alanh
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Post by alanh on Mar 31, 2020 19:56:17 GMT
Perhaps the apoplectic expletively angry should stroll along to the RS forum. They would learn 1) RS (the business) is running low on cash 2) Withdrawal requests from the instant (Rolling) account are currently being processed from the 10th March A browse of the following site should make them think www.bidspotter.co.uk/en-gb (Liquidation Auctions) Assets are being sold at pennies in the £. Industrial and retail property assets are currently worthless. Clearly the vultures here would rather seek the self satisfied superiority of having money to waste to punish businesses closed down by Government Action. Yes Assets have made some terrible mistakes regarding a handful of loans (Green Loans, Scottish Golf Courses and Mineral Water Mines come to mind). In time there needs to be a reckoning and a resolution to these. Failed loans, with no chance of recovery need to be acknowledged and written off, the fantasy accrued interest needs to be revalued. All this is for the future. Most of the world is in real trouble. It is time for a measured and even handed debate. Perhaps the slavering Hyenas could quietly return to their nests. They would also learn that RS is paying back £1 million PER DAY to their investors who have requested withdrawals with no change to any T&C's or "lender membership fees"
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Post by jasonnewman on Mar 31, 2020 19:58:25 GMT
stuartassetzcapital chrisCan you both agree not to take any salaries or Benefits from Assetz Capital before you start charging lenders any fees? Would like to see you two get hit in the pocket first before any of us, it's only fair. Surely.....
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Post by Harland Kearney on Mar 31, 2020 20:00:49 GMT
Perhaps the apoplectic expletively angry should stroll along to the RS forum. They would learn 1) RS (the business) is running low on cash 2) Withdrawal requests from the instant (Rolling) account are currently being processed from the 10th March A browse of the following site should make them think www.bidspotter.co.uk/en-gb (Liquidation Auctions) Assets are being sold at pennies in the £. Industrial and retail property assets are currently worthless. Clearly the vultures here would rather seek the self satisfied superiority of having money to waste to punish businesses closed down by Government Action. Yes Assets have made some terrible mistakes regarding a handful of loans (Green Loans, Scottish Golf Courses and Mineral Water Mines come to mind). In time there needs to be a reckoning and a resolution to these. Failed loans, with no chance of recovery need to be acknowledged and written off, the fantasy accrued interest needs to be revalued. All this is for the future. Most of the world is in real trouble. It is time for a measured and even handed debate. Perhaps the slavering Hyenas could quietly return to their nests. They would also learn that RS is paying back £1 million PER DAY to their investors who have requested withdrawals with no change to any T&C's or "lender membership fees" True, but if RS goes into trouble as a platform due to that lack of cash protection. The investors just going in and those sitting on hands will be basically in your postion you have been speaking about for the past 2 weeks. Other investors running off the cash they invested and leaving them with junk. Hopefully RS find a resoultion to its liquidy problem. 1 million per day might sound like alot, but without knowing the full extent of the que size, you could be still looking at months to return to normal market conditions if not longer. Also it has not always been 1 million, there are days 0.4>1 Million. It is not as rosey as you seem to think, or maybe want to. No platform is right now AC included.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Mar 31, 2020 20:04:53 GMT
May have end up stop using this site, the crying will be unbearble now. Certainly going to be bumpy for AC Don't go, 
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alanh
Posts: 556
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Post by alanh on Mar 31, 2020 20:06:48 GMT
They would also learn that RS is paying back £1 million PER DAY to their investors who have requested withdrawals with no change to any T&C's or "lender membership fees" True, but if RS goes into trouble as a platform due to that lack of cash protection. The investors just going in and those sitting on hands will be basically in your postion you have been speaking about for the past 2 weeks. Other investors running off the cash they invested and leaving them with junk. Hopefully RS find a resoultion to its liquidy problem. 1 million per day might sound like alot, but without knowing the full extent of the que size, you could be still looking at months to return to normal market conditions if not longer. Also it has not always been 1 million, there are days 0.4>1 Million. It is not as rosey as you seem to think, or maybe want to. No platform is right now AC included. The average per day over the past 13 days is £876,000 if you would like a precise number. Its not rosy on any platform now as you say, but the situation at AC has now become absolutely dire if not terminal.
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Post by Harland Kearney on Mar 31, 2020 20:10:08 GMT
True, but if RS goes into trouble as a platform due to that lack of cash protection. The investors just going in and those sitting on hands will be basically in your postion you have been speaking about for the past 2 weeks. Other investors running off the cash they invested and leaving them with junk. Hopefully RS find a resoultion to its liquidy problem. 1 million per day might sound like alot, but without knowing the full extent of the que size, you could be still looking at months to return to normal market conditions if not longer. Also it has not always been 1 million, there are days 0.4>1 Million. It is not as rosey as you seem to think, or maybe want to. No platform is right now AC included. The average per day over the past 13 days is £876,000 if you would like a precise number. Its not rosy on any platform now as you say, but the situation at AC has now become absolutely dire if not terminal. It is great RS are able to do that with its personal focused loan book. But unfontunely it cannot so easily be applied to Property and SME market.
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alender
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Post by alender on Mar 31, 2020 20:24:11 GMT
True, but if RS goes into trouble as a platform due to that lack of cash protection. The investors just going in and those sitting on hands will be basically in your postion you have been speaking about for the past 2 weeks. Other investors running off the cash they invested and leaving them with junk. Hopefully RS find a resoultion to its liquidy problem. AC will be in a lot more trouble as a result of these forced fees, when normal times return will be very interested how the FCA view changing T&Cs without Lenders permission, locking up their money and then dipping into that money just because they think they can.
