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Post by oppsididitagain on Oct 5, 2024 10:23:17 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. Am I correct in saying that IF they were to make an additional payment/release of funds due to 1557 repaying, that could be as much if not more than was released on Oct 1st ? its almost3% of the loan book ?
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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 Oct 5, 2024 10:34:37 GMT
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. Am I correct in saying that IF they were to make an additional payment/release of funds due to 1557 repaying, that could be as much if not more than was released on Oct 1st ? its almost3% of the loan book ? Yes ... that one loan has repaid more than all the capital repayments last month. It would also knock off nearly £10k from the amount of interest required to pay the 4%. Seems a no brainer if your objective was the interests of lenders
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Post by oppsididitagain on Oct 5, 2024 11:24:38 GMT
I will send an E mail. over the weekend, asking for a release of funds I suggest others do
thanks for confirming
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Post by crabbyoldgit on Oct 5, 2024 16:35:22 GMT
Has anybody got access to inside information reguarding AC , it's institutional wing was reported to be a bit of a damp squib in the past and the income from the winding down of the retail side was possibly keeping the lights on. I see no evidence of old retail loans being taken up at the end of their term by the institutional wing in way I would kind of expect as a relationship with the borrower would be established and history available.
Kind of hope the above is true the more AC need us the better.
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Post by frank121 on Oct 7, 2024 22:48:30 GMT
Hi All, Unsure if I am being stupid but I can't understand if I was invested in loan 1557 or not. (via a non MLA account) Am I right to assume that if 1557 shows up in the in the loan repaid section then it means that I was invested in it? I know normally the amount of holdings is populated while the loan is live but that seems to disappear once repaid. I'd like to email AC to ask for repayment asap as suggested but wanted to be sure I had a piece first! Thanks, Frank
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dave2
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Post by dave2 on Oct 8, 2024 4:13:30 GMT
Hi All, Unsure if I am being stupid but I can't understand if I was invested in loan 1557 or not. (via a non MLA account) Am I right to assume that if 1557 shows up in the in the loan repaid section then it means that I was invested in it? I know normally the amount of holdings is populated while the loan is live but that seems to disappear once repaid. I'd like to email AC to ask for repayment asap as suggested but wanted to be sure I had a piece first! Thanks, Frank Hi Frank. If you were invested in 1557 manually (via MLIA) the loan principal will be repaid to your cash account, together with any interest due. If you are invested via an access (non MLA) account your investment is spread over multiple loans, you will not receive any repayment for a specific loan, monthly repayment are made as appropriate for the loan pool as a whole, AC does not repay asap for the access account.
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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 Oct 8, 2024 11:32:34 GMT
Hi All, Unsure if I am being stupid but I can't understand if I was invested in loan 1557 or not. (via a non MLA account) Am I right to assume that if 1557 shows up in the in the loan repaid section then it means that I was invested in it? I know normally the amount of holdings is populated while the loan is live but that seems to disappear once repaid. I'd like to email AC to ask for repayment asap as suggested but wanted to be sure I had a piece first! Thanks, Frank If you have money in the AA then you were invested in the loan as the AA is invested in all loans except a few which were in trouble before it was launched & a couple where it has divested its holding to MLA completely/PF payout. (only 6 left) The relevant point is the amount of free cash the AA is holding not the specific loans that it has derived from ... a major loan repaying is a nudge to look at the free cash but not a guarantee of a significant increase, that depends on how the AA held of the loan. Basically we are asking AC to distribute free cash from the AA now rather than delay to the EOM so that lenders can withdraw it if they wish & reduce the amount of interest the AA needs to earn to meet the target rate. (There is a potential impact on lenders who dont want to withdraw to avoid a fee as they will not be earning interest on the amount released which they would if it stayed in the AA - it is a choice as AA is more likely pay full interest this month given EOM falls on a working day)
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Post by frank121 on Oct 8, 2024 22:01:52 GMT
Hi All, Unsure if I am being stupid but I can't understand if I was invested in loan 1557 or not. (via a non MLA account) Am I right to assume that if 1557 shows up in the in the loan repaid section then it means that I was invested in it? I know normally the amount of holdings is populated while the loan is live but that seems to disappear once repaid. I'd like to email AC to ask for repayment asap as suggested but wanted to be sure I had a piece first! Thanks, Frank If you have money in the AA then you were invested in the loan as the AA is invested in all loans except a few which were in trouble before it was launched & a couple where it has divested its holding to MLA completely/PF payout. (only 6 left) The relevant point is the amount of free cash the AA is holding not the specific loans that it has derived from ... a major loan repaying is a nudge to look at the free cash but not a guarantee of a significant increase, that depends on how the AA held of the loan. Basically we are asking AC to distribute free cash from the AA now rather than delay to the EOM so that lenders can withdraw it if they wish & reduce the amount of interest the AA needs to earn to meet the target rate. (There is a potential impact on lenders who dont want to withdraw to avoid a fee as they will not be earning interest on the amount released which they would if it stayed in the AA - it is a choice as AA is more likely pay full interest this month given EOM falls on a working day)
