alanh
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Post by alanh on Apr 2, 2020 14:54:23 GMT
Would you take 50% for your holding now? (thats not an offer) Well thats why a secondary market on the access accounts would be a good idea.
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andy5
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Post by andy5 on Apr 2, 2020 15:00:44 GMT
May I ask you folks a seemingly dumb question? How do you know about this?I already have a case pending, prompted by an email that starts "As you may know ..." I didn't know, because there was no previous notification. Was there an email notification about what you're talking about now, and/or where is there information on the Assetz website? Thanks If you mean the Forbearance Vote, two days back it was displayed when you logged into AC and - at that time - you couldn't view your account holdings until you'd voted (that's now changed). I did vote back then and can't see where to find the vote text now. If you haven't voted yet and don't see it when you log into AC, you could ask AC via Livechat.
Thanks for the reply. It turns out the firm is supposed to have emailed people about this, but not for the first time they didn't bother telling me.
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iRobot
Member of DD Central
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Post by iRobot on Apr 2, 2020 15:03:10 GMT
I didnt vote. I'm 99% sure that after this there will be no money coming back (to me anyway). I think that is a bit pessimistic. I'm expecting to lose 50%. Unless there is a complete fraud involved I can't see a full write off of everything invested even in a multi year administration. From what I can see the security on most of these assets is not too far removed from reality. I agree with alanh - zero returns is more than a tad pessimistic. travolta - can we ask why you feel so strongly that way?
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maotw
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Post by maotw on Apr 2, 2020 15:05:36 GMT
Interestingly I set a £1000 sell on a loan that is in my QAA. I have no MLA holdings, but my dashboard (at MLA) shows the £1000 part for sale .... so I was already thinking along the lines of a QAA_SM.
Trouble is that if discounts started to get large - I'm sure us QAA jockeys are more nervous than hardened MLA participants - it would present a bad image.
Very subjective and personal - and loan specific - but I wonder what sort of discounts would get movement?
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iRobot
Member of DD Central
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Post by iRobot on Apr 2, 2020 15:11:21 GMT
If you mean the Forbearance Vote, two days back it was displayed when you logged into AC and - at that time - you couldn't view your account holdings until you'd voted (that's now changed). I did vote back then and can't see where to find the vote text now. If you haven't voted yet and don't see it when you log into AC, you could ask AC via Livechat.
Thanks for the reply. It turns out the firm is supposed to have emailed people about this, but not for the first time they didn't bother telling me. Last email I received from AC was 31st MArch @ 18:32 - you may want to check your spam folders and/or perhaps your comms settings (you need to be logged in for link to work). Copy of that email is here, if you want to read all the details.
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alanh
Posts: 556
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Post by alanh on Apr 2, 2020 15:12:11 GMT
Interestingly I set a £1000 sell on a loan that is in my QAA. I have no MLA holdings, but my dashboard (at MLA) shows the £1000 part for sale .... so I was already thinking along the lines of a QAA_SM. Trouble is that if discounts started to get large - I'm sure us QAA jockeys are more nervous than hardened MLA participants - it would present a bad image. Very subjective and personal - and loan specific - but I wonder what sort of discounts would get movement? It is difficult to say but looking at the state of the MLA market it would have to be something significant.
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andy5
Posts: 40
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Post by andy5 on Apr 2, 2020 15:26:24 GMT
Thanks for the reply. It turns out the firm is supposed to have emailed people about this, but not for the first time they didn't bother telling me. Last email I received from AC was 31st MArch @ 18:32 - you may want to check your spam folders and/or perhaps your comms settings (you need to be logged in for link to work). Copy of that email is here, if you want to read all the details. Thanks for the reply I had a live chat, and have been sent a copy of the email I don't think I need to check spam folders, as other messages from there arrived fine - couple of other recent votes, this copy, etc
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alanh
Posts: 556
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Post by alanh on Apr 2, 2020 15:53:54 GMT
I think that is a bit pessimistic. I'm expecting to lose 50%. Unless there is a complete fraud involved I can't see a full write off of everything invested even in a multi year administration. From what I can see the security on most of these assets is not too far removed from reality. I agree with alanh - zero returns is more than a tad pessimistic. travolta - can we ask why you feel so strongly that way? Do we have any recovery statistics for the platforms that have collapsed? I think I am right in saying that Collateral have returned nothing and that went down 2 years ago. What about Lendy or Funding Secure? Does anyone have a feel for what the recovery rate is/might be on those?
