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Post by df on Dec 22, 2022 21:35:41 GMT
Like other lenders, I do not understand why Assetz Capital has suspended the ability to exit using a discount. During the pandemic the ability to exit both the QAA and MLA was maintained, with significant discounts available on some loans. I do not understand why lenders are being denied the ability to exit now. It is now clear that the plan to repay lenders pro – rata for each loan will make the orderly transfer of ISA holdings impossible, allowing lenders to exit at a discount will make the transfer process far simpler. Assetz Capital must clearly understand the difficulties now faced by some lenders. Retaining lenders ability to exit could go some way to addressing current sentiment and in turn the number of complaints directed towards the FCA. You can't have SM in wind down scenario. What they could've done is to announce the wind down few days in advance as ABL did... Those who are desperate could get out and the brave could have discounts that worth the risk, but I don't think AC cares much about us, especially now when we are the redundant part of the business).
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Greenwood2
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Post by Greenwood2 on Dec 22, 2022 21:44:34 GMT
Would anyone buy on the SM during wind down? Seems like a very dangerous thing to do needing a huge discount maybe.
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blender
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Post by blender on Dec 22, 2022 22:58:04 GMT
Like other lenders, I do not understand why Assetz Capital has suspended the ability to exit using a discount. During the pandemic the ability to exit both the QAA and MLA was maintained, with significant discounts available on some loans. I do not understand why lenders are being denied the ability to exit now. It is now clear that the plan to repay lenders pro – rata for each loan will make the orderly transfer of ISA holdings impossible, allowing lenders to exit at a discount will make the transfer process far simpler. Assetz Capital must clearly understand the difficulties now faced by some lenders. Retaining lenders ability to exit could go some way to addressing current sentiment and in turn the number of complaints directed towards the FCA. You can't have SM in wind down scenario. What they could've done is to announce the wind down few days in advance as ABL did... Those who are desperate could get out and the brave could have discounts that worth the risk, but I don't think AC cares much about us, especially now when we are the redundant part of the business). Quite so, unfortunately. The wind down means no new loans and no new loan contracts between lenders and borrowers. However, I don't quite understand why it is permissible to set up new loan contracts between retail lenders and borrowers who need extra tranches. That should only be funded by institutional lenders. I would be surprised if the FCA has agreed that.
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dave2
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Post by dave2 on Dec 23, 2022 2:31:48 GMT
The wind down means no new loans and no new loan contracts between lenders and borrowers. However, I don't quite understand why it is permissible to set up new loan contracts between retail lenders and borrowers who need extra tranches. That should only be funded by institutional lenders. I would be surprised if the FCA has agreed that. Will all loans be called in at their scheduled maturity date, or will lender votes still be held to allow extension?
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Post by jevans4949 on Dec 23, 2022 10:35:04 GMT
When I signed up to Assetz, using MLA only, I did in on the basis that there was a secondary market if I needed my money back urgently. Now I am locked in for the next five years. I am surprised the FCA allow this.
The same applies to Ablrate.
Zopa were good enough to buy us out of existing loans when they dropped out of the P2P business.
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toffeeboy
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Post by toffeeboy on Dec 23, 2022 12:52:54 GMT
Ratesetter did the same. Bought back all loans so a clean and easy exit and they got complete control.
This is a shocking way to go for anyone with money in an ISA and once again assuming the FCA have approved this then they are a joke without a clue.
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ton27
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Post by ton27 on Dec 23, 2022 16:28:12 GMT
Ratesetter did the same. Bought back all loans so a clean and easy exit and they got complete control. This is a shocking way to go for anyone with money in an ISA and once again assuming the FCA have approved this then they are a joke without a clue. Totally agree. What AC have done is bad enough for all retail lenders but much worse for those with IFISAs. I am surprised the FCA did not think this unfair but then what use has the FCA been to any lender.....ever?
