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Post by df on Jun 29, 2023 19:48:34 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. My "irrecoverables" amount to 3.34% of my total funds on platform so I can't see much benefit in using this feature. My longest term loans still have 52 weeks to go, so I may as well leave it as it is for now.
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rscal
Posts: 985
Likes: 537
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Post by rscal on Jun 29, 2023 20:48:10 GMT
I should read things from AC more carefully. I had the impression we would be able to move ALL of our non performing/non interest bearing 'in recovery' loans away from the 'good' ones into a bespoke 'box' - nothing about signing away rights (they didn't put that in the previous notices did they?). Only by that means do we see how much we have left and what the representative interest rate should be. That's not what this is however.
Once again AC manages to mess up something relatively simple for the sake of artsy fartsy cleverness. Rather than go for divorcing its customers they are using the 'desertion'/'missing assumed dead' after seven years approach.
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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 Jun 29, 2023 20:54:34 GMT
Any ideas why #808 and #209 haven't been labelled irrecoverable? #808 Formal demand issued to the guarantor so I guess time is being allowed for a response before its formally written off
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iren
Member of DD Central
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Likes: 300
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Post by iren on Jul 3, 2023 12:59:33 GMT
I've received a reply from AC, confirming they are working on a fix to allow loans that have only accrued interest and no capital outstanding, to be written off under the new process.
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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 Jul 3, 2023 13:31:23 GMT
I've received a reply from AC, confirming they are working on a fix to allow loans that have only accrued interest and no capital outstanding, to be written off under the new process. Sounds about ACs current level of competence ... 3 years to design a feature & then only does half the job. Wonder how much fee income we'll end up having to fork out for that?
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Post by Ace on Jul 3, 2023 13:37:30 GMT
Yes, couldn't be bothered, despite several promises, then they figure a way to get someone else (us) to pay for it.
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warn
Member of DD Central
Curmudgeon
Posts: 636
Likes: 658
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Post by warn on Jul 4, 2023 7:22:51 GMT
I'm beginning to wish that I'd abandoned AC when Andrew Holgate did.
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warn
Member of DD Central
Curmudgeon
Posts: 636
Likes: 658
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Post by warn on Jul 4, 2023 14:27:01 GMT
Welcome back to the forum, Chris  |
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Post by chrismellish on Jul 4, 2023 20:51:59 GMT
Welcome back to the forum, Chris Thank you. It's with very mixed feelings that I return on here. I actually resigned last May and was on gardening leave from August, so wasn't present for the decisions that have been made but couldn't speak up at the time due to contractual restrictions. When I co-founded the business it was the idea of democratising finance, giving the little guy the opportunity to access the same investment opportunities as the wealthy, that attracted me and drove many of the decisions and design choices. This was also why I historically always put the time and effort into engaging on here. So it saddens me greatly how things have worked out and some of the decisions that have been made along the way. This wasn't what I had set out to achieve for investors all those years ago. I do hope that lender losses are kept to a minimum, although I fundamentally disagree with the approach being taken and I'm genuinely surprised the business feels it can get away with the fee. Hopefully those who have complained to the ombudsman are successful.
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Post by Ace on Jul 4, 2023 21:04:25 GMT
Welcome back to the forum, Chris Thank you. It's with very mixed feelings that I return on here. I actually resigned last May and was on gardening leave from August, so wasn't present for the decisions that have been made but couldn't speak up at the time due to contractual restrictions. When I co-founded the business it was the idea of democratising finance, giving the little guy the opportunity to access the same investment opportunities as the wealthy, that attracted me and drove many of the decisions and design choices. This was also why I historically always put the time and effort into engaging on here. So it saddens me greatly how things have worked out and some of the decisions that have been made along the way. This wasn't what I had set out to achieve for investors all those years ago. I do hope that lender losses are kept to a minimum, although I fundamentally disagree with the approach being taken and I'm genuinely surprised the business feels it can get away with the fee. Hopefully those who have complained to the ombudsman are successful. Thanks for speaking up Chris. Your's was always the voice of sanity.
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ceejay
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Post by ceejay on Jul 5, 2023 11:05:49 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? Re the fractional pennies - IIRC I successfully closed an account a while ago that had just fractional pennies in cash, so that shouldn't be a problem. In the account that I still have open, I've abandoned a couple of loans - which really are not recoverable - mainly so that if someone else has to take over this account for me (executor or attorney) they're not misled by something that isn't really there. Their job will be hard enough, without having to deal with unnecessary nonsense. (I was pleased to be able to close off my FC account in this way, for the same reason - it was returning pennies a year but that in no way justified the effort it would have created.) That just leaves me now with a couple of MLA loans where there ought to be some recovery, which I'm happy to hang on to for a while.
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Post by Ace on Sept 16, 2023 16:25:13 GMT
The table in the OP has been updated (a few days late due to holiday).
The forecast XIRR including the Predicted Capital Losses has dropped significantly due to an increase in the expected loss for loan #1122.
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Post by Ace on Nov 12, 2024 19:46:47 GMT
The table in the OP has been updated.
The forecast XIRR including the Predicted Capital Losses has dropped again due to an increase in the expected loss for loan #824. It can't fall much further as the remaining capital in my MLA account is now in single figures. It now looks like the final XIRR will end up pretty close to what could have been achieved in FSCS protected accounts during the time that the majority of my cash was invested. So, my experience with AC will turn out to be a complete waste of time. The main reason for the poor performance is AC's insistence on continuing to charge high monitoring fees during the platform rundown, despite that monitoring turning out to be of very little value to investors.
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