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Post by overthehill on Sept 16, 2020 12:33:34 GMT
I can't see any mention of this fee in the update emailed out today. I've just read this FAQ below, there are many questions answered but not these questions, "Why do we need this lender fee at all ?" and "Where is the money going and what is it being used for ?" www.assetzcapital.co.uk/lender-fees
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Post by p2pgirl on Sept 16, 2020 13:03:12 GMT
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garfield
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Post by garfield on Sept 16, 2020 13:17:07 GMT
The lender fee was announced in an e-mail on March 31st:
"We are commencing a lender loan servicing fee of 0.9% per annum, which is 0.075% per month of the loans under management, starting on 1st May."
"This fee is permitted in our terms and conditions, however we have never needed to implement it over the last seven years and we hope and expect it to be a short-term measure."
Hope that helps!
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gramsky
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Post by gramsky on Sept 16, 2020 13:46:54 GMT
The lender fee was announced in an e-mail on March 31st:
"We are commencing a lender loan servicing fee of 0.9% per annum, which is 0.075% per month of the loans under management, starting on 1st May."
"This fee is permitted in our terms and conditions, however we have never needed to implement it over the last seven years and we hope and expect it to be a short-term measure."
Hope that helps!
Is that 0.9% of money invested or 0.9% of money on the platform including cash?
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Sept 16, 2020 14:24:10 GMT
The lender fee was announced in an e-mail on March 31st:
"We are commencing a lender loan servicing fee of 0.9% per annum, which is 0.075% per month of the loans under management, starting on 1st May."
"This fee is permitted in our terms and conditions, however we have never needed to implement it over the last seven years and we hope and expect it to be a short-term measure."
Hope that helps!
Is that 0.9% of money invested or 0.9% of money on the platform including cash? It's supposed to be 0.9% of money invested. It sounds small, but in reality AC are taking more than 10%p.a of lender income. Time it ended. QAA was paying 4.1% now 3.75%, that's a 8.5% income reduction. 90Day (34.8%, 23.5%, 0%) 19.4% income reduction (averaged). 30Day (26.5%, 13.7%, 21.6%) 20.6% income reduction (averaged). MLA 5% loan now 4.1% that's an 18% income reduction. MLA 6% loan now 5.1% that's a 15% income reduction. MLA 7% loan now 6.1% that's a 12.9% income reduction. MLA 8% loan now 7.1% that's an 11.3% income reduction. MLA 9% loan now 8.1% that's a 10% income reduction. MLA 10% loan low 9.1% that's a 9% income reduction.
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jlend
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Post by jlend on Sept 16, 2020 14:37:43 GMT
Is that 0.9% of money invested or 0.9% of money on the platform including cash? It's supposed to be 0.9% of money invested. It sounds small, but in reality AC are taking more than 10%p.a of lender income. Time it ended. QAA was paying 4.1% now 3.75%, that's a 8.5% income reduction. 90Day (34.8%, 23.5%, 0%) 19.4% income reduction (averaged). 30Day (26.5%, 13.7%, 21.6%) 20.6% income reduction (averaged). MLA 5% loan now 4.1% that's an 18% income reduction. MLA 6% loan now 5.1% that's a 15% income reduction. MLA 7% loan now 6.1% that's a 12.9% income reduction. MLA 8% loan now 7.1% that's an 11.3% income reduction. MLA 9% loan now 8.1% that's a 10% income reduction. MLA 10% loan low 9.1% that's a 9% income reduction. From Stuart. “We still see the fee as temporary and will withdraw it in line with our scale of lending under CBILS. When the lending gets big, we will reduce it, the two are inversely connected. This about getting our new lending up to substantial volumes and then we can look at the lender fee. " CBIL lending is ramping up so we should see the fee gradually reduced over time. AC have approved 70m in CBIL lending so far and are hoping to double it. AC will not be far off last year's lending total if this happens.
