iRobot
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Post by iRobot on Apr 5, 2020 21:14:04 GMT
For anyone still undecided as how to vote, you may be interested to read a couple of post that has some data relating to how the loan book is currently made up, split by time frames - ie loans due in 3m / 6m / 9m / etc. See this post and the subsequent one. Don't forget voting cutoff is 9am Mon 6th April. |
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cb25
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Post by cb25 on Apr 5, 2020 22:10:34 GMT
My portfolio is in 6 figures (all wealth, although I own no propety of my own)
So £100k portfolio
I'm more exposed to P2P than I really should of been (15%),
Of which £15k is in P2P £15k is NOTHING.... .People with small amounts of money in P2P should not have the same influence on AC as people with larger amounts. They won't as it isn't "one lender one vote" but your holding determines the value of your vote. Check the vote text.
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alender
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Post by alender on Apr 6, 2020 8:00:21 GMT
If you have note voted B you have effectively allowed AC to change the terms of the business and jump through a legal loop hole. When a business can't pay it is important early action is taken so AC can recoup as much cash as possible, if loans go into forbearance it means you will go back of the queue to get paid and will likely get back less. VOTE B so AC do what they are being paid to do which is recover YOUR hard earned cash for non-performing loans. First Charge Secured assets is all you will be left. The people at the back of the queue are those who do not hold the charge over assets; which isn't us. If the company has some cash and AC give forbearance then the business will use this cash to pay creditors that are putting the pressure on the company in order to keep going for a bit longer, in the end it will leave AC with only the security it has taken against the loan. The security will be sold off in a fire sale and especially in the case of propriety companies will will only get a fraction of the money back. Move early and AC (or really us the lenders) will secure a proportion of the cash and any other assets not sold and used to pay other creditors while AC gives forbearance with my money. It is so easy to be generous with other peoples money.
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alender
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Post by alender on Apr 6, 2020 8:21:31 GMT
Chasing loans now when there could be more cash in the business vs chasing them 3 months later when there is likely to be less cash will make a difference. Harland your profile says you are 22 years old? I'm assuming your a small time investor here? Yes I am young, but I have been in P2P since 2016, and avoided the Lendy, FC fiscals by good calling. AC situation here is different, although if I am wrong I'm willing to take it on the chin as my mistake, as it would be. I'm more exposed to P2P than I really should of been (15%), due to short term money trapped in the QAA (ear marked for share investments for drawdown over the next 3-6 months, but not money that was needed for anything critical thankfully.) If my money was not split between ISA packet and main, I'd be on the short end of the pool stick to put it in perspective. Want a good outcome for all, but I don't see any option that to sit and wait, and not force lenders though 100's of votes. My portfolio is in 6 figures (all wealth, although I own no propety of my own) and I've created my own business as a CEO from when I was 15. Not that it is any of your business ofc. I started from £0 so do have a somwhat okay understanding of business. But I dont' know it all ofc not, and this situation is truely unseen in history so far. This explains you position with AC, you have most of your life to make up money lost, not be too badly effected by AC pooling of funds and probably will not require it for a half descent retirement.
However I would hope you do not lose much money and your business is a success and not too badly affect by any P2P loses.
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mrsb
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Post by mrsb on Apr 6, 2020 8:22:33 GMT
Any sensible company owner will pay the creditors that most assure the continuation of their business - whoever they may be. If (say) AC are secured on a 1/2 built house, the borrower will be paying his material bills, and making sure his architect and key site staff are kept on side; security and insurance costs etc. - and paying his own salary as req'd. Any process of enforcing security - particularly against the personal assets of business owners - will be frustrated throughout the whole process - plus lack of professionalizes needed for the process, and ultimately a court that will be sympathetic (quite rightly) to the borrower. Borrowers owe the money, and  -happens - so I would happily see them struggle in order to pay us back - but the reality of where we are is just that. AC appear to be trying to motor the ship away from the rocks, it seems some peoples contribution to such navigation would be to piss in the fuel tank. |
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Mikeme
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Post by Mikeme on Apr 6, 2020 9:04:50 GMT
Any sensible company owner will pay the creditors that most assure the continuation of their business - whoever they may be. If (say) AC are secured on a 1/2 built house, the borrower will be paying his material bills, and making sure his architect and key site staff are kept on side; security and insurance costs etc. - and paying his own salary as req'd. Any process of enforcing security - particularly against the personal assets of business owners - will be frustrated throughout the whole process - plus lack of professionalizes needed for the process, and ultimately a court that will be sympathetic (quite rightly) to the borrower. Borrowers owe the money, and -happens - so I would happily see them struggle in order to pay us back - but the reality of where we are is just that. AC appear to be trying to motor the ship away from the rocks, it seems some peoples contribution to such navigation would be to piss in the fuel tank. Thanks for the realism. Todays interest not as important as return of capital.The angry I want my money brigade are the same sort as take their own bags after a plane crash. As long as they've got theirs all fair in the world. Blow the rest.
