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Post by oppsididitagain on Feb 6, 2021 15:32:33 GMT
I dont think so, but Im not 100%
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Post by chris on Feb 6, 2021 17:25:31 GMT
TBH, I agree with you and I did think it was strange at the time however Ive doubled checked and I ask for 5K and 5K is in my cash account, see below 06/02/2021, 11:35 Inter Account Transfer From Product Quick Access Account (5) £5,000.00 06/02/2021, 11:35 Inter Account Transfer To Cash Account -£5,000.00 Unless this 5K came from somewhere else ? I would also presume there are not many withdrawals in place from march due to people using the SHM to invest/withdraw at a discount.As you would have had to cancel that original withdrawal order. Personally every time I received money back I reinvested , so I had to cancel my original withdrawal instruction. Could it have been an order you cancelled then? Rather than a matched order? That's our suspicion. I've asked the team to make the transaction descriptions more helpful.
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Post by Ace on Feb 6, 2021 17:26:23 GMT
It's currently possible to withdraw from the access accounts for a 0.1% discount. That's the equivalent of 10 days interest. If that's the new norm then it's fine by me.
I'm generally extracting any cash released right now, but I could easily be persuaded to return it for one of AC's traditional bonus incentives around the ISA year end boundary. If the previous notice account rates were restored it would probably be placed there.
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sl75
Posts: 2,092 
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Post by sl75 on Feb 8, 2021 23:15:44 GMT
Anyone got a view at what the discount to sell is likely to settle at is say a months time? I do want to raise some cash but close to 6% loss to do so at present is more than I want to lose My own view is that it'll take at least 3 months to fully settle.
Whilst my crystal ball is very hazy, 1 month from now, it might perhaps be down to 3-4% discounts, but by this time next year, I'd either expect it back at par (just as most tradeable MLA loans are already), or for the MLA market to be demanding similar discounts to the access accounts. Right now, some MLA loans are now trading at lower discounts than they were in Jan/Feb (perhaps due to the new website giving better visibility to potential buyers of discounted loan units, or perhaps due to an "overshoot" of the stabilisation it's had during the last few months).
[Disclosure: I've been buying quite heavily at discounts 6% and larger, which I personally consider "extraordinarily large" at this time]
I think at the time of the above post, I'd been actually thinking in terms of it getting close to par soon after Christmas... even I'm astonished it's got there already given whats happened in the interim.
Now it's at par, I'm expecting remaining withdrawals to accelerate - there are several "virtuous cycles" in play that reverse the effects that caused the withdrawal queue to get overloaded in the first place...
My current prediction: "normal market conditions" (all access account withdrawals able to be serviced immediately at par) restored by the end of the tax year...
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warn
Member of DD Central
Curmudgeon
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Post by warn on Feb 9, 2021 7:45:50 GMT
My current prediction: "normal market conditions" (all access account withdrawals able to be serviced immediately at par) restored by the end of the tax year... If I were a US taxpayer, I might be confident enough to agree...
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Post by Companion Cube on Feb 9, 2021 13:11:39 GMT
If I were a US taxpayer, I might be confident enough to agree... Logic would dictate that a return to pre-Covid abnormal conditions - the mirage of unconstrained instant, par liquidity, on request - is not imminent but then applying logic to AC-Universe doesn’t always pan out when the illogical happens. Par trading on the SM is a necessary condition for a new-abnormal but it’s not sufficient. For that there needs to be - regular new money going into AAs at a rate equal to if not greater than that exiting - a loanbook that is moving forward and isn’t in four / five year plus run-off - confidence in AC management and platform - confidence in the AA products. All of those are interlinked and jump starting them simultaneously won’t be easy. AC do seem to be lining up it’s duck(s) - e.g lender fee tapering off to zero - for something. Maybe it’s not duck we’re seeing but rather the emergence of a Phoenix. Maybe they'll go the same way as Ratesetter and sell to a bank. After all, a bank paying FA% to savers may be interested in hoovering up loan interest at 8%. I wonder if the retail invester will slowly get locked out of P2P
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iRobot
Member of DD Central
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Post by iRobot on Feb 9, 2021 15:54:34 GMT
Logic would dictate that a return to pre-Covid abnormal conditions - the mirage of unconstrained instant, par liquidity, on request - is not imminent but then applying logic to AC-Universe doesn’t always pan out when the illogical happens. Par trading on the SM is a necessary condition for a new-abnormal but it’s not sufficient. For that there needs to be - regular new money going into AAs at a rate equal to if not greater than that exiting - a loanbook that is moving forward and isn’t in four / five year plus run-off - confidence in AC management and platform - confidence in the AA products. All of those are interlinked and jump starting them simultaneously won’t be easy. AC do seem to be lining up it’s duck(s) - e.g lender fee tapering off to zero - for something. Maybe it’s not duck we’re seeing but rather the emergence of a Phoenix. Maybe they'll go the same way as Ratesetter and sell to a bank. After all, a bank paying FA% to savers may be