pom
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Post by pom on Apr 9, 2020 9:47:30 GMT
I have no objection given the current climate to the idea behind this, but I do rather wonder on what basis it'll now be paid
"To check the amount of funds which have qualified for the promotion, simply log into your account and look in the 'My Promotions' section of your dashboard."
This is as clear as mud - we are past 6/4/20....and I already realised (on the 5th or 6th) that my eligible ISA funds (which were mostly originally invested in the PSA & GBBA) had in fact dropped after AC switched off "invest idle funds"....and what is showing today has dropped further. So will we be paid based on 6/4 balance...or on the days AC make the payments?
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blender
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Post by blender on Apr 9, 2020 9:59:00 GMT
I have no objection given the current climate to the idea behind this, but I do rather wonder on what basis it'll now be paid "To check the amount of funds which have qualified for the promotion, simply log into your account and look in the 'My Promotions' section of your dashboard." This is as clear as mud - we are past 6/4/20....and I already realised (on the 6th) that my eligible ISA funds (which were originally invested in the PSA & GBBA) had in fact dropped after AC switched off "invest idle funds"....and what is showing today has dropped further. So will be be paid based on 6/4 balance...or on the days AC make the payments? We were expecting a few hundred today and are not pleased to find the Assetz have unilaterally broken their contract with us, on the date of payment that is. The qualifying amount was that shown on 6 April, and they have said nothing about any changes to the qualifying amount calculation - there could be no excuse for changing it. Best to take a record of what that was. For those who took the more recent promotion, presumably they go to the back of the queue for the delayed payment of promotions.
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mrsb
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Post by mrsb on Apr 9, 2020 10:00:08 GMT
I have no objection given the current climate to the idea behind this, but I do rather wonder on what basis it'll now be paid "To check the amount of funds which have qualified for the promotion, simply log into your account and look in the 'My Promotions' section of your dashboard." This is as clear as mud - we are past 6/4/20....and I already realised (on the 6th) that my eligible ISA funds (which were originally invested in the PSA & GBBA) had in fact dropped after AC switched off "invest idle funds"....and what is showing today has dropped further. So will we be paid based on 6/4 balance...or on the days AC make the payments? It'll be a cause for much rejoicing if the cash-back 1%, and the size of the investment to which it applies, is significant in the final analysis!
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Post by angel19 on Apr 9, 2020 10:02:20 GMT
The terms for the cash back are ‘Assetz Capital will run the final calculation for the additional 1% cashback at 11:59:59pm on 5th April 2020, and ‘Cashback’ payments will be made to all investors with qualifying funds on 9th April 2020’.
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pom
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Post by pom on Apr 9, 2020 10:03:17 GMT
I have no objection given the current climate to the idea behind this, but I do rather wonder on what basis it'll now be paid "To check the amount of funds which have qualified for the promotion, simply log into your account and look in the 'My Promotions' section of your dashboard." This is as clear as mud - we are past 6/4/20....and I already realised (on the 6th) that my eligible ISA funds (which were originally invested in the PSA & GBBA) had in fact dropped after AC switched off "invest idle funds"....and what is showing today has dropped further. So will be be paid based on 6/4 balance...or on the days AC make the payments? We were expecting a few hundred today and are not pleased to find the Assetz have unilaterally broken their contract with us, on the date of payment that is. The qualifying amount was that shown on 6 April, and they have said nothing about any changes to the qualifying amount calculation - there could be no excuse for changing it. Best to take a record of what that was. For those who took the more recent promotion, presumably they go to the back of the queue for the delayed payment of promotions.
