iano
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Post by iano on Dec 15, 2021 1:31:31 GMT
After throwing out existing investors from access account allocations (shortly after wetting himself on the prospect of RateSetter investors heading over to AC), Stuart can't help but wallow in the prospect of cashing in on Zopa exiles heading over too ( Assetz makes pitch for Zopa investors) - not that there's much for them to invest in right now. On a separate note, I wonder how the update to the platform to finally remove written off loans is going? A miserable old cynic like me might be wondering if AC have missed their opportunity to push them out slowly and quietly under the radar in the early days and there's now the possibility of a high number of investors seeing a large accumulated drop in their holdings which they're desperate to hold off perhaps? As I've mentioned a while ago, I really can't complain about my return from this company at all but my opinion on whether I can stomach their attitude and behavior trumps any difference in return in the future. A real shame really, at one point AC were my favourite P2P company.
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mogish
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Post by mogish on Dec 15, 2021 9:28:56 GMT
Totally agree. Great platform until the covid related issues. I for one wont be investing again with them. Just want all the defaults to be sorted out on gbba so I can close account. Just hope loanpad can cope with even more influx of cash and dont take on too much risk.
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bugs4me
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Post by bugs4me on Dec 15, 2021 11:32:58 GMT
Totally agree. Great platform until the covid related issues. I for one wont be investing again with them. Just want all the defaults to be sorted out on gbba so I can close account. Just hope loanpad can cope with even more influx of cash and dont take on too much risk. Just an opinion but issues with AC started before Covid after a certain high ranking Director suddenly left.
Meaningful communication seemed to fall off and many Q&A's were deleted from the AC loans page without explanation. The closed accounts, GBBA, etc which many felt would be covered by the PF were well, allowed to drift so until a default was declared then lenders were left in the dark and still are. It was also raised somewhere if I recall correctly about there being possible conflicts of interest but you need to go through the historical posts and draw your own conclusions.
The simple fact remains, as with any P2P platform, that once there is an erosion of trust for whatever reason then current lenders vote with their feet. Unfortunately it's not always possible to make a clean break especially where a lender is effectively locked into a loan or ten.
Not a satisfactory situation but things seem to have gone downhill over the last 3-4 years with P2P in general. Of course there are good well managed platforms but it's always worth remembering that the run-off plans, approved by the FCA aren't worth anything.
Just my thoughts.
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ashtondav
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Post by ashtondav on Dec 15, 2021 11:40:27 GMT
Very happy to re-invest when the gates are open. Always received interest. Never lost money. Quite an achievement during a pandemic.
Was AC perfect? Far from it. Was it a disaster? Far from it.
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alibaba
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Post by alibaba on Dec 15, 2021 13:22:38 GMT
Totally agree. Great platform until the covid related issues. I for one wont be investing again with them. Just want all the defaults to be sorted out on gbba so I can close account. Just hope loanpad can cope with even more influx of cash and dont take on too much risk. Just an opinion but issues with AC started before Covid after a certain high ranking Director suddenly left.
Meaningful communication seemed to fall off and many Q&A's were deleted from the AC loans page without explanation. The closed accounts, GBBA, etc which many felt would be covered by the PF were well, allowed to drift so until a default was declared then lenders were left in the dark and still are. It was also raised somewhere if I recall correctly about there being possible conflicts of interest but you need to go through the historical posts and draw your own conclusions.
The simple fact remains, as with any P2P platform, that once there is an erosion of trust for whatever reason then current lenders vote with their feet. Unfortunately it's not always possible to make a clean break especially where a lender is effectively locked into a loan or ten.
Not a satisfactory situation but things seem to have gone downhill over the last 3-4 years with P2P in general. Of course there are good well managed platforms but it's always worth remembering that the run-off plans, approved by the FCA aren't worth anything.
Just my thoughts. Agree completely. four years on still trying to remove money from GBBA1, GEA GBBA2 12.5 k still in outstanding interest 35k still stuck in these accounts they obviously think that early investors like me will just disappear or kick the bucket. There is life in the old dog yet.
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alender
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Post by alender on Dec 15, 2021 22:12:39 GMT
Very happy to re-invest when the gates are open. Always received interest. Never lost money. Quite an achievement during a pandemic. Was AC perfect? Far from it. Was it a disaster? Far from it. May not be a disaster but not a much of an achievement given money was locked in for a considerable amount of time while AC built a cash mountain and reduced interest rates while constantly changing the rules to suit AC and perhaps worst of all having to listen through Stuart's videos in case there was some relevant news.
They are also not much of an investment when compared to other low risk, high yield investments I have, the closest was PSSL (loan company), higher yield, all dividends paid on time, no dividend reduction and made money on takeover. Also various REITs with higher yield all dividends again paid on time and nice capital gains even if bought before lockdown. Many of the AC fans on this board criticised my choices saying that they will probably go down in value and questioned whether dividends would still be paid.
From a financial perspective I would like to thank AC for their actions which made me to look elsewhere for investments, some of the cash went into miners, oil and gas and a lot into REITs to balance the risk. Miners, Oil and Gas great returns and all REITs performing well, good yields above AC AA rates and decent capital growth. The main pity was that I could not get at the cash held by AC on my behalf which was lock up in the AA accounts sooner otherwise would have seen even better returns.
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