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
|
Post by ilmoro on Apr 8, 2024 20:20:15 GMT
Arguably AC is trying to avoid confronting a principle here that (if we do all the unpaid work of shuffling our balances around per flexibility to reduce their 'burden') they can do something too. And this use of a black-box 3rd party service company - is that usual? Is it 'regular'? Are they perhaps using their own staff in the Institutional Wing to do this and charging them back? (Anyway, grist to the mill I think) Yes, most platforms use a provider to manage their ISA ... generally Goji ... pretty sure AC use them. (Edit ... they do) PS not sure in providing the info they expected you to post it on a public forum ... I assume there is the standard disclaimer in the footer of their legal emails.
|
|
|
|
Post by oppsididitagain on Apr 9, 2024 6:42:03 GMT
I believe AC use a company called Goji. to do the admin work on their ISA Transfers www.goji.investments/isa-management They manage the admin for about 30 different companies who have IFISA's. They launched their own P2P bonds back in 2017 so presumably have dealt with AC before. £30 seems a bit steep to me, but after reading some of the employee Bio's online , as with most startups and new employers you must keep the staff happy with a work life balance. I mean who comes to the office to actually work !! This is where your £30 is going : We’re a hybrid working company, but a lot of people choose to come to the office to socialise and have fun. My favourite part of the week is on a Wednesday afternoon when we organise Finance Fun. Wednesday is usually the busiest day in the office and the whole finance team is in, so we like to play games and get people involved from across the business! |
|
|
|
Post by bracknellboy on Apr 9, 2024 7:18:35 GMT
Marginally good personal news for me, with today's 2 capital repayments my lifetime interest repayments now just exceed my remaining stake in the site including non recoverable loans. So if I now lose the remaining lot completely I can delude myself Peer to peer cost me nothing.  Have you taken into account your lost opportunity cost ? Signed: Glass Half-Empty
|
|
|
|
Post by crabbyoldgit on Apr 9, 2024 15:21:17 GMT
Those opportunity costs are the delusional part of my good news,
Signed: glass 1/2 full when viewed with rose coloured glasses while holding nose.
|
|
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
|
Post by ilmoro on Apr 30, 2024 22:18:34 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 As of 30 Apr Capital outstanding £98m Free Cash £2.1m Outstanding funding commitments £1m Loans 192 Default 34 (includes 4 with nominal amounts) - 15.9m Arrears £11.5m No Apr payment £17.1m Catch up £16.4 Repaid 6 (£680k) Interest received c412k representing approx 123% of sum needed to pay 4% before the lender fee. Large number of catch up payments this month and end of month falling on a working day means interest likely to be paid in full.
|
|
|
|
Post by bob2010 on Apr 30, 2024 23:16:48 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 As of 30 Apr Capital outstanding £98m Free Cash £2.1m Outstanding funding commitments £1m Loans 192 Default 34 (includes 4 with nominal amounts) - 15.9m Arrears £11.5m No Apr payment £17.1m Catch up £16.4 Repaid 6 (£680k) Interest received c412k representing approx 123% of sum needed to pay 4% before the lender fee. Large number of catch up payments this month and end of month falling on a working day means interest likely to be paid in full. I still do not understand why the 4% interest isn't based on the accrued amount? Considering the maximum rate is 4%, why are Instant Access investors being penalised for interest payment dates falling on the weekend/bank holiday?
|
|
|
|
Post by oppsididitagain on May 1, 2024 8:05:43 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 As of 30 Apr Capital outstanding £98m Free Cash £2.1m Outstanding funding commitments £1m Loans 192 Default 34 (includes 4 with nominal amounts) - 15.9m Arrears £11.5m No Apr payment £17.1m Catch up £16.4 Repaid 6 (£680k) Interest received c412k representing approx 123% of sum needed to pay 4% before the lender fee. Large number of catch up payments this month and end of month falling on a working day means interest likely to be paid in full. Very disappointing Capital withdrawal/Payout this month
|
|
|
|
Post by bob2010 on May 12, 2024 6:19:30 GMT
As of 30 Apr Capital outstanding £98m Free Cash £2.1m Outstanding funding commitments £1m Loans 192 Default 34 (includes 4 with nominal amounts) - 15.9m Arrears £11.5m No Apr payment £17.1m Catch up £16.4 Repaid 6 (£680k) Interest received c412k representing approx 123% of sum needed to pay 4% before the lender fee. Large number of catch up payments this month and end of month falling on a working day means interest likely to be paid in full. I still do not understand why the 4% interest isn't based on the accrued amount? Considering the maximum rate is 4%, why are Instant Access investors being penalised for interest payment dates falling on the weekend/bank holiday? This is taken from the provision fund policy:
Who the Provision Fund monies belong to? The Provision Fund monies are held by APFL for the purpose of covering, on a discretionary basis: • Actual capital losses (following recovery work) arising from a defaulted loan • Delayed / missed payments on a performing loan within the Access Accounts only (not any discontinued Investment Accounts which may still benefit from a Provision Fund)
If its a delay due to weekend/bank holiday, then surely they should be digging into the provision fund to cover the expected interest as a temporary measure.
