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Post by jasonnewman on Aug 25, 2020 21:21:49 GMT
It is clear to me Access accounts are operating like MLA without the higher rates but the same risks, therefore I believe it is right for the access accounts to pay the same interest as as MLA.
There is no differentiation anymore.
This would have two fold effect, 1) the reserve cash can be released 2) Investors will receive the higher interest to reflect the risk they are taking.
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johni
Member of DD Central
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Post by johni on Aug 25, 2020 21:29:59 GMT
It is clear to me Access accounts are operating like MLA without the higher rates but the same risks, therefore I believe it is right for the access accounts to pay the same interest as as MLA. There is no differentiation anymore. This would have two fold effect, 1) the reserve cash can be released 2) Investors will receive the higher interest to reflect the risk they are taking. Here we go again another pointless poll. So the protection fund which is covering all loans which have a deficit as it stands now. MLA has no protection fund how is this the same.
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Post by jasonnewman on Aug 25, 2020 21:35:33 GMT
It is clear to me Access accounts are operating like MLA without the higher rates but the same risks, therefore I believe it is right for the access accounts to pay the same interest as as MLA. There is no differentiation anymore. This would have two fold effect, 1) the reserve cash can be released 2) Investors will receive the higher interest to reflect the risk they are taking. Here we go again another pointless poll. So the protection fund which is covering all loans which have a deficit as it stands now. MLA has no protection fund how is this the same. The protection fund money is being used to fund new loans / further tranches of existing loans as AC have become so poor at their job that they can't attract new money. They deliberately hold back funds, they are no longer fit for purpose, this is not what I signed up to! This is not the product I was sold! If the provision fund was working like it should people won't be selling their loans at 7% discount, they would have confidence in the provision fund covering the losses. How has AC managed to pull the wool over so many peoples eyes? INCREDIBLE.
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Post by Ace on Aug 25, 2020 21:48:38 GMT
Here we go again another pointless poll. So the protection fund which is covering all loans which have a deficit as it stands now. MLA has no protection fund how is this the same. The protection fund money is being used to fund new loans / further tranches of existing loans as AC have become so poor at their job that they can't attract new money. They deliberately hold back funds, they are no longer fit for purpose, this is not what I signed up to! This is not the product I was sold!If the provision fund was working like it should people won't be selling their loans at 7% discount, they would have confidence in the provision fund covering the losses. How has AC managed to pull the wool over so many peoples eyes? INCREDIBLE. That's exactly what you signed up for, you just didn't realise it. So, you would prefer the currently unassigned cash to be returned and the loans to be transferred to the MLA where future tranches could fail to be funded, thus causing extra, unnecessary, capital losses?
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Post by jasonnewman on Aug 25, 2020 21:53:54 GMT
The protection fund money is being used to fund new loans / further tranches of existing loans as AC have become so poor at their job that they can't attract new money. They deliberately hold back funds, they are no longer fit for purpose, this is not what I signed up to! This is not the product I was sold!If the provision fund was working like it should people won't be selling their loans at 7% discount, they would have confidence in the provision fund covering the losses. How has AC managed to pull the wool over so many peoples eyes? INCREDIBLE. That's exactly what you signed up for, you just didn't realise it. So, you would prefer the currently unassigned cash to be returned and the loans to be transferred to the MLA where future tranches could fail to be funded, thus causing extra, unnecessary, capital losses? Yes Release the cash - I can then sell the loan at the market rate and the buyer will buy at a price knowing the loan could fail with the upside of the loan not failing. There is a HUGE chunk of cash on the books and people are selling their loans at a large discount? How is that fair? This product NO LONGER works. We are the guinea pigs being tested on AC experiment and they are making it up as they go along, is that not clear from today's email? Is it not incompetent the past 2 weeks loads of people have sold loans and AC now say certain loans can't be traded? I am FURIOUS, the incompetence is unreal. How is the FCA allowing this lot to run one of the biggest P2P platforms?
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johni
Member of DD Central
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Post by johni on Aug 25, 2020 21:54:35 GMT
Here we go again another pointless poll. So the protection fund which is covering all loans which have a deficit as it stands now. MLA has no protection fund how is this the same. The protection fund money is being used to fund new loans / further tranches of existing loans as AC have become so poor at their job that they can't attract new money. They deliberately hold back funds, they are no longer fit for purpose, this is not what I signed up to! This is not the product I was sold! If the provision fund was working like it should people won't be selling their loans at 7% discount, they would have confidence in the provision fund covering the losses. How has AC managed to pull the wool over so many peoples eyes? INCREDIBLE. No the provision fund is not used to fund other loans. I am surprised Assetz have not taken action against some posters deliberately misrepresenting the facts constantly. There is a route to sell. The FCA have a complaints procedure which I presume you have used. Have your complaints had a resolution? Others appear to have failed
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cb25
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Post by cb25 on Aug 25, 2020 21:56:20 GMT
It is clear to me Access accounts are operating like MLA without the higher rates but the same risks, therefore I believe it is right for the access accounts to pay the same interest as as MLA.
Assuming you meant 'as the MLA', what is 'the MLA'? My MLA holdings and hence the interest I earn from it is unique to me from the mix of loans I've chosen to invest in.
