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Post by honda2ner on May 14, 2020 10:27:09 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. In the immortal words of Warren Buffet "only when the tide goes out do you discover who has been swimming naked ". It took a pandemic to see the true colours of this outfit - risk and volatility is normal but unethical behaviour such as this is not. And while I'm at it, the definition of 'normal market conditions' is so vague it is elastic but once the Govt furlough ends then 'Normal Market Conditions' ends as far as I'm concerned. Goodness another "New Member" posting the same as many other "New Members", probably all the same person. If not it's another one that didn't have a clue what P2P was and shouldn't have been anywhere near it. Hopefully you will have learnt your lesson and when this is eventually over you put your money in safe FSCS accounts that you DO understand. BTW the very mortal Warren Buffets investment fund has took a $50 billion hit from buying US airline shares just a few months ago and then selling in March. He's not only naked, he's lost a leg in this coronavirus fallout. AC is doing an almost infinitely better job than he is.
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sd2
Member of DD Central
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Post by sd2 on May 14, 2020 11:57:08 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. Some lenders need to wake up to reality. GIVE ME MY MONEY BACK.....where do they think it will come from? Only governments can do quantative easing.
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sd2
Member of DD Central
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Post by sd2 on May 14, 2020 12:00:36 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. It's inevitable that the platform will fail? So I should sell at a discount? Are you?
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sd2
Member of DD Central
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Post by sd2 on May 14, 2020 12:04:01 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. And if the platform failed they wouldn't have destroyed everything they've worked for?
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sd2
Member of DD Central
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Post by sd2 on May 14, 2020 16:25:46 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 should have bought the equivalent stock market investment....bank shares....loose half your capital and all your income! Don't invest in p2p if you are not prepared or can afford to lose some or all of your money.
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andy5
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Post by andy5 on May 20, 2020 17:35:06 GMT
Yes, the outstanding fees box is now blank. My figure looked okay but I'm not really following what's going on too closely, it's far too convoluted and opaque. I guess a lot of figures are wrong and they are fixing it. I think people will need to use the accrued interest now to monitor their real monthly interest.
Why didnt they keep this simple and just take a % of the interest earned each month? Or maybe I’m the stupid one. No comments necessary  They have done. 90% of the interest just paid, or just over 0.5% of the principal
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sd2
Member of DD Central
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Post by sd2 on May 25, 2020 23:03:58 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. Silly boy. Are you in the real world? Have you watched the news? The world has changed. Grow up.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on May 26, 2020 13:10:14 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. Well you chose to invest in it 
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Post by valueinvestor123 on May 29, 2020 9:22:58 GMT
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. It's inevitable that the platform will fail? So I should sell at a discount? Are you? No, I am not sure I know how to (or can be bothered to find out; I don't like selling stuff on discount). I did withdraw most of the money. I needed it to invest in the stock market in March (where I now almost doubled the money withdrawn). I held monies there (also in Octopus Choice and Ratesetter as well as varioud bank accounts) for those exact situations (buying opportunities in the market) because it is in those crisis situations where the largest gains have come from in my portfolio (I did the same in 2009 and and around 2013). This situation has shown that peer2peer (that advertise themselves as 'accessible') are of no use for parking cash. And Assetz capital in particular are no good at managing risk (in spite of their pompous claims in the past, by Andrew I believe, who fortunately is no longer at Assetz). If they are still around by autumn, I will be surprised. But if they are, I may put some money back in. They need to earn the trust from investors and not treat them like idiots, changing/modifying rules as they go along. Or at least be upfront about it.
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sd2
Member of DD Central
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Post by sd2 on Jun 3, 2020 23:09:30 GMT
My capital is being repaid at steady pace at assertz capital. Interest at 3.75 is very reasonable. Percentage reduction is small compared to ratesetter. In fact very small. Not short of whiners on this part of the forum. See above for one of the top whingers.
Nor do I believe he has nearly doubled his money.
Nice to know he had withdrawn the money he needed in March....so what's he whining about?
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ashtondav
Member of DD Central
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Post by ashtondav on Jun 4, 2020 8:04:29 GMT
Course he didn’t double his money. Talking boll0x.
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Post by crabbyoldgit on Jun 4, 2020 8:15:11 GMT
Wish Andrew Holgate was still here , had a refreshing way of saying things investors did not want always to hear, but what i think he thought was the facts at the time and took a few brick bats on the chin. I do wonder if a similar way of expressing his opinion to the AC bourd resulted in a parting of ways.
I for one think the scottish laird loan woud look very different under his managment.
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Post by davee39 on Jun 4, 2020 8:37:51 GMT
Course he didn’t double his money. Talking boll0x. No, Some of my stocks fell by 50% in March and have since recovered more than half of the loss, so a 50% was easily possible. I think it highly likely that some stocks will have fallen further and subsequently recovered more. Gains can also be made by buying on the lows and selling on the bounce. Repeatable in highly volatile markets. I did not buy low (apart from dividend re-investment) because I was as paniced as most of the market - I did not sell though, I expected a bounce and I now expect further falls as post lockdown reality sinks in.
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sd2
Member of DD Central
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Post by sd2 on Jun 4, 2020 9:25:35 GMT
My capital is being repaid at steady pace at assertz capital. Interest at 3.75 is very reasonable. Percentage reduction is small compared to ratesetter. In fact very small. Not short of whiners on this part of the forum. See above for one of the top whingers. Nor do I believe he has nearly doubled his money. Nice to know he had withdrawn the money he needed in March....so what's he whining about? Although I am up 65% on Smithson global investment Trust. One of about 8 shares I bought. The only way he's 50% up is to put all his money into one share which crashed for no reason. PURE LUCK. For me that is!!
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sd2
Member of DD Central
Posts: 621
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Post by sd2 on Jun 4, 2020 9:29:47 GMT
Course he didn’t double his money. Talking boll0x. No, Some of my stocks fell by 50% in March and have since recovered more than half of the loss, so a 50% was easily possible. I think it highly likely that some stocks will have fallen further and subsequently recovered more. Gains can also be made by buying on the lows and selling on the bounce. Repeatable in highly volatile markets. I did not buy low (apart from dividend re-investment) because I was as paniced as most of the market - I did not sell though, I expected a bounce and I now expect further falls as post lockdown reality sinks in. What the hell are you talking about your down 25%, not up 50%
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