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Post by Harland Kearney on Dec 15, 2022 13:59:08 GMT
I hope my advice & from many others was taken to sell at a discount from the troubled AA's to the drum of saving just a 1% in discount fees. It baffled me that some were still justifying that better days were to come like last time. This isn't 0% interest COVID anymore.
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Post by overthehill on Dec 15, 2022 14:02:12 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?
With growth street, drawdown was executed professionally and exactly as I expected with no penalties whatsoever despite the few panic merchants on here.
Based on events and communications at AC over the last 5 years bearing in mind the current level of already delinquent loans. Answers on a postcard.
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Steerpike
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Post by Steerpike on Dec 15, 2022 14:10:20 GMT
Can't help feeling a little twinge of sadness at the passing of an era.
Started P2P investing with AC in 2013 and my investment peaked at the end of 2019, since then I have steadily withdrawn everything apart from distressed loans in standard and ISA MLAs.
It became clear some time ago that AC had outgrown retail lenders and that was starkly obvious during lockdown.
Over the years I invested in AC on Seedrs, albeit much smaller sums than as a retail P2P investor, and even bought a few more AC shares on the Seedrs secondary market this week.
As a (small) shareholder I see the switch to institutional only as a positive step.
As a (now relatively small) retail P2P investor I am not happy about the punitive run-off lender fees and struggle to see the justification particularly given the almost immediate reduction in costs and hefty fees levied on loans anyway. Given that they now care nothing for their reputation with retail lenders they probably feel able to charge whatever they want.
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rscal
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Post by rscal on Dec 15, 2022 14:27:08 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?
With growth street, drawdown was executed professionally and exactly as I expected with no penalties whatsoever despite the few panic merchants on here.
Based on events and communications at AC over the last 5 years bearing in mind the current level of already delinquent loans. Answers on a postcard.
Yes but Growthstreet was revolving credit for businesses. I can't recall how it was done but the borrowing businesses effectively had to go out and fish for new creditors - a much more benign scenario to this one for investors I think.
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rscal
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Post by rscal on Dec 15, 2022 14:31:05 GMT
Haven't read it yet.. just admiring the acreage of prose used - whole forests felled to say the few words "we effed up" Stewart may be a man of stature but never concision.
[Not that bloviation is some kind of red flag in business or anything....]
Right, now's where's me cocoa?
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michaelc
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Post by michaelc on Dec 15, 2022 14:32:21 GMT
Can't help feeling a little twinge of sadness at the passing of an era.
Started P2P investing with AC in 2013 and my investment peaked at the end of 2019, since then I have steadily withdrawn everything apart from distressed loans in standard and ISA MLAs.
It became clear some time ago that AC had outgrown retail lenders and that was starkly obvious during lockdown.
Over the years I invested in AC on Seedrs, albeit much smaller sums than as a retail P2P investor, and even bought a few more AC shares on the Seedrs secondary market this week.
As a (small) shareholder I see the switch to institutional only as a positive step.
As a (now relatively small) retail P2P investor I am not happy about the punitive run-off lender fees and struggle to see the justification particularly given the almost immediate reduction in costs and hefty fees levied on loans anyway. Given that they now care nothing for their reputation with retail lenders they probably feel able to charge whatever they want.
No nostalgia for me but that's probably because I got involved after the party had finished at the end of 2016.
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rick24
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Post by rick24 on Dec 15, 2022 14:34:48 GMT
As anticipated (or feared). I haven't added money for a couple of years and I have traded out of remaining loans over the last 6 months or so, leaving only defaults, which will have to be written off anyway. In view of the demise of other platforms, I was thinking Assetz might go insolvent, but the institutional money could well keep it going. The institutions might be looking for a better deal and more say, however.
I wish I had been a bit more fleet of foot with Property Partner!
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Dec 15, 2022 14:41:31 GMT
Site seems to be inaccessible when I try to log in.
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duck
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Post by duck on Dec 15, 2022 15:06:38 GMT
Site seems to be inaccessible when I try to log in. Working for me.
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JamesFrance
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Post by JamesFrance on Dec 15, 2022 15:14:19 GMT
Site seems to be inaccessible when I try to log in. Working for me. That's odd I cannot access log in page either from Lastpass or just opening the main screen and looking around for it.
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scooter
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Post by scooter on Dec 15, 2022 15:25:05 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. You don't think the institutional investors will be queuing up to buy them then? Funny that.
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walktall7
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Post by walktall7 on Dec 15, 2022 15:35:11 GMT
I have just been able to log in and withdraw a few coppers.
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rscal
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Post by rscal on Dec 15, 2022 15:39:16 GMT
Could these institutional investors be invited to buy out any of the loans they are prepared to forward fund? I mean, what's in it for them to continue funding 'our' loans?
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iRobot
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Post by iRobot on Dec 15, 2022 15:46:51 GMT
Well-timed update from Loandpad this afternoon " It is important for us to express that we are hugely grateful for the trust and support our investors continue to place in Loanpad and we are very excited about the prospects for the coming year ahead."
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ton27
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Post by ton27 on Dec 15, 2022 16:17:05 GMT
No real surprise that the Retail side is closing in spite of SL's recent statements to the contrary. Also no surprise that AC screw their retail lenders on the way out. They are charging Lenders a fee to leave even though it is AC's decision to close retail lending and no doubt the provision funds will prove to be totally inadequate, will not be topped up and will leave lenders in the Access accounts with substantial losses. A totally shabby and dishonourable move but pretty indicative of the way AC has treated its retail lenders for the past several years. Fortunately and luckily I have been running down my funds on the platform which are now only 15% of what they were (although still substantial). Also my interest earned exceeds my total investment on the platform and massively so taking into account my "bad debt provisions. Terrible behaviour, AC.
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