rscal
Posts: 985
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Post by rscal on Mar 22, 2023 17:30:08 GMT
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,581
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Post by keitha on Mar 22, 2023 18:11:12 GMT
if there really 187 Billion invested
or should the £,000 at the top of the columns be removed
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Post by bob2010 on Mar 22, 2023 18:26:59 GMT
Seems they're preparing themselves to liquidate the entity by stripping out the profitable parts.
They're also setting a minimum amount that can be withdrawn and at certain times. How on earth is this legal?
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Post by crabbyoldgit on Mar 22, 2023 18:41:36 GMT
Absolutely, that casual were just renaming of bits of the business for admin purposes is the real news. This is separating the retail and non retail into separate businesses .They have would seem up to now have operated as a single financial entity where any creditor liabilities would have access to the funds of both sides of the operation.This means if this goes ahead they can put the retail side into administration with any liabilities attached and walk away with the institutional side uneffected. Question is, can we effectively object to this move in any way, that is well beyond my knowledge.
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Post by bob2010 on Mar 22, 2023 18:45:41 GMT
Absolutely, that casual were just renaming of bits of the business for admin purposes is the real news. This is separating the retail and non retail into separate businesses .They have would seem up to now have operated as a single financial entity where any creditor liabilities would have access to the funds of both sides of the operation.This means if this goes ahead they can put the retail side into administration with any liabilities attached and walk away with the institutional side uneffected. Question is, can we effectively object to this move in any way, that is well beyond my knowledge.
Assetz SME Capital Limited (100% owned subsidiary) This is the regulated P2P lender, now running down its loan book over the coming years. Following the end of funding demand for new loans from retail investors in 2022, we closed the platform to new investment in December 2022 and closed the secondary market to help reduce operational costs that could impact investor returns.
This company is also reducing in team size as part of that cost reduction, as it no longer originates retail funded loans. It will manage the existing loan book for retail lenders over the coming years. It also manages the existing institutionally funded loan book for the time being.
The reduction in team size only relates to roles that were unrelated to managing the loan book and its repayment or recovery, and also complying with relevant regulations over that period. Many colleagues are moving over to the new subsidiary for institutional lending below, and the overhead reduction for this business is expected to have been mostly completed by July 2023.
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rscal
Posts: 985
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Post by rscal on May 5, 2023 11:47:45 GMT
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Post by bob2010 on May 5, 2023 13:39:28 GMT
Taken from their 22 March 2023 update: Presumably the transfer of staff has taken longer than planned and us investors are effectively footing that bill when instead they should be recharging those costs to Assetz Capital Ltd.
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rscal
Posts: 985
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Post by rscal on Jun 16, 2023 17:03:54 GMT
6pm not 5 todayAnother 'Quarterly Report' just in: mailchi.mp/20f2615368d6/update-regarding-retail-investment-on-assetz-capital-874341Have fixed that 'nasty' typo from last time at last.  But now the p*** t*k* commences: [They've given either less than 30 days or less than 'none' depending on how you interpret you are being charged for 'June' at a new, higher rate] This shunting of the fee is probably a feeble attempt to head off complaints by dropping the headline ASAP in the hope passive customers assume it is a fait accompli and won't raise a complaint for the sake of '0.9%' after September and then reason: "it's only for a couple more quarters, innit?". No, that's a 'smash and grab raid', stuartassetzcapital [Besides that how can you claim a 'five year average' if the fee is only collected over TWO years? It's not '0.88%pa' over FIVE, it's '3.52%' then '0.9%' and that's '2.21%' over TWO]
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Post by bob2010 on Jun 16, 2023 17:15:18 GMT
So effectively negative interest and with no option but to pay it. Perhaps they're covering themselves for potential legal action, but why are they passing their fees into us and not from their profitable institutional business.
