iann
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Post by iann on Apr 26, 2021 22:34:10 GMT
As it seems like the majority of original queued withdrawals have been satisfied, is the secondary market now effectively dead? Has anyone seen any investments via the secondary market since 21st April?
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corto
Member of DD Central
one-syllabistic
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Post by corto on Apr 26, 2021 23:00:54 GMT
6 or seven. one for 2.60. none of the others for more than 10p.
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alender
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Post by alender on Apr 27, 2021 8:10:27 GMT
It is still operating in the current state of the AAs whatever that is but I assume it it is not normal market conditions.
If you wish to withdraw money it is placed in the queue at 0% and you need to wait for a buyer. I found this out when a few pence was still in my QAA account and I wanted to clear it out so I put in a withdraw request, went through quickly.
Although the questions are academic for me it would be nice to know what states the AAs are in at any one time (is it possible for the different accounts to be in different states) and where this information is published, also if not in normal market conditions what is the queue length so people wishing to withdraw can make decisions on how much in advance to place a withdrawal. For those in the notice accounts it makes sense to keep notice on some of the funds and and cancel at the end of the notice period if not required (as full interest is paid during the notice period).
Also would be interesting to see if anyone went for the exit accounts, I assume they have started based on a recent post on this board. I guess if you did you did not get these recent payout if so the exit accounts are not good if you want to exit.
It is difficult to know what the future the AAs have, even if the rate is increased, bonuses added etc IMO they have become far too complicated and have been shown to be too fragile in a crisis. The next difficult time will come when the government removes support, the tide goes out then we will see who has been swimming naked, however I suspect the government will not remove it all in one go but gradually reduce the support. In a way the AAs are in a catch 22 situation, unable to lend at a decent rate while there is government support and potentially high risk when there is no more government support but of course this is the same for all P2P.
Even if everything goes well and return to normal I would be very wary of any ACs accounts because at the next sign of trouble access will be restricted and during this period the rules could well change again, although against FCA rules it will take a long time to get this through the FOM. I do not want to be in any investment without clear rules that cannot be changed otherwise what is the point of having any rules in the first place.
On the plus side for AC they can say that so far no one has lost a penny in the AAs, all interest paid on time and everyone who wants their money back has had it returned.
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ashtondav
Member of DD Central
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Post by ashtondav on Apr 27, 2021 8:39:15 GMT
It is still operating in the current state of the AAs whatever that is but I assume it it is not normal market conditions.
If you wish to withdraw money it is placed in the queue at 0% and you need to wait for a buyer. I found this out when a few pence was still in my QAA account and I wanted to clear it out so I put in a withdraw request, went through quickly.
Although the questions are academic for me it would be nice to know what states the AAs are in at any one time (is it possible for the different accounts to be in different states) and where this information is published, also if not in normal market conditions what is the queue length so people wishing to withdraw can make decisions on how much in advance to place a withdrawal. For those in the notice accounts it makes sense to keep notice on some of the funds and and cancel at the end of the notice period if not required (as full interest is paid during the notice period).
Also would be interesting to see if anyone went for the exit accounts, I assume they have started based on a recent post on this board. I guess if you did you did not get these recent payout if so the exit accounts are not good if you want to exit.
It is difficult to know what the future the AAs have, even if the rate is increased, bonuses added etc IMO they have become far too complicated and have been shown to be too fragile in a crisis. The next difficult time will come when the government removes support, the tide goes out then we will see who has been swinging naked, however I suspect the government will not remove it all in one go but gradually reduce the support. In a way the AAs are in a catch 22 situation, unable to lend at a decent rate while there is government support and potentially high risk when there is no more government support but of course this is the same for all P2P.
Even if everything goes well and return to normal I would be very wary of any ACs accounts because at the next sign of trouble access will be restricted and during this period the rules could well change again, although against FCA rules it will take a long time to get this through the FOM. I do not want to be in any investment without clear rules that cannot be changed otherwise what is the point of having any rules in the first place.
On the plus side for AC they can say that so far no one has lost a penny in the AAs, all interest paid on time and everyone who wants their money back has had it returned.
Yes. Very satisfied so far. As long as this continues for the rest of the year I may well bung another wedge into the access accounts, while supporting the view that they require re-naming.
