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Post by bob2010 on May 4, 2023 21:23:27 GMT
Right, I have put my 'calmer' head on. The picture is this: we are being charged for the privilege of Assetz paying back our own money in the normal fashion. They aren't doing anything special to get it because they don't have to and loans continue to perform nominally. This makes a 'bespoke fee' automatically a questionable step and I, and several others here have challenged the practice: either around closing the platform itself as a form of coercion -or that might be deemed acceptable- but then taking the same amount of time as when the loans remained tradable to perform all this standard work might seem to carry unfairness -or it might be deemed 'fair' to continue to allow lenders the full periods of their loans- and then the 'Standby Plan' which advises investors (or claims to) what to expect in across the gamut of platform cessations (therefore including THIS cessation) in relation to 'fees': it does not say ANYthing. In fact it says (and this will stand up 'in court') that lender fee income is "more than sufficient". Either that is a credible claim that shows there is no 'need' to charge any fee or it was incompetence to make an over elastic claim amounting to inducement against which the Company would be liable. Either way, that catches Assetz in a crosshairs because any higher fee would NECESSARILY need to be justified. So what has 'happened' at Law Towers exactly? Well, 'nothing'.. literally. AC didn't trim costs as much as THEY expected to and none of this is our 'fault'. This shows the entire justification for this charging is the vague term and condition [2.2] which grants AC the 'right' to charge a membership fee WITHOUT stating what that is for. [Now is that a stretch or not?] So I would encourage people to now start making a complaint about the fee - or else AC will do it all over again in six months and roll the fee for another period without reduction. Recalling complaining to the FOS costs AC £750 per case, don't let them off by feeling this it is a cost on them as they REGULARLY apply a £75,000 withholding of OUR capital [equating to ONE HUNDRED such complaints through the FOS] to supposedly fund chasing borrowers for guarantees - having disposed of the asset for fire-sale prices of course. What are the options though if the FO doesn't uphold the complaint... Small claims court to recover the fees or try to claim for the full investment due to the breach in their T&Cs?
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scooter
Member of DD Central
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Post by scooter on May 4, 2023 22:55:11 GMT
Do you want a laugh? "As previously indicated, we are looking to introduce the following changes to the existing withdrawals process: A de Minimis level of an amount of £5 for any withdrawal, with the exception to this rule being if it is the withdrawal of the final remaining balance on a lender’s account. This is for cost saving purposes that will help minimise the Lender Fee;" I read that as CHARGES and that they were going to start charging £5 for each withdrawal! Composed an indignant email and have only just realised my mistake. I'm really happy to be wrong about this but with AC's track record, I think it's easy to understand why I jumped to that conclusion! You're not the only one, i misread it too.
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rscal
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Post by rscal on May 5, 2023 6:29:45 GMT
bob2010 It's easiest to point to the unacceptability of a direct charging regime and 'cost' that of course. 'Opportunity cost' of money lost via the sequestration is much less likely to succeed but doesn't mean it can't be tried. The principle is to 'start small' (i.e. with a complaint through the free-to-use FOS) and try to win the low-hanging fruit contest. [With 2.9% for 12 months things are starting to look pricey indeed. We've only had 3.5 months assessed so you should multiply what you have been charged by '3' or so.]
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Post by crabbyoldgit on May 5, 2023 7:13:47 GMT
To be honest if the correct reading is a minimum withdrawal of £5 , no charges applied unless it's the final dregs of the account under £5. I am not over stressed , I believe there always was a manual element to the withdrawal process and £5 does not cover the cost of doing very much today. The increase in lender fee is a different matter however , and as the capital in the accounts falls and the percentage of non performing loans increases I can see the fee increasing in percentage terms over time not reducing as advertised.
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Post by bob2010 on May 5, 2023 8:45:43 GMT
bob2010 It's easiest to point to the unacceptability of a direct charging regime and 'cost' that of course. 'Opportunity cost' of money lost via the sequestration is much less likely to succeed but doesn't mean it can't be tried. The principle is to 'start small' (i.e. with a complaint through the free-to-use FOS) and try to win the low-hanging fruit contest. [With 2.9% for 12 months things are starting to look pricey indeed. We've only had 3.5 months assessed so you should multiply what you have been charged by '3' or so.] Yep, thanks. As an Access Account holder and based on the latest interest received, it's effectively around a 40% fee on what the target rate should pay.
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Post by Ace on May 5, 2023 12:06:38 GMT
I've received a 3.77% capital repayment from my Access Account.
