Access Accounts Run Off - by the (rough) numbers (AC)

0.000084% interest on my QAA holdings....

By the time all this plays out, if we get all our capital back, then I'd consider ourselves lucky. Much more likely we will be facing capital losses too. How much is anyone's guess.

Ha, I knew they'd come in useful some day.  This wasn't quite what I had in mind though.

There's no technical reason they cannot distribute more at any time, so all we can do is speculate.  They could surprise us!

However they do love a process and don't really have any incentive to return lender capital more frequently than once a month.  The obscene fee is eating up all the interest anyway so the provision funds aren't being topped up, which was previously the primary motivation for keeping the cash balance as low as practical.

The reason your return is low is that with the platform in run down AC have  imposed an additional charge/deduction on all investors to claw back to them virtually all interest paid by borrowers.  The argument of AC is that they need to apply the extra charge to pay the expenses of run down.  Aggrieved investors need to complain in the first instance to AC and if not satisfied to take their case to the Financial Ombudsman.  AC may respond to complaints by placing the platform into Administration.

Hey - thanks for all the responses and thoughts! Personally I find it useful to hear from other people in a similar position - I'm not sure what advice you think I'm taking from anyone markg2020? I was under the impression there isn't exactly anything we can do haha... other than wait!

I also said that I understood the risks... I'm well aware it could be worse and could get nothing back - I just assumed 8 months down the line from their initial announcement that repayment might be a little quicker, I guess, given their stated intention to do so. It's actually more worrying to me that it's ahead of schedule if this is the rate we can expect.

Personally, I do see lost investment opportunity as a loss as it seems like we are looking at years for repayment and my primary concern is whether we will actually see all that capital repaid or not. (In which case, definite loss!)

I appreciate that you may be trying to come from a good place but it does come across as quite patronising. You tell me not to take any advice from anyone on here but then end your post with 'a word of advice'...

I'm glad you have full faith in AC and their process though - at least someone does! I'll try to take some of that positivity! Thanks for your input.

The process is, unfortunately not going to be linear. The biggest factor is the redemption of loans and that is unfortunately going to be dictated by circumstance. The initial few months actually had more redemptions than expected, hence the move towards distributing funds ahead of schedule but last month was a step backwards with minimal redemptions as refinances fell through, sales were delayed and developments progress slower than expected.  Current economic situation obviously provides headwinds to a smooth rundown with higher rates impacting refinances and lenders appetite to lend, and generating uncertainty in the housing market impacting development sales. August is likely to be another slow month because a lot of the legal profession tend to go on holiday which always causes delays.

It will get worse before it gets better ... that at least is the plan so at least interest returns should pick up in a few months... return of capital will be several years as 5 year loans have to run their course. While it is possible that borrowers will exit early, this seems less likely given the current level of finance costs so will much depend on the speed rates drop.

Whether they are able to do what they are doing, particularly size of fee, is a question that is to be determined by the FOS. There are certainly considerable question marks when it comes to the t&cs. (As evidence would suggest never as robust as platforms think when properly tested) The arrival of the new Consumer Duty regulation is as yet an unknown factor (not least how it will apply to a platform in runoff)

Trying to get answers on the distribution levels ... have been for several months ...