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Post by davefoz on Jun 8, 2023 11:44:33 GMT
Legal action against Assetz Capital Access accounts Did you lose money when Assetz Capital refused to release your capital from the Access accounts? Were you a larger investor who was unfairly discriminated against because of managements refusal to action immediately pro-rata distribution of available funds? As a result of the introduction of the secondary market, did your Access Account change from a “simple fixed interest term account” into a complex tradable financial product, which was unrecognisable from what was advertised in the key features? Were you subject to an overnight increase in fees, without the opportunity to withdraw funds from your accounts without penalty? Were you unaware that lenders were required to maintain their investment capital and contribute further funds until development projects were complete? Have you lost funds as a result of Run down? Great British Business Accounts Do you like me believe that Assetz Capital have operated the GBBA’s in an inappropriate & totally unacceptable way. Were your funds invested or reinvested in loans against your wishes? Do you believe the provision funds marketed as safety net were inadequately funded? Do you believe it was wrong that when the provision fund in GBBA was exhausted; a rehashed versions of the original, was launched, resulting in those holding loans in the original account being trapped; no longer having the benefit of revenue streams to fund repayment of investors capital on default loans? Do think it was right that those invested in the first loans to default were paid out capital in full, whilst those invested in the latter loans to default got nothing? Have you not had a capital repayment as a result of your loan being held in the GBBA when investors who held the exact same loan in GBBA2 have had a full capital repayment? When recoveries have been made, have large chunks of your capital been swallowed up by Assetz’s fees? In General Do you believe that the valuations which you relied upon to make your investments decision were incorrect and insufficiently scrutinised and challenged by management? Do you believe Assetz Capital failed to ensure effective risk management and the appropriate credit risk management processes and procedure were in place? Did you find yourself bound by amended terms that you did not have opportunity to review or opt out of? Have you got other examples where you’ve lost money as a result of Assetz Capitals poor management or negligence? If like me, you have invested in your hard earned cash in Assetz Capital and lost money, feel aggrieved but don’t know where to turn. I may have found a solution to your dilemma.
I have found solicitors who deals in this area of law, who has had success acting for investors against other investment companies, or the bank that processed your investment and the FSCS. The good news is they work on a NO WIN NO FEE BASIS. They have not taken any upfront payment from me, which means they are only going to get paid if they win my case. If you like me have already written off your losses here, you’ve got nothing to lose.
They’ve taken all the headache of dealing with my recovery and appear to know what they are doing. I certainly believe I’ve got a much stronger chance of getting my money back with their assistance than without it.
I’m happy to answer any of your questions here, but I’m a layman, so you’re really better off speaking to them direct.
The company concerned is Mendelsons Solicitors please see attached link. mendelsonssolicitors.co.uk/contact-us/
Please be assured I do not work for this company. I do however feel that the more of us that contemplate legal action; the greater the chance of success.
Finally I wish all who been treated unfairly and have lost money all the best in getting some form of compensation, with or without
Mendelsons assistance.
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Post by overthehill on Jun 8, 2023 12:22:57 GMT
And the massive obvious conflict of interest in respect of the extra profit gleaned (AC call it expenses) by every mis-behaving, late or default loan before an investor gets a penny of their capital back never mind interest. I've never seen anything like it with my other P2P companies.
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eeyore
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Post by eeyore on Jun 8, 2023 14:34:43 GMT
Legal action against Assetz Capital
I have found solicitors who deals in this area of law, who has had success acting for investors against other investment companies, or the bank that processed your investment and the FSCS. The good news is they work on a NO WIN NO FEE BASIS. They have not taken any upfront payment from me, which means they are only going to get paid if they win my case. What sort of terms have you agreed with the solicitors? The more lenders that they represent, the better deal we should get from them. To keep the details confidential, perhaps you could move this discussion to the DD Central section of the forum?
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Post by davefoz on Jun 8, 2023 14:46:41 GMT
It’s for each individual to negotiate your terms however they are pretty standard.
The way I see it I’ve written off the funds mentally therefore anything is better than nothing.
If nothing is recovered however my actions cause AC nothing more than a pain in butt to AC’s management, I will be disappointed however at least I have attempted to do something to try and recover my funds and gain a degree of retribution for the appalling way I and other investors have been treated by Stuart Law and merry band of men.
