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Post by Harland Kearney on Mar 31, 2020 18:18:12 GMT
May have end up stop using this site, the crying will be unbearble now. Certainly going to be bumpy for AC
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greatmarko
Member of DD Central
Posts: 343 
Likes: 373
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Post by greatmarko on Mar 31, 2020 18:18:43 GMT
Interestingly, when you login to AC, you're now presented with a "COVID-19 Forbearance Vote"
...do I understand it correctly that if the majority vote option B, then there won't be a membership fee implemented?
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Mar 31, 2020 18:18:58 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. Disagree. They have taken action to have income to protect OUR ASSETS AND BORROWERS BUSINESSES.
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lara
Posts: 345
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Post by lara on Mar 31, 2020 18:21:12 GMT
The fee, although undesirable, seems fairly reasonable at 0.075% per month. AC have clearly taken this approach for added security moving forwards to continue to pay interest and keep the platform in a healthier state over the coming months. I personally see it as just a partial retraction of the 1% bonus/cashback they have been paying to lenders. In the greater scheme of things, this isn't a huge blow. On the positive side, AC have definitely been the most transparent P2P company when it comes to updates and they have given some tangible solutions to the liquidity issue where other P2P platforms are holding cards close to their chest. So you have to give them credit for that. With that said, I do sincerely hope it is a temporary fee and things will return to normal over the coming months. We'll see how this plays out. Why not a flat fee per investor? We know how they feel about fairness to all....
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Post by Harland Kearney on Mar 31, 2020 18:21:41 GMT
The fee, although undesirable, seems fairly reasonable at 0.075% per month. AC have clearly taken this approach for added security moving forwards to continue to pay interest and keep the platform in a healthier state over the coming months. I personally see it as just a partial retraction of the 1% bonus/cashback they have been paying to lenders. In the greater scheme of things, this isn't a huge blow. On the positive side, AC have definitely been the most transparent P2P company when it comes to updates and they have given some tangible solutions to the liquidity issue where other P2P platforms are holding cards close to their chest. So you have to give them credit for that. With that said, I do sincerely hope it is a temporary fee and things will return to normal over the coming months. We'll see how this plays out. Why not a flat fee per investor, we know how they feel about fairness to all? That actually made me giggle lol 
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Mar 31, 2020 18:21:56 GMT
May have end up stop using this site, the crying will be unbearble now. Certainly going to be bumpy for AC Want a dummy too  Don't go we need realism
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james21
Member of DD Central
Posts: 651
Likes: 669
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Post by james21 on Mar 31, 2020 18:22:56 GMT
Discracefull; you should be ashamed of yourselves; I am out as soon as I can be
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Post by dan1 on Mar 31, 2020 18:23:21 GMT
What I will strongly object to is being charged a fee on loans that are defaulted and irrecoverable. #146 for example was written off many years ago and the security is sold. I still have a £27k balance sitting on the system however and if I am to be charged a 0.9% annual fee on that I do not think its acceptable. Ditto #227 or any other loan that's suspended. Now you know why they haven't closed long standing defaults 
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Post by jasonnewman on Mar 31, 2020 18:25:03 GMT
People who are talking positive after this incompetence by the management of AC - Could they be employees trying to save their own bacon? Don't understand why any sensible investor would be happy with what's happened here. The people who withdrew their cash before all this mess got away scott free the rest of us are paying the price. Well done AC you know how to take actions to stay in Business...….NOT. At least when Funding Circle went into issues with withdrawals they just kept everyone in a queue - paid back overtime and reduced rates to recoup cash.....This lot are simply stupid to put it mildly. The Government is giving away free cash - The management here can't even get hold of any of that cash...……………………………. Maybe the management need to resign as your clearly not good at your job. All complain to the FCA - www.fca.org.uk/consumers/how-complain |
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Post by Harland Kearney on Mar 31, 2020 18:25:39 GMT
May have end up stop using this site, the crying will be unbearble now. Certainly going to be bumpy for AC Want a dummy too Don't go we need realism I don't think you understand my post was actually supportive of you lol. The crying on this forum will be ridculous over the next 2 weeks. Just watch lol
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Mar 31, 2020 18:29:31 GMT
Want a dummy too Don't go we need realism I don't think you understand my post was actually supportive of you lol. The crying on this forum will be ridculous over the next 2 weeks. Just watch lol I understood that but we all need a dummy today. I ended with dont go
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rrrupert
Member of DD Central
Posts: 121
Likes: 99
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Post by rrrupert on Mar 31, 2020 18:30:11 GMT
Interestingly, when you login to AC, you're now presented with a "COVID-19 Forbearance Vote" ...do I understand it correctly that if the majority vote option B, then there won't be a membership fee implemented? That is not my understanding. I dont think the Forbearance vote has anything to do with the membership fee.
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p2pfan
Member of DD Central
Full-Time Investor
Posts: 781 
Likes: 889
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Post by p2pfan on Mar 31, 2020 18:30:42 GMT
Also, is it not the case that platform fees can't be offset against our taxes, so we pay tax on, say, the full £1,000 earned in loan interest rather than on £1,000 minus the 0.9% fee i.e. £991? This is an important question, hopefully they clarify it soon. The only platform I lend through that has a separate fee for lenders is Proplend (although it's much fairer, as it's only taken off your interest returns if you enjoy them, rather than the full amount of money you have on their platform as AC will do). My understanding is the fee charged on your PL loan can't be offset against taxes, so that was a negative against using that platform. There was a significant amount of lender pressure on PL last year to take their fees out of the interest (i.e. a slightly lower interest rate) rather than charging it separately because of the tax situation. They acknowledged it was detrimental to lenders and said it was something they were looking into. Therefore I'd much rather AC had reduced the interest rates than introduce a separate fee. Can anyone in the know please clarify?
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r00lish67
Member of DD Central
Posts: 2,692
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Post by r00lish67 on Mar 31, 2020 18:32:59 GMT
What exactly are you expecting here? The stock market falls 30%, property funds shut their doors, moreover the majority of economic output as we know it has ceased to exist for the time being. Did you somehow expect in these circumstances that a P2P lender primarily lending to property projects would be immediately returning your full capital plus interest? Above is a genuine question - how exactly would you have them tackle this in a realistic funded way? Moneything had the decency to admit that it wasn't working and have attempted to orchestrate an orderly wind down. Locking up investors capital, charging them a fee and constantly changing T&C's in a desperate attempt to stay afloat is rarely going to succeed or end well for anyone. Moneything unfortunately developed a really poor track record with their offerings despite relatively benign economic conditions. They too locked up investors capital as and when loans defaulted - much of it indeed is still locked up. They have already passed on many significant losses to investors on a loan-by-loan basis. Until the beginning of this month, Assetz' operation was working beautifully. Everything, by and large, in the global economy was working beautifully. Then we hit an external event that caused an effect to markets broadly comparable to that of the start of the Great Depression. Any 'orderly wind-down' now would just be substituting an experienced and successful team with one far less knowledgeable at an additional cost. You wouldn't get money back faster, it would be slower and there would be less of it. For the moment, we're going to be receiving most of our interest and with the hope of some liquidity returning via other forms of investment, as well as the prospect of borrowers continuing their projects rather than being mothballed and sold at a huge loss to us. I know which I prefer, and by quite some margin too.
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dovap
Member of DD Central
Posts: 467
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Post by dovap on Mar 31, 2020 18:33:02 GMT
what a load of old pish that email was.
no surprise the shills are lapping it up
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