rscal
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Post by rscal on Jan 20, 2023 20:12:05 GMT
2 loans I partly hold in the PSA/GBBA2 and updated today will receive payouts by the PF end of Feb>
#528 • £45,957.32 (AAs). • £15,096.04 (PSA) [of £82,405.92 outstanding] #557 • £6,707.96 (AAs). • £51,336.19 (GBBA2) [of £126,780.53 outstanding] both '100%' of applicable investments
Any others spotted? From updates I can't view, I'm guessing also
#314, #336, #395, #431, #911 and #1035
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Post by Ace on Jan 20, 2023 20:25:46 GMT
2 loans I partly hold in the PSA/GBBA2 and updated today will receive payouts by the PF end of Feb> #528 • £45,957.32 (AAs). • £15,096.04 (PSA) [of £82,405.92 outstanding] #557 • £6,707.96 (AAs). • £51,336.19 (GBBA2) [of £126,780.53 outstanding] both '100%' of applicable investments Any others spotted? From updates I can't view, I'm guessing also #314, #336, #395, #431, #911 and #1035 Yes for #336.
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rscal
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Post by rscal on Jan 20, 2023 20:32:46 GMT
Unrelated, but the question now comes to my mind:
For those wholly in AAs receiving pay-as-redeemed amounts pro-rata payouts, when do they realise their losses? Since all AA investors hold the same 'portfolio' and presumably AC 'rebalances' the portfolio as individual loans redeem and reduces the number in it, and some loans don't redeem with some sort of question-mark over them, then 'where' and 'when' do AAs register actual losses for tax purposes? Is this during the wind-down period [as individual loans are declared irrecoverable?] or only at the end [whenever that day comes]?
Of course, all AA investors should be on an identical losing streak but I would assume [now I think about it] that no losses need occur in the near future until the final payment is made five and some years from now provided the PF can pay out 'as/when' individual loans reach the irrecoverable stage. The problem of course is AC being reluctant to call it a day [i.e. trying not to be over hasty] just b/c we are in wind-down and making 'automatic' PF payments. [It's all rather vague still, isn't it?]
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alender
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Post by alender on Jan 20, 2023 22:14:40 GMT
Of course, all AA investors should be on an identical losing streak I would imagine that is the way AC will play it but as I understand the PF was not the same size (proportion) in all the AAs so thoes in the accounts with the larger PF which I think is the access account will have received less interest but have greater protection until AC amalgamated the accounts.
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Post by overthehill on Jan 20, 2023 22:26:09 GMT
2 loans I partly hold in the PSA/GBBA2 and updated today will receive payouts by the PF end of Feb> #528 • £45,957.32 (AAs). • £15,096.04 (PSA) [of £82,405.92 outstanding] #557 • £6,707.96 (AAs). • £51,336.19 (GBBA2) [of £126,780.53 outstanding] both '100%' of applicable investments Any others spotted? From updates I can't view, I'm guessing also #314, #336, #395, #431, #911 and #1035 Yes for #336.
So they are repaying the outstanding capital for GBBA2 and others but nothing at all for GBBA. Guess where my money is ? I probably should be thankful I bailed out a while ago.
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bugs4me
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Post by bugs4me on Jan 22, 2023 10:02:47 GMT
So they are repaying the outstanding capital for GBBA2 and others but nothing at all for GBBA. Guess where my money is ? I probably should be thankful I bailed out a while ago.
I'm also out of AC - got out during the good times - more of a gut feeling. From memory, was the PF 'raided' a while back to help AC repay their c**k up with a turbine loan or am I thinking of something else. It was meant to be replenished at some stage.
Anything surplus in the PF after all loans had repaid was due back to AC but it should never have got to the stage of zero. Casts serious doubts about the risk ratio calculations at AC although I suspect that as they've booted out retail they no longer care.
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iann
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Post by iann on Jan 24, 2023 7:10:35 GMT
2 loans I partly hold in the PSA/GBBA2 and updated today will receive payouts by the PF end of Feb> #528 • £45,957.32 (AAs). • £15,096.04 (PSA) [of £82,405.92 outstanding] #557 • £6,707.96 (AAs). • £51,336.19 (GBBA2) [of £126,780.53 outstanding] both '100%' of applicable investments Any others spotted? From updates I can't view, I'm guessing also #314, #336, #395, #431, #911 and #1035 Yes for #336. #336 • £4,579.33 (AAs) • £33,162.00 (GBBA2) [of £714,375.47 outstanding] also '100%' of applicable investments.
