ilmoro
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'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 Mar 5, 2021 12:13:04 GMT
So AC have been using my capital repayments to buy loan parts from failed accounts against my wishes when I have explicitly asked for this money to be retuned.
This would explain why a lot the excess cash in the AAs has not been distributed to lenders.
This is one of the many reasons you cannot trust AC, once they get your money they are very reluctant to return it when requested under the T&Cs. They believe once you have invested money with them it is theirs to do with it what they like for as long as they like and will only give it back when it suits them. Now they also believe it is fine to use my money to help them out of trouble with their own failed accounts. They also believe it is fine to add extra fees on locked in funds and in effect raid the PF for these fees to pay directors salary.
Not only are AC holding onto funds against the lenders wishes to be used for their own purpose they are keeping this quite, I have repeatedly asked Stuart for data on these accounts so we know what is going on but every single time he refuses to give us anything of use but just tells us what he wants us to hear. Again it is left to lenders to analysis the data to determine what is happening, I suspect if lenders had not calculated the excess cash and published this we would not have seen anything like the repayments that have taken place.
Before anyone says you do not have the right to complain because you can sell on the SM this does not give the right to AC to use my money as it wishes against my instructions and refusing to tell me what is is doing or planing to do with my funds.
I actually view the access accounts as “Son of the GBBAs” in theory with fixed terms and reduced interest. Once the GBBA was in wind down there was a mixture of redemptions from loans actually being redeemed, and sales when loans were sold presumably to the access accounts. I believe between March & December all redemptions in the GBBA were fully distributed, however sales ceased as the access accounts were not being in a position to purchase loans. Post December there has been a notable uplift; the integration presumably has resumed - my funds have reduced from circa £31k to £23k with majority being sales rather than redemptions. Given the GBBA no longer has balancing and no additionally revenue from fees etc this is the fair and logical way to run down the account . As you say I’m not sure how much is in these accounts now... if it’s £10m it would be logical for AC to use say 20% of the next £50m of redeemed access account capital to buy out GBBA loans out at 6.25% and transfer them into funds paying 3.5% ish. I stress parts of loans are being sold in the GBBA not the loan part in entirety. Dee’s indicates there are 12 loans which have increased in excess of £50k - if that’s £1m and there are another 50 that have increased between £10 & £50k we might be talking around £3m of purchases. The one thing we know for sure is AC won’t give clear and concise guidance as to what they have done, are doing or preparing to do ! So again absolutely no evidence that the AA are buying loan parts from the GBBA and there is any form of integration. The logical explanation for the sales is the increased availability of funds to MLA investors following significant redemptions, potentially leading to a broadening of loans being considered in order to deploy funds in a market with limited availability. Noticeable sales of loans from my portfolio that have had little previous movement, loans that the AA already had significant holdings. I doubt the AA will redeem GBBA loans. Many of them are in default which means they are not paying interest and would require ringfencing by the PF so there unlikely to be any overall benefit to the AA. All the loans Deees has indicated as having increased AA holdings are development loans so will have most likely done so as a result of tranche drawdowns (all have had drawdowns since mid-Dec) not purchases. Not even sure the GBBA holds many of them as too recent. Edit crossed with Deees edit
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iRobot
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Post by iRobot on Mar 5, 2021 13:01:24 GMT
Why? Because I'm asking you. And I told you, which you don’t care to believe. <snip> No. You haven't. You stated: " I lknow of in excess of 300 complaints that have gone to the ombudsman Re AC." I asked: "Split among approximately how many investors?" As far as I can see, you haven't answered the question. You did present what appears to be a hypothetical scenario which, if extrapolated, might suggest around 25 complainants, but you haven't directly answered the question. If you don't know or would prefer not to pass on that number, then fine, just say so.
