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Post by overthehill on Apr 2, 2024 14:51:17 GMT
Incidentally, not just AC having an issue. PL have also introduced a fee for multiple transfers for the same reason, though not of course for reasons entirely of their own making. Except PL are making one free transfer available per month and charging £35 per transfer per month thereafter.
"A number of Lenders who are submitting multiple ISA Transfers Out for small amounts each month"
F.F.S. I would be charging double that, it's an investment platform not a bank account. The minority spoil it for the majority or in this case nearly.
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Post by honeybadger on Apr 2, 2024 16:29:44 GMT
Except PL are making one free transfer available per month and charging £35 per transfer per month thereafter.
"A number of Lenders who are submitting multiple ISA Transfers Out for small amounts each month"
F.F.S. I would be charging double that, it's an investment platform not a bank account. The minority spoil it for the majority or in this case nearly.
Then they should charge for that behaviour. A minimum withdrawal amount?
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Post by vonasi on Apr 2, 2024 19:51:09 GMT
"A number of Lenders who are submitting multiple ISA Transfers Out for small amounts each month"
F.F.S. I would be charging double that, it's an investment platform not a bank account. The minority spoil it for the majority or in this case nearly.
Then they should charge for that behaviour. A minimum withdrawal amount? You seem to be missing the bigger picture. AC decided to run down their retail lender loan book - note that they didn't withdraw from the money lending business completely but simply split their business into a 'good' business and a 'bad' business so as to avoid their profitable business from paying the costs of winding down their bad business. They have been telling lenders to withdraw their money - in fact I have it in writing from AC in their reply to my complaint that: 'we have a regulatory duty of care to make Lenders aware that funds are being repaid and that they should look to remove them from the platform. The FCA has also asked firms to encourage investors to remove cash which is earning no interest and AC has been doing so for some time, in order to comply with that request. So how can they complain when lenders do exactly what they have been requested to do and exactly what the FCA want us to do and how can they justify massively restricting free withdrawals and charging for them? AC had to have a wind down plan in the event of the business failing and this wind down plan never mentioned splitting the business in half nor anything about their plans to pay for any increased costs caused by the obvious increased numbers of withdrawals that would be caused by this. The plan they are putting into action is to suck as much of lenders interest off of them to fund the wind down and now to even discourage withdrawals and turn them into another way of sucking our capital and interest back into their own business. If you can't see this then you are either blind or an AC employee.
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dave4
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Post by dave4 on Apr 2, 2024 20:43:06 GMT
Then they should charge for that behaviour. A minimum withdrawal amount? You seem to be missing the bigger picture. AC decided to run down their retail lender loan book - note that they didn't withdraw from the money lending business completely but simply split their business into a 'good' business and a 'bad' business so as to avoid their profitable business from paying the costs of winding down their bad business. They have been telling lenders to withdraw their money - in fact I have it in writing from AC in their reply to my complaint that: 'we have a regulatory duty of care to make Lenders aware that funds are being repaid and that they should look to remove them from the platform. The FCA has also asked firms to encourage investors to remove cash which is earning no interest and AC has been doing so for some time, in order to comply with that request. So how can they complain when lenders do exactly what they have been requested to do and exactly what the FCA want us to do and how can they justify massively restricting free withdrawals and charging for them? AC had to have a wind down plan in the event of the business failing and this wind down plan never mentioned splitting the business in half nor anything about their plans to pay for any increased costs caused by the obvious increased numbers of withdrawals that would be caused by this. The plan they are putting into action is to suck as much of lenders interest off of them to fund the wind down and now to even discourage withdrawals and turn them into another way of sucking our capital and interest back into their own business. If you can't see this then you are either blind or an AC employee. Ac isn't in Windows, ac have decided to offer loans to retail which now are unfavourable in the current economic climate, and then decided to start afresh with new money and now expect lenders to fund ac with more fees and fees for withdrawing funds.