|
|
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
|
Post by ilmoro on Jun 1, 2024 11:15:45 GMT
About £2m paid out
6 loans repaid £1.8m
|
|
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
|
Post by ilmoro on Jun 3, 2024 9:48:56 GMT
As of 30 Apr Capital outstanding £98m Free Cash £2.1m Outstanding funding commitments £1m Loans 192 Default 34 (includes 4 with nominal amounts) - 15.9m Arrears £11.5m No Apr payment £17.1m Catch up £16.4 Repaid 6 (£680k) Interest received c412k representing approx 123% of sum needed to pay 4% before the lender fee. Large number of catch up payments this month and end of month falling on a working day means interest likely to be paid in full. As of 31 May Capital outstanding £96m Free Cash £4.5m Outstanding funding commitments £1m Loans 186 (those paying attention will have notice a loan has wandered into repaid by mistake due to a technical issue) Default 36 (includes 4 with nominal amounts) - 16m Arrears £12.3m No May payment £2m Catch up £4m Repaid 6 (£1.8m) Interest received c345k representing approx 105% of sum needed to pay 4% before the lender fee. No calendar anomalies this month but interest take isnt enough to cover the fee so likely to be about 3.4% this month
|
|
loadsahope
Member of DD Central
Posts: 84
Likes: 44
|
Post by loadsahope on Jun 3, 2024 9:57:27 GMT
Rather unexpectedly there appears to have been a second payout this morning. No interest paid yet though - I wonder if they have mis-categorised today's transaction.
|
|
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
|
Post by ilmoro on Jun 3, 2024 10:19:53 GMT
Rather unexpectedly there appears to have been a second payout this morning. No interest paid yet though - I wonder if they have mis-categorised today's transaction. Seems not as interest has now appeared at 3.48% ...
|
|
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
|
Post by ilmoro on Jul 1, 2024 14:52:53 GMT
As of 31 MayCapital outstanding £96m Free Cash £4.5m Outstanding funding commitments £1m Loans 186 (those paying attention will have notice a loan has wandered into repaid by mistake due to a technical issue) Default 36 (includes 4 with nominal amounts) - 16m Arrears £12.3m No May payment £2m Catch up £4m Repaid 6 (£1.8m) Interest received c345k representing approx 105% of sum needed to pay 4% before the lender fee. No calendar anomalies this month but interest take isnt enough to cover the fee so likely to be about 3.4% this month As of 30 June Capital outstanding £93m Free Cash £3.3m - just under £2m paid out Outstanding funding commitments <£1m Loans 174 Default 35 (includes 4 with nominal amounts) - 16m Arrears £12.9m No June payment £10m Catch up £2m Repaid 10 (£1.7m) Interest received c268k representing approx 83% of sum needed to pay 4% before the lender fee. Interest paid 3.05% - actually better than expected due to payments falling due over weekend & increasing number of loans rolling interest up.
|
|
|
|
Post by oppsididitagain on Jul 2, 2024 9:03:19 GMT
Does anyone one know what the formula is or how the workings are done at AC to determine whether/how the total repayment comes to us as Interest or a cash withdrawal from the
NOT QAA
Im curious why we are only getting 3% return and not nearer 4% - APR and MAY were over 100% of interest received for QAA - I know it was only 83% in June but I received about 15 payments yesterday due to the EOM falling on the Weekend. (unless AC have taken this into account) and so wondering how things work
Do they keep a bit of interest and use that to pay out more capital or Vice versa ?
Or is it transparent - All interest repayments on loans coming into QAA are paid out as Interest and all Capital is paid out as Capital
TIA
|
|
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
|
Post by ilmoro on Jul 2, 2024 10:04:17 GMT
Does anyone one know what the formula is or how the workings are done at AC to determine whether/how the total repayment comes to us as Interest or a cash withdrawal from the NOT QAA Im curious why we are only getting 3% return and not nearer 4% - APR and MAY were over 100% of interest received for QAA - I know it was only 83% in June but I received about 15 payments yesterday due to the EOM falling on the Weekend. (unless AC have taken this into account) and so wondering how things work Do they keep a bit of interest and use that to pay out more capital or Vice versa ? Or is it transparent - All interest repayments on loans coming into QAA are paid out as Interest and all Capital is paid out as Capital TIA I dont know for definite but I dont think the two are interconnected. The capital distribution is based on the amount of free cash available after they have deducted a sum to meet future funding requirements The interest is the amount paid on the loans held by the QAA during the month minus the fee due on those loans. Its the fee deduction that explains why we dont get 4% even if sufficient interest has been paid to cover the full amount. The fee is around £50-60k a month so the interest needs to be about 120% of the required sum to get full 4%. Hence the interest for April (about 123%) resulted in a 4% payment but for May (only 105%) didnt. Its certainly not transparent ... far too complicated as fee will be calculated daily, and subject to non-paying loans and catch up (which may be at a different fee rate) I dont think AC factor in delayed payments, they just boost the pot the following month
|
|
