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Post by megrep on Mar 1, 2024 20:37:23 GMT
I got 3.42% this month
- which looks kinda odd!
I think they *may* have intended 3.50%, but they applied it to the amount *after* 2.25% of our holdings was released - instead of before.
Since (1-0.0225)*3.50%=3.42%
[Edited: Whoops, I made a mistake above, it's now correct - for what it's worth!]
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Post by Ace on Mar 1, 2024 20:51:49 GMT
I got 3.42% this month - which looks kinda odd! I think they *may* have intended 3.50%, but they applied it to the amount *after* 2.25% of our holdings was released - instead of before. Since 1.0225*3.42%=3.50% That wouldn't have shown up for me as my Access Account balance is so small that it would have made less than 1p difference.
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Post by megrep on Mar 1, 2024 21:01:19 GMT
Lucky you! ... Sadly i'm in deeper  |
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ilmoro
Member of DD Central
'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 Mar 1, 2024 21:53:58 GMT
I got 3.42% this month - which looks kinda odd! I think they *may* have intended 3.50%, but they applied it to the amount *after* 2.25% of our holdings was released - instead of before. Since 1.0225*3.42%=3.50% Come on, its Assetz, it will be calculated to the nano pence of the nano second. There is no way you can possibly compute the numbers.
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iann
Posts: 105
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Post by iann on Mar 4, 2024 9:51:33 GMT
Well it took about 20 minutes on chat to persuade "Ben" to refer it upwards. He started off by using the post release of holdings value on the QAA. When I pointed out the starting value wasn't correct, he asked if I'd taken account of the lender fee and the 0.9%, then moved on to saying February had less days than other months so was wrong to use 1/12 as an estimate. I countered that previous Februarys worked out fine using 1/12 as an estimate and that the 3.5% for this February already took account of any fees/charges. I'm now waiting for a response via email...
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Post by bob2010 on Mar 4, 2024 13:09:23 GMT
I got 3.42% this month - which looks kinda odd! I think they *may* have intended 3.50%, but they applied it to the amount *after* 2.25% of our holdings was released - instead of before. Since (1-0.0225)*3.50%=3.42% [Edited: Whoops, I made a mistake above, it's now correct - for what it's worth!] You are spot on. I received a response to my email to Assetz, in which they broke down the full calculation and failed to include the capital repayment. I've asked for it to be rectified.
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iann
Posts: 105
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Post by iann on Mar 4, 2024 14:53:24 GMT
Well it took about 20 minutes on chat to persuade "Ben" to refer it upwards. He started off by using the post release of holdings value on the QAA. When I pointed out the starting value wasn't correct, he asked if I'd taken account of the lender fee and the 0.9%, then moved on to saying February had less days than other months so was wrong to use 1/12 as an estimate. I countered that previous Februarys worked out fine using 1/12 as an estimate and that the 3.5% for this February already took account of any fees/charges. I'm now waiting for a response via email...
Well I've had their response; all they have sent me is the calculation of the percentage of interest: Approximate calculation in relation to the Fees for Feb 2024, collected in Mar 2024…
QAA Total Invested = c. £105.3m
QAA Capital Balance of loans assessed as “Performing” during Feb 2024, against which Fees could be charged = c.£78.2m.
0.9% Fee for month = (£78.2m x 0.9%)/12 = £58.64k
Interest received during Feb 2024 minus Fees = £367.34k - £58.64k = £308.7k net.
Interest rate for month = (£308.7k x12)/£105.3m x 100 = 3.5% approx. So, 3.5% AA interest rate.
I've replied back to say they have not answered my original question.
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ilmoro
Member of DD Central
'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 Mar 4, 2024 17:27:21 GMT
Couple of milestones hit today
AC paid back its 1000 loan (unsurprisingly delayed by 3 days)
Loans in the AA dropped below 200
Outstanding capital in the AA may also have dropped below £100m
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Post by bob2010 on Mar 4, 2024 17:40:37 GMT
Couple of milestones hit today AC paid back its 1000 loan Loans in the AA dropped below 200 Outstanding capital in the AA may also have dropped below £100m Do they often receive repayments at the beginning of the month? It seems it's a nice way for them to earn an additional month's worth of fees, plus they rake in a higher rate of interest, all at our expense.
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ashtondav
Member of DD Central
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Post by ashtondav on Mar 4, 2024 17:54:23 GMT
From the content of these posts there are some very clever posters! I still have about £37k festering
In AC AAs. I seem to be getting about £1k a month in repayments. Can I assume I will be “out” (apart from bad debt) in about 3 more years or will that time period of exit accelerate or decelerate due to the maturing loan book.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
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Post by ilmoro on Mar 4, 2024 17:59:08 GMT
Couple of milestones hit today AC paid back its 1000 loan Loans in the AA dropped below 200 Outstanding capital in the AA may also have dropped below £100m Do they often receive repayments at the beginning of the month? It seems it's a nice way for them to earn an additional month's worth of fees, plus they rake in a higher rate of interest, all at our expense. Its pretty arbitrary, Fees are calculated on a daily basis so it doesnt matter where the repayment is made as it wont be eligible for fees - the bigger issues is when they fail to make repayments on the day the loan is recorded as ending ... interest & monitoring fees cease to accrue but its not clear if it still attracts a lender fee as counted as still invested.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on Mar 4, 2024 18:00:33 GMT
From the content of these posts there are some very clever posters! I still have about £37k festering In AC AAs. I seem to be getting about £1k a month in repayments. Can I assume I will be “out” (apart from bad debt) in about 3 more years or will that time period of exit accelerate or decelerate due to the maturing loan book. Heres the current repayment profile of the account (click to enlarge)  Blue is the amount scheduled to be repaid each month (dont get excited most of it get can kicked) - orange is the actual sum repaid Red is the invested balance based on scheduled repayments (doesnt hit zero as it doesnt include monthly amortising, also excludes any future drawdowns but not much of those now) - assumption is that any outstanding defaults will be paid from the PF at the end if not before Green is the actual invested balance. Impossible to say how close it will be to this but its significantly behind currently
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Post by bob2010 on Mar 4, 2024 18:03:35 GMT
Do they often receive repayments at the beginning of the month? It seems it's a nice way for them to earn an additional month's worth of fees, plus they rake in a higher rate of interest, all at our expense. Its pretty arbitrary, Fees are calculated on a daily basis so it doesnt matter where the repayment is made as it wont be eligible for fees - the bigger issues is when they fail to make repayments on the day the loan is recorded as ending ... interest & monitoring fees cease to accrue but its not clear if it still attracts a lender fee as counted as still invested. Thanks. Yes I was referring to lender fees and the interest earned by not returning the capital ie. 4% vs 5.25% BoE rate
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alender
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Post by alender on Mar 9, 2024 12:43:33 GMT
From the content of these posts there are some very clever posters! I still have about £37k festering In AC AAs. I seem to be getting about £1k a month in repayments. Can I assume I will be “out” (apart from bad debt) in about 3 more years or will that time period of exit accelerate or decelerate due to the maturing loan book. It will depend on the loan book as ilmoro has stated with more detail however from similar situations I have seen and been involved in the payments will reduce over time as all the good loans repay and then the less good loans will repay late, partially repay or not at all when legal action will need to be taken adding to time frames and costs. Hopefully the vast majority will repay on time or at the worst late but in full without requiring legal action.
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ashtondav
Member of DD Central
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Post by ashtondav on Mar 12, 2024 16:49:10 GMT
But the provision fund still exists which will cover some bad debt?
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