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Post by davee39 on Aug 2, 2020 7:33:44 GMT
From the email
'otherwise withdrawals will continue in the same manner as before'
which suggests non discounters will continue to get payouts pro-rata from redemptions.
I would expect FIFO to be a later introduction once liquidity has been established.
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blender
Member of DD Central
Posts: 5,719
Likes: 4,272
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Post by blender on Aug 2, 2020 8:56:18 GMT
From the email ' otherwise withdrawals will continue in the same manner as before' which suggests non discounters will continue to get payouts pro-rata from redemptions. I would expect FIFO to be a later introduction once liquidity has been established. Thanks. Suits me but that leaves the platform with the decision on when to make the change and the flak they will get for the timing. Flippers are welcome to purchase my excess investment at 1% discount and to sell at 0.5% discount  .
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Post by essexboy on Aug 2, 2020 9:46:24 GMT
Precisely. I don’t see why flippers are a negative issue. They exist in every well-functioning secondary market and they add LIQUIDITY. Why anyone would begrudge a flipper - someone who takes risk by providing liquidity - is beyond me!
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Post by Ton ⓉⓞⓃ on Aug 3, 2020 9:15:37 GMT
Precisely. I don’t see why flippers are a negative issue. They exist in every well-functioning secondary market and they add LIQUIDITY. Why anyone would begrudge a flipper - someone who takes risk by providing liquidity - is beyond me! I would say, simplicity - p2p was simple ten/fifteen years relatively speaking. It's forcing me now and others into something different. But the truth is p2p has never stood still; when it does (or platforms do) it starts to die. It has to keep up and those who can't or don't like it need to move on, (i.e. remove their (or my) money and do something else with it) Absolutely. Adding a secondary market has ZERO effect on those holding to maturity. If you want to hold, then just continue doing so. You’ll be in the same situation you are right now. What this new feature does is adds a liquidity option for those who need it, plus it might spark some new money coming to the platform (to diversify the investor base), which can only be a good thing. I hope that AC will allow participation of institutional flow. Eg. Hedge funds I speak to would love to hoover up tasty discounts in private credit should they occur. Bring it on! Its good for all and should have been implemented months back. My bold. I think there had been a jump in new people joining AC, no idea if they have money.
Someone asked about the money flow in/out of the AA's. Here's the figures that I have make of them what you will. Date
| No of AC
Users
| £m
Total Int
| AA's,
total,
MLA
| 1.7.20
| 39,552
| 123
| QAA=63
30DAA=76
90DAA=79
Total=218
MLA115
| 2
| 39,557
| ditto
| 63
76
79
T218
MLA114
| 3
| 39,560
| 124
| d
| 4
| 39,561
| d
| d
| 5
| 39,562
| d
| d
| 6
| 39,563
| d
| d
| 7
| 39,567
| d
| d
| 8
| 39,570
| d
| d
| 9
| 39,571
| d
| d
| 10
| 39,572
| d
| d
| 11
| 39,576
| d
| 63
76
79
T218
MLA115
| 12
| 39,577
| d
| d
| 13
| 39,584
| d
| 63
76
79
T218
MLA114
| 14
| 39,585
| d
| d
| 15
| d
| 125
| 63
76
79
T218
MLA115
| 16
| 39,588
| d
| d
| 17
| 39,589
| d
| d
| 18
| 39,590
| d
| d
| 19
| 39,592
| d
| 63
76
80
T219
MLA115
| 20
| 39,593
| d
| 63
76
79
T218
MLA115
| 21
| 39,598
| d
| 63
76
80
T219
MLA115
| 22
| 39,601
| d
| 63
76
79
T218
MLA115
| 23
| 39,603
| d
| 63
76
79
T218
MLA116
| 24
| 39,604
| d
| 63
76
79
T218
MLA115
| 25
| 39,605
| d
| d
| 26
| 39,607
| d
| d
| 27
| 39,608
| d
| 63
75
79
T217
MLA114
| 28
| 39,609
| 126
| d
| 29
| 39,613
| d
| d
| 30
| 39,617
| d
| d
| 31
| 39,619
| d
| d
| 1.8.20
| 39,620
| 127
| 63
75
80
T218
MLA114
| 2
| 39,631
| d
| d
| 3
| 39,633
| d
| 63
75
80
T218
MLA111
| Date
| Lender
Total
| £m
Tot Int.
| £m
QAA/30DAA
/90DAA/Total
/MLA
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ian
Posts: 342
Likes: 226
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Post by ian on Aug 3, 2020 9:46:23 GMT
This product (access accounts) is now completely different to what people invested in. You have to question the legality of such a change.