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ian
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Post by ian on Mar 5, 2021 14:32:26 GMT
And I told you, which you don’t care to believe. <snip> No. You haven't. You stated: " I lknow of in excess of 300 complaints that have gone to the ombudsman Re AC." I asked: "Split among approximately how many investors?" As far as I can see, you haven't answered the question. You did present what appears to be a hypothetical scenario which, if extrapolated, might suggest around 25 complainants, but you haven't directly answered the question. If you don't know or would prefer not to pass on that number, then fine, just say so. As I suggested ask Stuart or Martin Heelam or Andrew Shepherd.😜 As regards the sale of loan parts from the GBBA who is buying them Stuart’s Brother ??👍
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ceejay
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Post by ceejay on Mar 5, 2021 14:59:54 GMT
Oh, dear. Here we go again. The t*****g from alender and ian never stops... Seriously, guys, what are you still doing here? If you are hoping for some sort of serious compensation from your complaints then I might point out (sorry you don't want to hear this) that you've had ample opportunity to get out at discounts <0.5% over the last couple of months. And, as a general principle, I think you will find (should it ever come to that, which I very much doubt) that any court will expect you to have mitigated your losses which you are patently failing to do. The word "vexatious" springs to mind. |
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ian
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Post by ian on Mar 5, 2021 16:45:18 GMT
I was just pointing out the contingent liabilities that should be appearing in the accounts. Maybe the Seeders Capital raise will be sufficient to cover such costs, however you might find that may have already been spent on Directors fees.
Analyse a Nat’s Arse pal... knock yourself out with spreadsheets. However the only way you will truly find out is if AC tell you .. and they won’t, because they treat you like with contempt like they do all investors when it comes to providing proper information.
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Post by Ton ⓉⓞⓃ on Mar 5, 2021 17:07:24 GMT
Boys please be civil other wise I may have to get the slipper out ...
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Mar 5, 2021 17:23:22 GMT
Enjoying the difference of opinion, hopefully no"slipper or worse flip flop" required.
Without this type of debate, A company may well think they can do something Unusual or unchecked.
Always remember we are all in team investors and have a roll to play.
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iRobot
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Post by iRobot on Mar 5, 2021 17:44:33 GMT
No. You haven't. You stated: " I lknow of in excess of 300 complaints that have gone to the ombudsman Re AC." I asked: "Split among approximately how many investors?" As far as I can see, you haven't answered the question. You did present what appears to be a hypothetical scenario which, if extrapolated, might suggest around 25 complainants, but you haven't directly answered the question. If you don't know or would prefer not to pass on that number, then fine, just say so. As I suggested ask Stuart or Martin Heelam or Andrew Shepherd.😜 OK, so you don't know. Thanks for confirming. Pity, because it rather calls into question your statement that you know over 300 complaints have been lodged with the FOS. Fortunately, time will tell. Amongst other reports, the FOS release data on complaints received on Firm-by-Firm basis for all Firms where " the number of complaints received about individual financial businesses where we received at least 30 new cases" in the 6 month period. The data for July to December 2020 was released earlier this week. AC are not listed. Neither were AC listed in the report covering January to June 2020. Even if the FOS had received 29 complaints relating to AC in each of those two reporting periods, the total would have been 58. Something is not adding up ....
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ilmoro
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'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 Mar 5, 2021 18:26:28 GMT
No. You haven't. You stated: " I lknow of in excess of 300 complaints that have gone to the ombudsman Re AC." I asked: "Split among approximately how many investors?" As far as I can see, you haven't answered the question. You did present what appears to be a hypothetical scenario which, if extrapolated, might suggest around 25 complainants, but you haven't directly answered the question. If you don't know or would prefer not to pass on that number, then fine, just say so. As I suggested ask Stuart or Martin Heelam or Andrew Shepherd.😜 As regards the sale of loan parts from the GBBA who is buying them Stuart’s Brother ??👍 So if they indicated that AC has received relatively few complaints which, given that FOS expects complaints to made to the business first, would indicate that there are unlikely to huge numbers of FOS complaints would you concede that your implications of 1000's or even 100's of complaints is unlikely to be accurate? Does he have an MLA account? In which case its a distinct possibility.
