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Post by Ace on Jun 29, 2023 6:55:15 GMT
What is the benefit of this feature in real terms? One would be that the figures on the dashboard would then reflect your true position, rather than include an inflated capital balance and accrued interest that will never be paid. Another is that it might eventually allow you to close your account once your balance reaches zero.
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Steerpike
Member of DD Central
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Post by Steerpike on Jun 29, 2023 13:50:05 GMT
Loan write off would have been really useful years ago when it was first requested.
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agent69
Member of DD Central
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Post by agent69 on Jun 29, 2023 17:14:09 GMT
Some MLA loans now have an 'Irrecoverable' tag against them, e.g. #327, #330. When you go into the loan, there's a 'Write off non-Access Account holdings' option. Progress, I suppose (although this should have been implemented ages ago). It does now.
Binned the South Coast Plumber, so all that I have left on platform is £5.18p
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mogish
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Post by mogish on Jun 29, 2023 17:19:08 GMT
Re loan write of... is this really worth the effort to assist AC tidy up their platform?
Unless someone can tell me why I should make the effort I opt for doing nothing.
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agent69
Member of DD Central
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Post by agent69 on Jun 29, 2023 17:23:14 GMT
Re loan write of... is this really worth the effort to assist AC tidy up their platform? Unless someone can tell me why I should make the effort I opt for doing nothing. I think you need to write off all your non performing loans before you can close your account.
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agent69
Member of DD Central
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Post by agent69 on Jun 29, 2023 17:30:48 GMT
It doesn't work.Feature is not enabled It does now.
Binned the South Coast Plumber, so all that I have left on platform is £5.18p
And as if by magic, an email just arrived saying 'You have been sent this email as you have chosen to relinquish ownership of one or more of your loan holdings'
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jcb208
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Post by jcb208 on Jun 29, 2023 18:02:14 GMT
Looked at my GBBA accounts and I get a message that there may be more recoveries to come.Are they having a laugh or taking the pee,been waiting years for the provision fund to pay out these loans from this shower
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SteveT
Member of DD Central
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Post by SteveT on Jun 29, 2023 18:31:13 GMT
Re loan write of... is this really worth the effort to assist AC tidy up their platform? Unless someone can tell me why I should make the effort I opt for doing nothing. I think you need to write off all your non performing loans before you can close your account. But if you have even 1 loan that AC still think has a remote possibility of recovering a pittance in future years, you still cannot close your account 🤬
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Post by garreh on Jun 29, 2023 18:53:41 GMT
What is the benefit of this feature in real terms? One would be that the figures on the dashboard would then reflect your true position, rather than include an inflated capital balance and accrued interest that will never be paid. Another is that it might eventually allow you to close your account once your balance reaches zero. In my mind it's still beneficial to retain legal ownership of rights to that contract. If you relinquish it, your absconding AC from liability of contract to the lender. The only way I'd be jumping to revoke the loan is IF there is tax benefits to it... e.g. are you able to write it off as a capital loss, or something? Is there possibly a side-benefit to lenders as a community effort, as it means if all lenders revoke the loan then AC is not legally required to chase that loan for recovery? Therefore allowing them to focus efforts on other logistical operations?
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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
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Post by ilmoro on Jun 29, 2023 18:56:06 GMT
I think you need to write off all your non performing loans before you can close your account. But if you have even 1 loan that AC still think has a remote possibility of recovering a pittance in future years, you still cannot close your account 🤬 Also accrued interest but zero balance isnt included in the write offs so those still show in you book ... whether that will prevent account closure no idea.
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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
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Post by ilmoro on Jun 29, 2023 18:59:49 GMT
One would be that the figures on the dashboard would then reflect your true position, rather than include an inflated capital balance and accrued interest that will never be paid. Another is that it might eventually allow you to close your account once your balance reaches zero. In my mind it's still beneficial to retain legal ownership of rights to that contract. If you relinquish it, your absconding AC from liability of contract to the lender. The only way I'd be jumping to revoke the loan is IF there is tax benefits to it... e.g. are you able to write it off as a capital loss, or something? Is there possibly a side-benefit to lenders as a community effort, as it means if all lenders revoke the loan then AC is not legally required to chase that loan for recovery? Therefore allowing them to focus efforts on other logistical operations? There not chasing them anyway ... these are loans they consider as defacto crystallised losses. Tax benefits are available at the point the loan enters formal recovery as AC have alway declared the loss in the tax statement at that point.
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agent69
Member of DD Central
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Post by agent69 on Jun 29, 2023 19:04:43 GMT
I think you need to write off all your non performing loans before you can close your account. But if you have even 1 loan that AC still think has a remote possibility of recovering a pittance in future years, you still cannot close your account 🤬 Well that writes off a lot of the loan book.
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Post by Ace on Jun 29, 2023 19:21:31 GMT
Any ideas why #808 and #209 haven't been labelled irrecoverable?
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dead-money
Rocket to the Moon
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Post by dead-money on Jun 29, 2023 19:25:53 GMT
Well off the twenty seven loans AC have now declared irrecoverable, 100% I'd marked as 'Not Interested' / 'Wouldn't touch with a barge pole' back when they were launched. If only AC had done some due diligence and vetting of borrowers !
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iren
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Post by iren on Jun 29, 2023 19:40:07 GMT
All 4 of my remaining Standard MLIA loans are marked irrecoverable. There is no benefit to me in writing off any of them unless I can write off all of them and close the account. Two can't be written off, because only interest and no capital is outstanding, and there is apparently no write off option provided in these circumstances.
Also, what of fractional pennies left in cash accounts?
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