There's no guarantee the underlying AA loans generate as much interest as some Lenders' MLA loan sets.
Lenders can clearly chose to exit the AAs (at discount) and invest the proceeds in their choice of MLA loans.
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Post by jasonnewman on Aug 25, 2020 22:05:20 GMT
The protection fund money is being used to fund new loans / further tranches of existing loans as AC have become so poor at their job that they can't attract new money. They deliberately hold back funds, they are no longer fit for purpose, this is not what I signed up to! This is not the product I was sold! If the provision fund was working like it should people won't be selling their loans at 7% discount, they would have confidence in the provision fund covering the losses. How has AC managed to pull the wool over so many peoples eyes? INCREDIBLE. No the provision fund is not used to fund other loans. I am surprised Assetz have not taken action against some posters deliberately misrepresenting the facts constantly. There is a route to sell. The FCA have a complaints procedure which I presume you have used. Have your complaints had a resolution? Others appear to have failed I have no intention to misrepresent anything. I am a frustrated investor who wants out on fair terms. AC are very poor at communication is my view. That is why you have so many posts on these boards of frustrated investors complaining. Their internal teams have been inadequate to handle investor queries that is why most people have gone out their way to come to these boards. When all this slow withdrawal process happened, AC blamed the drop in the stock market, well the stock market has made a huge recover since the March lows, but AC are as slow as ever to release cash to investors. Why were we told due to the decline in stock market we can't access our cash in a timely manner back in March?
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johni
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Post by johni on Aug 25, 2020 22:11:59 GMT
No the provision fund is not used to fund other loans. I am surprised Assetz have not taken action against some posters deliberately misrepresenting the facts constantly. There is a route to sell. The FCA have a complaints procedure which I presume you have used. Have your complaints had a resolution? Others appear to have failed I have no intention to misrepresent anything. I am a frustrated investor who wants out on fair terms. AC are very poor at communication is my view. That is why you have so many posts on these boards of frustrated investors complaining. Their internal teams have been inadequate to handle investor queries that is why most people have gone out their way to come to these boards. When all this slow withdrawal process happened, AC blamed the drop in the stock market, well the stock market has made a huge recover since the March lows, but AC are as slow as ever to release cash to investors. Why were we told due to the decline in stock market we can't access our cash in a timely manner back in March? No again misrepresenting the facts they did not blame the stock market they used it as a similarity at the time. Have you complained to the FCA? If not and you are so sure that the facts have been misrepresented why not. If so what was the outcome.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 25, 2020 22:12:16 GMT
Here we go again another pointless poll. So the protection fund which is covering all loans which have a deficit as it stands now. MLA has no protection fund how is this the same. The protection fund money is being used to fund new loans / further tranches of existing loans as AC have become so poor at their job that they can't attract new money. They deliberately hold back funds, they are no longer fit for purpose, this is not what I signed up to! This is not the product I was sold! If the provision fund was working like it should people won't be selling their loans at 7% discount, they would have confidence in the provision fund covering the losses. How has AC managed to pull the wool over so many peoples eyes? INCREDIBLE. The protection fund isnt funding new loans/tranches, they are funded from the cash element of the AA. AC have just attracted a big chunk of new money from a AROS Capital. However, lets consider some rough numbers. About 25% of the AA holdings arent paying interest in the MLA either in arrears, default, forbearance or rolled up at term. The average interest rate on the performing loans is 6.7%, About 25% of the loans are development loans, many of which would go into default without the AA to fund new tranches, plus any loans requiring forbearance which couldnt be granted. So strong possibility in the next few months that up to half the holdings wouldnt pay interest, so knock rate down to 4.5%. No option to sell out of suspended loans, even at a discount, and your not going to be able to sell out of sub 6% loans without hefty discount, nor any developments if they are likely to collapse in the short term due to lack of funding so potentially much of your portfolio is stuck. Losses will be losses, no bailout fund on any loans Doesnt seem hugely attractive to me but as AC have suggested its something they are considering so you might have the option at some point Edit - obviously ive ignored the cash element as that would have been repaid
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Post by jasonnewman on Aug 25, 2020 22:14:51 GMT
The protection fund money is being used to fund new loans / further tranches of existing loans as AC have become so poor at their job that they can't attract new money. They deliberately hold back funds, they are no longer fit for purpose, this is not what I signed up to! This is not the product I was sold! If the provision fund was working like it should people won't be selling their loans at 7% discount, they would have confidence in the provision fund covering the losses. How has AC managed to pull the wool over so many peoples eyes? INCREDIBLE. The protection fund isnt funding new loans/tranches, they are funded from the cash element of the AA. AC have just attracted a big chunk of new money from a AROS Capital. However, lets consider some rough numbers. About 25% of the AA holdings arent paying interest in the MLA either in arrears, default, forbearance or rolled up at term. The average interest rate on the performing loans is 6.7%, About 25% of the loans are development loans, many of which would go into default without the AA to fund new tranches, plus any loans requiring forbearance which couldnt be granted. So strong possibility in the next few months that up to half the holdings wouldnt pay interest, so knock rate down to 4.5%. No option to sell out of suspended loans, even at a discount, and your not going to be able to sell out of sub 6% loans without hefty discount, nor any developments if they are likely to collapse in the short term due to lack of funding so potentially much of your portfolio is stuck. Losses will be losses, no bailout fund on any loans Doesnt seem hugely attractive to me but as AC have suggested its something they are considering so you might have the option at some point Can you share a communication from AC that shows the cash element is different to the provision fund? If so how much is the cash held in the access account? How much is held in the provision fund? Have AC communicated this to anyone? I have seen nothing. They are VERY POOR with their communication and being TRANSPARENT to investors.
