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Post by highlevel on Aug 20, 2020 10:30:38 GMT
Indeed - However to steal a term used by maotw on another thread it is all very 'smokey' AC both on here and official support channels will do anything to avoid giving a straight answer. Given they have an image problem right now, the deliberate lack of clarity is galling. By phrasing it as a technical question I now know that payouts can and are being rolled up. This is done to a threshold, and payouts made out of hours. His avoidance of directly answering the first point also speaks volumes. .....Add the two together and make of that what you will in regards to payouts distributed to queued withdrawls in relation to the recent crop of redemptions. |
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blender
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Post by blender on Aug 20, 2020 16:31:02 GMT
Thank you kindly again, Guvnor. Are you sure you're not leaving yourself short?
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dead-money
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Post by dead-money on Aug 20, 2020 17:38:32 GMT
#745 repayment £334K #1273 repayment £123K
#564 Now in receivership -£840K plus 18mths interest, fees, -£950K facility
#1088 drawdown -£481K
#1246 drawdown -£72K
#878 drawdown -£105K
#1036 drawdown -£89K
#1067 drawdown -£255K
#1193 drawdown -£28K #871 drawdown -£107K
#1069 drawdown -£84K
#1144 drawdown -£55K #1196 drawdown -£31K #828 drawdown -£55K #730 drawdown -£50K
#1215 drawdown -£43K #1232 drawdown -£89K
£1.54M drawdowns plus retained interest
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Mousey
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Post by Mousey on Aug 21, 2020 16:27:18 GMT
I'm not sure if I want to see any more redemptions.
If returned funds only buy into the access accounts at the best discount it actually makes it more expensive for existing investors to exit does it not?
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cb25
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Post by cb25 on Aug 21, 2020 16:38:50 GMT
I'm not sure if I want to see any more redemptions.
If returned funds only buy into the access accounts at the best discount it actually makes it more expensive for existing investors to exit does it not?
One could argue it the other way. Say you had £100 up for sale at 4% discount, but there was £50K up for sale with 5% discount (so your stuff won't get purchased as it's not the best discount). Any re-investments buying up the best discounts could remove the whole £50K, leaving your £100 @ 4% as the best offer.
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Mousey
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Post by Mousey on Aug 21, 2020 16:53:42 GMT
I'm not sure if I want to see any more redemptions.
If returned funds only buy into the access accounts at the best discount it actually makes it more expensive for existing investors to exit does it not?
One could argue it the other way. Say you had £100 up for sale at 4% discount, but there was £50K up for sale with 5% discount (so your stuff won't get purchased as it's not the best discount). Any re-investments buying up the best discounts could remove the whole £50K, leaving your £100 @ 4% as the best offer. If my Access Account holds £400 of loan #1234 and the whole loan is redeemed then surely £400 should appear in my account - but it doesn't.
Now let's assume the entire loan book redeems over the next 5 years. I will not see a penny back.
Therefore I have to offer my loan parts at a discount making it more expensive for me to exit.
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cb25
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Post by cb25 on Aug 21, 2020 16:57:07 GMT
One could argue it the other way. Say you had £100 up for sale at 4% discount, but there was £50K up for sale with 5% discount (so your stuff won't get purchased as it's not the best discount). Any re-investments buying up the best discounts could remove the whole £50K, leaving your £100 @ 4% as the best offer. If my Access Account holds £400 of loan #1234 and the whole loan is redeemed then surely £400 should appear in my account - but it doesn't.
Now let's assume the entire loan book redeems over the next 5 years. I will not see a penny back.
Therefore I have to offer my loan parts at a discount making it more expensive for me to exit.
"surely £400 should appear in my account" - AFAIK it has never been that way
"I will not see a penny back" - I receive money back, so I guess it depends on how Lenders have set their reinvestment options.
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Mousey
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Post by Mousey on Aug 21, 2020 17:03:59 GMT
If my Access Account holds £400 of loan #1234 and the whole loan is redeemed then surely £400 should appear in my account - but it doesn't.
Now let's assume the entire loan book redeems over the next 5 years. I will not see a penny back.
Therefore I have to offer my loan parts at a discount making it more expensive for me to exit.
"surely £400 should appear in my account" - AFAIK it has never been that way
"I will not see a penny back" - I receive money back, so I guess it depends on how Lenders have set their reinvestment options.
