wuzimu
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Post by wuzimu on Oct 15, 2020 14:48:21 GMT
Are you a AC wind loan lender? ie in the four I** loans and G****0 loan? These were all to the same borrower and the loan money was released by AC to the borrower outside of the loan terms. Suffice to say that resulted in all the money gone, but no working turbines producing revenue or any turbine at all in several cases!
A number of us complained and we never got a proper response to the salient points or admit or deny any of the glaring errors in their function as Agent. But AC did admit to a partial error (while ignoring all the others!) and that error of improper disbursement led to a civil liability on AC to its lenders and that led to the settlement Proposal.
Central to that Proposal was a £750k per quarter payment to affected lender community until the capital lost + 2% pa interest was paid back.
A number of us complained to FOS (upheld) Many more did not, hoping that AC would honour the Proposal. Unfortunately AC have skipped the payments for a number of quarters saying that they can't afford it.
>>>> the Proposal appears contingent on AC making excess profits in happy times to fund it, management are not willing to feel any pain to meet the civil liability resulting from their own negligence.
A number of lenders have contacted me to say they wish they had complained a few years ago and hadn't accepted AC assurances that the Proposal would repay them.
If YOU are a AC wind lender and want to complain but are not sure of the words, message me and make yourself known here.
I will be making a group representation to FCA and FOS shortly. I have interested press too. AC need a bit of help to remeber this issue has not gone away and they need to come good on their promises.
Don't rely on other people - make yourself known on this thread / PM and put your name on the letters to FCA / FOS if you want you money back any time soon.
Regrds, Wuzimu
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iRobot
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Post by iRobot on Oct 15, 2020 14:59:13 GMT
wuzimu - not in this / these loans, but I do applaud you for continuing to take positive action rather than just huffing / puffing / banging the table and hoping or, worse, expecting someone else to do something about it. I trust your endeavours bear you - and those that stick their heads above the parapet to join you - some well-justified rewards.
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Post by HMS Ardent on Oct 15, 2020 15:51:04 GMT
I'm in Wuzimu.
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Mike
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Post by Mike on Oct 15, 2020 21:20:15 GMT
Does this apply to those who hold loan parts inside the green investment auto account?
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sl75
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Post by sl75 on Oct 15, 2020 21:28:50 GMT
How is yet another "action group", "group representation" or similar going to make the pandemic end and "normal market conditions" return any sooner?
I see no reason that AC wouldn't continue to honour the agreement made as and when the specified source of funds is available to do so.
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wuzimu
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Post by wuzimu on Oct 16, 2020 0:58:34 GMT
W/ref the comment above, This thread on the AC wind loans is not about a situation of slow early redemption queues that we see in RS, FC and others that may be within the lender terms, but frustrating for those lenders wanting out.
Actual lenders into the I*I and G*W wind loans, know their loss springs from the admitted negligence of AC, and that admission prompted their Proposal of Feb 2019... AC said they would hold a capital funding round to settle with lenders/ Actually they have just completed a capital funding round, amongst much corporate back-slapping of AC success.
Unfortunately AC appear not to be directing any of that capital raise to fixing the outstanding wind loan farago. It's about time they did, trumpting success is one thing but they need to fix the mistakes aswell.... this thread is about reminding AC, FCA & FOS the wind issue still outstanding.
I suspect SL75, who added the comment above, is not a lender into these loans, does not know what he is talking about on these loans.
This thread is a call to those lenders with sufficient exposure to be bothered to act, & not already involved, to join an existing little group of affected lenders.
If you want to join and add your name to some letters going out in next few weeks, please express your interest / PM me.
If you want to have a moan about action groups, please start your own thread ;-) thanks!
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Post by p2psws on Oct 16, 2020 5:25:23 GMT
Can you pm me wuzimu ? (I cant pm you because not enough posts) |
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sl75
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Post by sl75 on Oct 16, 2020 16:32:29 GMT
..., know their loss springs from the admitted negligence of AC, and that admission prompted their Proposal of Feb 2018... By my recollection, you've made two errors just in that one sentence - first it was 2019, not 2018 as you state, and secondly, AC explicitly stated it to be "without any acceptance of liability on our part".
With my stake in those loans representing less than 2% of my overall AC account balance, I'd much rather they focus their energies on keeping the other >98% on track than on dealing with whatever "action" you're planning on sending their way to argue the toss over a proposal that most lenders (including myself) found acceptable.