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Post by bob2010 on Jun 8, 2023 14:47:54 GMT
It’s for each individual to negotiate your terms however they are pretty standard. The way I see it I’ve written off the funds mentally therefore anything is better than nothing. If nothing is recovered however my actions cause AC nothing more than a pain in butt to AC’s management, I will be disappointed however at least I have attempted to do something to try and recover my funds and gain a degree of retribution for the appalling way I and other investors have been treated by Stuart Law and merry band of men. Have you bypassed the Financial Ombudsman?
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agent69
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Post by agent69 on Jun 8, 2023 15:41:42 GMT
They have not taken any upfront payment from me, which means they are only going to get paid if they win my case.
So are you saying this firm of solicitors are going to shell out a large (6 figure?) sum to take AC to court, on the basis they may get some of your investments back? I don't see how this can possibly be cost effective if just one investor is involved.
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rscal
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Post by rscal on Jun 8, 2023 18:55:56 GMT
Amen to that, but we must all do what we can individually, unless..... Off topic: I'd like the FCA to make a statement about what is going on with the firm and to apply pressure on behalf of all affected customers. I want action from the Regulator b/c Assetz have to listen to them and anything that is determined is then binding. I have written once so I may well write a follow-up with fresh 'developments' (like their rolling the fee) and suggest that I'd like some answers rather than crickets. And I'm calling on stuartassetzcapital [what he posted about the 'reasons' for the last fee exercise in 2020: p2pindependentforum.com/post/407180/thread ]to face the mob with some actual accountable behaviour and not hide behind his long winded 'updates' Well, Stuart, some of us are coming after you with Ombudsman complaints - we all received identically worded replies to that one' so perhaps there will be one proper adjudication that forces your hand to come out and make a statement - a statement, mind, which then accepts the reality instead of trying to fudge the issue further. Then there's the FCA. They can't stay ape if enough of us raise the issue of the way your company has conducted itself down the years. |
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alender
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Post by alender on Jun 8, 2023 19:25:08 GMT
They have not taken any upfront payment from me, which means they are only going to get paid if they win my case.
So are you saying this firm of solicitors are going to shell out a large (6 figure?) sum to take AC to court, on the basis they may get some of your investments back? I don't see how this can possibly be cost effective if just one investor is involved. I guess this is just the start of process and as more people find out about this the numbers will rise, also this could well be settled out of court as AC could find this route cost effective. This law firm must believe that have a reasonable chance of getting compensation and expect the number of people making claims to rise as this information gets out otherwise they would not waste their time. From my personal point of view there is nothing to lose so any gains will be a bonus, also it is about time AC had to deal with an adversary with teeth so could not dismiss out of hand any complaints knowing there is very little a single retail investor can do. I cannot see how AC will be able to win the issue of the many changes in T&Cs when the FCA state this in not allowed unless the investors have a chance to exit, so much of what they have done rely on T&Cs changes i.e. pro rata, secondary market, increased fees etc. Also the amount of money required for future tranches was not revealed to investors only mention in the small print that it existed, as this was the cause of so much of the problems I believe there is a legal duty to have been more forthcoming with this info as this posed a real risk to lenders, also the AAs were used to fund a far higher proportion of these tranches than they were invested in therefore causing issues to AA holder to help protect AC and other investors in these loans. If the government were not so generous with it's support I believe there was a real risk of good many after bad for AA holders and as this is P2P we owned the loans and therefore the repayments but AC removed the option to have these repaid after another change so held onto investors funds against their wishes, another basis for claims.
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alender
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Post by alender on Jun 8, 2023 19:35:10 GMT
Off topic: I'd like the FCA to make a statement about what is going on with the firm and to apply pressure on behalf of all affected customers. I want action from the Regulator b/c Assetz have to listen to them and anything that is determined is then binding. Perhaps one day when they might find time once they have caught of up on all the latest goings on with daytime tele while working from home.
