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Post by davefoz on Jul 22, 2021 14:50:25 GMT
Two loans in 2 days which have defaulted where AC want investors to forsake capital to fund legal action.
Additionally it is noticeable they take their sizeable fees prior to capital distribution their DD & valuations being completely spurious.
Given AC manage these loans surely they should fund the legals to attain recovery. Reputable companies like SOMO would never treat investors so shabbily.
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trevor
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Post by trevor on Jul 22, 2021 15:55:21 GMT
Agreed but AC have so much lender money it’s queued so I suspect they couldn’t care less.
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Post by Ace on Jul 22, 2021 17:11:09 GMT
ABLrate also pays for recovery action itself, though they do charge the borrowers much higher fees to cover this.
I suppose there's little room for complaint as long as each is abiding by its own Ts&Cs (and doesn't change them with the wind!). I will have read the Ts&Cs when I signed up but can't recall whether they made it clear who would pay, and I'm too busy lazy to check.
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jonno
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nil satis nisi optimum
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Post by jonno on Jul 22, 2021 17:45:26 GMT
No well; just do what I'm doing........get out as soon as possible.
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Post by overthehill on Jul 22, 2021 20:02:53 GMT
Don't give me any more reasons to get out quicker, I need places to sink it.
It's unbelievable, no alignment of interests whatsoever. It's a revenue stream sourced from their bad loans. The receivers are getting paid to do their job so what are AC doing ?
Waiting to see what the provision fund does about all my defaults.
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Post by df on Jul 22, 2021 22:29:39 GMT
Two loans in 2 days which have defaulted where AC want investors to forsake capital to fund legal action. Additionally it is noticeable they take their sizeable fees prior to capital distribution their DD & valuations being completely spurious. Given AC manage these loans surely they should fund the legals to attain recovery. Reputable companies like SOMO would never treat investors so shabbily. On a positive side, at least they ask lenders for a vote  I rarely vote, especially since I've learned that by voting wrong you can shoot yourself in the foot. Definitely not voting for 336 and 508. And even if I do, my remaining capital in these two is not worth the vote. Very little in EW and in my particular case the return from her ABL loan puts me in profit even if all of remaining capital is crystallised loss. All of my remaining KD burden is in GBBA (is PF still there to cover some of the loss?  ), still small, but much higher than I would allow myself on MLA. If I decided to vote I'd probably vote B - spending 100k on chasing him in Monaco sounds too much of a gamble.
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Post by df on Jul 22, 2021 23:35:01 GMT
No well; just do what I'm doing........get out as soon as possible. It's very easy to get out now, unless you are in closed accounts. Can probably sell AAs instantly and anything I put on sale now on MLA sells imminently, but I don't really want to get out. AC did wind down for me (about 60% down from pre-Covid time), but there's still some life in it - may as well use it. Sometimes ignoring "get out now" messages can benefit. I would've received less profit from RS if I followed the trend, for example.
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jonno
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nil satis nisi optimum
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Post by jonno on Jul 23, 2021 7:47:40 GMT
No well; just do what I'm doing........get out as soon as possible. It's very easy to get out now, unless you are in closed accounts. Can probably sell AAs instantly and anything I put on sale now on MLA sells imminently, but I don't really want to get out. AC did wind down for me (about 60% down from pre-Covid time), but there's still some life in it - may as well use it. Sometimes ignoring "get out now" messages can benefit. I would've received less profit from RS if I followed the trend, for example. Mmm.........try telling that to those unfortunates (like me) in Lendy, FS, Coll, etc etc 
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jcb208
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Post by jcb208 on Jul 23, 2021 9:00:49 GMT
What makes me laugh these two loans I made through GBBA,why would I want to pay legal fees to recover what Assetz should cover .Glad I have only a few hundred left with this shower of sh***
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alibaba
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Post by alibaba on Jul 23, 2021 9:32:35 GMT
What makes me laugh these two loans I made through GBBA,why would I want to pay legal fees to recover what Assetz should cover .Glad I have only a few hundred left with this shower of sh*** Unfortunately I have significantly more invested in the two GBBA accounts mainly due to the decision taken by AC to invest 20% of my funds in these dodgy deals, at least it has taught me to read the T&C's more carefully, (no fool like and old fool)
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alender
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Post by alender on Jul 23, 2021 10:48:21 GMT
What makes me laugh these two loans I made through GBBA,why would I want to pay legal fees to recover what Assetz should cover .Glad I have only a few hundred left with this shower of sh*** Unfortunately I have significantly more invested in the two GBBA accounts mainly due to the decision taken by AC to invest 20% of my funds in these dodgy deals, at least it has taught me to read the T&C's more carefully, (no fool like and old fool) I don't think it being a fool or about missing details in the T&Cs, it is more about trust, do you trust AC to handle your money, like you I did but don't now, the difference is I got lucky deciding not to invest the GBBA accounts. The AC fanatics/friends/family etc will say you must check all all details of the T&Cs before you invest and will quote these ad infinitum at you if you dare to question what AC have done with your hard earned money.
AC have a history of failed accounts GBBA1, GBIA2, GEA, GEiA etc leaving the investor locked in and losing money which should serve as a warning to future investors, these accounts tell me more about AC than any T&Cs.
I have many investments and I would need many life times to read all the T&Cs and take it all in. This is why the FCA state
Risk warnings are clearly stated within the main body of the advertisement and ahead of the ‘small print’ (i.e. the additional product / legal text and firm contact information).
May be worth going to the FOM as putting quite large % into a few loans could be regarded as a risk.
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alibaba
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Post by alibaba on Jul 23, 2021 12:41:35 GMT
Forgive my ignorance what or who is FOM?
Just clicked Financial Ombudsman (told you old fool)
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Post by overthehill on Jul 23, 2021 12:53:27 GMT
Persuading investors to use their own capital (plus lost interest) to pursue recovery action also kicks the 'provision fund can' down the road for another 2 or 3 years.
I'm assuming that all the non-MLA accounts are 'protected' by the provision fund against capital losses.
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dave4
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Post by dave4 on Jul 23, 2021 13:11:55 GMT
Discretionary provision fund, ie at AC whim.
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Post by df on Jul 23, 2021 13:27:59 GMT
It's very easy to get out now, unless you are in closed accounts. Can probably sell AAs instantly and anything I put on sale now on MLA sells imminently, but I don't really want to get out. AC did wind down for me (about 60% down from pre-Covid time), but there's still some life in it - may as well use it. Sometimes ignoring "get out now" messages can benefit. I would've received less profit from RS if I followed the trend, for example. Mmm.........try telling that to those unfortunates (like me) in Lendy, FS, Coll, etc etc I'm in all three, and in MT too I've significantly reduced Lendy, FS and MT before they've collapsed, but it was too sudden with Col.
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), still small, but much higher than I would allow myself on MLA. If I decided to vote I'd probably vote B - spending 100k on chasing him in Monaco sounds too much of a gamble.