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dh1
Member of DD Central
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Post by dh1 on May 5, 2023 13:55:53 GMT
Same here, Ace although I've no real idea whether it is a capital repayment or not; just cash.... |
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eeyore
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Post by eeyore on May 5, 2023 14:11:20 GMT
And I'm glad to report that the withdrawal I requested this morning has been credited in my bank account this afternoon. Either the "weekly" withdrawal process normally will run on a Friday or AC recognises that there'll be a high level of activity today...
The QAA account also paid out 3.77% for me.
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Post by Ace on May 5, 2023 14:22:48 GMT
Same here, Ace although I've no real idea whether it is a capital repayment or not; just cash.... My QAA account balance reduced by the paid amount, so it was a capital repayment.
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Post by oppsididitagain on May 6, 2023 10:25:29 GMT
Not sure why we have to 'request' the payout, shouldn't this be done automatically - Where else can I put/invest this money on the AC platform ?
I've only just looked at my account and see I have 3.5K sitting in my cash account, I have requested that money but no idea when it will turn up if its only being processed once a week.
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Post by Ace on May 6, 2023 11:18:52 GMT
Not sure why we have to 'request' the payout, shouldn't this be done automatically - Where else can I put/invest this money on the AC platform ? I've only just looked at my account and see I have 3.5K sitting in my cash account, I have requested that money but no idea when it will turn up if its only being processed once a week. They claim to be working on an auto withdraw process. There's nothing else you can do with cash in the standard account. ISA cash can be transferred out to prevent losing its ISA status. My transfer out to CP took just 3 days.
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Post by df on May 9, 2023 15:16:29 GMT
Not sure why we have to 'request' the payout, shouldn't this be done automatically - Where else can I put/invest this money on the AC platform ? I've only just looked at my account and see I have 3.5K sitting in my cash account, I have requested that money but no idea when it will turn up if its only being processed once a week. I've requested withdrawal on 3rd May, money arrived to my bank account on the 4th.
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alender
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Post by alender on May 9, 2023 17:52:32 GMT
However, we mustn't forget that Stuart Law needs to pocket as much money as possible from you for his Jaguar etc. Petrol prices are not low these days. He doesn't care the slightest for AC's retail lenders like us. Therefore, he will undoubtedly once again extend the extra 2.9% fees, from December 2023 into 2024 as well. Stuart Law has been conditioned by his parents, since the day he was born, that, by virtue of his surname, whatever he says will be The Law. Nobody has the right to question Him. Therefore, the only way to hold Mr Law and his merry band of accomplices to account is to report Assetz Capital to the Financial Ombudsman Service and to other bodies, and to let people know how Assetz Capital treats folks wherever they are named online. Doing nothing just encourages the continuation of this pilfering. I think SL may be related to John Law, take a look moneyweek.com/30441/john-law-the-gambler-who-broke-france-58412#:~:text=In%201720%2C%20John%20Law%20was,it%20ruined%20the%20entire%20nation. Well AC find another way to charge/fleece investors, who would have thought it, well everyone who is not an AC fanatic. Perhaps they need the fee as they put so much investment in explaining why they need more of your cash, as always great hyperbole and no facts, i.e. how much have they saved, where are fees going. After P2P SL has a great future at HMRC. As I said before AC will continue to cash in on investors funds unless they are stopped, as stated the first best option is the FOS. The way they set out the lender charge is great for them, 2.9% when the greatest amount of funds invested going down to 0.9% when very little left (I hope), but at this point lots of fees to chase non performing loans. Would not be surprised as lender charges reduced AC state something like. Due to the fact we have reduced fees to help our lenders this leaves us with no alternative but to add a new fee of **** for ****. They should and must be stopped.
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alender
Member of DD Central
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Post by alender on May 9, 2023 17:59:10 GMT
They claim to be working on an auto withdraw process. There's nothing else you can do with cash in the standard account. Auto withdraw process means that even if you have very little funds in your account AC will withdraw them for you and get the additional £5 fee from lenders each month.
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Post by Ace on May 9, 2023 18:16:29 GMT
They claim to be working on an auto withdraw process. There's nothing else you can do with cash in the standard account. Auto withdraw process means that even if you have very little funds in your account AC will withdraw them for you and get the additional £5 fee from lenders each month. I don't understand what you are trying to say here. I haven't seen any mention of a £5 fee. Have you misunderstood the proposed £5 minimum withdrawal amount?
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