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Post by BrianC on Apr 1, 2020 1:03:12 GMT
A
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mark
Posts: 163 
Likes: 166
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Post by mark on Apr 1, 2020 9:06:54 GMT
I am voting A. This is not a difficult choice.
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Post by supernumerary on Apr 1, 2020 9:59:57 GMT
The FORMAT of the question, the manner at which it has been implemented, is IMHO wrong.
AC could have done what Ablrate have done on difficult loans and that would be to have changed the interest payments, into a debt on the loan.
IMHO, AC itself SHOULD be securing a loan from us if they NEED to, or sell some shares in their business to lenders. INSTEAD they have introduced a management charge… …which quite rightly, hasn’t gone down well.
Having witnessed what Lendy did, changing rules and regulations, terms and conditions, WHICH annoyed enough lenders to leave, it WAS, IMHO, the under-capitalisation that EVENTUALLY ‘knackered’ them. They couldn’t keep their business going, with new loans. This is ALSO what happened to Yes-Secure.com (Encash).
AC may well get a majority to vote for this, BUT IMHO, AC will unfortunately, probably NOT understand the concept of ‘critical mass’… …ENOUGH lenders will vote NO and then decide to leave… …which, IMHO, may be the beginning of the end.
As I have said, the FORMAT of the question, the manner at which it has been implemented, is IMHO wrong.
I have voted NO, on this message board and on the AC platform to this proposal.
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ian
Posts: 342
Likes: 226
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Post by ian on Apr 1, 2020 10:06:18 GMT
Who’s paying back capital if they don’t have to - nobody. Therefore investors get no repayments.
Additionally AC are profiteering with this - it’s like HSBC adding 0.5% to its mortgage rare whilst charging you 0.1% to invest in it.
And Do you honestly believe this will apply to institutional investors.
Vote B and allow the assetz team to deal with individual cases as they arise.
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cb25
Posts: 3,528
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Post by cb25 on Apr 1, 2020 10:14:37 GMT
Who’s paying back capital if they don’t have to - nobody. Therefore investors get no repayments. Additionally AC are profiteering with this - it’s like HSBC adding 0.5% to its mortgage rare whilst charging you 0.1% to invest in it. And Do you honestly believe this will apply to institutional investors. Vote B and allow the assetz team to deal with individual cases as they arise. Each individual case will no doubt lead to the same sort of vote. In general I suspect lenders' votes on the individual cases would be the same as for this single vote, though clearly individual borrower circumstances will sway some votes. I have no wish to spend the next 3-6 months voting on hundreds of loans (edit: there are 590 Live loans), so have gone with Option A.
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ian
Posts: 342
Likes: 226
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Post by ian on Apr 1, 2020 10:32:51 GMT
Who’s paying back capital if they don’t have to - nobody. Therefore investors get no repayments. Additionally AC are profiteering with this - it’s like HSBC adding 0.5% to its mortgage rare whilst charging you 0.1% to invest in it. And Do you honestly believe this will apply to institutional investors. Vote B and allow the assetz team to deal with individual cases as they arise. Each individual case will no doubt lead to the same sort of vote. In general I suspect lenders' votes on the individual cases would be the same as for this single vote, though clearly individual borrower circumstances will sway some votes. I have no wish to spend the next 3-6 months voting on hundreds of cases (edit: there are 590 Live loans), so have gone with Option A. If borrowers haven’t got forbearance they are likely to seek funds from other sources namely the government - at one stroke AC have now ensured we are the last to be repaid, and they are adding to the issue for borrowers by increasing their interest charges !!! Whilst creaming additional margin off investors. I bet a pound to a penny institutional investors are not having to pay additional fees
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Apr 1, 2020 10:44:48 GMT
If borrowers haven’t got forbearance they are likely to seek funds from other sources namely the government - at one stroke AC have now ensured we are the last to be repaid, and they are adding to the issue for borrowers by increasing their interest charges !!! Whilst creaming additional margin off investors. I bet a pound to a penny institutional investors are not having to pay additional fees Bet taken £100 I dont want to break your bank an a certainty. I would also speculate that the institutional investors also invested by Seeders
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lara
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Post by lara on Apr 1, 2020 11:56:20 GMT
I voted last night because I wanted to get into my account. Having slept on it, I still feel the same way. I voted A.
I think a vote for B is more of a knee jerk reaction coming out of fear and anger.
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ton27
Member of DD Central
Posts: 431
Likes: 267
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Post by ton27 on Apr 1, 2020 12:11:36 GMT
I would probably have voted yes but the fact that AC prevented access to my account before I voted (even though they gave us until April 6th) annoyed me so much that I voted No - illogical probably and overall though I think they will get a yes.
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Apr 1, 2020 12:15:27 GMT
I would probably have voted yes but the fact that AC prevented access to my account before I voted (even though they gave us until April 6th) annoyed me so much that I voted No - illogical probably and overall though I think they will get a yes.
As was explained by Chris. A mistake whilst under pressure. Give them some slack and support.
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sl75
Posts: 2,092
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Post by sl75 on Apr 1, 2020 12:22:26 GMT
Weird - 2FA on votes for individual loans with very limited impact, but no 2FA on a vote that affects every loan on the entire platform...?
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806
Likes: 3,237
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Post by jonno on Apr 1, 2020 12:32:23 GMT
Weird - 2FA on votes for individual loans with very limited impact, but no 2FA on a vote that affects every loan on the entire platform...? Mmm.......along with the website access issue, it smacks of rush and panic to me. Not a good sign.
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Post by johnny on Apr 1, 2020 12:42:29 GMT
Voted A. This is no ordinary downturn, it will be no ordinary recession and 2007/08 will look like a hick up in comparison. I am frustrated that my money is locked in but I haven't read anything on this site that comes up with an alternative strategy other than corporate suicide. On a positive note red wine is still available to purchase.
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groon
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Post by groon on Apr 1, 2020 14:54:56 GMT
I held my nose and voted A.
I think that AC have taken the right decisions (mostly) but I fear they have badly mishandled their communications. I believe that it is in my best interests as a lender to put to one side my misgivings about the latter and to place my trust in the former. So I'm still reinvesting all repayments and I suppose that time will tell whether I've made the right call.
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kathy
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Post by kathy on Apr 1, 2020 15:10:30 GMT
I Voted A. I don't like the fee but I strongly believe that by voting A we may end up losing a lot of capital but by voting B I am damned sure would definitely lose a lot of capital.
Lesser of two evils really.
If it's one thing I have learnt investing in P2P and shares is that the best approach is "Don't Panic!" Panic only leads to bad decisions and heavy loss.
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