Thanks Ilmoro. My confusion occurred because in the live loan view you can see how much you have invested via the AA in each loan; however this information disappears when the loan is paid. However, I just had the idea to check one of my old exports - and yes the amount is visible.  To be honest, it's quite a sizable amount to the tune of a normal monthly interest/capital repayment. I think it warrants being paid now as the £1 withdrawal fee can be earned easily elsewhere with the safety and peace of mind of funds not being in AC for longer than necessary. I personally would sleep better as I never know what AC are planning next... So I will make the request but doubt it will honoured. Surely they will say that the AC accounts only pay monthly and there are no exceptions to this. They do after all make the law.  The best think about this exercise is that I have learned to keep old exports rather than replace them! Cheers, Frank
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Post by scotty on Oct 10, 2024 9:02:58 GMT
Surprise, Surprise ... Cash from the latest loan repayment credited to QAA accounts today. AC making a killing on those £1 withdrawal fees.  |
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Post by bob2010 on Oct 10, 2024 9:58:09 GMT
Surprise, Surprise ... Cash from the latest loan repayment credited to QAA accounts today, AC making a killing on those £1 withdrawal fees. Yep. They'll be more incentivised to do timely distributions now.
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Post by scotty on Oct 10, 2024 10:29:18 GMT
Surprise, Surprise ... Cash from the latest loan repayment credited to QAA accounts today, AC making a killing on those £1 withdrawal fees. Yep. They'll be more incentivised to do timely distributions now. Hopefully, but unlikely, I think this is probably the exception to rule, a few extra quid in withdrawal fees is peanuts in comparison with their other fees.
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Post by frank121 on Oct 10, 2024 11:11:30 GMT
Yep. They'll be more incentivised to do timely distributions now. Hopefully, but unlikely, I think this is probably the exception to rule, a few extra quid in withdrawal fees is peanuts in comparison with their other fees. Indeed. A few minutes ago I received a reply to my request saying that the funds has been released but this was a "one off" highlighting payments to AA's are normally monthly and will remain that way. I am not sure if they were just making a point that this will never be done again or the fact tht you shouldn't expect it for every loan repayment in future. Considering there are other loans at similar high levels (2m to 3m); this situation could indeed occur again and I would expect AC to consider any requests at that time etc. By the way - the £1 withdrawal fee is supposed to cover direct costs only so no profit involved.
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loadsahope
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Post by loadsahope on Oct 10, 2024 15:10:52 GMT
Hopefully, but unlikely, I think this is probably the exception to rule, a few extra quid in withdrawal fees is peanuts in comparison with their other fees. Indeed. A few minutes ago I received a reply to my request saying that the funds has been released but this was a "one off" highlighting payments to AA's are normally monthly and will remain that way. I am not sure if they were just making a point that this will never be done again or the fact tht you shouldn't expect it for every loan repayment in future. Considering there are other loans at similar high levels (2m to 3m); this situation could indeed occur again and I would expect AC to consider any requests at that time etc. By the way - the £1 withdrawal fee is supposed to cover direct costs only so no profit involved. the £1 withdrawal fee is supposed to cover direct costs only so no profit involved.
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Post by crabbyoldgit on Oct 10, 2024 15:23:17 GMT
With this I can now say I have got 1/3 rd of my money back , maybe a little more from the Mla.Give me another 50% and I will breath easy
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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 Oct 31, 2024 22:39:03 GMT
As of 30 September Capital outstanding £84.4m Free Cash £3.4m - Outstanding funding commitments £500k Loans 153 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% As of 31 October Capital outstanding £78.5m Free Cash £2.5m Outstanding funding commitments £500k Loans 145 Default 36 (includes 4 with nominal amounts) - 17m Arrears £5m No Oct payment £7m Catch up £5m Repaid 8 (£4.3m) Interest received c340k representing approx 120% of sum needed to pay 4% before the lender fee. Borderline sufficient to pay full 4% after fee
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To be honest, it's quite a sizable amount to the tune of a normal monthly interest/capital repayment. I think it warrants being paid now as the £1 withdrawal fee can be earned easily elsewhere with the safety and peace of mind of funds not being in AC for longer than necessary. I personally would sleep better as I never know what AC are planning next...