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Post by scepticalinvestor on Oct 19, 2020 15:04:45 GMT
Are you a AC wind loan lender? ie in the four I** loans and G****0 loan? These were all to the same borrower and the loan money was released by AC to the borrower outside of the loan terms. Suffice to say that resulted in all the money gone, but no working turbines producing revenue or any turbine at all in several cases!
A number of us complained and we never got a proper response to the salient points or admit or deny any of the glaring errors in their function as Agent. But AC did admit to a partial error (while ignoring all the others!) and that error of improper disbursement lead to a civil liability on AC to its lenders and that lead to the settlement Proposal.
Central to that Proposal was a £750k per quarter payment to affected lender community until the capital lost + 2% pa interest was paid back.
A number of us complained to FOS (upheld) Many more did not, hoping that AC would honour the Proposal. Unfortunately AC have skipped the payments for a number of quarters saying that they can't afford it.
>>>> theProposal appears contingent on AC making excess profits in happy times to fund it, management are not willing to feel any pain to meet the civil liability resulting from their own negligence.
A number of lenders have contacted me to say they wish they had complained a few years ago and hadn't accepted AC assurances that the Proposal would repay them.
If YOU are a AC wind lender and want to complain but are not sure of the words, message me and make yourself known here.
I will be making a group representation to FCA and FOS shortly. I have interested press too. AC need a bit of help to remeber this issue has not gone away and they need to come good on their promises.
Don't rely on other people - make yourself known on this thread / PM and put your name on the letters to FCA / FOS if you want you money back any time soon.
Regrds, Wuzimu
Thanks Wuzimu, much appreciated. AC definitely needs a reminder in this case.
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Post by df on Oct 19, 2020 15:36:08 GMT
..., know their loss springs from the admitted negligence of AC, and that admission prompted their Proposal of Feb 2018... By my recollection, you've made two errors just in that one sentence - first it was 2019, not 2018 as you state, and secondly, AC explicitly stated it to be "without any acceptance of liability on our part".
With my stake in those loans representing less than 2% of my overall AC account balance, I'd much rather they focus their energies on keeping the other >98% on track than on dealing with whatever "action" you're planning on sending their way to argue the toss over a proposal that most lenders (including myself) found acceptable.
5.1% in my case - still not enough to trigger an appetite for troubling AC with "actions". They've done well paying out some of the capital so far and I have no reason to believe that AC is planning to give up on full capital repayment for this loan.
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wuzimu
Member of DD Central
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Post by wuzimu on Oct 19, 2020 23:54:31 GMT
So we understand that sl75 and df have very small exposure to these AC wind loans and consequently aren't concerned about AC conduct or liability here. That's fine, except that's not the purpose of this thread. This thread is for those who have a larger exposure to the wind loans, understand AC liability and are not content with AC conduct in sorting things out. This thread is for such lenders to make themselves known so they can link with others in the same position for so action to resolve matters. If you are like Sl75 and DF who aren't in this affected group, please don't troll this thread. Start your own thread instead. Also, it doesn't matter if all your wind loans were in GEIA. I will be contacting all those who have contacted me later this week. Thanks for reaching out😊 |
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Post by dan1 on Oct 20, 2020 7:17:58 GMT
So we understand that sl75 and df have very small exposure to these AC wind loans and consequently aren't concerned about AC conduct or liability here. That's fine, except that's not the purpose of this thread. This thread is for those who have a larger exposure to the wind loans, understand AC liability and are not content with AC conduct in sorting things out. This thread is for such lenders to make themselves known so they can link with others in the same position for so action to resolve matters. If you are like Sl75 and DF who aren't in this affected group, please don't troll this thread. Start your own thread instead. Also, it doesn't matter if all your wind loans were in GEIA. I will be contacting all those who have contacted me later this week. Thanks for reaching out😊 /Mod hat off wuzimu - you have no right to post this stuff without being challenged. Just to be crystal clear, an OP doesn't decide who contributes to a thread - so long as you stick to the rules then all threads are open to everyone to contribute to. And as for your trolling comment, I suggest you take a look in the mirror.
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cs
New Member
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Post by cs on Oct 20, 2020 7:20:34 GMT
Could you pm me as well, please - obviously don't have enough posts! Thanks for your efforts in this - and for those against Lendy, too.
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Mikeme
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Post by Mikeme on Oct 20, 2020 7:58:11 GMT
I am in these loans. AC have been honourable in agreeing to pay out what they did!!!!! If Covid had not come along they would and when a new normal comes along will finish what they started.
As always my opinion. As to the comments about a village idiot, well I for one like his considered opinions.
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rcrcrc
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Post by rcrcrc on Oct 20, 2020 8:25:10 GMT
Count me in!
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