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alender
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Post by alender on Apr 6, 2020 9:05:50 GMT
Any sensible company owner will pay the creditors that most assure the continuation of their business - whoever they may be. If (say) AC are secured on a 1/2 built house, the borrower will be paying his material bills, and making sure his architect and key site staff are kept on side; security and insurance costs etc. - and paying his own salary as req'd. Any process of enforcing security - particularly against the personal assets of business owners - will be frustrated throughout the whole process - plus lack of professionalizes needed for the process, and ultimately a court that will be sympathetic (quite rightly) to the borrower. Borrowers owe the money, and -happens - so I would happily see them struggle in order to pay us back - but the reality of where we are is just that. AC appear to be trying to motor the ship away from the rocks, it seems some peoples contribution to such navigation would be to piss in the fuel tank. Each loan should be looked at on a case by case basis, I agree, if the situation is that giving the borrower more time is likely to secure either the whole or a greater proportion of the loan back to AC lenders then that is the correct course of action and is the job AC are paid to do. Vote A just gives forbearance to everyone and will lead to less monies being recovered form companies heading for bankruptcy.
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Mikeme
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Post by Mikeme on Apr 6, 2020 9:10:41 GMT
Any sensible company owner will pay the creditors that most assure the continuation of their business - whoever they may be. If (say) AC are secured on a 1/2 built house, the borrower will be paying his material bills, and making sure his architect and key site staff are kept on side; security and insurance costs etc. - and paying his own salary as req'd. Any process of enforcing security - particularly against the personal assets of business owners - will be frustrated throughout the whole process - plus lack of professionalizes needed for the process, and ultimately a court that will be sympathetic (quite rightly) to the borrower. Borrowers owe the money, and -happens - so I would happily see them struggle in order to pay us back - but the reality of where we are is just that. AC appear to be trying to motor the ship away from the rocks, it seems some peoples contribution to such navigation would be to piss in the fuel tank. Each loan should be looked at on a case by case basis, I agree, if the situation is that giving the borrower more time is likely to secure either the whole or a greater proportion of the loan back to AC lenders then that is the correct course of action and is the job AC are paid to do. Vote A just gives forbearance to everyone and will lead to less monies being recovered form companies heading for bankruptcy. Where did you read that? I read it as saying S**t will happen and we need to be able to concentrate our time on the whole matter. AC collapse almost all gone and even richer lawyers. Borrowers forced same outcome.
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mrsb
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Post by mrsb on Apr 6, 2020 9:17:37 GMT
Ha! - I'd happily take my bags (held carefully so as to prevent damage to the slide) when exiting the crashed aircraft - problem is that my bags - along with everyone else's - are in the hold. Therefore my best interests (which are paramount to me) are to do what I can to facilitate, and certainly not to frustrate, the efforts of the crew who are trying to stop the wreck catching fire.
Other analogies are welcome :-)
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alanh
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Post by alanh on Apr 6, 2020 9:26:22 GMT
Any sensible company owner will pay the creditors that most assure the continuation of their business - whoever they may be. If (say) AC are secured on a 1/2 built house, the borrower will be paying his material bills, and making sure his architect and key site staff are kept on side; security and insurance costs etc. - and paying his own salary as req'd. Any process of enforcing security - particularly against the personal assets of business owners - will be frustrated throughout the whole process - plus lack of professionalizes needed for the process, and ultimately a court that will be sympathetic (quite rightly) to the borrower. Borrowers owe the money, and -happens - so I would happily see them struggle in order to pay us back - but the reality of where we are is just that. AC appear to be trying to motor the ship away from the rocks, it seems some peoples contribution to such navigation would be to piss in the fuel tank. Thanks for the realism. Todays interest not as important as return of capital.The angry I want my money brigade are the same sort as take their own bags after a plane crash. As long as they've got theirs all fair in the world. Blow the rest. In case you hadn't noticed the plane that is crashing is called "Assetz Capital" and the ones getting their bags off first are all the small investors. All thats left of everyone else is a charred skeleton in a melted seat.
