greatmarko
Member of DD Central
Posts: 343 
Likes: 373
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Post by greatmarko on Mar 31, 2020 18:20:58 GMT
Interestingly, when you login to AC, all investors are now being 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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Post by investor01010101 on Mar 31, 2020 18:24:45 GMT
Bit of a F*****G cheek really since they haven't paid me anything for months after investing all my money is pi$$ poor loans.
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Tony
Posts: 51
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Post by Tony on Mar 31, 2020 18:38:10 GMT
Unbelievable how dare they block the site until one has voted...
I've not even got Laws email. FSA contact in progress
Outrageous
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Post by jasonnewman on Mar 31, 2020 18:42:18 GMT
I voted B - I will not support any borrowers at all - you pay what you owe as per the contract or Asset Capital can repossess you. Simple.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,056
Likes: 617
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Post by dave4 on Mar 31, 2020 18:51:58 GMT
Unbelievable how dare they block the site until one has voted... I've not even got Laws email. FSA contact in progress Outrageous I understand the importance that we all have the opportunity to read and digest the information in the vote, but blocking access to everything on the site until you vote is wrong, an annoying pop up and possibly finally blocking access the day before the deadline would have been more acceptable and feel a bit more like a update than a demand with menace.
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Post by jasonnewman on Mar 31, 2020 18:59:31 GMT
Jusst keep it simple and Vote B - No need to read all the nonsense AC keep spouting which is effectively no change to current terms.
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ian
Posts: 342
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Post by ian on Mar 31, 2020 19:39:20 GMT
Yes a vote for A means no access to any of your capital for 6 months. At least borrowers can access loans from the government. Vote B
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greatmarko
Member of DD Central
Posts: 343
Likes: 373
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Post by greatmarko on Mar 31, 2020 20:21:07 GMT
Yes a vote for A means no access to any of your capital for 6 months. At least borrowers can access loans from the government. Vote B ...and a vote for B means you'll be charged a "membership fee"... neither option sounds great!
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Post by cheapaschips on Mar 31, 2020 20:32:35 GMT
I think reading the e-mail they sent, we are going to be charged the membership fee regardless, the vote is just to allow borrowers time or not.
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alender
Member of DD Central
Posts: 981
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Post by alender on Mar 31, 2020 20:35:10 GMT
Vote B, Vote B, Vote B
I do not trust them at all now.
AC have gone too far, they must be stopped before they allocate all our money as they see fit.
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Mar 31, 2020 20:39:26 GMT
Yes a vote for A means no access to any of your capital for 6 months. At least borrowers can access loans from the government. Vote B ...and a vote for B means you'll be charged a "membership fee"... neither option sounds great! We will all be charged a membership fee.. Read the email again it states that :- 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.
This fee is permitted in our terms and conditions, however we have never needed to implement it over the last seven years and we hope and expect it to be a short-term measure. Reality. Borrowers will not be able to service their loans until people can work again forbearance is the only way forward. Forcing sale of assets in the current grave situation would leave almost nothing for us lenders after the the lawyers first then VULTURE buyers are finished. Common sense which is not that common.
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Post by Ace on Mar 31, 2020 22:57:27 GMT
In the present conditions a genuine borrower could easily find themselves in a position where they are unable to pay for the duration of this epidemic through no fault of their own. They may also be able to restart payments shortly after. I'm in this lending business primarily to improve my own position, but a strong second motive is to help SMEs on their perilous journey and provide needed employment for others.
Sure, some charlatans will take advantage, but it's ACs job to minimise these. I can't let the odd bad apple spoil the barrel. It's unquestionably A for me. Forbearance is the only sensible option in these conditions IMO.
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Post by Harland Kearney on Apr 1, 2020 0:34:57 GMT
In the present conditions a genuine borrower could easily find themselves in a position where they are unable to pay for the duration of this epidemic through no fault of their own. They may also be able to restart payments shortly after. I'm in this lending business primarily to improve my own position, but a strong second motive is to help SMEs on their perilous journey and provide needed employment for others. Sure, some charlatans will take advantage, but it's ACs job to minimise these. I can't let the odd bad apple spoil the barrel. It's unquestionably A for me. Forbearance is the only sensible option in these conditions IMO. Agree 100% my view too. Can't believe some people are saying borrowers shouldn't have a break when lender don't get one (0.015% monthly fee on live non-defaulted capital) Are they even thinking about this, have they been outside. I went out for a walk tonight around 9PM and I saw 2 cars on the main road to a multi junction round about leading to the mortorway over a 10 minute period. Usally you can't even cross the road there at that time as its spewing with cars and lorries. Only one lorry and one car. Expect borrowers to conduct business when a Govermental lockdown by Law is being enforced? Madness, the only thing that will get enforced is a fire sale and a very small capital return to investors in these conditions. Now is not the time to pull the rug from these businesses, once we return to normal standing by all means light the fire.
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Post by oliveau on Apr 3, 2020 9:45:09 GMT
Got to be a vote for A. We are now in an unprecedented crisis with business unable to function. This is a worldwide thing.
I invest in a business in South Africa. They have a derogation to continue working, BUT can't get deliveries of raw materials, some of which have already been paid for. So I have suspended loan repayment for the moment.
This situation must be being repeated world wide, so as lenders let's be patient. Why kill the golden goose.....?
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Apr 3, 2020 9:48:53 GMT
Got to be a vote for A. We are now in an unprecedented crisis with business unable to function. This is a worldwide thing. I invest in a business in South Africa. They have a derogation to continue working, BUT can't get deliveries of raw materials, some of which have already been paid for. So I have suspended loan repayment for the moment. This situation must be being repeated world wide, so as lenders let's be patient. Why kill the golden goose.....? Agreed Thank you.
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