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Post by bradley02 on Sept 1, 2020 11:12:24 GMT
90 days notice given originally in the email dated 1st June 92 days between 1st June and 1st September. 90 or 92 days. 1st September was meant to be the effective commencement date for a reduction to 4.1% for the 90DAA.
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cb25
Posts: 3,528 
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Post by cb25 on Sept 1, 2020 11:27:03 GMT
Thats a shame, I'm just not willing to accept such a grossly high discount of 7.8. Then again, people said that when it was 5.8% before the "annoucement" run. My fear is, the discount is going to be going upwards not downwards. Not because the trend is upwards but because its going to be manipulated by further annoucements from AC or more oppsies sorry "maybe" annoucements. Sorry if I sound arrogant but I can't help but think that previous email has lost many investors alot of £££ for something that really is just a terms of service/update post, not a mass email panic. Anyway, discount still to high for me.  Seems to have dropped about 0.5% today
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Post by Harland Kearney on Sept 1, 2020 11:29:12 GMT
Thats a shame, I'm just not willing to accept such a grossly high discount of 7.8. Then again, people said that when it was 5.8% before the "annoucement" run. My fear is, the discount is going to be going upwards not downwards. Not because the trend is upwards but because its going to be manipulated by further annoucements from AC or more oppsies sorry "maybe" annoucements. Sorry if I sound arrogant but I can't help but think that previous email has lost many investors alot of £££ for something that really is just a terms of service/update post, not a mass email panic. Anyway, discount still to high for me. Seems to have dropped about 0.5% today I'd say 0.5% is actually quite low considering its swung more in previous days downwards. The fear is, as put above. It will only take AC to lock one loan or announce something unexpected and I bet we'd see double digits again in no time. With such a small market cap, it only takes a few lenders to cause a scuffle to the exit.
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iann
Posts: 105
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Post by iann on Sept 1, 2020 11:37:11 GMT
Thats a shame, I'm just not willing to accept such a grossly high discount of 7.8. Then again, people said that when it was 5.8% before the "annoucement" run. My fear is, the discount is going to be going upwards not downwards. Not because the trend is upwards but because its going to be manipulated by further annoucements from AC or more oppsies sorry "maybe" annoucements. Sorry if I sound arrogant but I can't help but think that previous email has lost many investors alot of £££ for something that really is just a terms of service/update post, not a mass email panic. Anyway, discount still to high for me. Seems to have dropped about 0.5% today 0.5% or 5%? I'm currently seeing around 7%
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cb25
Posts: 3,528
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Post by cb25 on Sept 1, 2020 11:40:19 GMT
Seems to have dropped about 0.5% today 0.5% or 5%? I'm currently seeing around 7% 0.5%. As you say, can buy immediately at the moment at 7.0%. When I logged on this morning it was more like 7.5% (and I've used the simple 7.5%-7.0% to get 0.5%)
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puddleduck
Member of DD Central
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Post by puddleduck on Sept 1, 2020 11:44:32 GMT
Thats a shame, I'm just not willing to accept such a grossly high discount of 7.8. Then again, people said that when it was 5.8% before the "annoucement" run. My fear is, the discount is going to be going upwards not downwards. I took a view when the SM came around that as a medium sized 6 figure investment holder, that getting out with certainty at circa 5% discount was worth it, and I also took a view that discounts would rise not fall as I can never see the Access Accounts returning to working as they used to - with 'instant' access and trading at par. I found the discount easy to swallow - as I was in 30DAA and 90DAA it was less than 1 years interest, and I'd also had several 1 or 2% bonuses for increasing my investment over the years. So the loss was purely in some interest, capital was untouched. That 5% discounted still feels like great value.
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Post by Harland Kearney on Sept 1, 2020 11:47:19 GMT
The drop overall is about 1% so far today. I'm not try to be pessmistic or contracending in my posts. Only that, I have genuine concern about any future AC posts/news. Now that its a market, they tend to always react negatively to anything that isn't good news. They react worse to misleading/confusing news, which arguably could apply to the last update. It was too complicated, I only got my head around it by reading stuats posts here.
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Post by bradley02 on Sept 1, 2020 11:48:49 GMT
Seems to have dropped about 0.5% today I'd say 0.5% is actually quite low considering its swung more in previous days downwards. The fear is, as put above. It will only take AC to lock one loan or announce something unexpected and I bet we'd see double digits again in no time. With such a small market cap, it only takes a few lenders to cause a scuffle to the exit. One drag on the reduction in discount rates today, with the expected reinvested interest funds, could be the new bridging loan that opened for bids at 9am this morning and was due to close tomorrow for drawdown Friday. The £1m+ was fully funded by underwriters in one hour... Possibly where interest payments reinvestment was diverted to.
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puddleduck
Member of DD Central
Posts: 537
Likes: 489
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Post by puddleduck on Sept 1, 2020 11:54:40 GMT
I'd say 0.5% is actually quite low considering its swung more in previous days downwards. The fear is, as put above. It will only take AC to lock one loan or announce something unexpected and I bet we'd see double digits again in no time. With such a small market cap, it only takes a few lenders to cause a scuffle to the exit. One drag on the reduction in discount rates today, with the expected reinvested interest funds, could be the new bridging loan that opened for bids at 9am this morning and was due to close tomorrow for drawdown Friday. The £1m+ was fully funded by underwriters in one hour... Possibly where interest payments reinvestment was diverted to. #1281? I wonder why this didn't appear for investment to retail investors? (or did it, but it just filled quickly?)