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Mikeme
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Post by Mikeme on Apr 6, 2020 9:29:52 GMT
Ha! - I'd happily take my bags (held carefully so as to prevent damage to the slide) when exiting the crashed aircraft - problem is that my bags - along with everyone else's - are in the hold. Therefore my best interests (which are paramount to me) are to do what I can to facilitate, and certainly not to frustrate, the efforts of the crew who are trying to stop the wreck catching fire. Other analogies are welcome :-) Ha The Angry I want my money back are the ones at the carousel pushing in front of everyone else because they want to get out first. Or my favourite one here. I'm rich and first in the queue for toilet roll and everything else going, whilst others only take what is needed for the near future. Thank goodness that AC took swift sensible and compassionate decisions to try to save the ship.
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ilmoro
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'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 Apr 6, 2020 9:31:27 GMT
Any sensible company owner will pay the creditors that most assure the continuation of their business - whoever they may be. If (say) AC are secured on a 1/2 built house, the borrower will be paying his material bills, and making sure his architect and key site staff are kept on side; security and insurance costs etc. - and paying his own salary as req'd. Any process of enforcing security - particularly against the personal assets of business owners - will be frustrated throughout the whole process - plus lack of professionalizes needed for the process, and ultimately a court that will be sympathetic (quite rightly) to the borrower. Borrowers owe the money, and -happens - so I would happily see them struggle in order to pay us back - but the reality of where we are is just that. AC appear to be trying to motor the ship away from the rocks, it seems some peoples contribution to such navigation would be to piss in the fuel tank. Each loan should be looked at on a case by case basis, I agree, if the situation is that giving the borrower more time is likely to secure either the whole or a greater proportion of the loan back to AC lenders then that is the correct course of action and is the job AC are paid to do. Vote A just gives forbearance to everyone and will lead to less monies being recovered form companies heading for bankruptcy. You might want to read the vote proposal again … it says that this is a blanket vote and the votes for each option will be applied on a loan by loan basis depending on how the holders of those loans voted. So if more lenders in a particular loan voted B then forbearance wont be given. It isn't a A wins/B wins for the whole loan book ISTM
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mrsb
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Post by mrsb on Apr 6, 2020 9:38:35 GMT
Ha! - I'd happily take my bags (held carefully so as to prevent damage to the slide) when exiting the crashed aircraft - problem is that my bags - along with everyone else's - are in the hold. Therefore my best interests (which are paramount to me) are to do what I can to facilitate, and certainly not to frustrate, the efforts of the crew who are trying to stop the wreck catching fire. Other analogies are welcome :-) Ha The Angry I want my money back are the ones at the carousel pushing in front of everyone else because they want to get out first. Or my favourite one here. I'm rich and first in the queue for toilet roll and everything else going, whilst others only take what is needed for the near future. Thank goodness that AC took swift sensible and compassionate decisions to try to save the ship. Indeed save the ship - that's where it's at. It's a stretch to think compassion for anyone is a motive at AC. Saving the ship is in their best interests - simple. If they held our massive stocks of toilet paper in their premises, they wouldn't hesitate to use it to wipe their arses if their own supply was exhausted.
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Mikeme
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Post by Mikeme on Apr 6, 2020 9:39:50 GMT
Thanks for the realism. Todays interest not as important as return of capital.The angry I want my money brigade are the same sort as take their own bags after a plane crash. As long as they've got theirs all fair in the world. Blow the rest. In case you hadn't noticed the plane that is crashing is called "Assetz Capital" and the ones getting their bags off first are all the small investors. All thats left of everyone else is a charred skeleton in a melted seat. No an engine has failed (Corvic 19 world economy) and they have to use one engine to keep cruising until they can reach a safe landing. It's at this time that the crew have to stop the fools panicking and trying to exit with their own parachute. . Then when they have landed safely those that don't want to continue can leave the rest keep going.
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alender
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Post by alender on Apr 6, 2020 9:42:52 GMT
In case you hadn't noticed the plane that is crashing is called "Assetz Capital" and the ones getting their bags off first are all the small investors. All thats left of everyone else is a charred skeleton in a melted seat. No an engine has failed (Corvic 19 world economy) and they have to use one engine to keep cruising until they can reach a safe landing. It's at this time that the crew have to stop the fools panicking and trying to exit with their own parachute. . Then when they have landed safely those that don't want to continue can leave the rest keep going. Isn't that what they are doing with the new fees, perhaps they are out buying toilet rolls with these
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-happens - so I would happily see them struggle in order to pay us back - but the reality of where we are is just that. AC appear to be trying to motor the ship away from the rocks, it seems some peoples contribution to such navigation would be to piss in the fuel tank.