GMT
It's paid on capital, but paid from interest, so not paid on loans that are not paying interest and not paid on cash. Thanks. Therefore, the previous poster's calculation is incorrect, as it doesn't cover your capital? "So, trying to simplify, if I was previously earning, say, 0.4% per month, I would now get 0.4%-0.075% instead, i.e. 0.325% per month." If you are paying it "on capital" as well, then, in the case of lending, say, £1,000 at 0.4% per month interest, you are not only paying the new 0.9% annual / 0.075% per month fee on the 0.4% per month interest you earn but also on the original £1,000 capital you lent to the borrower? That makes a massive difference. I'm not sure you've quite understood, but in your example you would pay the monthly fee on the £1000 capital outstanding, which has the effect of reducing your monthly interest from 0.4% to 0.325%. The fee is paid from your 0.4% interest, reducing it to a net 0.325% interest. You would not pay a further fee on the interest.
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Post by Deleted on Apr 2, 2020 7:57:36 GMT
Couldn't have come at a worse time with the new ISA year a few days away and confidence already at rock bottom.
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Mikeme
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Post by Mikeme on Apr 2, 2020 8:06:47 GMT
It's easy to see why they have introduced this fee. They know the business is dead but can't just fill their pockets with funds that belong to investors without the fear of prison. It's a way of laundering the money to fill their boots with. Contemptible first post!1111 
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Post by Deleted on Apr 2, 2020 8:14:10 GMT
I think they just need to hold their breath for about 3 to 6 months until things get back to 80% normal. This money will help them get through that while we take a slight hit on our interest. Getting new ISA money would have been a better option which will dry up now.
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