alender
Member of DD Central
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Post by alender on Nov 29, 2022 15:12:06 GMT
alender - many good ideas but it's not going to happen. I'm just a casual observer round these parts as like you I got out of AC (along with a few others) after a certain highly senior member of AC made a patronising comment on this forum about us lenders knowing basically s*d all and he was the expert. My immediate thought was the lender was an inconvenient but necessary ingredient for AC. However the inconvenient lender's hard earned cash was being treated with contempt.
Just look at those loans that should have been defaulted/crystallised ages ago but whilst AC can continue to charge monthly monitoring fees...... It borders on the fees being charged by administrators of failed platforms. Nonetheless I believe we have to accept that it is AC first and the lender somewhere else - it's now in their DNA. They have long forgotten that it was the private lender that helped build the business and whilst I fully appreciate that businesses change over time, once you forget who your bread and butter is then effectively you're toast. All I see now is AC milking the system. A system which they devised and have silently changed over time so their interests will always be paramount - irrespective as to how they obtain those financial gains. Agree totally, it is why people like us got out, the point I am making are there are many options for AC to help protect the lenders but of course they not do any of these. Like so many others today AC forgot who put them where they are now and that never ends well. AC priorities in order are Directors Staff Borrowers Share holders Institutional Lenders . . . Office cat . . . Lenders However I think they so full of themselves they think lenders will be so impressed with their abilities they will go along with anything they say. Look at that email "This has led to the Access Accounts becoming less competitive than they were versus rates offered for some bank savings products" Really I would say uncompetitive "saw healthy net inflows of capital for a period. However, after continued interest rate rises, the Access Accounts are not now attracting further new capital on a net weekly basis, and we instead are seeing modest net outflows" So what did they do with all those "healthy net inflows" which made the "modest net outflows" a serious problem, either this is a lie or they could not wait to get commission on this new money even though everyone knew lending at current rates is a very dangerous game, did they not spot the Banks more or less stopped lending on mortgages until the financial fog clears. "If this was allowed to continue, then existing loans within the accounts that had future funding commitments, such as development loans with monthly draw down requirements, may not be in a position to be funded" Well did they not see this problem coming and stopped these type of loans at least until a more stable outlook as this is was what caused at lot of the issues when they last locked in, Those that fail to learn from history are doomed to repeat it, but in this case not with my money. "we have taken the difficult decision to start to carefully manage withdrawals" No you have taken the easy decision to block lenders from their own money "withdrawal requests from the Access Accounts will need to be matched to new investment coming into the account" What new investment, who in their right mind will invest, such hubris taking their lenders for fools. "This matched withdrawal and investment process will continue until such time as all of the loans that Access Account investors hold within those accounts, and that have future funding requirements, are fully funded. After that time, withdrawals will move to being funded by both new investment and also ongoing loan redemptions and repayments. We expect that to happen in around 12 months’ time unless circumstances change. " Great statement but how about some facts, repayments scheduled, future funding requirements on a per week or perhaps month, surely this should be some sort of sliding scale starting a % of withdrawals perhaps in a month building up to 100% after a certain period unless circumstances change. "No new loans will be funded by the Access Accounts whilst we are in these Non-Normal Market Conditions in order to speed the withdrawal process" Well there is a saving to be had, no new loans no requirement to staff this area, make saving and pass on to the lenders, in fact I do not see a time when there will be new investments into the accounts and not huge withdrawal queues so these staff will probably be surplus to requirements. "The Access Accounts hold a substantial number of loans originated during the period of lower interest rates" I knew inflation and interest rates would rise in the not too distant future as soon as the government started printing huge sums of money, I predicted 6 to 12 months after lockdown ends, in fact a lot of people knew this. AC were asleep ignoring facts so obvious to many of us and continue to make these loans especially ones with future tranches, there is a justification for the ones before lockdown but that was 2 1/2 years ago and should have been covered in the lock in period. "We are therefore looking at the potential for a new higher interest automated account, or an easy auto-invest process applied to the Manual Lending Account" Better to spend your efforts on solving the problems you created not cut the AAs adrift like you did with every one of your other automated account leaving lenders with large uncrystallised loses (so can't even use this as a tax offset) and AC with a new stream of commission.
