dead-money
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Post by dead-money on Aug 26, 2020 12:46:23 GMT
Could the Forum Admins at least put him in the cooler for a while?
NB He still hasn't answered the question as to whether he's still invested in AC and why? He could have left this week or last week.
FYI, Exiting at 6% discount would not have been a loss for anyone who'd earned eighteen months of interest on QAA.
And in any case, surely accepting a modest capital loss would be a small price to pay to escape a company he pathological despises?
If you don't like what he is saying, why not just block his posts? Oh a do ! But others 'feed the troll' by quoting and responding to his nonsense.
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ian
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Post by ian on Aug 26, 2020 15:07:49 GMT
People selling at significant loss when AC are holding RECORD large amounts of cash on their books. That is a disgrace. It's hardly a record. The cash balance was higher in February and back in June last year it was almost double the current level. Whilst it may not be a record the point is well made - return retail investors 10-15% of their cash !
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cb25
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Post by cb25 on Aug 26, 2020 15:22:55 GMT
It's hardly a record. The cash balance was higher in February and back in June last year it was almost double the current level. Whilst it may not be a record the point is well made - return retail investors 10-15% of their cash ! My AAs show 11.1% cash (which I assume is broadly the same for everyone). If that cash was returned to Lenders, do you have an estimate for how many loans would fail due to being starved of future tranche drawdowns (which I would guess AC are contractually obliged to fund)?
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Mousey
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Post by Mousey on Aug 26, 2020 15:53:09 GMT
Whilst it may not be a record the point is well made - return retail investors 10-15% of their cash ! My AAs show 11.1% cash (which I assume is broadly the same for everyone). If that cash was returned to Lenders, do you have an estimate for how many loans would fail due to being starved of future tranche drawdowns (which I would guess AC are contractually obliged to fund)? So there's two issues: One of transparency... if they have allocated the funds for a specific loan then make us aware.
And two... regrettably that's not individual investors responsibility. Assetz as agent have to act under instruction...if Assetz are instructed not to enter into further contracts with a specific investors money they they should obey that.
You are correct as to the consequence though and it would very damaging to the investors confidence in Assetz if they hadn't anticipated it.
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maotw
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Post by maotw on Aug 26, 2020 15:54:02 GMT
Whilst it may not be a record the point is well made - return retail investors 10-15% of their cash ! My AAs show 11.1% cash (which I assume is broadly the same for everyone). If that cash was returned to Lenders, do you have an estimate for how many loans would fail due to being starved of future tranche drawdowns (which I would guess AC are contractually obliged to fund)? Well! - It would be kinda neat if AC told us. Transparency remains the biggest craving amongst the discontented. (x'ed with Mousey)
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cb25
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Post by cb25 on Aug 26, 2020 16:00:40 GMT
My AAs show 11.1% cash (which I assume is broadly the same for everyone). If that cash was returned to Lenders, do you have an estimate for how many loans would fail due to being starved of future tranche drawdowns (which I would guess AC are contractually obliged to fund)? So there's two issues: One of transparency... if they have allocated the funds for a specific loan then make us aware.
And two... regrettably that's not individual investors responsibility. Assetz as agent have to act under instruction...if Assetz are instructed not to enter into further contracts with a specific investors money they they should obey that.
You are correct as to the consequence though and it would very damaging to the investors confidence in Assetz if they hadn't anticipated it.
Isn't it the case that by investing money with AC, lenders have given permission for them to lend it out? Can't see it would be workable for lenders to say "here's my money for investment, but don't lend it to any more borrowers than you have at present"
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dead-money
Rocket to the Moon
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Post by dead-money on Aug 26, 2020 16:05:11 GMT
So there's two issues: One of transparency... if they have allocated the funds for a specific loan then make us aware.
And two... regrettably that's not individual investors responsibility. Assetz as agent have to act under instruction...if Assetz are instructed not to enter into further contracts with a specific investors money they they should obey that.
You are correct as to the consequence though and it would very damaging to the investors confidence in Assetz if they hadn't anticipated it.
Isn't it the case that by investing money with AC, lenders have given permission for them to lend it out? Can't see it would be workable for lenders to say "here's my money for investment, but don't lend it to any more borrowers than you have at present" Also AC hasn't started any new P2P loans since March, so no new contracts or borrowers, just continuing to fulfil existing obligations.
But we are in Prime Gammon territory here where rational thought, logic, reason and facts hold no sway.
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Mousey
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Post by Mousey on Aug 26, 2020 16:28:17 GMT
So there's two issues: One of transparency... if they have allocated the funds for a specific loan then make us aware.
And two... regrettably that's not individual investors responsibility. Assetz as agent have to act under instruction...if Assetz are instructed not to enter into further contracts with a specific investors money they they should obey that.
You are correct as to the consequence though and it would very damaging to the investors confidence in Assetz if they hadn't anticipated it.
Isn't it the case that by investing money with AC, lenders have given permission for them to lend it out? Can't see it would be workable for lenders to say "here's my money for investment, but don't lend it to any more borrowers than you have at present" I can't see it as workable that Assetz could by your logic never return the money ever on the basis that they have a use for it.
