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Post by bob2010 on Jun 2, 2023 9:40:03 GMT
Capital repayment this month. Less than 2% I believe
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rscal
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Post by rscal on Jun 4, 2023 12:30:49 GMT
They've paid 1.9% on QAA for May, which is a effectively a 50% fee. How ridiculous! I have calculated the fee-to-date this month as about '39%' of interest due (i.e. that received 'net' of as well as that taken in the fee itself up to the previous month) here: p2pindependentforum.com/post/475071/thread Everyone pays at a slightly different 'rate' b/c the 'performing capital' [ pc] is not directly related to interest. People in Access Accounts pay at a common rate since they have identically proportioned shares of the pc.
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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 Jul 1, 2023 22:12:16 GMT
Rough numbers, due to a certain level of estimating AA holdings, and no guarantee I havent made errors
As of June 30
Capital outstanding £114.8m
Free Cash £10.2m
Outstanding funding commitments £4.3m
Repayment of #1550 knocked a big chunk off potential funding requirements.
Obviously the £2m distribution the quarterly update suggested never materialised but good news is should be a much bigger repayment next week given there is £6m+ free cash )or will be once #1238 funds are added to pot)
Loans 253
Default 33 (NB includes 6 where holding is nominal) £15m
No payment interest June - 29 (£25m incl default but not those default making interest payments )
Repaid 6
Capital repaid £3.9m v scheduled £10.7m (usual can kicking suspects)
Drawdowns £646k v scheduled £1.1m
Cash flow +£3.2m v £11.6m
Interest received c475k representing approx 114% of sum needed to pay 4% before the lender fee.
The science guesswork bit ie totally speculative
June fees £94m @6.25% - £488k
Catchup fees £5m @2.9% - £12k
Total £500k
Shortfall £25k
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ashtondav
Member of DD Central
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Post by ashtondav on Jul 2, 2023 10:01:42 GMT
<Insults removed> Secured £70 interest on my outstanding £45K.
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Post by peely999 on Jul 3, 2023 8:54:25 GMT
"should be a much bigger repayment next week " Sorry by why would you mention "next week" surely should this not have happened at the beginning of this month, ie the 1st of July when payments where promised to be paid into 'cash accounts'? I've had zero £'s paid this month as of today the 3rd of July!
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rscal
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Post by rscal on Jul 3, 2023 9:23:12 GMT
<Insults removed> Secured £70 interest on my outstanding £45K. The why pea ting version goes by cheese sling bar steward
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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: 11,344
Likes: 11,565
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Post by ilmoro on Jul 3, 2023 9:51:07 GMT
"should be a much bigger repayment next week " Sorry by why would you mention "next week" surely should this not have happened at the beginning of this month, ie the 1st of July when payments where promised to be paid into 'cash accounts'? I've had zero £'s paid this month as of today the 3rd of July! It's not currently an automatic process so it won't happen on a weekend. It also isn't in anyway guaranteed ... there is no promise given, merely an indication that distributions will happen ... so far near the start of the month. The last update suggested something outside this pattern but it didn't materialise.
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Post by bob2010 on Jul 3, 2023 10:22:39 GMT
I've just received back 3% from the QAA.
No indication of any interest or fees.
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Post by nbk on Jul 3, 2023 10:29:34 GMT
I've just received back 3% from the QAA. No indication of any interest or fees. The payment received today is purely capital. All interest received has been used to cover fees (actually not even enough to cover fees, so will be applied later on in future). Interest and fees charged not itemised in the statement though.
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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: 11,344
Likes: 11,565
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Post by ilmoro on Jul 3, 2023 16:57:58 GMT
I've just received back 3% from the QAA. No indication of any interest or fees. The payment received today is purely capital. All interest received has been used to cover fees (actually not even enough to cover fees, so will be applied later on in future). Interest and fees charged not itemised in the statement though. Interest has been paid - a whole 0.1%
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Post by bracknellboy on Jul 3, 2023 17:54:14 GMT
The payment received today is purely capital. All interest received has been used to cover fees (actually not even enough to cover fees, so will be applied later on in future). Interest and fees charged not itemised in the statement though. Interest has been paid - a whole 0.1% Jeez.
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rscal
Posts: 985
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Post by rscal on Jul 31, 2023 11:05:00 GMT
It's the last day of the month and I still owe Uncle Stu 26 12* quid in unpaid 'fees'. I didn't 'make rent' this month due to (uh..) climate warming/cooling/[insert borrower excuses here] reasons - which just shows how NECESSARY it was to hike the fees when he did.
Oh, and I owe Assetz Capital a big apology for claiming they benefitted from 12 months long queuing of '17 million' for the AAs just months b4 they had to shut down. That was Uncle Barclay of course since it was he that held the client account cash.
(Hmm Could Uncle Barclay help out Uncle Stu with his uncollected fines fees problems I wonder?)
Updating my figures of income 'recieved' in the MLA (that is, as interest paid to me PLUS as received but then deducted as fee) I notice there was a BIG reduction in July. My estimates:
I can't account for this but the previous 3 months look a lot more alike than the latest month does. (Will see what the quoted fee is as a result tomorrow of course)
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Post by bob2010 on Aug 1, 2023 5:03:54 GMT
So they've taken it upon themselves, it seems, to keep any returned capital held until the first of the month. Was there any mention that they would do this? Plus, are those repayments considered performing loans while they're hanging onto our capital (in the client money account, perhaps?) just so they can slap us with a full month's worth of fees? Given the FCA's complete disregard, what's their incentive to return us any of our capital?
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Post by chrismellish on Aug 1, 2023 6:08:45 GMT
So they've taken it upon themselves, it seems, to keep any returned capital held until the first of the month. Was there any mention that they would do this? Plus, are those repayments considered performing loans while they're hanging onto our capital (in the client money account, perhaps?) just so they can slap us with a full month's worth of fees? Given the FCA's complete disregard, what's their incentive to return us any of our capital? They could easily code up a solution to distribute our capital as it was repaid or as an end of day process. But AC do love a manual process, so I imagine they're still manually deciding how much to release at the end of each month. Investment levels are tracked to the second so if it's coded correctly the fee should only be calculated on the amount invested excluding repaid capital that is sat as cash.
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Post by bob2010 on Aug 1, 2023 6:27:18 GMT
So they've taken it upon themselves, it seems, to keep any returned capital held until the first of the month. Was there any mention that they would do this? Plus, are those repayments considered performing loans while they're hanging onto our capital (in the client money account, perhaps?) just so they can slap us with a full month's worth of fees? Given the FCA's complete disregard, what's their incentive to return us any of our capital? They could easily code up a solution to distribute our capital as it was repaid or as an end of day process. But AC do love a manual process, so I imagine they're still manually deciding how much to release at the end of each month. Investment levels are tracked to the second so if it's coded correctly the fee should only be calculated on the amount invested excluding repaid capital that is sat as cash. But then they should be paying the target interest rate on that amount whilst our cash is not accessible..
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