|
|
Post by investor01010101 on Mar 31, 2020 18:34:00 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. They seriously can't think anyone would remain invested if they get any money out of the platform, all those crappy loans they couldn't be arsed to resolve, its all becoming clear as Stuart legs it off into the hills with his salary and bonus. TOTAL F*****G joke this company is.
|
|
Mikeme
Member of DD Central
Posts: 428 
Likes: 331
|
Post by Mikeme on Mar 31, 2020 18:35:11 GMT
Quite simply how many of our borrowers are going to be in the position to pay interest in the mid term. With forbearance they can be supported to protect our money
|
|
|
|
Post by garreh on Mar 31, 2020 18:38:00 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? The forbearance vote is about whether to: A) be forgiving to borrowers who can't pay over the next 3/6 months - as mentioned in the letter this is generally the preferred option as a lot of companies are struggling to pay during this period. That doesn't mean they won't have to pay, instead their payments will be deferred to a later date when they are in a more favourable position to pay. This means an increased likelihood of repayment as compared to: B) allow borrowers to default if they can't pay - this is generally undesirable because recovering assets during this time could yield very little value. Investors won't get back nearly as much compared to if things were just allowed to run their course. I'll personally be voting for Option A, agree with proposal to allow forbearance. This means slower repayments in the short term but overall will produce greater yield in longer term.
|
|
|
|
Post by investor01010101 on Mar 31, 2020 18:38:03 GMT
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. What interest, I haven't received anything in months because AC invested all my cash in crappy loans that defaulted over a year ago
|
|
|
|
Post by investor01010101 on Mar 31, 2020 18:40:30 GMT
Quite simply how many of our borrowers are going to be in the position to pay interest in the mid term. With forbearance they can be supported to protect our money If AC actually bothered to progress resolving bad loans I would agree, but our money is going to be used to fund those bad loans too and after its all over those loans will still be bad. Anything in default at this point should immediately be targeted for administration and recovery action.
|
|
greatmarko
Member of DD Central
Posts: 343
Likes: 373
|
Post by greatmarko on Mar 31, 2020 18:40:56 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? The forbearance vote is about whether to: A) be forgiving to borrowers who can't pay over the next 3/6 months - as mentioned in the letter this is generally the preferred option as a lot of companies are struggling to pay during this period. That doesn't mean they won't have to pay, instead their payments will be deferred to a later date when they are in a more favourable position to pay. This means an increased likelihood of repayment as compared to: B) allow borrowers to default if they can't pay - this is generally undesirable because recovering assets during this time could yield very little value. Investors won't get back nearly as much compared to if things were just allowed to run their course. I'll personally be voting to Option A, agree with proposal to allow forbearance. This means slower repayments in the short term but overall with produce greater yield in longer term. The membership fee is mentioned in the "Proposal", and we're being asked to vote on whether we either accept or reject the proposal, ergo it follows that if we reject the proposal, that includes rejecting the associated (membership) fees?
|
|
victors
Member of DD Central
Posts: 157
Likes: 86
|
Post by victors on Mar 31, 2020 18:41:09 GMT
Quite simply how many of our borrowers are going to be in the position to pay interest in the mid term. With forbearance they can be supported to protect our money Spot on mikeme. I've been critical of the measures taken so far, but we're not going to change anything, so let's just let AC get on with it and hope they choose the right path. Surely it's in all our interests AC are successful.
|
|
|
|
Post by Harland Kearney on Mar 31, 2020 18:41:11 GMT
Quite simply how many of our borrowers are going to be in the position to pay interest in the mid term. With forbearance they can be supported to protect our money Retail lenders cant' see this far right now. Unfontunely if anybody is over exposed to this side of the market they are rightfully very uncomfortable and its being shown here on this thread. The email (not watched the video) most interesting section is the Government and other loan funding. We also have two banks who have confirmed, as we speak, that they would wish to take advantage of our CBILS accreditation. They then intend to provide substantial loan funding through us and alongside the Government guarantees of the CBILS scheme.What does this actually mean in practise? Alot of hope to be honest in this email, the external funding lines will hopefully radically reduce the need for retail money both during and after the crisis for new loans and the maintaining of current ones. I can't see much retail money coming in now to the site.  Time to wait and see, I'm just glad I'm not ridculously over exposed, but I dont' wanna take a hair cut, who would!
|
|
rscal
Posts: 985
Likes: 537
|
Post by rscal on Mar 31, 2020 18:41:49 GMT
If all goes as intended we will continue to recieve some return net of this fee and some return of capital (as things like completed projects gradually repay)
(What government money (if any) can AC access does anyone know?)
|
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on Mar 31, 2020 18:42:41 GMT
What interest, I haven't received anything in months because AC invested all my cash in crappy loans that defaulted over a year ago Well, I suppose the good news is that this change will have little effect on you! Um, unless they charge the 0.9% p.a. to you and send you a bill...hm, yes, I might be cross about that. Surely not.
|
|
|
|
Post by Harland Kearney on Mar 31, 2020 18:43:25 GMT
If all goes as intended we will continue to recieve some return net of this fee and some return of capital (as things like completed projects gradually repay)
(What government money (if any) can AC access does anyone know?)
Other than 15 million from the british investment bank, the rest of it is contained in the email. It seems like nothing is certain though, other than We also have two banks who have confirmed, as we speak, that they would wish to take advantage of our CBILS accreditation. They then intend to provide substantial loan funding through us and alongside the Government guarantees of the CBILS scheme.However, we don't got a front row seat so we dont' know what this means. 1% of loans? or 25% who knows.
|
|
Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
|
Post by Steerpike on Mar 31, 2020 18:44:39 GMT
I see the logic of what is proposed by Assetz and I am generally supportive.
However, I see no contribution by Assetz, borrowers get a holiday, lenders get charged, and Assetz carry on as normal, nice.
I would find this much easier to digest if everyone in Assetz took a 10% pay cut and/or they sacked say 20 of their 120 staff or found some other way to dramatically cut their costs rather than simply squeezing lenders until the pips squeak.
"“We have offered all our employees the opportunity to volunteer for a temporary reduction in their contractual hours or a short-term sabbatical” - Grant Thornton 31-Mar-20
Edit: Posted after this, later in the evening, by Chris from Assetz - Assetz staff are already on half salary backdated to 1-Mar - so I am voting A
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
|
Post by ilmoro on Mar 31, 2020 18:44:57 GMT
chris stuartassetzcapital is the vote supposed to be a forced response? Doesn't seem to be possible to access the site without voting which seems like an error given a response isn't required until 6 April. People will want time to consider.
|
|
|
|
Post by jasonnewman on Mar 31, 2020 18:47:11 GMT
The platform has £215m in loans in the access accounts - The management want £2m of their grubby hands on this cash a year....They can Jog on....
|
|
|
|
Post by mpn on Mar 31, 2020 18:48:50 GMT
chris stuartassetzcapital is the vote supposed to be a forced response? Doesn't seem to be possible to access the site without voting which seems like an error given a response isn't required until 6 April. People will want time to consider. I couldn't agree more. I went to the site to check on what funds I could take on a 90 day withdrawal due to be available yesterday and could not do anything due to the forced vote!
|
|
Time to wait and see, I'm just glad I'm not ridculously over exposed, but I dont' wanna take a hair cut, who would!
