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Post by jasonnewman on Mar 31, 2020 19:42:22 GMT
Vote No - As borrowers have access to government loans if lenders offer a 3 month payment holiday borrowers won’t be forced to access that cash & lenders will have access to zero cash over the next 6 months!!
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Post by jasonnewman on Mar 31, 2020 20:38:23 GMT
Prior today's DUMB actions by AC management most investors seemed they wanted to put money in 30 and 90 day access accounts and were willing buyers of loans at a discount from the MLA and thus support the platform.
But what we have is cow boy behaviour of changing terms of business at a whim, locking up people's funds and then charge fees for funds investors can't access.
Not exactly the type of behaviour you would expect from people to keep lending your hard earned cash to is it?
Prior to todays actions AC had more sources of capital, but they have blown it in one shot - How stupid can one be? Now they are reliant on borrowers repaying when the economy is closed.
If I was an AC employee I would dust up my CV and prepare for a wind down, it is all about confidence and we have none in your handling of affairs at AC and therefore you are un-investable.
I am out.
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Tony
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Post by Tony on Mar 31, 2020 20:40:28 GMT
I tend to agree, but not out of any malice to borrowers but more out of the audacity of AC
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Post by angel19 on Mar 31, 2020 20:46:57 GMT
I think it is important to look at the proposals calmly, and consider whether this gives the best chance of returning capital in full over time. It would perhaps have been better if AC had been able to sweeten the pill by guaranteeing lenders who want to withdraw they could have at least, say, 15% of their capital back from the Access Accounts (subject to notice as required) each month in exchange for the effective reduction in interest rate.
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puddleduck
Member of DD Central
Posts: 537
Likes: 489
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Post by puddleduck on Mar 31, 2020 20:49:44 GMT
A vote for me. A 3 to 6 month extension seems reasonable to me vs. appointing administrators or receivers in a hostile economic climate.
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Mar 31, 2020 20:57:53 GMT
A vote for me. A 3 to 6 month extension seems reasonable to me vs. appointing administrators or receivers in a hostile economic climate. Me too. That's REALITY. Anything else is tantamount to losing almost everything. I expect to lose something.
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cb25
Posts: 3,528
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Post by cb25 on Mar 31, 2020 22:13:28 GMT
A vote for me. A 3 to 6 month extension seems reasonable to me vs. appointing administrators or receivers in a hostile economic climate. . Anything else is tantamount to losing almost everything. I expect to lose something. Agreed and if we vote No, we'll get the same vote text coming back individually on every single loan and spend the next 6 months doing nothing but voting. Likelihood is that after 2-3 individual votes, we'd give the same answer to every successive vote, so we might as well just vote once now.
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Mar 31, 2020 22:19:22 GMT
Me too. That's REALITY. Anything else is tantamount to losing almost everything. I expect to lose something. Agreed and if we vote No, we'll get the same vote text coming back individually on every single loan and spend the next 6 months doing nothing but voting. Likelihood is that after 2-3 individual votes, we'd give the same answer to every successive vote, so we might as well just vote once now. We talked about this 2 weeks ago. Vote B is a vote for lawyers and vultures
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cb25
Posts: 3,528
Likes: 2,668
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Post by cb25 on Mar 31, 2020 22:24:10 GMT
Agreed and if we vote No, we'll get the same vote text coming back individually on every single loan and spend the next 6 months doing nothing but voting. Likelihood is that after 2-3 individual votes, we'd give the same answer to every successive vote, so we might as well just vote once now. We talked about this 2 weeks ago. Vote B is a vote for lawyers and vultures There is also the wider aspect to this. Government is trying to help millions of people and (tens of? hundreds of?) thousands of businesses, banks are being asked to do the same (e.g. mortgage repayment holidays), so it won't do the P2P industry any favours at all if we're the ones seen to be the ones lacking compassion and forcing businesses to go belly-up at an extraordinary time like this.
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iano
Member of DD Central
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Post by iano on Mar 31, 2020 22:29:20 GMT
Truth be told I did vote B - with the intention of giving the borrower the benefit of the doubt as I've been doing for the recent votes. I'm hoping I haven't misread things and that this is as cb25 says we'll get a vote for each one - tedious as it may be.
This isn't meant to be spiteful or obstructive, it's just with a few rather unfortunate platform missteps (including somehow inheriting a mineral water mine) I'm reluctant to give anyone any form of carte-blanche at the moment without being able to consider things on a case by case basis.
That being said, I'm probably in the minority so won't kick up a fuss when A wins.
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Post by scepticalinvestor on Mar 31, 2020 22:31:24 GMT
It's A for me. Imho it would be madness to not show forbearance in the current climate.
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angrysaveruk
Member of DD Central
Say No To T.D.S
Posts: 1,331
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Post by angrysaveruk on Mar 31, 2020 23:19:09 GMT
Don't have much left in AC but I think it is madness not to give borrowers a window given the world has basically stopped. The alternative might be a wave of defaults which might be very costly to lenders. Anyone who has a substantial investment in any P2P platform should be more worried about getting their money at some point in the future rather than a few months interest/repayments.
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neeps
Posts: 81
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Post by neeps on Mar 31, 2020 23:41:52 GMT
IMHO we should vote A & back AC to engineer a way through this.
The world has changed completely in the last month and our thinking has to change accordingly.
Now is not the time to pull the rug from under them.
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Post by BrianC on Apr 1, 2020 1:02:17 GMT
Vote A/Yes from me too. No respect for the OP as he’s just spamming other threads and starting ones like this. Not sure what his motives are but I just ignore him. After watching the video I actually think AC are doing whatever they can to get through this and whilst I question their method I see no better option that trusting them right now.
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Post by Harland Kearney on Apr 1, 2020 1:04:12 GMT
Don't have much left in AC but I think it is madness not to give borrowers a window given the world has basically stopped. The alternative might be a wave of defaults which might be very costly to lenders. Anyone who has a substantial investment in any P2P platform should be more worried about getting their money at some point in the future rather than a few months interest/repayments. 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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