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jo
Member of DD Central
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Post by jo on Nov 29, 2022 16:35:23 GMT
(ring ring)
'Hello Assetz?'
'Hi, I represent the Interest Rate Swaps Association; we have a message for your Board:'
'WE TRIED TO WARN YOU in 2021 when the Base Rate was 0.5'.
(click brrr).
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pikestaff
Member of DD Central
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Post by pikestaff on Nov 29, 2022 16:35:24 GMT
I have now totally lost faith in them and put my entire investment on withdrawal. A day too late it seems. Your post was very prophetic. Ditto but of course everyone will do the same.
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Post by df on Nov 29, 2022 18:47:41 GMT
I have now totally lost faith in them a nd put my entire investment on withdrawal. A day too late it seems. Your post was very prophetic. I put the few thousand I still had in AC there that was accessible (in theory) on notice to withdrawl a couple of weeks ago. Still, a few weeks too late as well it seems. In the past few months I was using QAA for storage of repayments and used it for funding new loans on MLA. Unfortunately the loan flow came down recently and I ended up with too much in QAA - the last lot of repayments I've invested in QAA was about 3 hours before receiving the e-mail. It's a very small sum anyway, so I'm not going to bother with trading at discounts. I've immediately made a withdrawal request at par just in case, but realistically nobody is going to invest in product like this without a significant discount. I'll just settle to see it through (I understand that the interest will still be paid).
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Post by gobuchul on Nov 29, 2022 19:03:31 GMT
I put the few thousand I still had in AC there that was accessible (in theory) on notice to withdrawl a couple of weeks ago. Still, a few weeks too late as well it seems. In the past few months I was using QAA for storage of repayments and used it for funding new loans on MLA. Unfortunately the loan flow came down recently and I ended up with too much in QAA - the last lot of repayments I've invested in QAA was about 3 hours before receiving the e-mail. It's a very small sum anyway, so I'm not going to bother with trading at discounts. I've immediately made a withdrawal request at par just in case, but realistically nobody is going to invest in product like this without a significant discount. I'll just settle to see it through (I understand that the interest will still be paid). Seems a 4.5% discount would do the trick at the moment but that's a bit toppy for me. I think I'll wait and see as I'm not in a panic to get the money. Sadly for me it is quite a lot of money I have tied up with them. Some of which I need for my daughter's wedding in a few months. After we got to 'Normal Market Conditions' after Covid I stupidly thought AC were not so bad after all. I never imagined that they would lock down again without a bloody good reason. Seems to me that they have been spooked by Loanpad's rapid rate rises (and others), seen a few outflows, and decided that rather than compete they would just lock us all in. I know the email says they could not raise rates but personally I think they could have found a way to get us to stay voluntarily with incentives rather than force us to stay. As other posters have said, clearly eating into their profits was just not an option. It is such a 'up yours' move that they must be fully aware no sane person will ever trust them again. They have pressed the self destruct button on the AC accounts and they clearly do not care one jot.
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rscal
Posts: 922
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Post by rscal on Nov 29, 2022 19:14:06 GMT
In the past few months I was using QAA for storage of repayments and used it for funding new loans on MLA. Unfortunately the loan flow came down recently and I ended up with too much in QAA - the last lot of repayments I've invested in QAA was about 3 hours before receiving the e-mail. It's a very small sum anyway, so I'm not going to bother with trading at discounts. I've immediately made a withdrawal request at par just in case, but realistically nobody is going to invest in product like this without a significant discount. I'll just settle to see it through (I understand that the interest will still be paid). Seems a 4.5% discount would do the trick at the moment but that's a bit toppy for me. I think I'll wait and see as I'm not in a panic to get the money. Sadly for me it is quite a lot of money I have tied up with them. Some of which I need for my daughter's wedding in a few months. After we got to 'Normal Market Conditions' after Covid I stupidly thought AC were not so bad after all. I never imagined that they would lock down again without a bloody good reason. Seems to me that they have been spooked by Loanpad's rapid rate rises (and others), seen a few outflows, and decided that rather than compete they would just lock us all in. I know the email says they could not raise rates but personally I think they could have found a way to get us to stay voluntarily with incentives rather than force us to stay. As other posters have said, clearly eating into their profits was just not an option. It is such a 'up yours' move that they must be fully aware no sane person will ever trust them again. They have pressed the self destruct button on the AC accounts and they clearly do not care one jot. Anyone like to post the text (cos I didn't get it - presumably from my preference settings)? Thanks.
