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Post by jasonnewman on Apr 5, 2020 13:08:08 GMT
The votes are a bunch of tricks designed to fool the retail investor, when you vote to change the terms of business you are giving AC the legal loophole to jump through and take advantage of YOU the investor.
It is your cash, AC need to go out there and chase the borrower for the ASSET the loan is backed by.
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Mikeme
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Post by Mikeme on Apr 5, 2020 13:08:46 GMT
A lot of people don't understand what they voted for when they chose forbearance…..the right option was B to make AC do the job they have been earning the fee for all these years. B****x.Who is going to buy the assets at this time.
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Post by Harland Kearney on Apr 5, 2020 13:12:45 GMT
Well I think, yes AC will need non-retail investment to fund large loans, defo if there is going to be alot after this crisis. Retail investors wont' be funding this in full (and in many cases never have), so they have to grab it from somewhere. This isn't entirely new either, only that the current circumstances have created even more need for this.
I'd not forget that many large/institutional investors AC will still want on board, and those investors are in our current loan book to a degree. Just food for thought, all we can do is wait. Looks like it will be late May, early June by the time we see any return to normaility in the UK judging from the Goverments recent comments.
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Mikeme
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Post by Mikeme on Apr 5, 2020 13:13:19 GMT
They cannot possibly just walk away from all this and set up a bunch of new accounts and expect people to invest. People are not that stupid - well, most people are not that stupid. Typically in these situations they walk off, the old company collapses and they set up a new one with a different name. Of course, the new company will have the same issues if/when investors look into who the directors and management are. I would urge them not to go down either of these routes and just get on with sorting out the current mess. Looking at AC's current actions they do not give a damn about the larger lenders, they know they are either gone, or their a large proportion of their funds with AC are gone (same thing).
They would not be looking at the same people to invest in the new areas of business they are looking for a new market, they just need to buy themselves some time hence the forbearance (rigged) vote which if A will allow AC to stop doing due diligence on current loans thereby freeing up resources to concentrate on new areas.
If the directors start a new business, they will walk away with all of their nice salaries paid thought out the years and it is even worse for current investors.
I would be very interested in knowing how much the directors have in AAs and if this has increased during the crisis, if they commit their own funds in the AAs now this would be a real vote of confidence in AC.
Just because you put borrowed money (VAT that you had charged and had for on average for 6 weeks Money that you would need to pay your suppliers with at least 1 month credit) in a 30 day account don't blame AC
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Post by jasonnewman on Apr 5, 2020 13:13:28 GMT
A lot of people don't understand what they voted for when they chose forbearance…..the right option was B to make AC do the job they have been earning the fee for all these years. B****x.Who is going to buy the assets at this time. Well Harland bought some after the withdrawals were stopped...You never know the retail investor like Harland will probably buy.
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Post by Harland Kearney on Apr 5, 2020 13:15:02 GMT
B****x.Who is going to buy the assets at this time. Well Harland bought some after the withdrawals were stopped...You never know the retail investor like Harland will probably buy. What do you mean, bought some what? I haven't bought anything since the lockout. I've been buying alot of Fundsmith Equity as of recent. Are you just looking for things to jilt towards people? Some investments are still entering AC as to why we are seeing daily or intra daily payouts. Clearly in current conditions there isn't going to be much. We will see most of our capital back when the world returns to normal & when large underlying loans are repaid. (Wont' be repaid in a fire sale when the world is locked in their homes for the next 60 days at least.)
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Post by jasonnewman on Apr 5, 2020 13:16:50 GMT
Well Harland bought some after the withdrawals were stopped...You never know the retail investor like Harland will probably buy. What do you mean, bought some what? I haven't bought anything since the lockout. Are you just looking for things to jilt towards people? You said you put in money into the access accounts and thus buying loans after the withdrawals were stopped...…...We like people like you. 
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Post by Harland Kearney on Apr 5, 2020 13:17:44 GMT
What do you mean, bought some what? I haven't bought anything since the lockout. Are you just looking for things to jilt towards people? You said you put in money into the access accounts and thus buying loans after the withdrawals were stopped...…...We like people like you. I'm sorry, I've not said that anywhere. Could you stop qouting me on pointless things please, thanks.
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Mikeme
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Post by Mikeme on Apr 5, 2020 13:19:12 GMT
Well Harland bought some after the withdrawals were stopped...You never know the retail investor like Harland will probably buy. What do you mean, bought some what? I haven't bought anything since the lockout. Are you just looking for things to jilt towards people? Some investments are still entering AC as to why we are seeing daily or intra daily payouts. Clearly in current conditions there isn't going to be much. We will see most of our capital back when the world returns to normal & when large underlying loans are repaid. (Wont' be repaid in a fire sale when the world is locked in their homes for the next 60 days at least.) The angry brigade are all looking for scapegoats. Before logging in
As with most forms of investment, peer-to-peer lending carries a degree of risk to your capital; in this case, if the borrower is unable to repay their loan. At Assetz Capital, we seek to reduce this risk to our investors by taking asset security on every loan. Investment Account target interest rates should be considered along with the relevant Investment Account expected defaults & losses information. Past performance does not guarantee future performance. We recommend that prospective lenders read the Key Investor Information pages before investing.
Along with IN normal time
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alender
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Post by alender on Apr 5, 2020 13:22:33 GMT
A lot of people don't understand what they voted for when they chose forbearance…..the right option was B to make AC do the job they have been earning the fee for all these years. B****x.Who is going to buy the assets at this time. It is not just having a fire sale if borrower assets.
