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Post by Ton ⓉⓞⓃ on Apr 9, 2021 15:58:03 GMT
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rscal
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Post by rscal on Apr 9, 2021 16:53:27 GMT
That reads as: some loan parts could be snapped up by SM buyers more quickly than others.
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dead-money
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Post by dead-money on Apr 9, 2021 17:30:10 GMT
Will be interesting, purely as a spectator, to see how much bat-  crazy money has forced this upon AC and whether those persons actually will use the facility offered.
In any event; bluff has been called, so they can move, leave or stay as they choose.
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jlend
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Post by jlend on Apr 9, 2021 18:27:09 GMT
Will be interesting, purely as a spectator, to see how much bat- crazy money has forced this upon AC and whether those persons actually will use the facility offered.
In any event; bluff has been called, so they can move, leave or stay as they choose.
I suspect there may even be no demand now the secondary market rate is so low. Simply to stay on the right side of regulatory requirements going forward AC needed to do something. AC have had a lot of time to think about it. This may be the best solution under the circumstances to keep the main access accounts unchanged. It does make AC sound awfully complicated which is unfortunate particularly when attracting new people to p2p.
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capucino
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Post by capucino on Apr 9, 2021 18:59:26 GMT
I was able to take out some cash with no discount at all from the access account. why is this needed?
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dead-money
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Post by dead-money on Apr 9, 2021 19:05:29 GMT
Because of some awkward people with enough clout and capital that they choose this particular hill to die on rather than just voting with their feet...
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Post by Mr Baggy on Apr 9, 2021 19:10:27 GMT
Because of some awkward people with enough clout and capital that they choose this particular hill to die on rather than just voting with their feet... so if I transfer all my funds into the exit account I can no longer invest again so I'm basically leaving...it's like there winding down
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dead-money
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Post by dead-money on Apr 9, 2021 19:27:08 GMT
Because of some awkward people with enough clout and capital that they choose this particular hill to die on rather than just voting with their feet... so if I transfer all my funds into the exit account I can no longer invest again so I'm basically leaving...it's like there winding down Yep, It's a so long and good riddance account. 
Although given that there's not an apparent pipeline of new loans for the Access accounts to invest in, it does seem like an exercise in rearranging deskchairs on the titanic... 
"Investors who move from an Access Account to an Exit Account will not be able to make future investments into any Access Account: this is a logical consequence of the Exit Accounts being a means to allow investors to permanently leave the Access Accounts. "
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ceejay
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Post by ceejay on Apr 10, 2021 9:47:55 GMT
Because of some awkward people with enough clout and capital that they choose this particular hill to die on rather than just voting with their feet... so if I transfer all my funds into the exit account I can no longer invest again so I'm basically leaving...it's like there winding down No, it's not like they're winding down - more a case of investors being politely invited to state categorically whether they are in or out, that being an essential prerequisite to restarting lending.
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zlb
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Post by zlb on Apr 12, 2021 13:01:34 GMT
on reading, it seems that there are those who say there are not more AA loans as (almost) everything will be in CBILS now, and some prior existing loans have been converted to CBILS already (CBILS aren't allowed to retail - unless this comes out as an ETF opportunity perhaps...). Therefore if you don't join the exit account, your money will be in ever-decreasing pot of old loans (rather like when trying to sell all investments in Zopa, you end up not being able to owing to defaults). This makes it sound as if one is nuts to stay in AAs.
Or AC are starting up AA loans again? Why would any new borrower not qualify for CBILS interest free loan? Sorry if discussed earlier, but it does seem like a lot of people think the future of the AAs is panned when if that were the case, why are they not being wound down? It would be helpful to know how much of the interest in the exit accounts is from people who didn't like the abnormal market conditions repayment strategy alone?
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dead-money
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Post by dead-money on Apr 12, 2021 14:20:38 GMT
on reading, it seems that there are those who say there are not more AA loans as (almost) everything will be in CBILS now, and some prior existing loans have been converted to CBILS already (CBILS aren't allowed to retail - unless this comes out as an ETF opportunity perhaps...). Therefore if you don't join the exit account, your money will be in ever-decreasing pot of old loans (rather like when trying to sell all investments in Zopa, you end up not being able to owing to defaults). This makes it sound as if one is nuts to stay in AAs. Or AC are starting up AA loans again? Why would any new borrower not qualify for CBILS interest free loan? Sorry if discussed earlier, but it does seem like a lot of people think the future of the AAs is panned when if that were the case, why are they not being wound down? It would be helpful to know how much of the interest in the exit accounts is from people who didn't like the abnormal market conditions repayment strategy alone? Not quite.
Electing to move to Exit accounts GUARANTEES you won't be invested into any new loans, remaining in Access accounts means you accept that cash will be reinvested into any new pipeline loans to maintain diversification.
As to when and where this pipeline of new P2P loans is coming from that's a different story. (NB CBILS isn't interest free and does need to be repaid).
We may see after 1st May how significant the vocal minorities holdings were, or not...
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sl75
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Post by sl75 on Apr 14, 2021 21:13:58 GMT
...
We may see after 1st May how significant the vocal minorities holdings were, or not...
On current trends, anyone who wants to exit will have been able to have done so using the normal routes by 1st May.
The exit accounts also don't seem to meet the requirements of those who want to keep their existing investment in the "old" batches of loans but not invest in anything new, as the description says those accounts will be actively trying to sell all their investments anyway.
Unlike the real access accounts that look like they'll soon be able to allow investors to exit completely on the "normal" notice, these fancy "exit accounts" seem to lock money in, potentially indefinitely, until a buyer is found or the PF pays out for the illiquid portion of the portfolio.
It seems to me as though the account was designed to meet a fancy legal argument rather than than an actual future need.
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blender
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Post by blender on Apr 15, 2021 7:46:52 GMT
I agree. On current trends, yes, but we have learned that nasty events do actually happen. The Titanic does not quite sink this time and is able to carry on with the voyage. Those who are willing to carry on do so. Those who are the vocal minority are set off in their own lifeboat having signed a disclaimer. Or they carry on having surrendered their rights to argue with the Captain if another iceberg is met with.
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ceejay
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Post by ceejay on Apr 26, 2021 8:52:08 GMT
Well, today was the day, apparently. Anyone want to admit having gone down this particular rabbit hole?
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Apr 26, 2021 12:10:09 GMT
I have received the vast majority of my requested funds, so personally don,t see the point of burning the AC bridge at this moment in time.
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crazy money has forced this upon AC and whether those persons actually will use the facility offered.