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ashtondav
Member of DD Central
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Post by ashtondav on Jun 16, 2023 17:23:53 GMT
So effectively negative interest and with no option but to pay it. Perhaps they're covering themselves for potential legal action, but why are they passing their fees into us and not from their profitable institutional business. Absurd. Ridiculous. Barely disguised robbery. No, just robbery. Clearly the barstewards can do anything they like. Why not rack it up to 10% Stewy baby and make your business even more profitable due to raping the business you (not us) decided to exit. You disgust me
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alender
Member of DD Central
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Post by alender on Jun 16, 2023 17:41:04 GMT
This is again a ruse to extract even more fees while stating there a much lower 5-year average fee. The higher the fees at the beginning the more that is taken % wise as there are more performing loans at the start of the process, also as the fund is run down the % of non performing loans will increase. Would not be surprised to see AC up the fees after a lot of the performing loans have been repaid with the excuse they need to money to chase the non performing loans. Now fees wiping most if not all interest, disgrace. What next retrospective fees! Where is the FCA, this daylight robbery must be stopped.
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Post by bob2010 on Jun 16, 2023 17:54:06 GMT
Has anyone got any contacts in the media?
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agent69
Member of DD Central
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Post by agent69 on Jun 16, 2023 18:12:38 GMT
We are also pleased to confirm that we expect to deliver loan write off functionality this month.
Bye bye South Coast Plumber
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alender
Member of DD Central
Posts: 981
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Post by alender on Jun 16, 2023 18:15:17 GMT
[They've given either less than 30 days or less than 'none' depending on how you interpret you are being charge for 'June' at a new, higher rate] This shunting of the fee is probably a feeble attempt to head off complaints by dropping the headline ASAP in the hope passive customers assume it is a fait accompli and won't raise a complaint for the sake of '0.9%' after September and then reason: "it's only for a couple more quarters, innit?". No, that's a 'smash and grab raid', stuartassetzcapital [Besides that how can you claim a 'five year average' if the fee is only collected over TWO years? It's not '0.88%pa' over FIVE, it's '3.52%' then '0.9%' and that's '2.21%' over TWO] Can't see how this can be allowed as From www.pinsentmasons.com/out-law/guides/variation-terms-financial-services-consumer-contractsThe Financial Conduct Authority (FCA) published its finalised guidance on the fairness of variation terms in financial services consumer contracts in December 2018. This guidance provides welcome clarity for firms on the FCA's expectations when it comes to unfairness. Now that the FCA has published its finalised guidance, firms will need to take this into account when drafting and reviewing consumer contracts. . . . Assessing whether a variation term is fair Under the CRA, a term in a consumer contract is unfair "if, contrary to good faith requirements, a term causes a significant imbalance in the rights and obligations of the trader and the consumer to the detriment of the consumer". - whether the firm has included the variation term "to achieve a legitimate objective";
- if the reasons the firm gives for amending the contract are "no wider than is reasonably necessary to achieve a legitimate objective";
- whether the reasons are objective and clearly expressed, and whether it is possible to verify that the reasons have arisen;
- whether the consumer understands the consequences of a future variation at the time the contract is concluded;
- what notice of any variation will be given;
- whether the customer will have "freedom to exit", contractually and practically; and
- whether the term "strikes a fair balance between the legitimate interests of the firm and the legitimate interests of the consumer".
Not sure where 30 days comes into it except for "what notice of any variation will be given"
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rscal
Posts: 985
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Post by rscal on Jun 16, 2023 18:22:47 GMT
This is again a ruse to extract even more fees while stating there a much lower 5-year average fee. The higher the fees at the beginning the more that is taken % wise as there are more performing loans at the start of the process, also as the fund is run down the % of non performing loans will increase. Would not be surprised to see AC up the fees after a lot of the performing loans have been repaid with the excuse they need to money to chase the non performing loans. Now fees wiping most if not all interest, disgrace. What next retrospective fees! Where is the FCA, this daylight robbery must be stopped. I just dashed off this: I made a point of putting it 'as a question' this time in the hope of some actual feedback...
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