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Mousey
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Post by Mousey on Aug 26, 2020 16:33:47 GMT
Isn't it the case that by investing money with AC, lenders have given permission for them to lend it out? Can't see it would be workable for lenders to say "here's my money for investment, but don't lend it to any more borrowers than you have at present" Also AC hasn't started any new P2P loans since March, so no new contracts or borrowers, just continuing to fulfil existing obligations.
But we are in Prime Gammon territory here where rational thought, logic, reason and facts hold no sway.
Each tranche should be covered by it's own contract. Any company that obligates to send money it may not actually have is not one that could be described as competent.
Even Lendy has express provisions that it could only transfer money that it had actually had subscribed
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cb25
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Post by cb25 on Aug 26, 2020 16:35:06 GMT
Isn't it the case that by investing money with AC, lenders have given permission for them to lend it out? Can't see it would be workable for lenders to say "here's my money for investment, but don't lend it to any more borrowers than you have at present" I can't see it as workable that Assetz could by your logic never return the money ever on the basis that they have a use for it. As you and maotw both said, would be nice if AC told us how much cash was needed and for what purposes (be it drawdowns or other). Afraid I'm much too lazy to work my way through the loan book trying to calculate future drawdowns that AC may be committed to. Those loans will come to an end sometime.
Meanwhile, we are getting our money back - albeit very very slowly - via redemptions/repayments. Until the time 'normal conditions' reappear, guess it's a case of us having to take a hit exiting on a discount or sit tight.
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Mousey
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Post by Mousey on Aug 26, 2020 16:38:49 GMT
cb25 At least disagree with my comment - Assetz might keep your money forever otherwise!
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cb25
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Post by cb25 on Aug 26, 2020 16:40:38 GMT
cb25 At least disagree with my comment - Assetz might keep your money forever otherwise! Given their success in holding on to £5500 of my money in loan #227, how could I disagree with you? 
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jlend
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Post by jlend on Aug 26, 2020 16:57:24 GMT
AC did say this on their website in relation to new loans in the access accounts while the accounts are outside normal conditions. The FAQ is still there.
So just have to wait and see what happens next and how close we are to getting back to "normal conditions" and back above the "MOL" (minimum operating level) of the accounts. I haven't heard anything about the MOL recently.
"Will the Access Accounts be funding new loans during this time?
The Access Accounts are not funding new loans at this time. Any potential new loans visible in the queue to be drawn soon should not be considered to change this position. Funding of new loans would slow withdrawals and so we have stopped that activity for the time being."
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Mousey
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Post by Mousey on Aug 26, 2020 17:21:19 GMT
AC did say this on their website in relation to new loans in the access accounts while the accounts are outside normal conditions. The FAQ is still there. So just have to wait and see what happens next and how close we are to getting back to "normal conditions" and back above the "MOL" (minimum operating level) of the accounts. I haven't heard anything about the MOL recently. "Will the Access Accounts be funding new loans during this time? The Access Accounts are not funding new loans at this time. Any potential new loans visible in the queue to be drawn soon should not be considered to change this position. Funding of new loans would slow withdrawals and so we have stopped that activity for the time being." Yeah but it's Assetz. They'll just quote Section 21: "where the changes are reasonably believed by the Assetz Capital Companies to be in the interests of the Lending Members, the Assetz Capital Companies may make any amendments to these Terms at any time with immediate effect."
So what they say is completely unreliable. In fact behind the scenes on Seedrs Stuart is saying:
"the cash balance they hold is committed to lending and very much allocated to your own loan holdings and their continued funding requirements for the construction of new housing for example. So that cash is very much committed "
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jlend
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Post by jlend on Aug 26, 2020 17:43:34 GMT
AC did say this on their website in relation to new loans in the access accounts while the accounts are outside normal conditions. The FAQ is still there. So just have to wait and see what happens next and how close we are to getting back to "normal conditions" and back above the "MOL" (minimum operating level) of the accounts. I haven't heard anything about the MOL recently. "Will the Access Accounts be funding new loans during this time? The Access Accounts are not funding new loans at this time. Any potential new loans visible in the queue to be drawn soon should not be considered to change this position. Funding of new loans would slow withdrawals and so we have stopped that activity for the time being." Yeah but it's Assetz. They'll just quote Section 21: "where the changes are reasonably believed by the Assetz Capital Companies to be in the interests of the Lending Members, the Assetz Capital Companies may make any amendments to these Terms at any time with immediate effect."
So what they say is completely unreliable. In fact behind the scenes on Seedrs Stuart is saying:
"the cash balance they hold is committed to lending and very much allocated to your own loan holdings and their continued funding requirements for the construction of new housing for example. So that cash is very much committed " If you really want to force the issue then email AC and tell them you revoke your continuous instruction to invest in loan parts in the access accounts and would like repayments returned to your cash account. You gave a continuous instruction when you deposited money in the access accounts. Revoke the instruction. If they refuse, put in a complaint. Then sit back and see what happens. I have no doubt it will take some time.... but it will get closure one way or another. I am only saying this as it feels like you need to bring the issue you have to some sort of closure for yourself one way or another. I should say I have no intention of doing this. The alternative, it is what it is, you will just have to accept reinvestments will continue for the time being at least. I honestly don't know what else to say to help.
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