Who in their right mind would put a penny in AC now.
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Post by jasonnewman on Mar 31, 2020 20:26:15 GMT
True, but if RS goes into trouble as a platform due to that lack of cash protection. The investors just going in and those sitting on hands will be basically in your postion you have been speaking about for the past 2 weeks. Other investors running off the cash they invested and leaving them with junk. Hopefully RS find a resoultion to its liquidy problem. AC will be in a lot more trouble as a result of these forced fees, when normal times return will be very interested how the FCA view changing T&Cs without Lenders permission, locking up their money and then dipping into that money just because they think they can.
Who in their right mind would put a penny in AC now.
Like I said AC are finished - 7 years of work gone with one BIG FAT MISTAKE. People like Harland Kearney seem keen though, so you never know.
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mrsb
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Post by mrsb on Mar 31, 2020 20:32:54 GMT
I think Harland knows which end of the stick has the least sh*t on it
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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 Mar 31, 2020 20:33:25 GMT
I have asked for clarification on this point and have been told that the fee is only charged if there is cash to pay it and as there is no cash from defaulted loans there is therefore no charge on them. This implies to me that the charge is done on a loan by loan basis and not on the total amount lent. Not that I don't believe you bg ('cos I do believe this is what you have been told), but ... stuartassetzcapital - please confirm the clarification referenced above, by email, to all lenders. (And here should you wish to respond to this and other question raised.) It seems implicit in the current vote as it clearly references it being deducted from retained interest funds but yes formal confirmation would be good. stuartassetzcapital is there going to be an FAQ to answer lender questions like this that need a response accessible to the full lender base?
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Post by chris on Mar 31, 2020 20:42:45 GMT
stuartassetzcapital chris Can you both agree not to take any salaries or Benefits from Assetz Capital before you start charging lenders any fees? Would like to see you two get hit in the pocket first before any of us, it's only fair. Surely..... We're already on half salaries for this month, backdated to 1st March, amongst many other cost saving measures.
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Post by Harland Kearney on Mar 31, 2020 20:43:26 GMT
True, but if RS goes into trouble as a platform due to that lack of cash protection. The investors just going in and those sitting on hands will be basically in your postion you have been speaking about for the past 2 weeks. Other investors running off the cash they invested and leaving them with junk. Hopefully RS find a resoultion to its liquidy problem. AC will be in a lot more trouble as a result of these forced fees, when normal times return will be very interested how the FCA view changing T&Cs without Lenders permission, locking up their money and then dipping into that money just because they think they can.
Who in their right mind would put a penny in AC now.
I won't be investing anymore funds into AC correct, at least not in these market conditions. I am not over exposed to P2P anyway, and wouldn't want to be even in the good times. Hopefully people who reply to me with smart or blunt remarks are themselves not over exposed. For everybodies sake, I hope AC measures prevent a large lender hair cut in the form of a Administration, it is the better end of the sh*t stick whichever you wanna put it. I dont' see why people think my normal response to things is bullish or eager, just here to discuss the topic. It is a forum afterall, or a echo chamber whichever way you see it now days.
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Post by chris on Mar 31, 2020 20:47:47 GMT
Not that I don't believe you bg ('cos I do believe this is what you have been told), but ... stuartassetzcapital - please confirm the clarification referenced above, by email, to all lenders. (And here should you wish to respond to this and other question raised.) It seems implicit in the current vote as it clearly references it being deducted from retained interest funds but yes formal confirmation would be good. stuartassetzcapital is there going to be an FAQ to answer lender questions like this that need a response accessible to the full lender base? Yes there'll be an FAQ that the lender support team and marketing are collating
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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
Posts: 11,329
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Post by ilmoro on Mar 31, 2020 20:47:56 GMT
Perhaps the apoplectic expletively angry should stroll along to the RS forum. They would learn 1) RS (the business) is running low on cash 2) Withdrawal requests from the instant (Rolling) account are currently being processed from the 10th March A browse of the following site should make them think www.bidspotter.co.uk/en-gb (Liquidation Auctions) Assets are being sold at pennies in the £. Industrial and retail property assets are currently worthless. Clearly the vultures here would rather seek the self satisfied superiority of having money to waste to punish businesses closed down by Government Action. Yes Assets have made some terrible mistakes regarding a handful of loans (Green Loans, Scottish Golf Courses and Mineral Water Mines come to mind). In time there needs to be a reckoning and a resolution to these. Failed loans, with no chance of recovery need to be acknowledged and written off, the fantasy accrued interest needs to be revalued. All this is for the future. Most of the world is in real trouble. It is time for a measured and even handed debate. Perhaps the slavering Hyenas could quietly return to their nests. They would also learn that RS is paying back £1 million PER DAY to their investors who have requested withdrawals with no change to any T&C's or "lender membership fees" They don't need to … they already have the right to impose a haircut on lender interest and, if necessary, capital if the PF starts to be heavily impacted by defaults. Its easier to pay back money on an amortising loan book and they wont have the overheads AC have in managing secured loans etc … different model and not really comparable IMO
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dave2
Member of DD Central
Posts: 177
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Post by dave2 on Mar 31, 2020 20:48:00 GMT
stuartassetzcapital chris Can you both agree not to take any salaries or Benefits from Assetz Capital before you start charging lenders any fees? Would like to see you two get hit in the pocket first before any of us, it's only fair. Surely..... Bit over the top there. AC employees are doing their best to protect the money that we have lent through their platform, the current crisis is not their fault. On the other side of the coin, I hope that the "membership fee" is of limited duration, 0.9% per annum of invested capital translates to a significant reduction in interest rates.
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