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Post by oppsididitagain on Apr 4, 2024 14:41:33 GMT
As of Feb 29 Capital outstanding £105.5m Free Cash £4.2m Outstanding funding commitments £1.6m Loans 205 Default 33 (includes 4 with nominal amounts) - 14.4m Arrears £7.4m No Feb payment £17.3m Catch up £3.5 Repaid 5 (£2m) Interest received c366k representing approx 104% of sum needed to pay 4% before the lender fee. Borderline on interest being paid in full despite short month meaning lot of loan payments not falling due. As of 31 Mar Capital outstanding £103.1m Free Cash £4.5m Outstanding funding commitments £1m Loans 198 Default 33 (includes 4 with nominal amounts) - 14.4m Arrears £12.4m No Feb payment £30.6m Catch up £9.7 Repaid 8 (£2.3m) Interest received c324k representing approx 94% of sum needed to pay 4% before the lender fee. Significant number of loan payments not made due to Easter period so interest likely to be 3.2% max Thanks you for this information - do you or anyone have a list of the expected loan expiries in the next 3 months ? Or can you tell me an easy way to find this on the platform, or is there a way to download my loan portfolio. ATM im going into my MLA account and sorting the loans by next payment date, then looking at the term/month tab. Im asking as I want to reduce the amount of fee's I have to pay to remove my money from the Platform. I was doing about 3 withdrawals/transfers per month per account (normal and ISA) and so would like to know if there is a circumstance when I could wait a few extra days if I will be getting a redemption payment . I see 793 and 786 should be redeeming tomorrow. If they do, that should give me an extra £120 in the normal and £70 in my ISA. So I will wait till they are processed TIA
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p2pfan
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Post by p2pfan on Apr 4, 2024 16:13:39 GMT
It's a tricky equation to determine when and how often to withdraw funds. On the hand one incurs fees. On the other hand, everybody must remember that if there are any funds that are not withdrawn from Assetz Capital at the point that it goes into administration, if it does, the chances of ever getting that money are low.
As we have witnessed in other administrations, the administrators will probably take these funds to cover their costs/line their pockets.
Therefore, I've never left funds sat around uninvested in any P2P platform and certainly would not risk leave substantial sums sitting around in Assetz Capital. IMHO, the low withdrawal fee is worth paying for the risk of losing one's cash to these rogues and the administrators they are perhaps in talks with.
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Post by oppsididitagain on Apr 4, 2024 17:51:37 GMT
It's a tricky equation to determine when and how often to withdraw funds. On the hand one incurs fees. On the other hand, everybody must remember that if there are any funds that are not withdrawn from Assetz Capital at the point that it goes into administration, if it does, the chances of ever getting that money are low. As we have witnessed in other administrations, the administrators will probably take these funds to cover their costs/line their pockets. Therefore, I've never left funds sat around uninvested in any P2P platform and certainly would not risk leave substantial sums sitting around in Assetz Capital. IMHO, the low withdrawal fee is worth paying for the risk of losing one's cash to these rogues and the administrators they are perhaps in talks with. Fair point, but I though the funds In the cash account are separated , like sitting in an escrow account ? I say this as I thought I read many years ago that these funds arent allowed to be used by AC and they dont have access to them Am I clearly Mistaken :-( UPDATE. - so would this apply to the cash account ?? I found this on their website. which might be very out of date C. Protecting your investment Where is investor money held? Any monies transferred to our platform, but not yet lent to a borrower are held in a designated client money account in accordance with FCA rules. This account is “ring-fenced” from Assetz Capital’s own money and is protected in the event that anything should happen to Assetz Capital, safeguarding clients’ funds. The account is held with Barclays Bank. Monies which are lent to borrowers via any of our accounts are with the borrower for their use under the terms of their loan agreement and as such there is a degree of risk to your capital; in this case, if the borrower is unable to repay their loan.
