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Post by Ace on Apr 27, 2023 13:05:07 GMT
A payment of 68% of capital has been made for this long defaulted loan, after a large slug of AC fees were deducted.
Reading through the loan comments: we were led a merry dance for a very long time. A full repayment was repeatedly promised, almost weekly for long periods, over the past 3 years. Can't help feeling that the platform should have done much better considering it's substantial fees here.
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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: 10,831 
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Post by ilmoro on Apr 27, 2023 13:23:19 GMT
A payment of 68% of capital has been made for this long defaulted loan, after a large slug of AC fees were deducted. Reading through the loan comments: we were led a merry dance for a very long time. A full repayment was repeatedly promised, almost weekly for long periods, over the past 3 years. Can't help feeling that the platform should have done much better considering it's substantial fees here. The decision to dance was made by lenders, 3 times in 6 months ... there was no real suggestion of full repayment once the lenders stopped dancing 18m ago in the middle of Covid. Not quite sure what the platform could have done differently.
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Post by Ace on Apr 27, 2023 13:47:27 GMT
Works were completed in 2019. AC continued to extract copious monitoring and refinance fees ever since. Since then the only monitoring required was to validate that endless reports of imminent refinance were true, instead of merely parroting what the borrower was telling us. They all turned out to be false. Yes lenders chose to dance, but only because they were captivated by the tune...
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Post by overthehill on Apr 27, 2023 14:04:40 GMT
Same minority individuals still defending assetzcapital and still trying to justify their greed and incompetence as a soon as a grievance is raised in the forum. Unbelievable. If there isn't a conflict of interest you're working for nothing. I'm hoping most people saw the writing on the wall and haven't got too much tied up and eroding for years.
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rscal
Posts: 900
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Post by rscal on Apr 27, 2023 14:23:16 GMT
I put in a question yesterday but perhaps it can be answered here. Their update reminds us the there a personal guarantee limited to some amount like 380k [whereas I point out the current shortfall is 640k]. They mention the "accrued but unpaid interest" in the same sentence. would a 'successful' claim under the PG ...[STOP LAUGHING at the back there and LISTEN!] include the 380 and the interest but then somehow some of the original capital 'not' be recovered?
Supplemental ... when the solicitor takes our/their £75k to send the letters do we ask the borrower to recompense us for that too?
Supplemental to the supplemental .. the fix vote to appoint Mr Seventy Five is in launched. Closes 4th May.
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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: 10,831
Likes: 11,059
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Post by ilmoro on Apr 27, 2023 17:08:41 GMT
Same minority individuals still defending assetzcapital and still trying to justify their greed and incompetence as a soon as a grievance is raised in the forum. Unbelievable. If there isn't a conflict of interest you're working for nothing. I'm hoping most people saw the writing on the wall and haven't got too much tied up and eroding for years. Predictable. Yep,working for nothing, quite ineffectively as it all seems to benefit lenders. I'm sure your comment would get a wry smile from AC.
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SteveK
Member of DD Central
Posts: 58
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Post by SteveK on Apr 27, 2023 21:38:36 GMT
A payment of 68% of capital has been made for this long defaulted loan, after a large slug of AC fees were deducted. Reading through the loan comments: we were led a merry dance for a very long time. A full repayment was repeatedly promised, almost weekly for long periods, over the past 3 years. Can't help feeling that the platform should have done much better considering it's substantial fees here. Has any money been returned to investors yet? Where can you view the details re the payment of capital and loan comments?
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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: 10,831
Likes: 11,059
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Post by ilmoro on Apr 27, 2023 21:45:49 GMT
A payment of 68% of capital has been made for this long defaulted loan, after a large slug of AC fees were deducted. Reading through the loan comments: we were led a merry dance for a very long time. A full repayment was repeatedly promised, almost weekly for long periods, over the past 3 years. Can't help feeling that the platform should have done much better considering it's substantial fees here. Has any money been returned to investors yet? Where can you view the details re the payment of capital and loan comments? Yes, payment made to manual accounts. All on the loan page.
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Post by Ace on Apr 27, 2023 21:48:49 GMT
A payment of 68% of capital has been made for this long defaulted loan, after a large slug of AC fees were deducted. Reading through the loan comments: we were led a merry dance for a very long time. A full repayment was repeatedly promised, almost weekly for long periods, over the past 3 years. Can't help feeling that the platform should have done much better considering it's substantial fees here. Has any money been returned to investors yet? Where can you view the details re the payment of capital and loan comments? Yes. 68% of the capital was paid. The payments for manual accounts are listed in the account transactions and the funds were moved to the cash account ready for withdrawal or ISA transfer out. No payments have been made from the Access accounts yet.
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SteveK
Member of DD Central
Posts: 58
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Post by SteveK on Apr 28, 2023 9:49:49 GMT
Has any money been returned to investors yet? Where can you view the details re the payment of capital and loan comments? Yes. 68% of the capital was paid. The payments for manual accounts are listed in the account transactions and the funds were moved to the cash account ready for withdrawal or ISA transfer out. No payments have been made from the Access accounts yet. Okay, thanks. I'm in the QAA so nothing yet.
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Post by bob2010 on Apr 30, 2023 11:30:50 GMT
Would the provision fund cover the loss for AAs?
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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: 10,831
Likes: 11,059
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Post by ilmoro on Apr 30, 2023 12:04:52 GMT
Would the provision fund cover the loss for AAs? Hopefully. The cash to cover the predicted loss should have been ringfenced at the point the loan got into trouble and AC were predicting a capital loss of 10% so £80k should have been ringfenced, maybe £200k The AA hold roughly £240,000 so may need topping up from the actual PF. Current status of the PF unknown. Up until AA were frozen in Dec 2022 this loan was still tradeable which means AC considered the PF could cover the predicted loss. Unfortunately with the accounts frozen there is no way of knowing whether this would still be the case.
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Post by Ace on Apr 30, 2023 14:22:21 GMT
Would the provision fund cover the loss for AAs? Hopefully. The cash to cover the predicted loss should have been ringfenced at the point the loan got into trouble and AC were predicting a capital loss of 10% so at least £200k should have been ringfenced. The AA hold roughly £240,000 so may need topping up from the actual PF. Current status of the PF unknown. Up until AA were frozen in Dec 2022 this loan was still tradeable which means AC considered the PF could cover the predicted loss. Unfortunately with the accounts frozen there is no way of knowing whether this would still be the case. If the AAs only held £240k with a 10% predicted loss, wouldn't the PF have only needed to ring-fence £24k?
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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: 10,831
Likes: 11,059
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Post by ilmoro on Apr 30, 2023 15:36:39 GMT
Hopefully. The cash to cover the predicted loss should have been ringfenced at the point the loan got into trouble and AC were predicting a capital loss of 10% so at least £200k should have been ringfenced. The AA hold roughly £240,000 so may need topping up from the actual PF. Current status of the PF unknown. Up until AA were frozen in Dec 2022 this loan was still tradeable which means AC considered the PF could cover the predicted loss. Unfortunately with the accounts frozen there is no way of knowing whether this would still be the case. If the AAs only held £240k with a 10% predicted loss, wouldn't the PF have only needed to ring-fence £24k? They hold £240k now after all the capital repayments, they would have held more at the time the cash was ringfenced. It is not clear whether sum ringfenced in relation to the capital value discount relates to the full loan value or just the AA holdings so yes it could be considerably less is ringfenced. There are various categories in relation to ringfencing in the PF some of which relate to Loss Given Discount, some Estimated Loss & some capital discount. Hard to know which has been applied or several. Ive amended my post to be less optimistic. 
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