interested in hoovering up loan interest at 8%. I wonder if the retail invester will slowly get locked out of P2P I agree AC are getting their ducks aligned for for something - and like the Phoenix reference  I don't think AC are looking to sell - partially or wholly - to a Bank (or any other financial institution). The logical thing to do when going on sale is to make the asset as valuable as possible. It would have been easy for AC to have kept improving the look of the books by maintaining the Lender Fee rather than tapering it off. RS (aka Metro Bank) did this with their unsecured loanbook by diverting a sizable chunk of lender interest into its' Provision Fund; ultimately to the benefit of the purchasing party (surprise, surprise... aka Metro Bank). Ref your last comment; I think it would be more accurate if it read: 'I wonder if the retail investor will continue to get locked out of P2P', to which I would answer 'Yes' and I think the FCA will be as much a catalyst in that lock-out as is the surplus of cheap institutional funding. I also think there'll still be P2P albeit much reduced in platform numbers and I think that Joe / Josephine Public will still be able to invest, but the few P2P platform that operate will be forced to have lenders declare that they are Super-Sophisticated, that they are knowingly investing in the lowest grade investment products imaginable and that they are afforded none of the protections and avenues of recourse available to 'proper' Retail investors. In other words, the FCA will officially wash their hands of P2P and marginalise to the furthest possible extent without actually outlawing it (through Regulation) and without being seen to be restricting 'entrepreneurialism within FinTech'.
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ceejay
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Post by ceejay on Feb 9, 2021 16:28:43 GMT
Maybe they'll go the same way as Ratesetter and sell to a bank. After all, a bank paying FA% to savers may be interested in hoovering up loan interest at 8%. I wonder if the retail invester will slowly get locked out of P2P I agree AC are getting their ducks aligned for for something - and like the Phoenix reference I don't think AC are looking to sell - partially or wholly - to a Bank (or any other financial institution). The logical thing to do when going on sale is to make the asset as valuable as possible. It would have been easy for AC to have kept improving the look of the books by maintaining the Lender Fee rather than tapering it off. RS (aka Metro Bank) did this with their unsecured loanbook by diverting a sizable chunk of lender interest into its' Provision Fund; ultimately to the benefit of the purchasing party (surprise, surprise... aka Metro Bank). Ref your last comment; I think it would be more accurate if it read: 'I wonder if the retail investor will continue to get locked out of P2P', to which I would answer 'Yes' and I think the FCA will be as much a catalyst in that lock-out as is the surplus of cheap institutional funding. I also think there'll still be P2P albeit much reduced in platform numbers and I think that Joe / Josephine Public will still be able to invest, but the few P2P platform that operate will be forced to have lenders declare that they are Super-Sophisticated, that they are knowingly investing in the lowest grade investment products imaginable and that they are afforded none of the protections and avenues of recourse available to 'proper' Retail investors. In other words, the FCA will officially wash their hands of P2P and marginalise to the furthest possible extent without actually outlawing it (through Regulation) and without being seen to be restricting 'entrepreneurialism within FinTech'. If "they" wanted to achieve that then a useful step would be to abolish the IFISA, which might not be such a bad idea. (Ducks and runs for cover...)
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dead-money
Rocket to the Moon
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Post by dead-money on Feb 10, 2021 14:03:45 GMT
"then a useful step would be to abolish the IFISA"
Which coincidentally is what AJ Bell, Hargreaves Lansdown, etc. are lobbying for. Vested interests ?
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ashtondav
Member of DD Central
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Post by ashtondav on Feb 10, 2021 18:54:42 GMT
You don't have to be paranoid to post on the AC board.
But it sure helps if you believe in conspiracy theories, an international banking attack, and they're all out to get you...
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Post by crabbyoldgit on Feb 10, 2021 21:31:25 GMT
conspiracy, intrigue, infamy infamy they have all got it in for me.
kennith williams one of the carry on films
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alender
Member of DD Central
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Post by alender on Feb 11, 2021 13:52:07 GMT
You don't have to be paranoid to post on the AC board.
But it sure helps if you believe in conspiracy theories, an international banking attack, and they're all out to get you...
Just because you think they're all out to get you does not mean their not.
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dead-money
Rocket to the Moon
Posts: 746
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Post by dead-money on Feb 12, 2021 13:04:37 GMT
Discount drifted up to 0.1% buy / 0.2% sell on £10,000
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Post by Harland Kearney on Feb 21, 2021 2:34:23 GMT
Discount to buy and sell is 0.0/0.1% for myself tonight.
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ian
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Post by ian on Feb 21, 2021 9:16:10 GMT
Can anyone work out how much cash is in the access accounts in comparison to when the previous 2 distributions took place.
One would envisage we might be due another 20% distribution before or just after month end.
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