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alibaba
Member of DD Central
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Post by alibaba on Apr 27, 2021 10:00:10 GMT
Agree, satisfied with having redeemed capital and interest from QAA, now waiting to see how long it takes to escape from the GEA, GBBA1 and GBBA2 accounts.
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Post by oppsididitagain on Apr 28, 2021 16:12:10 GMT
This week I had my both my full requests processed which I wasn't expecting.- 70K on April 26 from standard account then I put a withdrawal requested in my ISA on 26.4 and 22K returned the next day.
I stuck most of it back in via the 30AA but decided to reinvest 20K in QAA with a 0.1% premium. 8K of that was taken today so it seems something is still using the SHM
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Post by overthehill on Apr 28, 2021 16:30:32 GMT
I didn't know which thread to put this question, I've lost the plot with AC, it just looks like the proverbial pile of spaghetti.
Can someone answer this very quickly ? Why is it taking so long for me to withdraw money from the GBBA a/c , it is still only repaying dribbles every week. Is this account a lower priority for withdrawals compared to all these other accounts or is it just there are no new loans and no new investor money going in?
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Post by oppsididitagain on Apr 28, 2021 16:40:51 GMT
I didn't know which thread to put this question, I've lost the plot with AC, it just looks like the proverbial pile of spaghetti.
Can someone answer this very quickly ? Why is it taking so long for me to withdraw money from the GBBA a/c , it is still only repaying dribbles every week. Is this account a lower priority for withdrawals compared to all these other accounts or is it just there are no new loans and no new investor money going in?
1st you need to find out what loans you're invest in , top right of the account click on the Elipse (...). and select view holdings. there you will see your loans. If they are in default/trading suspended then thats why you cant sell them If not in default look at the amount thats in the queue to sell on that particular loan. You will need to click in the loan and look at available units. As I found out to my dismay a few years back the GBBA didnt invest at a balance weighted amount and I ended up with 65% on my GBBA in 1 loan which went into default. So I had a lot of cash being stuck I hope this helps you understand it better All of the loans (bar 1) I have in all 4 PF accounts are suspended, some loans are in more than 1 account. So none of that money will be returned until a recovery is made. There is an active loan in the Green fund loan number 531, and that makes up over 70% of my GEA exposure. When I just checked over 197K is waiting to be sold /available to buy on loan 531. So for me thats the only money I could withdraw if someone bought my holding. I can only presume my holding is in a queue, 1st listed 1st sold.
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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: 11,315
Likes: 11,523
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Post by ilmoro on Apr 28, 2021 16:43:16 GMT
I didn't know which thread to put this question, I've lost the plot with AC, it just looks like the proverbial pile of spaghetti.
Can someone answer this very quickly ? Why is it taking so long for me to withdraw money from the GBBA a/c , it is still only repaying dribbles every week. Is this account a lower priority for withdrawals compared to all these other accounts or is it just there are no new loans and no new investor money going in?
The GBBA are closed accounts ... there is no new money going in. Most of the loans are probably in default so withdrawals will only happen on recoveries. There are probably a few loans that are active and for sale on the SM but most are probably of limited interest to MLA investors, plus they are presumably still paying some interest, that will be the source of your dribbles.
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Post by overthehill on Apr 28, 2021 17:50:42 GMT
I didn't know which thread to put this question, I've lost the plot with AC, it just looks like the proverbial pile of spaghetti.
Can someone answer this very quickly ? Why is it taking so long for me to withdraw money from the GBBA a/c , it is still only repaying dribbles every week. Is this account a lower priority for withdrawals compared to all these other accounts or is it just there are no new loans and no new investor money going in?
1st you need to find out what loans you're invest in , top right of the account click on the Elipse (...). and select view holdings. there you will see your loans. If they are in default/trading suspended then thats why you cant sell them If not in default look at the amount thats in the queue to sell on that particular loan. You will need to click in the loan and look at available units. As I found out to my dismay a few years back the GBBA didnt invest at a balance weighted amount and I ended up with 65% on my GBBA in 1 loan which went into default. So I had a lot of cash being stuck I hope this helps you understand it better All of the loans (bar 1) I have in all 4 PF accounts are suspended, some loans are in more than 1 account. So none of that money will be returned until a recovery is made. There is an active loan in the Green fund loan number 531, and that makes up over 70% of my GEA exposure. When I just checked over 197K is waiting to be sold /available to buy on loan 531. So for me thats the only money I could withdraw if someone bought my holding. I can only presume my holding is in a queue, 1st listed 1st sold.