It is about doing due diligence on loans (which is the point of AC), when loans come up for repayment and/or interest payment, AC should look at the options, these could be postpone the payment if AC are very sure money will available to cover the payment at a later date, take more security, take a share of the business, pursue payments form those borrowers that have no chance of survival so AC are not last in the queue. This is what Vote B gives you, Vote A kicks the can down the road and will incur more loses.
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Post by jasonnewman on Apr 5, 2020 13:28:06 GMT
B****x.Who is going to buy the assets at this time. It is not just having a fire sale if borrower assets.
It is about doing due diligence on loans (which is the point of AC), when loans come up for repayment and/or interest payment, AC should look at the options, these could be postpone the payment if AC are very sure money will available to cover the payment at a later date, take more security, take a share of the business, pursue payments form those borrowers that have no chance of survival so AC are not last in the queue. This is what Vote B gives you, Vote A kicks the can down the road and will incur more loses.
Precisely, a lot of people have no idea what they voted for. Ahh Let's be nice and go along with AC want...…….They held a vote ass they want to change the terms of business and when you are not happy you can't take legal action as you voted for it. The **** need get of their backside and do the work and chase the loans not paying up, that is what I signed up for when I invested my money here.
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cb25
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Post by cb25 on Apr 5, 2020 13:28:13 GMT
B****x.Who is going to buy the assets at this time. It is not just having a fire sale if borrower assets.
It is about doing due diligence on loans (which is the point of AC), when loans come up for repayment and/or interest payment, AC should look at the options, these could be postpone the payment if AC are very sure money will available to cover the payment at a later date, take more security, take a share of the business, pursue payments form those borrowers that have no chance of survival so AC are not last in the queue. This is what Vote B gives you, Vote A kicks the can down the road and will incur more loses.
But AC doesn't do those things (as I know to my cost with the infamous loan #227). As long as the company is solvent (which AC don't question/check), AC let the borrower put a proposal to lenders to vote on. Imo if lenders went with Option B, we'd simply see a lender vote - of essentially the same form - on a huge number of loans in the next few months. I accept you and a few others want that, but I don't.
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Mikeme
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Post by Mikeme on Apr 5, 2020 13:34:56 GMT
B****x.Who is going to buy the assets at this time. It is not just having a fire sale if borrower assets.
It is about doing due diligence on loans (which is the point of AC), when loans come up for repayment and/or interest payment, AC should look at the options, these could be postpone the payment if AC are very sure money will available to cover the payment at a later date, take more security, take a share of the business, pursue payments form those borrowers that have no chance of survival so AC are not last in the queue. This is what Vote B gives you, Vote A kicks the can down the road and will incur more loses.
For once in agreement!!!!!!! However They have to first make the decisions quickly. without doubt many good honest borrowers will quickly be in trouble and yes there is government help that AC should and will know what of that is available. Not all fore sure but the vast proportion of our borrowers are in FORCED business hibernation. If you look at the government help schemes they are global , so even business's still trading are receiving help. It would take just too long to check first. It is a first aid measure IMHO>
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alender
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Post by alender on Apr 5, 2020 13:36:52 GMT
It is not just having a fire sale if borrower assets.
It is about doing due diligence on loans (which is the point of AC), when loans come up for repayment and/or interest payment, AC should look at the options, these could be postpone the payment if AC are very sure money will available to cover the payment at a later date, take more security, take a share of the business, pursue payments form those borrowers that have no chance of survival so AC are not last in the queue. This is what Vote B gives you, Vote A kicks the can down the road and will incur more loses.
But AC doesn't do those things (as I know to my cost with the infamous loan #227). As long as the company is solvent (which AC don't question/check), AC let the borrower put a proposal to lenders to vote on. Imo if lenders went with Option B, we'd simply see a lender vote - of essentially the same form - on a huge number of loans in the next few months. I accept you and a few others want that, but I don't. I want AC to do the job they are paid to do, this includes due diligence on non performing loans, so from what you are saying AC have a history of lack of due diligence, in this crisis they should step up to the plate and do the job they are paid for not waste time with votes which are indented to let them of the hook when things go wrong.
It is in these times will will find out if AC are professional organisation performing their roll in loan management or a bunch of chances looking for any excuse to not take responsibility for the loans they have made and keep kicking the can down the road.
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iRobot
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Post by iRobot on Apr 5, 2020 13:37:55 GMT
It is not just having a fire sale if borrower assets.
It is about doing due diligence on loans (which is the point of AC), when loans come up for repayment and/or interest payment, AC should look at the options, these could be postpone the payment if AC are very sure money will available to cover the payment at a later date, take more security, take a share of the business, pursue payments form those borrowers that have no chance of survival so AC are not last in the queue. This is what Vote B gives you, Vote A kicks the can down the road and will incur more loses.
Precisely, a lot of people have no idea what they voted for. Ahh Let's be nice and go along with AC want...…….They held a vote ass they want to change the terms of business and when you are not happy you can't take legal action as you voted for it. The **** need get of their backside and do the work and chase the loans not paying up, that is what I signed up for when I invested my money here. Scenario: Borrower is a Ltd Company. Borrower's main creditor is AC via a platform loan. Borrower also has other creditors. AC's loan reaches its redemption date (or the Borrower triggers a default event in some other way). AC decides not to show forbearance and starts to aggressively pursues payment. Borrower (director) says, this'll kill the business, might as we call in the administrators. Administrators appointed. AC no better off. Lenders worse off. Yes? No? Question: How many AC borrowers are Ltd companies?
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