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johni
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Post by johni on Mar 5, 2021 18:39:54 GMT
As I suggested ask Stuart or Martin Heelam or Andrew Shepherd.😜 OK, so you don't know. Thanks for confirming. Pity, because it rather calls into question your statement that you know over 300 complaints have been lodged with the FOS. Fortunately, time will tell. Amongst other reports, the FOS release data on complaints received on Firm-by-Firm basis for all Firms where " the number of complaints received about individual financial businesses where we received at least 30 new cases" in the 6 month period. The data for July to December 2020 was released earlier this week. AC are not listed. Neither were AC listed in the report covering January to June 2020. Even if the FOS had received 29 complaints relating to AC in each of those two reporting periods, the total would have been 58. Something is not adding up .... The reason it doesn't add up is because the evidence has just been presented and the 300 complaints are not there . Misleading? Or a downright lie? ian over to you
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ian
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Post by ian on Mar 5, 2021 20:56:43 GMT
As I suggested ask Stuart or Martin Heelam or Andrew Shepherd.😜 OK, so you don't know. Thanks for confirming. Pity, because it rather calls into question your statement that you know over 300 complaints have been lodged with the FOS. Fortunately, time will tell. Amongst other reports, the FOS release data on complaints received on Firm-by-Firm basis for all Firms where " the number of complaints received about individual financial businesses where we received at least 30 new cases" in the 6 month period. The data for July to December 2020 was released earlier this week. AC are not listed. Neither were AC listed in the report covering January to June 2020. Even if the FOS had received 29 complaints relating to AC in each of those two reporting periods, the total would have been 58. Something is not adding up .... As I stated previously I filed a complaint in July it will go on the record by 12th April. Question- Why do you think AC had a about turn on their ludicrous distribution policy in May ?? I digress.... my muse for the evening ...Hindsight - understanding of a situation or event only after it has happened or developed. Foresight - the ability to predict what will happen or be needed in the future. Ignorance - lack of knowledge or information.
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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
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Post by ilmoro on Mar 6, 2021 10:51:56 GMT
Forum Rules
" ... Forum Users are only allowed one account ..."
Application of Rule 1 would seem more pertinent
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Nomad
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Post by Nomad on Mar 7, 2021 12:04:31 GMT
Application of Rule 1 would seem more pertinent Which I think is distinct from “The First Rule of P2PIndie Club”: Don’t talk about p2p; Rule two, see rule one. 544 pages so far on Covid, two on Capital Rise...
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Post by Ace on Mar 7, 2021 15:01:40 GMT
Which I think is distinct from “The First Rule of P2PIndie Club”: Don’t talk about p2p; Rule two, see rule one. 544 pages so far on Covid, two on Capital Rise... A platform that quietly gets on with delivering it's promises. Maybe less is more with P2P.
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alanh
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Post by alanh on Mar 8, 2021 13:53:58 GMT
OK, so you don't know. Thanks for confirming. Pity, because it rather calls into question your statement that you know over 300 complaints have been lodged with the FOS. Fortunately, time will tell. Amongst other reports, the FOS release data on complaints received on Firm-by-Firm basis for all Firms where " the number of complaints received about individual financial businesses where we received at least 30 new cases" in the 6 month period. The data for July to December 2020 was released earlier this week. AC are not listed. Neither were AC listed in the report covering January to June 2020. Even if the FOS had received 29 complaints relating to AC in each of those two reporting periods, the total would have been 58. Something is not adding up .... As I stated previously I filed a complaint in July it will go on the record by 12th April. Question- Why do you think AC had a about turn on their ludicrous distribution policy in May ?? I digress.... my muse for the evening ...Hindsight - understanding of a situation or event only after it has happened or developed. Foresight - the ability to predict what will happen or be needed in the future. Ignorance - lack of knowledge or information. AC had to change their distribution policy or the whole company would have collapsed, and given that they have alienated a large chunk of their bigger investors that may yet happen. I complained to the FOS about the distribution policy and heard back from them late last year, by which time AC had been forced to completely reverse it and so the complaint was largely irrelevant. The person I spoke to said they were "very familiar" with the content of the complaint and with what had been going on at AC - take this to mean whatever you like but they must have had a lot of complaints on the same subject. The only element of the complaint still outstanding is the compensation for the amounts lost due to the flat rate distribution (discussed elsewhere on this board somewhere) which is unknown but likely to be relatively small. I have been given no indication how long this is going to take but there is something going on in the background to work it out.
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