alender
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Post by alender on Apr 2, 2020 11:29:40 GMT
These fees will cost me £90 pm. But I am not complaining. I would rather have people there working to preserve my capital. Ours is BIGGER than yours. Because that's the way it works. If only it was that simple my job for the last 40 years would have been so easy, coved this in my first A level maths lesson. I think you should take a course on basic maths/finance. Left school at 14 so didn't even finish school. In the real world ran a very small manufacturing business for 35 years making things. Survived a number of downturns but nothing like this. Took staff on with no qualifications or experience and learned/trained along side them. 2 of them are still working in the business 32 years later. That is why I and many others have empathy with borrowers and lenders alike. It is why we are supporting AC because FEW of the borrowers deserve to be thrown to the wolves. At the same time many of the smaller lenders NEED the money not just want it to make more money. Here is a question for you. Who are the workers that we need the most in the whole world? We can't do without? Yet are the poorest everywhere. I was brought up on a council estate, parents hard working factory workers, stated paper round at 13, worked in the shop at 14 (as well as paper round), 15 worked in a butchers, did office cleaning while doing my A levels. Studied for a number of years while in full time work. Worked in IT in many areas mostly finance and run my own business employing people for a time, my average working week was 50 -60 hours. Now AC have got a lot of my hard earn money taking Fess I do not agree with and not giving the true cost per year of the Fees.
Perhaps you were one of the sixty living in a small shoebox in the middle of the road.
We can get into a great political debate about the rich/poor etc but it will not change basic maths, if you can prove me wrong please do so but you will not do this by showing a lack of knowledge and then changing the subject
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Mikeme
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Post by Mikeme on Apr 2, 2020 11:42:15 GMT
Ours is BIGGER than yours. Because that's the way it works. If only it was that simple my job for the last 40 years would have been so easy, coved this in my first A level maths lesson. I think you should take a course on basic maths/finance. Left school at 14 so didn't even finish school. In the real world ran a very small manufacturing business for 35 years making things. Survived a number of downturns but nothing like this. Took staff on with no qualifications or experience and learned/trained along side them. 2 of them are still working in the business 32 years later. That is why I and many others have empathy with borrowers and lenders alike. It is why we are supporting AC because FEW of the borrowers deserve to be thrown to the wolves. At the same time many of the smaller lenders NEED the money not just want it to make more money. Here is a question for you. Who are the workers that we need the most in the whole world? We can't do without? Yet are the poorest everywhere. I was brought up on a council estate, parents hard working factory workers, stated paper round at 13, worked in the shop at 14 (as well as paper round), 15 worked in a butchers, did office cleaning while doing my A levels. Studied for a number of years while in full time work. Worked in IT in many areas mostly finance and run my own business employing people for a time, my average working week was 50 -60 hours. Now AC have got a lot of my hard earn money taking Fess I do not agree with and not giving the true cost per year of the Fees.
Perhaps you were one of the sixty living in a small shoebox in the middle of the road.
Still bigger than you.  Same council estate but dysfunctional family knocking on doors asking for work for pocket money including cutting grass and carol singing from 8. Bailiffs turfing out of home. School with no shoes. Left home to never return at 16 years and 1 week. Still not complaining and thinking HOW LUCKY ALL OF US POSTING HERE ARE. leaving me with empathy. I genuinely pity the angry brigade for their lack of understanding and love of money.
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mrsb
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Post by mrsb on Apr 2, 2020 11:42:38 GMT
We were killed and eaten!
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alender
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Post by alender on Apr 2, 2020 11:46:02 GMT
I was brought up on a council estate, parents hard working factory workers, stated paper round at 13, worked in the shop at 14 (as well as paper round), 15 worked in a butchers, did office cleaning while doing my A levels. Studied for a number of years while in full time work. Worked in IT in many areas mostly finance and run my own business employing people for a time, my average working week was 50 -60 hours. Now AC have got a lot of my hard earn money taking Fess I do not agree with and not giving the true cost per year of the Fees.
Perhaps you were one of the sixty living in a small shoebox in the middle of the road.
Still bigger than you. Same council estate but dysfunctional family knocking on doors asking for work for pocket money including cutting grass and carol singing from 8. Bailiffs turfing out of home. School with no shoes. Left home to never return at 16 years and 1 week. Still not complaining and thinking HOW LUCKY ALL OF US POSTING HERE ARE. leaving me with empathy. I genuinely pity the angry brigade for their lack of understanding and love of money. You criticise my calculation with a very simplistic calculation which is not how this works. I explain in more detail how it works and why you calculation does not represent the real world and you cannot tell me what is wrong with my logic, so you keep changing the subject trying to get people involved in some sort of political discussion by virtue signalling.
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Mikeme
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Post by Mikeme on Apr 2, 2020 11:54:07 GMT
Read Chris's for that.
I don't do maths or spread sheets and compounding .074% is just an exercise. Through out my life even with great tragedy we have supported the have nots. Stop complaining and I'll stop answering.
