ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,906
Likes: 11,128
|
Post by ilmoro on Dec 15, 2022 12:45:36 GMT
Hope FOS is ready.
|
|
IFISAcava
Member of DD Central
Posts: 3,665
Likes: 2,989
|
Post by IFISAcava on Dec 15, 2022 12:54:21 GMT
gotta think this is the beginning of the end (or the end of the beginning of the end, or the final nail in the coffin - all metaphor suggestions accepted) for retail P2P, no?
Are you using Assetzcapital as a P2P role model, lol? Time to accept you've all been played for some time now. The BS pipe has run dry. What provision funds doing ?
The state/future role of the provision funds is very a good question (which is unlikely to be answered directly). I withdrew from Assetz a couple of years ago. Overall XIRR 5.65%. In fact I only have around 5% of my peak total P2P funds still invested (most of which is stuck due to platforms in wind down or administration). I have a decent overall XIRR from P2P but decided some time ago the risks and benefits of P2P were no longer sufficiently aligned for my particular circumstances to continue.
|
|
|
Post by overthehill on Dec 15, 2022 13:06:02 GMT
Naturally, there are more fees just to winddown the loanbook. It's going to be very expensive even though retail has only been 20% of the total funding for nearly 3 years. You can see the opportunities.
Everything has gone dark and money will be returned to our cash account. FCA, what financial provisions for winddown doing?
|
|
scooter
Member of DD Central
Posts: 363
Likes: 349
|
Post by scooter on Dec 15, 2022 13:09:04 GMT
I would like to wish everyone at AC a very Merry Christmas and a Happy New year.
|
|
jcb208
Member of DD Central
Posts: 821
Likes: 608
|
Post by jcb208 on Dec 15, 2022 13:19:34 GMT
I knew this would happen hope they will close my account now and pay me the £400 they owe me through GBBA
|
|
ceejay
Posts: 971
Likes: 1,149
|
Post by ceejay on Dec 15, 2022 13:21:16 GMT
I don't suppose the end of the AA's is a surprise to anyone - I extracted my last few pennies a few months ago, I'm glad to say.
But has anyone been caught out by the freezing of the MLA? No trading allowed, so you have to wait until the loans pay back, which could be a few years even for the good loans.
Or are we expecting an institutional buy-out?
|
|
mrk
Posts: 807
Likes: 753
|
Post by mrk on Dec 15, 2022 13:21:52 GMT
... I was just trying to sell the last chunk of my investment this morning, but the system refused due to a "platform update".
|
|
ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
|
Post by ashtondav on Dec 15, 2022 13:25:29 GMT
It is such a shame that mismanagement, incompetence, profiteering, schoolboy errors of judgement, dodgy communications and arbitrary fee impositions are no impediment to some folks.
Speaking generally and not about any individual entity or individual - of course
But on an AC specific note. Independent audit and review of the no doubt flush provision fund please.
|
|
trouble
Member of DD Central
Posts: 127
Likes: 97
|
Post by trouble on Dec 15, 2022 13:26:09 GMT
Haven't posted for a while.
The only reason P2P existed in the first place was because of the low interest rate environment for personal savings money. The money world is now having a long overdue reset with hopefully a better balance between interest rates for lenders and borrowers. Interest rates were kept artificially low for far too long.
I was in lots of P2P loans with lots of different providers, I actually really liked AC in the early years.
I commenced my exit from them around the time of the automated accounts as my returns plummeted in the MLIA as a result. Approx max investment of £110k returned c£33k of interest over a 3 year period (I don't know what my average investment was). I've got legacy money due of £2k (let's say I've lost that), so £31k off a peak investment of £110k going back to the days when you could pretty much invest in good risk loans paying 10%+. I'm happy with that.
So, it was good while it lasted, but for me that good period ended sometime around 5 to 6 years ago.
Hasta la vista everyone.
|
|
iano
Member of DD Central
Posts: 139
Likes: 175
|
Post by iano on Dec 15, 2022 13:26:23 GMT
I've run the vast majority of my holding down but still can't help being annoyed at AC slipping back into headless chicken mode. Unsurprisingly I see they've also taken the opportunity to do away with those pesky Q&A answers and hobbled the frequency of updates - to save us money of course.
|
|
trouble
Member of DD Central
Posts: 127
Likes: 97
|
Post by trouble on Dec 15, 2022 13:34:03 GMT
I would like to wish everyone at AC a very Merry Christmas and a Happy New year. One of the original customer service bods left 2 weeks ago as did the Head of Complaints (good foresight), I guess lots more will now be leaving as all those connected with customer service (retail side) are no longer required, not a nice Xmas present for them.
|
|
iRobot
Member of DD Central
Posts: 1,660
Likes: 2,454
|
Post by iRobot on Dec 15, 2022 13:35:15 GMT
I would like to wish everyone at AC a very Merry Christmas and a Happy New year. Well I certainly hope there are no redundancies amongst the rank-and-file of AC as a result of the announcement. Unless 'The Management' have confirmed to the staff otherwise, it might be a very nervous period for anyone who is in a solely Retail-facing role, especially given the economic outlook. edit: crossed with trouble 's post above.
|
|
agent69
Member of DD Central
Posts: 5,642
Likes: 4,214
|
Post by agent69 on Dec 15, 2022 13:44:24 GMT
Extract from the email
Whilst these more recently originated, higher interest rate loans (often 7% or more)
Whatever happened to the good old days of 15%?
|
|
Mike
Member of DD Central
Posts: 648
Likes: 444
|
Post by Mike on Dec 15, 2022 13:46:10 GMT
The final p2p platform I had lent on to close to new investment. It would be nice if they tried to find a buyer for some of the loanbook - even at a hefty discount I'd bite.
|
|
kmac
Member of DD Central
Posts: 71
Likes: 70
|
Post by kmac on Dec 15, 2022 13:47:21 GMT
I hope this is also the end to the 40 decimal places of a penny and that we will be able to close off these very small investments. Or are we plagued to take them to our deathbed and our children can inherit them!
|
|