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Post by overthehill on Sept 16, 2020 16:08:22 GMT
I can't see any mention of this fee in the update emailed out today. I've just read this FAQ below, there are many questions answered but not these questions, "Why do we need this lender fee at all ?" and "Where is the money going and what is it being used for ?" www.assetzcapital.co.uk/lender-fees
Last comment on the subject as I doubt any satisfying answers will be forthcoming. Unlike the Ratesetter 50% of interest or Lending Works 100% of interest or Property Partner 100% of dividends this Lender Fee isn't going into a 'Provision fund' . The AC charge isn't comparable in size but why is it needed at all, Proplend aren't charging investors. AC are still collecting their monthly monitoring fee for the current loanbook. Why is it so dependent on CBILS loans? It just sends out the wrong long term viability message. I won't be investing more until they stop standing on investors to get across the muddy field.
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Post by dabeztstuff on Sept 16, 2020 19:53:00 GMT
I can't see any mention of this fee in the update emailed out today. I've just read this FAQ below, there are many questions answered but not these questions, "Why do we need this lender fee at all ?" and "Where is the money going and what is it being used for ?" www.assetzcapital.co.uk/lender-feesI didnt get sent an email.
What did it say?
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ian
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Post by ian on Sept 16, 2020 20:31:12 GMT
Given Stuart indicated profits were up at AC it’s apparent the lender fee is being used to increase ACs profitability. AC makes no additional contributions to the PF they merely take our interest and transfer it into a pot which they may pay out to us in 12 months time .... personally I’d rather have the cash now !
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garfield
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Post by garfield on Sept 17, 2020 7:40:39 GMT
I can't see any mention of this fee in the update emailed out today. I've just read this FAQ below, there are many questions answered but not these questions, "Why do we need this lender fee at all ?" and "Where is the money going and what is it being used for ?" www.assetzcapital.co.uk/lender-feesI didnt get sent an email.
What did it say?
Hi dabetzstuff, it's too long to reproduce here and I'm not sure I should anyway. The obvious question, have you checked your Spam folder?
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warn
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Curmudgeon
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Post by warn on Sept 17, 2020 9:00:57 GMT
I didnt get sent an email.
What did it say?
Hi dabetzstuff, it's too long to reproduce here and I'm not sure I should anyway. The obvious question, have you checked your Spam folder? I didn't get it either (and yes I've checked spam). I've asked enquiries for a copy, so within the next ten business days I should be enlightened.
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iRobot
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Post by iRobot on Sept 17, 2020 10:12:20 GMT
I didnt get sent an email. What did it say?
Hi dabetzstuff, it's too long to reproduce here and I'm not sure I should anyway. The obvious question, have you checked your Spam folder? The three articles mentioned in the Bulletin are available on AC's website without having to log on. Checkout AC's News page and scroll down a little to the three articles dated Sep 16th. dabeztstuff - if it's not in your spam folder, the full bulletin, with a bit of pre-amble and links to those three articles is available here. (Might also want to check your AC account's profile settings to ensure 'Marketing' is enabled.)
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dead-money
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Post by dead-money on Sept 17, 2020 19:19:08 GMT
Hi dabetzstuff, it's too long to reproduce here and I'm not sure I should anyway. The obvious question, have you checked your Spam folder? The three articles mentioned in the Bulletin are available on AC's website without having to log on. Checkout AC's News page and scroll down a little to the three articles dated Sep 16th. dabeztstuff - if it's not in your spam folder, the full bulletin, with a bit of pre-amble and links to those three articles is available here. (Might also want to check your AC account's profile settings to ensure 'Marketing' is enabled.) Manage three accounts, none of which received this email. In the past the accounts with marketing turned on didn't get it, whilst the one with it turned off did!
AC's email service seems somewhat unreliable.
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michaelc
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Post by michaelc on Sept 30, 2020 17:43:40 GMT
Have I got this right? I've been trying to exit AC for two years and am left with a load of dross that might prove almost worthless. Am I now to pay an additional fee for the pleasure of not being repaid on time?
You really couldn't make this up. What does the FCA do? Nothing.
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dave4
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Post by dave4 on Sept 30, 2020 17:49:11 GMT
Fee is paid on returns, so its basically less returns, and to answer your question yes !
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