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mrk
Posts: 807
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Post by mrk on Nov 29, 2022 19:45:15 GMT
Seems a 4.5% discount would do the trick at the moment but that's a bit toppy for me. I think I'll wait and see as I'm not in a panic to get the money. Sadly for me it is quite a lot of money I have tied up with them. Some of which I need for my daughter's wedding in a few months. After we got to 'Normal Market Conditions' after Covid I stupidly thought AC were not so bad after all. I never imagined that they would lock down again without a bloody good reason. Seems to me that they have been spooked by Loanpad's rapid rate rises (and others), seen a few outflows, and decided that rather than compete they would just lock us all in. I know the email says they could not raise rates but personally I think they could have found a way to get us to stay voluntarily with incentives rather than force us to stay. As other posters have said, clearly eating into their profits was just not an option. It is such a 'up yours' move that they must be fully aware no sane person will ever trust them again. They have pressed the self destruct button on the AC accounts and they clearly do not care one jot. Anyone like to post the text (cos I didn't get it - presumably from my preference settings)? Thanks. It's the same text that's on their website: An important update regarding the Access Accounts- Nov 22
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lara
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Post by lara on Nov 30, 2022 6:52:09 GMT
I am kicking myself for not being more on top of this. I had completed my notice period but just hadn't made the withdrawal instruction before they locked us in.
I've never used the discounting function before but am considering it at this point. At the moment I have everything set to withdraw and it looks like I can't now edit to add a discount, rather I'll have to cancel the instructions and re-do them?
Does anyone have any tactical tips about the best way to go about offering a discount? Thanks.
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Post by davefoz on Nov 30, 2022 7:25:15 GMT
Just look at those loans that should have been defaulted/crystallised ages ago but whilst AC can continue to charge monthly monitoring fees...... It borders on the fees being charged by administrators of failed platforms. Nonetheless I believe we have to accept that it is AC first and the lender somewhere else - it's now in their DNA. They have long forgotten that it was the private lender that helped build the business and whilst I fully appreciate that businesses change over time, once you forget who your bread and butter is then effectively you're toast. All I see now is AC milking the system. A system which they devised and have silently changed over time so their interests will always be paramount - irrespective as to how they obtain those financial gains. It borders on corruption as they know those fees are ultimately deducted from capital repayments to investors…. Never mind Stuart has Funds for another Bentley … how I miss his videos … condescending T..t! another
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Ukmikk
Member of DD Central
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Post by Ukmikk on Nov 30, 2022 11:43:08 GMT
I am kicking myself for not being more on top of this. I had completed my notice period but just hadn't made the withdrawal instruction before they locked us in. I've never used the discounting function before but am considering it at this point. At the moment I have everything set to withdraw and it looks like I can't now edit to add a discount, rather I'll have to cancel the instructions and re-do them? Does anyone have any tactical tips about the best way to go about offering a discount? Thanks. I may have misunderstood what you're saying, but.. if you have given notice and that completed before the lock-in, then the funds should be in your cash account and can be withdrawn. Cash is not locked in, as it's not invested, is it?
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lara
Posts: 345
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Post by lara on Nov 30, 2022 17:40:54 GMT
I am kicking myself for not being more on top of this. I had completed my notice period but just hadn't made the withdrawal instruction before they locked us in. I've never used the discounting function before but am considering it at this point. At the moment I have everything set to withdraw and it looks like I can't now edit to add a discount, rather I'll have to cancel the instructions and re-do them? Does anyone have any tactical tips about the best way to go about offering a discount? Thanks. I may have misunderstood what you're saying, but.. if you have given notice and that completed before the lock-in, then the funds should be in your cash account and can be withdrawn. Cash is not locked in, as it's not invested, is it? I moved the funds from the 30DAA to the QAA once the notice period was complete. Then I dilly dallied over moving the money off the platform altogether.