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Apr 2, 2020 16:20:05 GMT
Most of the recovery money seems to be eaten up in collection charges, only the vultures win.
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iRobot
Member of DD Central
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Post by iRobot on Apr 2, 2020 16:21:21 GMT
What about Lendy or Funding Secure? Does anyone have a feel for what the recovery rate is/might be on those? Still some way off the final count, but it isn't zero. (And AC is not a Lendy or FS, imo) Edit: might also want to chuck MoneyThing in to the mix? Never really invested with them and had nothing invested when they went into an orderly wind-down, so would appreciate comments from those with broad exposure.
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mark
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Post by mark on Apr 2, 2020 16:25:44 GMT
Most of the recovery money seems to be eaten up in collection charges, only the vultures win. A wise lesson of caution. Be careful what you wish for Assetz Capital.
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Mikeme
Member of DD Central
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Post by Mikeme on Apr 2, 2020 16:47:06 GMT
Listen to Marks wise words.
I really believe AC are responsible and are working hard for all. Yes that includes AC itself
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Mikeme
Member of DD Central
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Post by Mikeme on Apr 2, 2020 17:01:14 GMT
Still some way off the final count, but it isn't zero. (And AC is not a Lendy or FS, imo) Edit: might also want to chuck MoneyThing in to the mix? Never really invested with them and had nothing invested when they went into an orderly wind-down, so would appreciate comments from those with broad exposure. I am not in AC so have no real opinion on them. MoneyThing I have a reasonable spread in, though not the Newcastle one (probably best not to mention that I did at one point), I would say its to early to call could be ok or might be a car crash. What is obvious is that a managed wind down beats a collapse. On that basis I will have a poorly informed guess that a running platform beats both. This post will self destruct later. Not a thread I should be on. So it cant self destruct. thanks
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Post by investir on Apr 2, 2020 17:16:16 GMT
I've voted A. It would be mad not to. All borrowers need our forbearance just now. Another for "A" .........
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alanh
Posts: 556
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Post by alanh on Apr 2, 2020 17:30:28 GMT
It is difficult to say but looking at the state of the MLA market it would have to be something significant. Beware of out the frying pan into the fire. Converting Access Account holdings to MLA is no panacea for liquidity. - there is little liquidity on the platform regardless of whether it’s AA or MLA - the cost of liquidity on the MLA can be significant. 25%, 15% discounts have been witnessed and there are currently some chunky amounts (£10k to £30k) not shifting noticeably despite 10% discounts. - there’s a danger an MLA-newbie convert from AA would see their best loans purchased at big discounts while they get left with the more dubious loans. A buyer of a single loan is likely to have a more informed opinion of that loan than the seller of 500 loans switched out of AA. - about one in eight £s is currently suspended from trading and one in fourteen £s is in default so will never trade. The secondary market in the QAA would not involve the breaking down into underlying constituents, it would simply be the transfer of one investors QAA holding to another at a certain price. Investor A has £10000 in QAA and wants out Investor B wants to buy for £7000 Investor A's QAA holding of £10k nominal is transferred to investor B for £7000 i.e a 30% discount or whatever the secondary market price is Whilst you say the cost of liquidity can be significant, that is for the market to decide. Some people think that everything is completely fine and they will get 100% of their investment back, others think that AC are finished and are expecting a near 100% loss. As with anything, the truth will be somewhere in between.
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