I will continue to have a positive attitude and support AC because its in all our best interest
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Post by davee39 on Apr 2, 2020 11:58:46 GMT
Some Homework for the lockdown.
Write out 1000 times
- It is not fair
- I want MY money
- It is illegal - not in the T's & C's
- Call in the Liquidator
...................................................
Ahh I see you already have!
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alanh
Posts: 556
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Post by alanh on Apr 2, 2020 12:07:56 GMT
Read Chris's for that. I don't do maths or spread sheets and compounding .074% is just an exercise. Through out my life even with great tragedy we have supported the have nots. Stop complaining and I'll stop answering. I will continue to have a positive attitude and support AC because its in all our best interest Or rather "I will continue to have a positive attitude and support AC because I really don't have a clue what is going on"
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iRobot
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Post by iRobot on Apr 2, 2020 12:09:35 GMT
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alender
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Post by alender on Apr 2, 2020 12:10:23 GMT
I think people should stop complaining about people complaining or complaining about people complaining about complaining (think that's me now).
Would it not be better to stick to facts and/or opinions, if you think the facts are wrong explain why with your own facts, if you do not like the opinions put forward alternative opinions.
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ton27
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Post by ton27 on Apr 2, 2020 12:18:14 GMT
Slightly off-topic - but as well as the "Borrower fees" will AC continue to charge monitoring fees (which, I believe are usually taken up front)?
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Mikeme
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Post by Mikeme on Apr 2, 2020 12:18:51 GMT
ok. Simple facts. For starters
Corvic 19 and a world changed
AC made their decisions
No money lost yet
Keeping borrowers and not liquidating is best
keeping the platform going protects better than an ordered wind down
Loss of interest if it happens is better than loss of capital.
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alender
Member of DD Central
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Post by alender on Apr 2, 2020 12:29:03 GMT
For the QAA’s 4.1%, the difference between the interest paid by performing loans and the 4.1% goes in to the PF. The PF is large and AC have recently taken steps to not reduce it. The lender membership fee is taken from interest. So for a QAA lender, it just means that slightly less money goes into the PF and the 4.1% will still be paid to the QAA lender, as long as the difference between performing loan interest and 4.1% is large enough. I’m assuming that difference is large enough since the PF is so big. Is there a flaw in my understanding? Do you know the tax treatment of the membership fees, I would assume if it is taken from interest we will just declare our net interest to HMRC so therefore less cost to lenders. Management Fees I paid before are not tax deductible.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 2, 2020 13:01:25 GMT
Slightly off-topic - but as well as the "Borrower fees" will AC continue to charge monitoring fees (which, I believe are usually taken up front)? I would assume so, however, a quick glance at the repayments tab on loans will show that these monitoring fees are taken on a monthly basis in arrears the same as lender interest. All fees due/paid to AC are disclosed in the CR and in the repayments tab in line with new FCA regulations Arrangement & broker fees are charged up front, monitoring fees on a monthly basis and exit fees plus other itemised fees at end (take a look at some recent repaid loans for type of fees incurred). Extensions & tranche drawdowns may have some additional fees, all disclosed in the CR.
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mark
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Post by mark on Apr 2, 2020 13:29:54 GMT
A supporter of fees
I have lost funds before in a totally different investment class to this.
I recall the never ending contstant thoughts of my hard earned money being under threat of loss and when it became a reality, devastating.
This is a totally different situation.
I am fully confident, optimistic and willing to assist the board in their strategy even if there is a small monetary cost, hopefully to be reviewed in good time.
My confidence is based on what I being updated with by AC and what I am reading, outside of this forum. Not just based on the sensible short term steps that Assetz Capital management are taking but also on their business initiatives.
In my opinion, Assetz Capital are taking control of the current situation pro-actively by seeking opportunties to benefit and to grow the business out of this crisis into the recovery and beyond in the medium to long term, confronting the financial disaster rather than placid acceptance and withdrawal in the face of adversity and some disquiet from some investors.
In a post Covid-19 world. As well as the catastrophic heart-breaking loss of life there will also be business and financial casualties.
The majority of businesses will survive however and some will, no doubt, prosper.
Evidently, I am putting my money where my mouth is, (and keeping it their) in my honest, logic based, belief that Assetz Capital will be one of these beneficiaries.
Thus, the reason I am fully supporting the company, fees as well !
Just my opinion, only time will tell.
Wishes of health to all.
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rscal
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Post by rscal on Apr 2, 2020 14:18:54 GMT
I may have missed this in this long thread, so apologies, but is it the case that... the new fee will apply to the full balance of an investors 'access' account w/o regard to the payment status of loans therein since lenders recess interest at the nominal rate?
If that is so, what impact does forebearance have if individual loans may or may not be paying interest?
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Same council estate but dysfunctional family knocking on doors asking for work for pocket money including cutting grass and carol singing from 8. Bailiffs turfing out of home. School with no shoes. Left home to never return at 16 years and 1 week. Still not complaining and thinking HOW LUCKY ALL OF US POSTING HERE ARE. leaving me with empathy.
