criston
Member of DD Central
Posts: 1,204
Likes: 628
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Post by criston on Sept 30, 2020 18:05:28 GMT
The top man said 7/9/20
'Zero redundancies. Everyone back this month after some were furloughed due to no work to do in loan origination for a bit. Cash up and profits looking good for the year. Retail and CBILS lending now restarted and we have £150m of capacity for CBILS being worked through at pace.'
But the fee continues & is out of order.
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Post by cheapaschips on Sept 30, 2020 18:19:06 GMT
Very unlikely to ever have to stop paying this, AC have discovered they enjoy the taste of it and they are never going to give this income up without a fight, they have no competition anymore to worry about competing with. Will the Govt reduce VAT,no. Will the Govt reduce the tax rate,no. Will AC remove the fee-no!
Once they have got it, they very rarely give it back and the management at AC do not strike me as the sort who would want their lifestyles or Empire threatened in any way.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Sept 30, 2020 18:32:04 GMT
The top man said 7/9/20 'Zero redundancies. Everyone back this month after some were furloughed due to no work to do in loan origination for a bit. Cash up and profits looking good for the year. Retail and CBILS lending now restarted and we have £150m of capacity for CBILS being worked through at pace.'But the fee continues & is out of order.
.profits up how much is linked to the fees??? End of day the fee is there and I accept it but I'm not happy to support a business model that needs to factor our extra fee as a cash flow. remember the fee is already in the loan and interest
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Post by stuartassetzcapital on Sept 30, 2020 18:33:30 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. That can only be if you have a handful of remaining loans under recovery from a much larger prior portfolio I expect. And the fee doesn’t apply to those type of loans. So it’s quite probable in your brief description that there are no fees payable by you as they only apply to paid interest.
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Post by Ton ⓉⓞⓃ on Sept 30, 2020 18:33:54 GMT
Very unlikely to ever have to stop paying this, AC have discovered they enjoy the taste of it and they are never going to give this income up without a fight, they have no competition anymore to worry about competing with. Will the Govt reduce VAT,no. Will the Govt reduce the tax rate,no. Will AC remove the fee-no! Once they have got it, they very rarely give it back and the management at AC do not strike me as the sort who would want their lifestyles or Empire threatened in any way.
Full text of today's new email below
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Post by stuartassetzcapital on Sept 30, 2020 18:34:42 GMT
Very unlikely to ever have to stop paying this, AC have discovered they enjoy the taste of it and they are never going to give this income up without a fight, they have no competition anymore to worry about competing with. Will the Govt reduce VAT,no. Will the Govt reduce the tax rate,no. Will AC remove the fee-no! Once they have got it, they very rarely give it back and the management at AC do not strike me as the sort who would want their lifestyles or Empire threatened in any way. That is the opposite of what we have said.
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Post by cheapaschips on Sept 30, 2020 18:41:46 GMT
Very unlikely to ever have to stop paying this, AC have discovered they enjoy the taste of it and they are never going to give this income up without a fight, they have no competition anymore to worry about competing with. Will the Govt reduce VAT,no. Will the Govt reduce the tax rate,no. Will AC remove the fee-no! Once they have got it, they very rarely give it back and the management at AC do not strike me as the sort who would want their lifestyles or Empire threatened in any way. That is the opposite of what we have said. Whilst there are positive steps in the right direction, we feel it is still necessary and prudent for the fee to remain in place for now and expect this may be the case for the remainder of the year. We will continue to communicate with lenders regarding the fee, letting you know where we are in terms of being able to reduce it or eliminate it altogether. Time will be the Judge
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jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
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Post by jlend on Sept 30, 2020 18:41:54 GMT
Hopefully we will see new MLA loans increase dramatically now so that the lender fee can start to be reduced.
It feels like it is in AC's hands now to test how much new retail lending demand there is in the manual market.
We were told to ignore what was in the pipeline list. It would be good to get this going again.
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rookey123
Member of DD Central
Posts: 75 
Likes: 130
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Post by rookey123 on Sept 30, 2020 18:42:41 GMT
Happy to pay the fee as an extra insurance policy until the spring when the economic situation will become clearer and hopefully more positive and V shaped. IMO a prudent move to protect the platform and our capital.
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michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,703
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Post by michaelc on Sept 30, 2020 18:48:05 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. That can only be if you have a handful of remaining loans under recovery from a much larger prior portfolio I expect. And the fee doesn’t apply to those type of loans. So it’s quite probable in your brief description that there are no fees payable by you as they only apply to paid interest. Ok its paid only on paid interest. In that case I apologise for over-reacting.
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Post by stuartassetzcapital on Sept 30, 2020 18:52:09 GMT
That can only be if you have a handful of remaining loans under recovery from a much larger prior portfolio I expect. And the fee doesn’t apply to those type of loans. So it’s quite probable in your brief description that there are no fees payable by you as they only apply to paid interest. Ok its paid only on paid interest. In that case I apologise for over-reacting. No problem.
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Post by Ton ⓉⓞⓃ on Sept 30, 2020 19:18:37 GMT
Hopefully we will see new MLA loans increase dramatically now so that the lender fee can start to be reduced. It feels like it is in AC's hands now to test how much new retail lending demand there is in the manual market. We were told to ignore what was in the pipeline list. It would be good to get this going again.
My bold.
I was having some concerns about future loan quality in the coming months - right in the midst of a downturn, but it's likely that a lot of the struggling co's will go to CBILS, hopefully leaving more quality loans "floating" on top.
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cb25
Posts: 3,528
Likes: 2,668
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Post by cb25 on Sept 30, 2020 19:26:37 GMT
That is the opposite of what we have said. Come on guys. Get a grip. The amount of nonsensical posts by of a number of previous posters on this subject in regard to AC, fees and their investments, leads me to a conclusion that there are a number of AC investors/posters who have no idea what they are invested in, no idea of the reality of how the current global financial crisis is affecting their investments and no idea of how difficult it is for AC management to manage a way through this turmoil while doing their best to protect the interests of all stakeholders lenders, borrowers and company. The future success of all stakeholders are interlinked. Selfish interest or not. If you truly believe that you are invested in possible future worthless 'dross', or that AC management are untrustworthy on fees and their intentions, then you would be an fool to stay invested. The option is there for disgruntled investors to cash out, thanks to the AA secondary market. So here's a question. Why whinge, bleat and remain ?? The door to your self imagined investment prison cell door is wide open. Why stay ....you can leave today. Go If those lenders have money trapped, as I do, in the PSA, GBBA, GBBA2 the AA SM is of no use in trying to exit.
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jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
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Post by jlend on Sept 30, 2020 19:36:46 GMT
Hopefully we will see new MLA loans increase dramatically now so that the lender fee can start to be reduced. It feels like it is in AC's hands now to test how much new retail lending demand there is in the manual market. We were told to ignore what was in the pipeline list. It would be good to get this going again.
My bold.
I was having some concerns about future loan quality in the coming months - right in the midst of a downturn, but it's likely that a lot of the struggling co's will go to CBILS, hopefully leaving more quality loans "floating" on top.
Agreed, it is a risk, and lenders will have to consider it, and AC will have to make sure the new loans are enticing. Right now we can't help get the lender fee back to zero until AC speed up the pipeline of new loans. The reason the fee is there is due to the lack of new loans. It looks like there is demand given the recent new loan.
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criston
Member of DD Central
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Post by criston on Sept 30, 2020 19:42:41 GMT
The CBILS borrowers loans has fees, which is paid for by the Government.
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