Yeah unfortunately I don't have a time machine, and silly me, assumed the tracker would at least be frozen when the promo period ended
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pom
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Post by pom on Apr 9, 2020 10:06:52 GMT
I have no objection given the current climate to the idea behind this, but I do rather wonder on what basis it'll now be paid "To check the amount of funds which have qualified for the promotion, simply log into your account and look in the 'My Promotions' section of your dashboard." This is as clear as mud - we are past 6/4/20....and I already realised (on the 6th) that my eligible ISA funds (which were originally invested in the PSA & GBBA) had in fact dropped after AC switched off "invest idle funds"....and what is showing today has dropped further. So will we be paid based on 6/4 balance...or on the days AC make the payments? It'll be a cause for much rejoicing if the cash-back 1%, and the size of the investment to which it applies, is significant in the final analysis! In my case it's not likely to make much difference (and I'm relieved they are still planning to pay it, as I seem to recall there were potentially a couple of Ts & Cs loopholes that could perhaps have been used in current circumstances), but having kept it all invested all this time (until invest idle funds got switched of anyway - but my bad for not considering the implications) I'd at least like to know if I'm going to end up further penalised for not keeping it all invested now! Just want clarity so I can finish deciding what to do with my various IFISAs which is difficult if they're telling us to check our eligible funds via a tracker that's still moving.
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blender
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Post by blender on Apr 9, 2020 10:09:45 GMT
Re-reading it says 'four equal payments' , and so they are not changing the qualifying amount. But you can rely on nothing that is not in your cash account, or better, your bank account.
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agent69
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Post by agent69 on Apr 9, 2020 10:15:49 GMT
I must have missed something here. I saw a vote on forbearance for borrowers, I didn't see one on forbearance for AC.
While this may be necessary in order that AC can manage the meagre pile of cash that remains, it is taking the p*ss to unilaterally decide not to pay ths bonus.
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pom
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Post by pom on Apr 9, 2020 10:22:55 GMT
Re-reading it says 'four equal payments' , and so they are not changing the qualifying amount. But you can rely on nothing that is not in your cash account, or better, your bank account. Ah perhaps I should have re-read again...well fingers crossed then. Mind you the more I look at the promotions tab as to eligible funds the more confused I am as it says "eligible IFISA funds" but is quite a bit lower than what is still invested in my ISA...so must be due to NON-ISA funds also having been switched to non-reinvestment. Hey ho, should definitely have paid more attention when they switched off "invest idle funds" especially as I'd recently withdrawn some of the excess. Too much changing too quickly.
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sapphire
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Post by sapphire on Apr 9, 2020 11:46:31 GMT
For info, first instalment credited to the Cash account @ 12:14
Thank God for small mercies.
Could have been worse.....May have been credited to QAA or even worse deferred entirely for an unknown period or not paid at all!
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ceejay
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Post by ceejay on Apr 9, 2020 14:05:02 GMT
For info, first instalment credited to the Cash account @ 12:14 Thank God for small mercies. Could have been worse.....May have been credited to QAA or even worse deferred entirely for an unknown period or not paid at all! Likewise, 25% of the amount I was expecting, so as per the message. Not ideal, but could have been worse. There are more important things to worry about right now, like the bozo who wouldn't keep her distance in the supermarket queue this morning...
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dead-money
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Post by dead-money on Apr 9, 2020 14:10:26 GMT
Cashbacks have always gone to the Standard Cash account in the past, something to do with their tax treatment?
Anyways, don't recall past promotions being split into four equal payments. Can anyone link to where that's stated on the website for the promotion just closed?
Is the expectation that parts two, three and four will materialise within the next few days?
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sapphire
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Post by sapphire on Apr 9, 2020 14:24:56 GMT
Cashbacks have always gone to the Standard Cash account in the past, something to do with their tax treatment?
Anyways, don't recall past promotions being split into four equal payments. Can anyone link to where that's stated on the website for the promotion just closed? Is the expectation that parts two, three and four will materialise within the next few days? Link for the promotion per which the full payment was due to be paid today: linkThe (unilateral) decision to instead pay in four instalments was in an email received today at 10:38. *Edit* Per this email. "...However, in light of the difficult economic conditions we’re facing, the cashback payment will be made in four equal payments over the course of the next four months....We will make the payments on the 9th day of each month with the first payment made today (9th April), which will be paid into your Standard Cash Account." This HMRC link suggests this cashback is not taxable. Happy to be corrected.
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dead-money
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Post by dead-money on Apr 9, 2020 15:26:07 GMT
Thanks, now found in Spam folder...
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rscal
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Post by rscal on Apr 9, 2020 15:55:45 GMT
(My first quarter was paid at noon today)
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