|
|
Post by nbk on Sept 26, 2024 8:42:27 GMT
OK - apols if this is a silly question , but I'm not 100% sure. As the run-down of the Accces Accounts continues, the % of loans in default as a portion of the overall book will of course increase until eventually we are left only with defaulted loans. Will the loss that we actually suffer be exactly the same (pro-rata of course to capital holdings) for all particpants in Access loans (ie spread evenly across all members) or will it be directly linked to the specifc loans that you have allocated to defaulted loans (so a random function of the way that Assetz allocated your funds across loans years ago ) ?
|
|
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
|
Post by ilmoro on Sept 26, 2024 13:10:45 GMT
OK - apols if this is a silly question , but I'm not 100% sure. As the run-down of the Accces Accounts continues, the % of loans in default as a portion of the overall book will of course increase until eventually we are left only with defaulted loans. Will the loss that we actually suffer be exactly the same (pro-rata of course to capital holdings) for all particpants in Access loans (ie spread evenly across all members) or will it be directly linked to the specifc loans that you have allocated to defaulted loans (so a random function of the way that Assetz allocated your funds across loans years ago ) ? All investors hold all loans pro-rata in the account so it will be spread evenly ie if the loss is 10% then you will loose 10% of your holding in that loan. Assuming PF doesn't cover it as it is designed to.
|
|
|
|
Post by nbk on Sept 26, 2024 14:21:27 GMT
I meant more at at overall portfilio level. So if I had £10k orginally invested in Access acct and you had £10k orginally invested in same Access acct - after the process is ended, would we both suffer exactly the same loss ? If not it seems that our losses are just an arbitrary function of our original capital randomly assigned to loans by Assetz.
What is making me think this is that we all get the same interest each month / unit invested (not related directly to the interest received on our speciifc invetsed loans).
|
|
ashtondav
Member of DD Central
Posts: 1,814
Likes: 1,092
|
Post by ashtondav on Sept 27, 2024 14:39:31 GMT
I meant more at at overall portfilio level. So if I had £10k orginally invested in Access acct and you had £10k orginally invested in same Access acct - after the process is ended, would we both suffer exactly the same loss ? Unless someone more expert knows more the answer is yes.
|
|
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
|
Post by ilmoro on Sept 30, 2024 22:50:34 GMT
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 As of 30 September Capital outstanding £84.4m Free Cash £3.4m - Outstanding funding commitments £500k Loans 149 Default 34 (includes 4 with nominal amounts) - 16m Arrears £10m No Sep payment £8m Catch up £6m Repaid 6 (£1.5m) Interest received c323k representing approx 110% of sum needed to pay 4% before the lender fee. Insufficient to pay full rate after fee, expected about 3.8%
|
|
|
|
Post by Ace on Oct 1, 2024 7:43:38 GMT
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 As of 30 September Capital outstanding £84.4m Free Cash £3.4m - Outstanding funding commitments £500k Loans 149 Default 34 (includes 4 with nominal amounts) - 16m Arrears £10m No Aug payment £8m Catch up £6m Repaid 6 (£1.5m) Interest received c323k representing approx 110% of sum needed to pay 4% before the lender fee. Insufficient to pay full rate after fee, expected about 3.8% Many thanks for your regular reporting on this ilmoro . Could you please clarify a couple of the terms which I'm a bit fuzzy on: No Aug payment £8m Catch up £6m
|
|
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
|
Post by ilmoro on Oct 1, 2024 8:09:33 GMT
As of 30 September Capital outstanding £84.4m Free Cash £3.4m - Outstanding funding commitments £500k Loans 149 Default 34 (includes 4 with nominal amounts) - 16m Arrears £10m No Aug payment £8m Catch up £6m Repaid 6 (£1.5m) Interest received c323k representing approx 110% of sum needed to pay 4% before the lender fee. Insufficient to pay full rate after fee, expected about 3.8% Many thanks for your regular reporting on this ilmoro . Could you please clarify a couple of the terms which I'm a bit fuzzy on: No Aug payment £8m Catch up £6m Should say Sep. It's the total capital for loans that didnt make the scheduled interest payment in Sep but aren't in default or arrears (7 days overdue) & therefore I assume where the fee is accruing & not taken. Mainly those where the payment falls at the end of the month but some rolled up to term. Catch up is the opposite. Loans where payment due in a previous month is made in the current month so accrued fees are claimed. Again mostly payments missing the cutoff, but sometimes arrears or rolled up interest. Most months cutoff payments balance out, ie Aug paid in Sep, offsets Sep slipping into Oct but there are months where no payment is made or two. It's all very rough but they can impact the interest paid because of the hard cap.
|
|
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
|
Post by ilmoro on Oct 1, 2024 10:18:51 GMT
Payments made ... 3.92% interest so better than expected, 2% capital.
|
|
|
|
Post by garreh on Oct 1, 2024 12:36:12 GMT
Thanks ilmoro. Does anyone know if IFISA fee is still a WIP? I held off transfer last month, so might do both last + this month distribution now.
|
|
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
|
Post by ilmoro on Oct 1, 2024 12:51:57 GMT
Thanks ilmoro. Does anyone know if IFISA fee is still a WIP? I held off transfer last month, so might do both last + this month distribution now. No fee in the terms still, so likely still WIP.
|
|
|
|
Post by oppsididitagain on Oct 4, 2024 19:21:28 GMT
1557 - full repayment was processed today.
just under 3mil was repaid, surely AC will release more funds from the Not so QAA account. ??
|
|
|
|
Post by crabbyoldgit on Oct 5, 2024 7:39:51 GMT
I do not understand this AC is already retaining 3.5m with an outstanding liability to committed project funding of 1/2m. Now that 3.5 m has gone up ,not sure how much, depends on how much of this replayed loan was held by the access accounts. We need these surplus funds given back to us, should AC go into administration tomorrow we would probably never see a penny of these funds the vultures would grab it immediately. Can anybody justify the present situation, if there is a sensible reason I apologize.
|
|
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
|
Post by ilmoro on Oct 5, 2024 9:33:57 GMT
I do not understand this AC is already retaining 3.5m with an outstanding liability to committed project funding of 1/2m. Now that 3.5 m has gone up ,not sure how much, depends on how much of this replayed loan was held by the access accounts. We need these surplus funds given back to us, should AC go into administration tomorrow we would probably never see a penny of these funds the vultures would grab it immediately. Can anybody justify the present situation, if there is a sensible reason I apologize. They arent retaining £3.5m, its about £1m after each monthly distribution. AA held 90% so about £2.7m added to the free cash pot which is therefore around £3.8m. It will be in the client account so protected from any vultures without a Court order. AC should have lots of cash as the lender fee has been more lucrative than modelled I suspect due to a multitude of rolling cans. There isnt one (we know the functionality is there to make auto distributions). Somebody should probably ask for the money to be distributed just to get the excuse on record.
|
|
|
|
Post by crabbyoldgit on Oct 5, 2024 9:57:53 GMT
Thanks ilmoro for that, it's seems more reasonable now if not totally so. As for a court to release the client account funds to run an administration other sites closing would suggest it's pretty much a rubber stamping exercise, the administrator's say they need funds now to run the administration , somebody has to pay for it and the client account funds are there and immediately available to fund it, done deal.
|
|
|
|
Post by Ace on Oct 5, 2024 10:21:11 GMT
I'm content to wait until the end of the month for my meager monthly allocation from the Access Accounts. I don't see much chance that AC will put the platform into administration before then. Why would they? They're still gouging hundreds of thousands in fees for their incompetent monitoring of the "rolling can" loans. The platform is a golden goose that keeps laying for them.
|
|