The platform has forgot about attracting investors and merely wishes to trap those already invested.
The market would dictate that if borrowers need cash interest rates would rise, in order to attract lenders funds. Instead AC come up with some bastardised model that ultimately screws over investors further.
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ian
Posts: 342
Likes: 226
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Post by ian on Aug 3, 2020 10:07:26 GMT
This product (access accounts) is now completely different to what people invested in. You have to question the legality of such a change. The platform has forgot about attracting investors and merely wishes to trap those already invested. The market would dictate that if borrowers need cash interest rates would rise, in order to attract lenders funds. Instead AC come up with some bastardised model that ultimately screws over investors further. That's a little unfair. It's a terrible and unfair to many solution but it's probably one of the least worst. I don’t think it is - people invested in an access account NOT a tradable instrument. All new investment will invest at a discount rather than par therefore investors wanting to access cash will have to lose capital in order to access funds
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blender
Member of DD Central
Posts: 5,719
Likes: 4,272
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Post by blender on Aug 3, 2020 10:21:55 GMT
I seem to remember that something unusual happened which turned the access accounts into something resembling an annuity. And I think I remember that a few lenders were unhappy with that and wanted something made available to improve liquidity.
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jcb208
Member of DD Central
Posts: 838 
Likes: 638
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Post by jcb208 on Aug 3, 2020 15:44:11 GMT
I seem to remember that something unusual happened which turned the access accounts into something resembling an annuity. And I think I remember that a few lenders were unhappy with that and wanted something made available to improve liquidity. I never wanted a secondary market,was never in T&C,s ,and that a discount would be required If you wanted access to your money any time soon on an account called QUICK ACCESS Account.I have filed a complaint to the FCA after recieveing a very unsatisfactory reply from ASSETZ the second email reply was "Thank you for your email, the contents of which have been noted." In other words they dont give a toss
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blender
Member of DD Central
Posts: 5,719
Likes: 4,272
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Post by blender on Aug 3, 2020 16:39:20 GMT
I seem to remember that something unusual happened which turned the access accounts into something resembling an annuity. And I think I remember that a few lenders were unhappy with that and wanted something made available to improve liquidity. I never wanted a secondary market,was never in T&C,s ,and that a discount would be required If you wanted access to your money any time soon on an account called QUICK ACCESS Account.I have filed a complaint to the FCA after recieveing a very unsatisfactory reply from ASSETZ the second email reply was "Thank you for your email, the contents of which have been noted." In other words they dont give a toss What did you ask for? What do you want them to do (rather than not do)?
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Post by davee39 on Aug 3, 2020 17:32:33 GMT
Looks like the usual suspects have collected their high horses from the stable.
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dovap
Member of DD Central
Posts: 467
Likes: 410
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Post by dovap on Aug 3, 2020 18:52:15 GMT
at least they weren't mis sold Shetland ponies then -
so that's something
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rscal
Posts: 985
Likes: 537
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Post by rscal on Aug 3, 2020 18:59:05 GMT
You never exactly been able to close your accounts and leave have you? How could numbers not rise therefore? My bold. I think there had been a jump in new people joining AC, no idea if they have money.
Someone asked about the money flow in/out of the AA's. Here's the figures that I have make of them what you will.
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dead-money
Rocket to the Moon
Posts: 746
Likes: 654
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Post by dead-money on Aug 3, 2020 19:52:20 GMT
Ton ⓉⓞⓃ Intrigued, how have you extracted / extrapolated the number of AC users?
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Post by gobuchul on Aug 3, 2020 20:21:37 GMT
I'm completely baffled at what some people are complaining about. As many here have said the SM does nothing negative to those that do not wish to partake. I only brings benefits. People who want out can get out, and some of those that buy in at a discount may be happy to sit tight and not withdraw, and that will improve the pro-rata payouts for those in the withdrawal queue. Also new money may start to flow back in as people will be more confident their money is not locked in for years and they can get it back if their situation changes and they need it quickly (at a price). I personally have quite a bit of cash I will consider investing if the SM looks like it is bringing liquidity back at a fair price. I can only assume the people complaining do not understand how it will work and do not appreciate that the pro-rata payments will continue.
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Post by Ton ⓉⓞⓃ on Aug 3, 2020 20:40:19 GMT
Ton ⓉⓞⓃ Intrigued, how have you extracted / extrapolated the number of AC users?
Nothing exciting. This is the number that AC declare before you login. 11 is the biggest increase in Users for a while.
More interesting today the total for the MLA, which has hovered around £115m to £114m for ages, has suddenly dropped to £111m I wonder if that is being lined up by Users for the new AASM (Access Account Secondary Market)? Just a guess.
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