1400 in suspended loans. 1700 in 7 loans that are not suspended and basically amount for 90% of all available units in the secondary market. They may as well be suspended because AC are obviously not allowing these units to be bought and unlock money for investors who want out. Why are the other non self-invest accounts not buying these units ?
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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: 11,315
Likes: 11,523
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Post by ilmoro on Apr 28, 2021 18:20:34 GMT
1st you need to find out what loans you're invest in , top right of the account click on the Elipse (...). and select view holdings. there you will see your loans. If they are in default/trading suspended then thats why you cant sell them If not in default look at the amount thats in the queue to sell on that particular loan. You will need to click in the loan and look at available units. As I found out to my dismay a few years back the GBBA didnt invest at a balance weighted amount and I ended up with 65% on my GBBA in 1 loan which went into default. So I had a lot of cash being stuck I hope this helps you understand it better All of the loans (bar 1) I have in all 4 PF accounts are suspended, some loans are in more than 1 account. So none of that money will be returned until a recovery is made. There is an active loan in the Green fund loan number 531, and that makes up over 70% of my GEA exposure. When I just checked over 197K is waiting to be sold /available to buy on loan 531. So for me thats the only money I could withdraw if someone bought my holding. I can only presume my holding is in a queue, 1st listed 1st sold.
1400 in suspended loans. 1700 in 7 loans that are not suspended and basically amount for 90% of all available units in the secondary market. They may as well be suspended because AC are obviously not allowing these units to be bought and unlock money for investors who want out. Why are the other non self-invest accounts not buying these units ?
I doubt AC are doing anything of the sort. There just isnt any demand and the AA are quite likely selling themselves.
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Post by overthehill on Apr 28, 2021 19:43:05 GMT
1400 in suspended loans. 1700 in 7 loans that are not suspended and basically amount for 90% of all available units in the secondary market. They may as well be suspended because AC are obviously not allowing these units to be bought and unlock money for investors who want out. Why are the other non self-invest accounts not buying these units ?
I doubt AC are doing anything of the sort. There just isnt any demand and the AA are quite likely selling themselves.
I guess I'm not understanding the cause of the unnatural distribution. There is a tiny collection of about 10 not suspended loans with approx 1.5M units available and the rest of the loans (414 in total incl suspended loans) have zero units available for purchase.
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Post by oppsididitagain on Apr 28, 2021 20:33:36 GMT
I doubt AC are doing anything of the sort. There just isnt any demand and the AA are quite likely selling themselves.
I guess I'm not understanding the cause of the unnatural distribution. There is a tiny collection of about 10 not suspended loans with approx 1.5M units available and the rest of the loans (414 in total incl suspended loans) have zero units available for purchase.
Have you checked you have pressed the 'withdrawal '. button. you can check this by pressing the (...) and you should see a withdrawal target amount. The target amount needs to be the same or more than whats available in the account for it to sell down the loans. The suspended loans can't be sold until they become unsuspended /live again. The others will only be sold when a buyer from the MLA/QAA wants them. If you still have problems give AC A call
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Post by overthehill on Apr 29, 2021 11:13:40 GMT
I guess I'm not understanding the cause of the unnatural distribution. There is a tiny collection of about 10 not suspended loans with approx 1.5M units available and the rest of the loans (414 in total incl suspended loans) have zero units available for purchase.
Have you checked you have pressed the 'withdrawal '. button. you can check this by pressing the (...) and you should see a withdrawal target amount. The target amount needs to be the same or more than whats available in the account for it to sell down the loans. The suspended loans can't be sold until they become unsuspended /live again. The others will only be sold when a buyer from the MLA/QAA wants them. If you still have problems give AC A call
All the unsuspended loans except one (loan 1021 - hotel) are selling by tiny amounts at a time. I still maintain auto-invest purchases for certain unsuspended loans are being throttled. A secondary market still not functioning effectively is an irritant that puts me off investing. It's not an issue I'm experiencing anywhere else. I think this topic is done, thanks for the inputs.
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rscal
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Post by rscal on May 5, 2021 13:26:47 GMT
I just released £150 from my AA by request. I noted the times and it took '6 minutes'. So will I get charged anything for that?
[It would equal '0.00642p' according to my figures]
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