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p2pfan
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Post by p2pfan on Apr 4, 2024 18:05:42 GMT
What we are told in peer-to-peer lending is often not in alignment with what happens.
If you confidently believe anything that any P2P platform states and, in particular, have faith/trust in people as inept and Machiavellian as Assetz Capital, then your level of optimism is in excess of mine.
Take it from me, who is currently suffering about 12 different administrations, that it would be foolhardy to worry about spending £1 to withdraw your money once in while versus having your money trapped in an administration process that is likely to run for a minimum of four years and where you may or may not get any uninvested cash returned to you one day, with the track record from other companies that have gone into administration suggesting the latter.
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ilmoro
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Post by ilmoro on Apr 4, 2024 18:07:20 GMT
It's a tricky equation to determine when and how often to withdraw funds. On the hand one incurs fees. On the other hand, everybody must remember that if there are any funds that are not withdrawn from Assetz Capital at the point that it goes into administration, if it does, the chances of ever getting that money are low. As we have witnessed in other administrations, the administrators will probably take these funds to cover their costs/line their pockets. Therefore, I've never left funds sat around uninvested in any P2P platform and certainly would not risk leave substantial sums sitting around in Assetz Capital. IMHO, the low withdrawal fee is worth paying for the risk of losing one's cash to these rogues and the administrators they are perhaps in talks with. Fair point, but I though the funds In the cash account are separated , like sitting in an escrow account ? I say this as I thought I read many years ago that these funds arent allowed to be used by AC and they dont have access to them Am I clearly Mistaken :-( They are and they cant ... however, administrators can apply for a Court order known as a Berkeley Applegate order to utilise assets held on trust incl client money to meet the costs of the administration.
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p2pfan
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Post by p2pfan on Apr 4, 2024 18:14:38 GMT
For curiosity, did investors who had uninvested cash sitting in failed platforms like Lendy, MoneyThing, Collateral, The House Crowd etc. get that money back?
How long did it take?
I have a substantial five figure sum of money owed to me from a loan redemption on Ablrate a few months ago for which I immediately initiated the withdrawal. That sum hasn't been transferred to my bank account. I don't expect to ever see a penny of it. Or am I being unduly pessimistic?
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ilmoro
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Post by ilmoro on Apr 4, 2024 18:54:53 GMT
As of 31 Mar Capital outstanding £103.1m Free Cash £4.5m Outstanding funding commitments £1m Loans 198 Default 33 (includes 4 with nominal amounts) - 14.4m Arrears £12.4m No Feb payment £30.6m Catch up £9.7 Repaid 8 (£2.3m) Interest received c324k representing approx 94% of sum needed to pay 4% before the lender fee. Significant number of loan payments not made due to Easter period so interest likely to be 3.2% max Thanks you for this information - do you or anyone have a list of the expected loan expiries in the next 3 months ? Or can you tell me an easy way to find this on the platform, or is there a way to download my loan portfolio. ATM im going into my MLA account and sorting the loans by next payment date, then looking at the term/month tab. Im asking as I want to reduce the amount of fee's I have to pay to remove my money from the Platform. I was doing about 3 withdrawals/transfers per month per account (normal and ISA) and so would like to know if there is a circumstance when I could wait a few extra days if I will be getting a redemption payment . I see 793 and 786 should be redeeming tomorrow. If they do, that should give me an extra £120 in the normal and £70 in my ISA. So I will wait till they are processed TIA I can provide a list but its likely to be meaningless as very few hit the planned end date. Last month c£15m got can kicked ... and AC are frequently slow to credit the funds. Doubt either loan will repay tomorrow ... #786 specifically says it wont meet the redemption date You can download you loan portfolio ... download button is at the bottom of the loan list page. Next payment dates arent always accurate as if the loan owes fees from an extension/forbearance request it will show the date those were due.