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Post by bradley02 on Sept 1, 2020 12:00:08 GMT
One drag on the reduction in discount rates today, with the expected reinvested interest funds, could be the new bridging loan that opened for bids at 9am this morning and was due to close tomorrow for drawdown Friday. The £1m+ was fully funded by underwriters in one hour... Possibly where interest payments reinvestment was diverted to. #1281? I wonder why this didn't appear for investment to retail investors? (or did it, but it just filled quickly?) My understanding is that at least 50% of the underwriter's holdings in this loan will be made available to retail investors on the MLA after drawdown. A positive step forward with new lending commencing.
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iann
Posts: 105
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Post by iann on Sept 1, 2020 12:02:54 GMT
0.5% or 5%? I'm currently seeing around 7% 0.5%. As you say, can buy immediately at the moment at 7.0%. When I logged on this morning it was more like 7.5% (and I've used the simple 7.5%-7.0% to get 0.5%) Sorry, that was my dyslexia kicking in. Yes, I read it had reduced to 0.5% not reduced by 0.5%, now I read it again I see what you mean. I was seeing 7.7% earlier, probably around 9.30am
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Post by Harland Kearney on Sept 1, 2020 12:03:32 GMT
I'm going to reduce my exposure today. Then leave 10k to repay itself over the coming years in the 90 daa. In the long long term, I can't see how the AA's could ever return to par trading. The straw that broke the camels back so to speak is the reaction of the market to the email.
I dread to think what happens when loans begin getting locked in. I can only imagine the scram to the exit.
Overall, interest has paid for my exit, but by God I don't intend to sit around and let anything into the 5 figures become another glorfied GBBA in years to come. Good luck everyone.
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maotw
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Post by maotw on Sept 1, 2020 12:28:09 GMT
I'm going to reduce my exposure today. Then leave 10k to repay itself over the coming years in the 90 daa. In the long long term, I can't see how the AA's could ever return to par trading. The straw that broke the camels back so to speak is the reaction of the market to the email. I dread to think what happens when loans begin getting locked in. I can only imagine the scram to the exit. Overall, interest has paid for my exit, but by God I don't intend to sit around and let anything into the 5 figures become another glorfied GBBA in years to come. Good luck everyone. Harland, Something of a harbinger for me, to see your (what I thought to be inexhaustible) resolve failing. I put £100 up a few days back, at 7% - been taken out this morning. The 90DAA interest thing is another nail in the coffin, what ever they intended, it wasn't communicated - and Stuart suggesting that people are deliberately choosing to misinterpret is a bit rich, below the belt, and very in (ill) considered. Maybe he's having a stressful day?
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iRobot
Member of DD Central
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Post by iRobot on Sept 1, 2020 12:28:32 GMT
I'm going to reduce my exposure today. Then leave 10k to repay itself over the coming years in the 90 daa. Is that two / five / ten years? Or do have some other number in mind? I can see them returning to par. Unless I'm misunderstanding it, from an AA perspective, loans will only be 'locked in' whilst there is insufficient PF to cover them. Give it three years and the retail masses, starved of interest, will be back 'en mass' and the AA accounts will be back under NMC again with PF's restored. If anything, retail folk will see AC / Access Accounts having 'survived' CV-19 as some kind of endorsement and utilise them even more. (Continuing to ignore the Risk Warnings and 'This is not a bank account' disclaimers, just as they did beforehand.) Many will be oblivious to the discounts others will have felt compelled to sell out at; those lenders will be a feint footnote in AC's history. Of course, the two caveats to this are: AC survives and Access Accounts are, from a regulatory perspective, allowed to continue as a product. Personally, I think the risk likelihood of either one of those not happening is 'Low'. Risk impact is a whole different matter ....
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Post by bradley02 on Sept 1, 2020 12:46:49 GMT
I'm going to reduce my exposure today. Then leave 10k to repay itself over the coming years in the 90 daa. In the long long term, I can't see how the AA's could ever return to par trading. The straw that broke the camels back so to speak is the reaction of the market to the email. I dread to think what happens when loans begin getting locked in. I can only imagine the scram to the exit. Overall, interest has paid for my exit, but by God I don't intend to sit around and let anything into the 5 figures become another glorfied GBBA in years to come. Good luck everyone. Harland, Something of a harbinger for me, to see your (what I thought to be inexhaustible) resolve failing. I put £100 up a few days back, at 7% - been taken out this morning. The 90DAA interest thing is another nail in the coffin, what ever they intended, it wasn't communicated - and Stuart suggesting that people are deliberately choosing to misinterpret is a bit rich, below the belt, and very in (ill) considered. Maybe he's having a stressful day? Absolutely agree on Stuart's email. A genuine, still unexplained, concern of why the 90DAA rate was reduced to 4.1% from 1st August rather than 1st September without any prior notice is a genuine concern and a valid question.
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