ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329 
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Post by ilmoro on Oct 1, 2023 10:23:06 GMT
More cash returned from the AA first thing
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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: 11,329
Likes: 11,549
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Post by ilmoro on Oct 1, 2023 12:09:38 GMT
As of 31 AugCapital outstanding £112.8m Free Cash £7.5m Outstanding funding commitments £3.5m Loans 245 Default 41 (includes 7 with nominal amounts) £15m No payment interest Aug - £26.6m (excludes non-arrears defaults) Repaid 5 (£1.5m) Capital repaid £1.9m v scheduled £16m (usual can kicking suspects) Drawdowns £512k v scheduled £460K Cash flow +£1.4m v £16.1m Interest received c474k representing approx 118% of sum needed to pay 4% before the lender fee. Lot of extensions in Aug, both formal & administrative As of 30 Sep Capital outstanding £110.7m Free Cash £5.9m Outstanding funding commitments £2.7m Loans 238 Default 34 (includes 4 with nominal amounts) £14.7m No payment interest Sep - £41.2m (excludes non-arrears defaults) Aug Catch up payments - £7m Net £34.2m non-fee earning Repaid 13 (£2.6m) Capital repaid £2.7m v scheduled £13.8m (usual can kicking suspects) Drawdowns £605k v scheduled £391K Cash flow +£2m v £13.2m Interest received c409k representing approx 105% of sum needed to pay 4% before the lender fee.
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Post by oppsididitagain on Oct 2, 2023 7:37:48 GMT
Thanks for the numbers
Are you potentially saying AC could be paying more back ?
My concern and frustration is : Why haven't AC found external funding to support their business instead of using our funds as a 0% loan ??
If the retail investment was closed and institutional money was found then surely their funds should be supporting the business if they are reaping the rewards
This is the bit I can't believe the FCA/FOS lets them get away with
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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: 11,329
Likes: 11,549
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Post by ilmoro on Oct 2, 2023 8:08:35 GMT
Thanks for the numbers Are you potentially saying AC could be paying more back ? My concern and frustration is : Why haven't AC found external funding to support their business instead of using our funds as a 0% loan ?? If the retail investment was closed and institutional money was found then surely their funds should be supporting the business if they are reaping the rewards This is the bit I can't believe the FCA/FOS lets them get away with Actually now the answer is probably no ... yesterdays payout brings net cash down to about £3.1m, which leaves a buffer of £400k above forward funding commitments. AC are keeping a contingency to cover unexpected funding requirements. They could probably distribute funds quicker. The bigger issue is the delays in loans repaying, probably looking a £10m+ that should have comeback but exit has been protracted ... unfortunately thats the climate we are in I guess the answer is that they cant get direct institutional backing ... they will invest through them (even that doesnt seem to be going well) but not in them. Doubt the FCA care, its winding down in an orderly fashion, why rock the boat ... not as if they dont have enough P2P messes to deal with. FOS we will wait & see.
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Post by bob2010 on Oct 2, 2023 8:29:21 GMT
I've just received a payout which equates to 2.37% of my outstanding AA holdings.
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Post by bob2010 on Oct 2, 2023 11:04:53 GMT
I've just received a payout which equates to 2.37% of my outstanding AA holdings. And 0.001% interest paid
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Post by frank121 on Oct 2, 2023 11:36:54 GMT
I've just received a payout which equates to 2.37% of my outstanding AA holdings. And 0.001% interest paid I really hope this going to change next month and at least we are going to actually receive some real interest. However still no news from AC on this. 
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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: 11,329
Likes: 11,549
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Post by ilmoro on Oct 2, 2023 12:12:39 GMT
I've just received a payout which equates to 2.37% of my outstanding AA holdings. And 0.001% interest paid Well at least they are using all those dp to pretend the account has actually paid interest  Not entirely unexpected given that nearly 30% didnt make interest payments last month for various reasons ... resulting in much lower income than previous months.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 2, 2023 12:23:18 GMT
I've just received a payout which equates to 2.37% of my outstanding AA holdings. And 0.001% interest paid Not bad, if you had lent a Billion....
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Post by bob2010 on Oct 2, 2023 16:56:49 GMT
Not bad, if you had lent a Billion.... It would still be 0.001% interest...
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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: 11,329
Likes: 11,549
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Post by ilmoro on Oct 4, 2023 10:13:50 GMT
Well the long anticipated quarterly update is in and ... the ship sails serenely on ... fee reducing as promised, development loans all in hand, redemptions happening, distributions increasing, 2fa going on log in, only slight cloud on the horizon is more extensions being requested.
Seems churlish to rock the boat ... so out with deck chairs on the promenade & enjoy the voyage!
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rscal
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Post by rscal on Oct 4, 2023 10:15:16 GMT
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Post by bob2010 on Oct 4, 2023 11:25:31 GMT
As 0.9% is based on the outstanding loan amount, presumably that means they should be paying the target rate of 4% as all the loans will be paying more than 4.9%?
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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: 11,329
Likes: 11,549
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Post by ilmoro on Oct 4, 2023 12:34:24 GMT
As 0.9% is based on the outstanding loan amount, presumably that means they should be paying the target rate of 4% as all the loans will be paying more than 4.9%? Not that simple of course. Fee based on performing loans ie making interest payments. Uninvested cash in the account which doesn't earn. Considerable number of loans not paying interest so not contributing to meeting the target. Proportion likely to increase. Whether month ends on a weekend so some loans roll into following month Outstanding fees being retrospectively claimed, likely greater than the corresponding interest catch up. Only just made enough interest to meet 4% before fees last month.
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ashtondav
Member of DD Central
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Post by ashtondav on Oct 4, 2023 13:19:58 GMT
…Seems churlish to rock the boat ... so out with deck chairs on the promenade & enjoy the voyage!… …just as long as it’s not the good ship Titanic!
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