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Post by df on Nov 30, 2022 21:17:14 GMT
I may have misunderstood what you're saying, but.. if you have given notice and that completed before the lock-in, then the funds should be in your cash account and can be withdrawn. Cash is not locked in, as it's not invested, is it? I moved the funds from the 30DAA to the QAA once the notice period was complete. Then I dilly dallied over moving the money off the platform altogether. If the funds were moved to QAA they are stuck in QAA. To sell at discount you should first decide how low you are prepared to go. Then click "withdraw", "discounting options", type your desired discount and you will see if you can sell it or not. If it says that you can, try to reduce your discount to the point where it says that you can't - then go for the best you can sell it for. At the moment it's -2.5%, but it might get better after the panic is over, you never know.
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lara
Posts: 345
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Post by lara on Nov 30, 2022 23:35:22 GMT
I moved the funds from the 30DAA to the QAA once the notice period was complete. Then I dilly dallied over moving the money off the platform altogether. If the funds were moved to QAA they are stuck in QAA. To sell at discount you should first decide how low you are prepared to go. Then click "withdraw", "discounting options", type your desired discount and you will see if you can sell it or not. If it says that you can, try to reduce your discount to the point where it says that you can't - then go for the best you can sell it for. At the moment it's -2.5%, but it might get better after the panic is over, you never know. Thanks very much. Any thoughts about how large or small the amount I discount at one time should be? Would I have to think in terms of tens or hundreds of pounds to have a better chance of being accepted or would a larger sum have as much chance of being successful? Is there a way of seeing how much money is available for investment?
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Post by df on Dec 1, 2022 12:36:29 GMT
If the funds were moved to QAA they are stuck in QAA. To sell at discount you should first decide how low you are prepared to go. Then click "withdraw", "discounting options", type your desired discount and you will see if you can sell it or not. If it says that you can, try to reduce your discount to the point where it says that you can't - then go for the best you can sell it for. At the moment it's -2.5%, but it might get better after the panic is over, you never know. Thanks very much. Any thoughts about how large or small the amount I discount at one time should be? Would I have to think in terms of tens or hundreds of pounds to have a better chance of being accepted or would a larger sum have as much chance of being successful? Is there a way of seeing how much money is available for investment? You are welcome. Try to sell the sum you want to sell and it will tell you how much you can sell at your chosen discount. For example, yesterday I've requested to sell £240 and the system told me that I can only sell £70 at my chosen discount - in other words you can sell a chunk of what you've requested and then try to sell the rest later. I don't think you can see the queue. Just need to keep trying. This morning I sold the remaining sum in 2 chunks, first at -1,5% and the second at -2%.
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easynow
Member of DD Central
Popcorn anyone?
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Post by easynow on Dec 1, 2022 12:52:36 GMT
If the funds were moved to QAA they are stuck in QAA. To sell at discount you should first decide how low you are prepared to go. Then click "withdraw", "discounting options", type your desired discount and you will see if you can sell it or not. If it says that you can, try to reduce your discount to the point where it says that you can't - then go for the best you can sell it for. At the moment it's -2.5%, but it might get better after the panic is over, you never know. Thanks very much. Any thoughts about how large or small the amount I discount at one time should be? Would I have to think in terms of tens or hundreds of pounds to have a better chance of being accepted or would a larger sum have as much chance of being successful? Is there a way of seeing how much money is available for investment? Set the amount you want to sell (its better to do in smaller chunks so you can cancel unsold lots if you feel the need to change your discount) then choose the discounting option, increase your discount up in multiples of 0.1% until it shows you availability to sell, thats assuming you are in a hurry. For the record, I sold at 0.6-0.7% discount this morning with no trouble, dont entertain more than 1% unless you are desperate to get your cash.
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