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ferdy
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Post by ferdy on Jan 24, 2023 9:43:31 GMT
So they are repaying the outstanding capital for GBBA2 and others but nothing at all for GBBA. Guess where my money is ? I probably should be thankful I bailed out a while ago.
Any idea why GBBA is excluded from the payout ? I am confused.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Jan 24, 2023 9:52:09 GMT
Its provision fund is empty
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Post by overthehill on Jan 24, 2023 10:30:47 GMT
So they are repaying the outstanding capital for GBBA2 and others but nothing at all for GBBA. Guess where my money is ? I probably should be thankful I bailed out a while ago.
Any idea why GBBA is excluded from the payout ? I am confused.
No, other than they are AC. Close down a decrepit business account with an exhausted provision fund and piles of outstanding defaults, then ringfence it and open a brand new shiny business account v2. Their business model has always been totally unique in my P2P portfolio.
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rscal
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Post by rscal on Jan 24, 2023 11:05:00 GMT
Any idea why GBBA is excluded from the payout ? I am confused.
No, other than they are AC. Close down a decrepit business account with an exhausted provision fund and piles of outstanding defaults, then ringfence it and open a brand new shiny business account v2. Their business model has always been totally unique in my P2P portfolio.
It's worse. The 'wind-down arrangement' [that's the official term for it in the www.assetzcapital.co.uk/wind-down-arrangements ] is a formal statement of how they 'should' do things that is quite at variance with how they 'are' doing them according to the infamous 15 Dec 'memo'. In particular, the WDA doesn't say anything about having investor fees. Under 'risks' instead it says: " in our estimation, the monitoring income Assetz Capital is entitled to under the loan agreements is more than sufficient to cover the expected costs of winding down the loan book" and they would " continue to operate the Provision Funds in line with our Provision Fund policy" That '2.9%' [of performing loans ] for the first six months they are planning to start collecting next month .. that 2.9% crimping of interest is 'ring fenced' in the official document to keep provision funds in existence - not syphoned off: Makes me think one reason for the sudden use of the remaining PFs now is to exhaust them - as part of the plan to justify fee-dipping that is otherwise questionable. [Or am I attributing to Machiavellianism that which can more readily be attributed to slough?]
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Post by davefoz on Jan 25, 2023 7:14:14 GMT
Any idea why GBBA is excluded from the payout ? I am confused.
No, other than they are AC. Close down a decrepit business account with an exhausted provision fund and piles of outstanding defaults, then ringfence it and open a brand new shiny business account v2. Their business model has always been totally unique in my P2P portfolio.
Because Stuart law is a thieving bar steward as good an explanation as you could get ….. all AC fees and income derived from investments in GBBA and then leave investors high and dry …..Ombudsman first and then go legal …. Most blatant abuse of process yet
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rscal
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Post by rscal on Jan 25, 2023 10:26:26 GMT
No, other than they are AC. Close down a decrepit business account with an exhausted provision fund and piles of outstanding defaults, then ringfence it and open a brand new shiny business account v2. Their business model has always been totally unique in my P2P portfolio.
Because Stuart law is a thieving bar steward as good an explanation as you could get ….. all AC fees and income derived from investments in GBBA and then leave investors high and dry …..Ombudsman first and then go legal …. Most blatant abuse of process yet It looks like the turn of this conversation has finally got us booted off the main board!
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alender
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Post by alender on Jan 25, 2023 11:32:33 GMT
No, other than they are AC. Close down a decrepit business account with an exhausted provision fund and piles of outstanding defaults, then ringfence it and open a brand new shiny business account v2. Their business model has always been totally unique in my P2P portfolio.
Because Stuart law is a thieving bar steward as good an explanation as you could get ….. all AC fees and income derived from investments in GBBA and then leave investors high and dry …..Ombudsman first and then go legal …. Most blatant abuse of process yet Wonder if Stuart Law is a long distant relative of John Law, if you are unfamiliar with him google him and take a look at his story fascinating read and lesion to our Governments for the last 25 years.
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Post by anthony on Feb 28, 2023 17:31:03 GMT
The payouts look to have been made during this afternoon.
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