That's how it's described in the terms and conditions: 11.2: All interest and capital repayments will be directed to be paid by the Borrower to Assetz SME Capital and upon receipt by Assetz SME Capital will be credited to the client account of the relevant Lending Members net of Fees and Servicing Income.
You can only receive money back if you have discounted your investment to the equiv of at least 1 years interest.
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cb25
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Post by cb25 on Aug 21, 2020 17:10:24 GMT
"surely £400 should appear in my account" - AFAIK it has never been that way
"I will not see a penny back" - I receive money back, so I guess it depends on how Lenders have set their reinvestment options.
That's how it's described in the terms and conditions: 11.2: All interest and capital repayments will be directed to be paid by the Borrower to Assetz SME Capital and upon receipt by Assetz SME Capital will be credited to the client account of the relevant Lending Members net of Fees and Servicing Income.
You can only receive money back if you have discounted your investment to the equiv of at least 1 years interest.
What does that mean? I've had money out of (say) my 90DAA IFISA account without ever discounting a withdrawal.
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Mousey
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Post by Mousey on Aug 21, 2020 17:10:45 GMT
"surely £400 should appear in my account" - AFAIK it has never been that way
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Mousey
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Post by Mousey on Aug 21, 2020 17:12:11 GMT
That's how it's described in the terms and conditions: 11.2: All interest and capital repayments will be directed to be paid by the Borrower to Assetz SME Capital and upon receipt by Assetz SME Capital will be credited to the client account of the relevant Lending Members net of Fees and Servicing Income.
You can only receive money back if you have discounted your investment to the equiv of at least 1 years interest.
What does that mean? I've had money out of (say) my 90DAA IFISA account without ever discounting a withdrawal. It means that if I want to exit the QAA account I have to offer a discount of approx 6% to either be bought out by another investor or be bought put by cash from a redeemed loan.
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cb25
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Post by cb25 on Aug 21, 2020 17:17:27 GMT
What does that mean? I've had money out of (say) my 90DAA IFISA account without ever discounting a withdrawal. It means that if I want to exit the QAA account I have to offer a discount of approx 6% to either be bought out by another investor or be bought put by cash from a redeemed loan. I agree with that it you mean "if I want to exit the QAA a/c completely now". Otherwise we just have to accept the slow dribble of repayments until NMC resume. Clearly, not where any of us expected to be.
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As to repayments from Access Accounts, I don't remember having money continually exiting those accounts due to Borrower loan redemptions, rather the money stayed put until I put in a withdrawal request for it.
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Mousey
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Post by Mousey on Aug 21, 2020 17:21:45 GMT
It means that if I want to exit the QAA account I have to offer a discount of approx 6% to either be bought out by another investor or be bought put by cash from a redeemed loan. I agree with that it you mean "if I want to exit the QAA a/c completely now". Otherwise we just have to accept the slow dribble of repayments until NMC resume. Clearly, not where any of us expected to be.
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As to repayments from Access Accounts, I don't remember having money continually exiting those accounts due to Borrower loan redemptions, rather the money stayed put until I put in a withdrawal request for it.
That's the issue - there will be no slow dribble of repayments. The tap has been turned off! Only unless you're prepared to sacrifice 1.5+ years worth of interest to be at the front of the queue.
Yeah that was before all the many many changes made since March. This is a completely different product since then.
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cb25
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Post by cb25 on Aug 21, 2020 17:28:13 GMT
I agree with that it you mean "if I want to exit the QAA a/c completely now". Otherwise we just have to accept the slow dribble of repayments until NMC resume. Clearly, not where any of us expected to be.
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As to repayments from Access Accounts, I don't remember having money continually exiting those accounts due to Borrower loan redemptions, rather the money stayed put until I put in a withdrawal request for it.
That's the issue - there will be no slow dribble of repayments. The tap has been turned off! Only unless you're prepared to sacrifice 1.5+ years worth of interest to be at the front of the queue.
Yeah that was before all the many many changes made since March. This is a completely different product since then.
There was a payout of approx £133 per £10K invested in each AA on Tue 18 Aug ( link)
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maotw
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Post by maotw on Aug 21, 2020 17:33:11 GMT
Can I ask for a simple answer.
are capital repayments received back from borrowers being used to buy discounted sells on the AAMP? Surely not, but if so, our balances would be increasing ??
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