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 Aug 13, 2024 17:12:07 GMT
Loan 1558. just paid off another 200K of principal - making it a total of 700K in extra capital payments since the last money released from the QAA I guess we will be earning interest on this money, even though it would be nice to have it released. That's an interesting point. If loans are repaid then that means the borrower is paying less/no interest. Do Assetz pay interest on those repayments?? Interest is paid on the balance of the AA, including uninvested cash ... so yes interest is paid. The caveat is that if the interest earned is insufficient to earn the target rate after fees. Therefore by sitting on free cash AC have to earn more interest than they would if they distributed as repaid. The point has been made but it's actually a relatively small amount ...
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Post by bob2010 on Aug 13, 2024 22:30:43 GMT
That's an interesting point. If loans are repaid then that means the borrower is paying less/no interest. Do Assetz pay interest on those repayments?? Interest is paid on the balance of the AA, including uninvested cash ... so yes interest is paid. The caveat is that if the interest earned is insufficient to earn the target rate after fees. Therefore by sitting on free cash AC have to earn more interest than they would if they distributed as repaid. The point has been made but it's actually a relatively small amount ... . With the assumption being that Assetz aren't holding those repayments in interest bearing accounts.
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rscal
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Post by rscal on Aug 14, 2024 7:41:34 GMT
Interest is paid on the balance of the AA, including uninvested cash ... so yes interest is paid. The caveat is that if the interest earned is insufficient to earn the target rate after fees. Therefore by sitting on free cash AC have to earn more interest than they would if they distributed as repaid. The point has been made but it's actually a relatively small amount ... . With the assumption being that Assetz aren't holding those repayments in interest bearing accounts. (Remember when AC had built up an uninvested '17 million' on the AA side during 2021/22 - effectively operating a closed platfrom with an exit? That situation ground on for about 12 months*. I could not understand why anyone would leave funds there month after month. And did AC just look that gift horse in the mouth? I suspect they did and earned no significant interest themselves by it.)
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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 Aug 15, 2024 20:32:38 GMT
Extrapolating from the last PF figures, and factoring in post April capital loss changes, estimated interest surplus and AA holdings, I make PF now £450k short of the funds necessary to cover current expected capital shortfalls on AA loans.
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jlend
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Post by jlend on Aug 24, 2024 15:14:34 GMT
Extrapolating from the last PF figures, and factoring in post April capital loss changes, estimated interest surplus and AA holdings, I make PF now £450k short of the funds necessary to cover current expected capital shortfalls on AA loans. Interesting as Ring Fencing is meant to be immediate, irrespective of the delayed updates on the PF page. retail.assetzcapital.co.uk/documents/provision-fund-policy.pdfIt is very clearly stated ring fencing is immediate in the policy document. OK, there are no new loans in the Access Accounts, but that shouldn't matter imho. The reason the AA account holders don't get to vote on loans is because of ring fencing we have been told in the past. So it begs the question what are AC playing at. Why aren't AA account holders getting the vote? The collapse of the PFs into one fund dramatically impacted the QAA holders as the QAA PF was better funded than the 30DAA and 90DAA. It doesn't seem fair IMHO if the PF fund is now insufficient. Also millions of deemed excess was removed from the AA PFs to pay the wind turbine lenders following the complaints submitted to the FOS. AC were confident they could recover the money, so what happened to it, and has any been put back in the PFs? We have heard nothing...
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Post by bob2010 on Sept 2, 2024 10:06:45 GMT
3.82% paid for August
Is that due to the last calendar day of the month falling on the weekend?
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Post by oppsididitagain on Sept 2, 2024 10:16:49 GMT
maybe something to do with them not releasing the 1.5Mil overpayments in the 1st week of the August.
They now have to pay interest on this dormant amount, hence can't cover the full interest ??
Who knows?
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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 Sept 2, 2024 12:28:35 GMT
3.82% paid for August Is that due to the last calendar day of the month falling on the weekend? Ill get back to you ... been a bit busy & forgot it was Sep yesterday 😌
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Post by bob2010 on Sept 2, 2024 15:31:08 GMT
maybe something to do with them not releasing the 1.5Mil overpayments in the 1st week of the August. They now have to pay interest on this dormant amount, hence can't cover the full interest ?? Who knows? So that just sat on our cash and didn't pay us interest? Considering they've introduced withdrawal fees, I dont see why they cant do more regular transfers from the QAA,
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Post by oppsididitagain on Sept 2, 2024 16:13:58 GMT
I just dont know why AC didn't distribute these extra payments during August.
#1584. - 700K extra was paid off between 2-13 August
#1558. - 816K was paid off on 07 August
Both loans are now fully repaid.
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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 Sept 2, 2024 21:35:20 GMT
As of 31 July Capital outstanding £89.7m Free Cash £5m - Outstanding funding commitments <£1m Loans 164 Default 35 (includes 4 with nominal amounts) - 16m Arrears £11.6m No June payment £18m Catch up £15m Repaid 10 (£3.2m) Interest received c423k representing approx 134% of sum needed to pay 4% before the lender fee. Full interest should be paid with surplus funds to top up PF c £60k As of 31 August Capital outstanding £86.4m Free Cash £4.5m - Outstanding funding commitments £500k Loans 158 Default 33 (includes 4 with nominal amounts) - 16m Arrears £10m No Aug payment £8m Catch up £9.5m Repaid 7 (£3.4m) Interest received c334k representing approx 110% of sum needed to pay 4% before the lender fee. Insufficient to pay full rate after fee
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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: 11,315
Likes: 11,523
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Post by ilmoro on Sept 2, 2024 21:40:07 GMT
3.82% paid for August Is that due to the last calendar day of the month falling on the weekend? Yes, in actually fact they actually paid about 0.1% more than expected probably due to the impact of the payment of interest arrears for #1584
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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: 11,315
Likes: 11,523
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Post by ilmoro on Sept 2, 2024 21:54:52 GMT
maybe something to do with them not releasing the 1.5Mil overpayments in the 1st week of the August. They now have to pay interest on this dormant amount, hence can't cover the full interest ?? Who knows? Not really, they never release any funds before the end of the month, there was nothing special about last month compared to previous months ... there really isnt such a thing as over payments ... those loans repaid ahead of schedule, far more havent paid on schedule.
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iann
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Post by iann on Sept 3, 2024 21:35:23 GMT
As of 31 July Repaid 10 (£3.2m) As of 31 August Repaid 7 (£3.4m) So I worked out they paid out / returned around 3.78% for July and around 3.69% for August. I'd have expected it to be higher for August due to £3.2m vs £3.4m or is it based on something else that the repayment of loans?
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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: 11,315
Likes: 11,523
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Post by ilmoro on Sept 3, 2024 23:23:44 GMT
As of 31 August Repaid 7 (£3.4m) So I worked out they paid out / returned around 3.78% for July and around 3.69% for August. I'd have expected it to be higher for August due to £3.2m vs £3.4m or is it based on something else that the repayment of loans?
My fault. I didnt include amortisation payments in the July figure & did in Aug ... the comparable figures would be £3.5m for July.
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