Legal Action (AC)

Yes, no loan repayments, no money. Drawndowns have reduced by about 75% too, so no work is currently being done on a majority of the properties. (no surprise ofc) Won't be another few months until anything large comes in.

Current money being paid out is new investors money, split up to the queue. As well held back for retention, interest ect.

I wrote to AC and formally complained about this flat rate pool situation as it seemed absurd and totally unfair. I was particularly miffed about the fact that the flat rate is per access account rather than per user so a small investor with money in all three Access Accounts gets three times the money that one large investor in one Access Account gets. I thought that other people must feel the same and found this forum and found I was not alone.

But then read other peoples views, and thought about it a bit more, and I realised that I needed to pull on my big boy pants and get over it. The money is such a dribble anyway so who cares? Until the lockdown is over and the economy starts moving again it is like arguing about who gets the biggest slice of nothing.

I have now withdrawn my complaint and will just have to trust the nice people at AC to do their best to look after my investment (which must be quite hard at the moment).

I do still think this approach is damaging to larger investors trust and I'll decide how I feel about that later, but legal action? Really? That is just like a petulant tantrum for people with too much money. 

I would wholeheartedly second this.

Any form of out-and-out discrimination is unacceptable and therefore AC should not be discriminating to this extent against larger investors.

I understand AC's point about not allowing larger investors to take most of the money available for withdrawal from the accounts and so what would have perhaps been wisest is a 'happy medium' i.e. AC's systems could have been programmed to enable investors with smaller sums set for withdrawal to get a larger share of their requested sums and investors with larger sums to get a slightly lower ratio.

But for everybody to be allowed exactly the same withdrawal amount is preposterous. 

At the current rate of withdrawal I calculated that it'd take an extremely long time - many, many years - for me to get even a small ratio of the money I had set for withdrawal. 

Importantly, as commented above, the current configuration will result in the bad debts being left in the hands of the larger lenders. 

And maybe there is an equivalent argument for "doing something about Covid-19" by going off to find a few 5G masts to burn down?

Guess all you like....It seems like someone very sensible. If management simply operated a queue system FIFO they would not have all these issues, a queue system is simple and fair. AC should have continued the business as they did before and paid out as and when cash was available but instead they decided to take matters into their own hands and change the rules. At the outset an investor is very clear what they are investing in and under what terms, so we have COVID-19 and AC don't have funds, simply put people in a queue and pay out gradually rather than this mess they have created. There are a lot of people who are simply sitting tight and hoping it all works out for them...…..But reality is good loans are being paid out and those that stay are left with the non-performing loans. 

Take legal action against Ratesetter for what?  Returning around a million pounds to investors every day?  Assetz are returning around £1.50 a day per investor.

Probably best you stick to your day job if thats your best idea.

This is all nonsense. If any sort of legal action was being taken why would anyone feel the need to come on a public bulletin board to tell people and also potentially prejudice any action taken? Too many people with too much time on their hands just now. Best consign this thread to it rightful place