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ilmoro
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Post by ilmoro on Apr 4, 2024 19:05:26 GMT
For curiosity, did investors who had uninvested cash sitting in failed platforms like Lendy, MoneyThing, Collateral, The House Crowd etc. get that money back? How long did it take? I have a substantial five figure sum of money owed to me from a loan redemption on Ablrate a few months ago for which I immediately initiated the withdrawal. That sum hasn't been transferred to my bank account. I don't expect to ever see a penny of it. Or am I being unduly pessimistic? Yes for Lendy & MT ... as soon as CA had been reconciled and KYC/AML checks done 3/6months Collateral - not all of it ... the problem was a shortage in the client account which meant after the pooling event all lenders had a pro rata reduction in the cash returned. The cash took several years due to the issues surrounding the recovery of the data and the need for the admin to get everything signed off by the Court. FS yes, despite issues with the client account
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Post by oppsididitagain on Apr 4, 2024 19:18:27 GMT
Thanks you for this information - do you or anyone have a list of the expected loan expiries in the next 3 months ? Or can you tell me an easy way to find this on the platform, or is there a way to download my loan portfolio. ATM im going into my MLA account and sorting the loans by next payment date, then looking at the term/month tab. Im asking as I want to reduce the amount of fee's I have to pay to remove my money from the Platform. I was doing about 3 withdrawals/transfers per month per account (normal and ISA) and so would like to know if there is a circumstance when I could wait a few extra days if I will be getting a redemption payment . I see 793 and 786 should be redeeming tomorrow. If they do, that should give me an extra £120 in the normal and £70 in my ISA. So I will wait till they are processed TIA I can provide a list but its likely to be meaningless as very few hit the planned end date. Last month c£15m got can kicked ... and AC are frequently slow to credit the funds. Doubt either loan will repay tomorrow ... #786 specifically says it wont meet the redemption date You can download you loan portfolio ... download button is at the bottom of the loan list page. Next payment dates arent always accurate as if the loan owes fees from an extension/forbearance request it will show the date those were due. I will download the loan book over the weekend and get it a look.. Will revert if I have any issues.. I understand AC might take a few days to post the money to my account but just trying to work out a most cost effective way to get my money back. I know it's only £1. but when it's £35 for the ISA that is taking the pi$$.
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ilmoro
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Post by ilmoro on Apr 4, 2024 19:38:36 GMT
View AttachmentBlue is the amount scheduled to be repaid each month (dont get excited most of it get can kicked) - orange is the actual sum repaid Red is the invested balance based on scheduled repayments (doesnt hit zero as it doesnt include monthly amortising, also excludes any future drawdowns but not much of those now) - assumption is that any outstanding defaults will be paid from the PF at the end if not before Green is the actual invested balance. Impossible to say how close it will be to this but its significantly behind currently Repayment profile updated (NB Ive left previous monthly expected repayments as was but most has been rolled into Apr ... the difference is Apr original scheduled redemptions 
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Post by frank121 on Apr 4, 2024 20:26:08 GMT
I can provide a list but its likely to be meaningless as very few hit the planned end date. Last month c£15m got can kicked ... and AC are frequently slow to credit the funds. Doubt either loan will repay tomorrow ... #786 specifically says it wont meet the redemption date You can download you loan portfolio ... download button is at the bottom of the loan list page. Next payment dates arent always accurate as if the loan owes fees from an extension/forbearance request it will show the date those were due. I will download the loan book over the weekend and get it a look.. Will revert if I have any issues.. I understand AC might take a few days to post the money to my account but just trying to work out a most cost effective way to get my money back. I know it's only £1. but when it's £35 for the ISA that is taking the pi$$.
Thanks both for the info; at least the loan book may give some hints and if it's worth delaying the request for withdrawal. Yeah £35 is a piss take, 100%. How they get away with the nonsense is beyond me. At least allow a free ISA transfer every 6-12 weeks and that would be pretty fair. (i would prefer 1 per month; but I take on board they may be cost) Unfair process like this make a mockery of the regulations...it really gets my goat!!
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