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Post by jasonnewman on Aug 25, 2020 22:17:41 GMT
The protection fund isnt funding new loans/tranches, they are funded from the cash element of the AA. AC have just attracted a big chunk of new money from a AROS Capital. However, lets consider some rough numbers. About 25% of the AA holdings arent paying interest in the MLA either in arrears, default, forbearance or rolled up at term. The average interest rate on the performing loans is 6.7%, About 25% of the loans are development loans, many of which would go into default without the AA to fund new tranches, plus any loans requiring forbearance which couldnt be granted. So strong possibility in the next few months that up to half the holdings wouldnt pay interest, so knock rate down to 4.5%.
No option to sell out of suspended loans, even at a discount, and your not going to be able to sell out of sub 6% loans without hefty discount, nor any developments if they are likely to collapse in the short term due to lack of funding so potentially much of your portfolio is stuck. Losses will be losses, no bailout fund on any loansDoesnt seem hugely attractive to me but as AC have suggested its something they are considering so you might have the option at some point The BOLD where is this information on AC website? Why do I have to be told on a bulletin board this information? WHY DOESNT AC COMMUNICATE this to their investors?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 25, 2020 22:22:46 GMT
The protection fund isnt funding new loans/tranches, they are funded from the cash element of the AA. AC have just attracted a big chunk of new money from a AROS Capital. However, lets consider some rough numbers. About 25% of the AA holdings arent paying interest in the MLA either in arrears, default, forbearance or rolled up at term. The average interest rate on the performing loans is 6.7%, About 25% of the loans are development loans, many of which would go into default without the AA to fund new tranches, plus any loans requiring forbearance which couldnt be granted. So strong possibility in the next few months that up to half the holdings wouldnt pay interest, so knock rate down to 4.5%. No option to sell out of suspended loans, even at a discount, and your not going to be able to sell out of sub 6% loans without hefty discount, nor any developments if they are likely to collapse in the short term due to lack of funding so potentially much of your portfolio is stuck. Losses will be losses, no bailout fund on any loans Doesnt seem hugely attractive to me but as AC have suggested its something they are considering so you might have the option at some point Can you share a communication from AC that shows the cash element is different to the provision fund? If so how much is the cash held in the access account? How much is held in the provision fund? Have AC communicated this to anyone? I have seen nothing. They are VERY POOR with their communication and being TRANSPARENT to investors. The provision fund is clearly described on the site. It is a ringfenced fund under FCA rules which AC complies and held in a separate company. The sums in the provision fund are available on the website for each relevant account in the Key Account Information, up dated quarterly as per COBS 18.2 (see my earlier post in another thread) showing the free cash in the PF and the sums allocated to cover predicted losses on defaulted loans
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 25, 2020 22:26:21 GMT
The BOLD where is this information on AC website? Why do I have to be told on a bulletin board this information? WHY DOESNT AC COMMUNICATE this to their investors? Those are my numbers, obtained by doing some basic spreadsheet work. I had to take my socks off.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on Aug 25, 2020 22:32:22 GMT
The protection fund isnt funding new loans/tranches, they are funded from the cash element of the AA. AC have just attracted a big chunk of new money from a AROS Capital. However, lets consider some rough numbers. About 25% of the AA holdings arent paying interest in the MLA either in arrears, default, forbearance or rolled up at term. The average interest rate on the performing loans is 6.7%, About 25% of the loans are development loans, many of which would go into default without the AA to fund new tranches, plus any loans requiring forbearance which couldnt be granted. So strong possibility in the next few months that up to half the holdings wouldnt pay interest, so knock rate down to 4.5%. No option to sell out of suspended loans, even at a discount, and your not going to be able to sell out of sub 6% loans without hefty discount, nor any developments if they are likely to collapse in the short term due to lack of funding so potentially much of your portfolio is stuck. Losses will be losses, no bailout fund on any loans Doesnt seem hugely attractive to me but as AC have suggested its something they are considering so you might have the option at some point Can you share a communication from AC that shows the cash element is different to the provision fund? If so how much is the cash held in the access account? How much is held in the provision fund? Have AC communicated this to anyone? I have seen nothing. They are VERY POOR with their communication and being TRANSPARENT to investors. THe QAA currently holds £67m (so free cash about £7m) form 15,277 investors, the PF held £70k cash on 30 june with £1.32m allocated to cover predicted losses on defaulted loans. Try reading some of the account info, accessible from the menu under accounts on the main AC home page or from the three dots on the dashboard box for the relevant account (about account), its all there.
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