puddleduck
Member of DD Central
Posts: 537
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Post by puddleduck on Jan 11, 2021 12:05:35 GMT
From today's e-mail:
I am pleased to announce that we will be making our final distribution to investors on Wednesday 13th January. This distribution will see investors reach 100% recovery against the amount of their investment that was assigned to Growth Street Provision (GSP) as part of the Resolution Event (declared on 15 June 2020).
Returning 100% of your assigned balance (being the amount you invested together with all interest accrued up to the date of the Resolution Event) is a direct result of the success of the recovery process. Having spoken in our last email about recovery progress as a reflection of the strength of our lending portfolio, we have now reached a point in that journey where the total remaining amount due to investors is less than the available resources in GSP.
Returning as much of your assigned investment, as quickly as possible, has been a core focus since the Resolution Event was declared. Being able to return 100% of your assigned balance is a source of great professional pride for the Growth Street team, and I want to take this opportunity to thank them for their hard work. I also want to thank you, our investors, for your patience and support.
Following the final distribution on Wednesday 13th January, we will streamline business operations further, whilst continuing to recover the remaining loans outstanding from borrowers, the proceeds of which will be used to repay previously subordinated GSP funding commitments.
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Post by kezza on Jan 11, 2021 12:21:24 GMT
I'm pretty impressed and suprised to be honest. At first I thought growth street had handled this awfully (uneven distrobution of funds to those lucky enough to be univested when this all started) but since that point they have been prompt, early repayments + bonuses and now reached 100% return. It sucks that this happened but you can't really ask for a better outcome given the current climate.
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Post by spareapennyor2 on Jan 11, 2021 12:39:22 GMT
FYI
We will send all investors a final tax statement for the tax year 2020/21 before the end of
the 30 day period; following the expiration of those 30 days, the platform will no longer be
accessible.
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rscal
Posts: 906
Likes: 499
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Post by rscal on Jan 11, 2021 12:43:55 GMT
Great News. Shame their terms allowed them to suspend our interest (assuming borrowers were still paying the full whack at their end)
But I did receive an added funds bonus during the run-off period at least.
[ I have calculated just now that the cost of interest is about £213 and had I not made the mistake of drawing down the first payment immediately but left some on the platform until September I would have got the full bonus of £200 instead of the half bonus of £100. So the net is 'only' about £113 I suppose.]
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alender
Member of DD Central
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Post by alender on Jan 11, 2021 13:34:08 GMT
Although we have lost some interest it is more than made up by the interest and bonuses of the last few years and I would think GS staff and the company have lost a lot more than the investors after all they have had to pay the staff during the run off. They have stuck to the rules and paid what is due, the only regret is that they were unable to be more flexible and offer partial repayments/interest and stayed open while the dust settled.
Unfortunately I guess this is the end for GS especially in retail borrowing but given their track record I would be interested in investing if they could restart using the same basic model incorporating lessons learnt from Covid.
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Post by df on Jan 11, 2021 20:25:05 GMT
Very graceful exit. Everything ahead of schedule and all investors came out with some profit. I'm very pleased with the outcome - 3 years of interest enhanced with bonuses and no capital loss.
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k6
Posts: 160
Likes: 99
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Post by k6 on Jan 11, 2021 20:46:26 GMT
I have managed to take my share out a good time ago and literally this message reminded me about it. If only FS, Ly, Col & MT delivers same result then I would call my self lucky.
Good Job.
Getting back initial investment is crucial.
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puddleduck
Member of DD Central
Posts: 537
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Post by puddleduck on Jan 12, 2021 10:49:35 GMT
I'm well ahead in my P2P adventure due to this recovery - I'm pleased and surprised by this result, as I honestly wasn't expecting much more than 20% recovery at the start of the Liquidity and Resolution event process, especially as the loans didn't seem to have much real tangible security. This has done far better than all the property based platforms who got into trouble - a real indictment of LTV based property lending valuations!
I really feel that Growth Street essentially self-destructed needlessly looking back in hindsight.
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withnell
Member of DD Central
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Post by withnell on Jan 13, 2021 12:04:36 GMT
I didn't receive the GS email, but full remaining capital + the tiny bit of interest have been received in my account (they've processed the withdrawal automatically)
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Post by bikeman on Jan 13, 2021 12:44:08 GMT
Not overly happy how GS used their terms as an excuse to wind up a business they didn't want but happy that they honoured their promise to return all capital plus interest.
Made a promise and kept it - watch and learn Assetz Capital.
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Post by df on Jan 13, 2021 19:00:55 GMT
Not overly happy how GS used their terms as an excuse to wind up a business they didn't want but happy that they honoured their promise to return all capital plus interest. Made a promise and kept it - watch and learn Assetz Capital. It wasn't even a promise, they've just stated what their intensions are and honoured this. I don't think AC and GS are comparable in this context. GS wound down - AC is still a running business and they didn't make any promises either. "Promise" is not really a part of p2p vocabulary, at least not in connection with return of invested funds.
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Post by bikeman on Jan 14, 2021 13:42:24 GMT
Not overly happy how GS used their terms as an excuse to wind up a business they didn't want but happy that they honoured their promise to return all capital plus interest. Made a promise and kept it - watch and learn Assetz Capital. It wasn't even a promise, they've just stated what their intensions are and honoured this. I don't think AC and GS are comparable in this context. GS wound down - AC is still a running business and they didn't make any promises either. "Promise" is not really a part of p2p vocabulary, at least not in connection with return of invested funds. AC got the FSA/FOS off their backs by setting in place a repayment plan. I cal that a promise, you call it what you like. Bottom line once the heat was off they then changed their mind and  ed us over.
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benaj
Member of DD Central
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Post by benaj on Jan 21, 2021 14:33:11 GMT
If there is an award for P2P lending platform, GS should at least be nominated for quick recovery from COVID.
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ed us over.