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Post by get2jaime on Jan 2, 2023 22:55:47 GMT
When I signed up to Assetz, using MLA only, I did in on the basis that there was a secondary market if I needed my money back urgently. Now I am locked in for the next five years. I am surprised the FCA allow this.
The same applies to Ablrate.
Zopa were good enough to buy us out of existing loans when they dropped out of the P2P business.
Sadly this wind down will be similar to Funding Circle's closure to lenders, still trying to exit money from that account even now! The only positive I can see is that the time to exit may assist with the overall recovery of loans in default. Maybe!
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bugs4me
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Post by bugs4me on Jan 4, 2023 10:35:23 GMT
When I signed up to Assetz, using MLA only, I did in on the basis that there was a secondary market if I needed my money back urgently. Now I am locked in for the next five years. I am surprised the FCA allow this.
The same applies to Ablrate.
Zopa were good enough to buy us out of existing loans when they dropped out of the P2P business.
Sadly this wind down will be similar to Funding Circle's closure to lenders, still trying to exit money from that account even now! The only positive I can see is that the time to exit may assist with the overall recovery of loans in default. Maybe! get2jaime - I think your 'maybe' is the correct word. Unless AC are prepared/willing to write-off/crystallise those defaults and bring the PF into play even though it is discretionary I can see this running for years. AC though is a changed animal from when it first launched. Transparency and communication is no longer part of their DNA in my book.
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Post by jevans4949 on Jan 4, 2023 11:24:11 GMT
Sadly this wind down will be similar to Funding Circle's closure to lenders, still trying to exit money from that account even now! The only positive I can see is that the time to exit may assist with the overall recovery of loans in default. Maybe! get2jaime - I think your 'maybe' is the correct word. Unless AC are prepared/willing to write-off/crystallise those defaults and bring the PF into play even though it is discretionary I can see this running for years. AC though is a changed animal from when it first launched. Transparency and communication is no longer part of their DNA in my book. Just sorted my portfolio by months outstanding. Didn't buy into some of the later loans, but a number have 54 months outstanding, which is 4.5 years, and that's not allowing for all the extensions that will be requsted, as well as the defaults. Not tempted to invest in any other product under the Assetz banner.
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rscal
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Post by rscal on Jan 4, 2023 12:54:27 GMT
There's an update which actually has something to add to this appearing today [#444]
[...and OUR cash??]
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Post by df on Jan 4, 2023 16:18:12 GMT
get2jaime - I think your 'maybe' is the correct word. Unless AC are prepared/willing to write-off/crystallise those defaults and bring the PF into play even though it is discretionary I can see this running for years. AC though is a changed animal from when it first launched. Transparency and communication is no longer part of their DNA in my book. Just sorted my portfolio by months outstanding. Didn't buy into some of the later loans, but a number have 54 months outstanding, which is 4.5 years, and that's not allowing for all the extensions that will be requsted, as well as the defaults. Not tempted to invest in any other product under the Assetz banner. I've been investing in all 7%+ until they stopped coming, so it's 58 months for me... In the event of default you can probably add another 5 years for court cases etc. so it might be 10 years until we'll see the end of it.
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ilmoro
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'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 Jan 4, 2023 21:15:48 GMT
There's an update which actually has something to add to this appearing today [#444] [...and OUR cash??] Amazing isnt it - nearly every failed platform has managed to master crystallising losses, yet AC cant. Its clearly not difficult, you just state its written off, and remove the loan from the platform balances and stick it in repaid ... why do AC always manage to find some legal complexity which doesnt seem to actually exist?
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ton27
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Post by ton27 on Jan 5, 2023 17:25:27 GMT
I can think of words other than "amazing" to describe AC's performance on this point - incompetent and arrogant spring to mind, but I am sure there are lots more!
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jo
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Post by jo on Jan 5, 2023 17:54:49 GMT
'wE NeEd yOu tO sURrEndeR yOUr rIGhTs'
(so we can flog them to a vulture fund).
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