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p2pfan
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Post by p2pfan on Jun 8, 2023 20:41:14 GMT
Thank you davefoz for making us all aware of this opportunity. The way Assetz have acted has been beyond despicable. They have been in violation of their regulatory obligations to treat customers fairly time and again over the years. They hold this arrogance that the money we give them is theirs and they can do what they want with it. Therefore, it's about time they were held to account for their actions. I've contacted this law firm and hope everyone else will do so as well. Let's all unite and turn the table on Stuart Law and the cabal of unethical low lives behind AC. |
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Post by bob2010 on Jun 8, 2023 20:50:53 GMT
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Post by davefoz on Jun 9, 2023 6:42:00 GMT
They have not taken any upfront payment from me, which means they are only going to get paid if they win my case.
So are you saying this firm of solicitors are going to shell out a large (6 figure?) sum to take AC to court, on the basis they may get some of your investments back? I don't see how this can possibly be cost effective if just one investor is involved. I suspect their aim is to get a settlement, however if they are representing maybe 500 of us they might consider a class action, and might benefit from the publicity from the case. Honest answer is I don’t fully understand their motives, nor do I need to. In other action they’re involved in they go after the FSCS and the banks who may have had a duty to prevent you investing. In my case like us all in accordance with FCA rules introduced on 9th December 2019, I was required like us all to certify as to the type of investor I am every 12 months. I refused to do so. I requested AC directly follow FCA rules and cease all reinvestment or new investment in their wonderful investment platform as further investment or reinvestment would be a clear breach of the FCA rules - they continued to reinvest my money. They may have a case there along, with numerous other breach’s of T&Cs etc. My view is I’ve got maybe a 3/1 chance of getting a chunk of my money back (plus damages/ interest) and in doing so I might give AC a bit of a bloody nose. It could be like PPI / Endowment mortgages - you knew what you was entering into, however tick the right box on a form and your entitled to redress.
If you’re not comfortable using this firm, don’t - I’m merely sharing with you an opportunity to recover some of your funds. I guess everybody’s case circumstances may be different.
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Post by garreh on Jun 9, 2023 15:52:28 GMT
The money to pay for all the lawyers to represent AC will be funded out of your own, and others, investments. There is a huge element of risk in doing this, especially en-mass.
As much as I despise how AC have handled things and meddled with terms, I would only take this route with a rational mindset with a genuine aim of maximising returns, rather than one out of spite and anger.
I personally haven't wrote off the money. AC have been returning funds monthly for the last few months, and I'm optimistic they will continue and increase over time as tranche commitments have been fully completed.
Maybe my optimistic position comes from also being part of the now defunct Growth Street, who also ran into liquidity problems and went into wind-down. Because they were able to do so in-house efficiently, without legal complications, the outcome was good and 100% return for investors. I'm hopeful AC can achieve the same thing, but willing to recognise my optimism could be misplaced here given the history of AC. But nonetheless, I think it's the best way to be.
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dave2
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Post by dave2 on Jun 9, 2023 17:11:15 GMT
Seems like an ambulance chasing lawyer has spotted an opportunity to insert himself between Assetz Capital and us lenders in order to cream off yet more of our cash in fees.
The original post is all over the place, grasping at every straw possible.
"Do you believe" blah blah blah.
What is the actual grievance, why do you want to take legal action, be specific?
You state that YOU have written off your funds mentally and wish to become a pain in the butt for AC management, to gain retribution...
MY loans are being steadily repaid and I would rather that the process is not bugged up by a merry bunch of clueless idiots.
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alender
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Post by alender on Jun 9, 2023 20:36:16 GMT
There are 2 questions here.
Will AC treat existing investors fairly which seems not to be the case without intervention so either get pushed around by AC or take action which potentially ends up with AC losing money which could reflect back on current investors or these same investors could win compensation. However it is in ACs court whether this can be solved by negotiation giving a good win for investors or a lot of legal costs with a good chance that the investors involved in the claim win back some money and perhaps other investors not involved lose out. This could put a line in the sand that if AC keep trying it on (increased fees, changing T&Cs etc) it will come back to bite them. In the case of a negotiated settlement or a good win in court with compensation I would not say that the claimants are a "merry bunch of clueless idiots".
The other question is what have those who have got out of AC and believe they have been unfairly treated (lost opportunities, stress, perhaps incurred costs) got to lose, a no cost chance to get compensation with the added bonus of putting one over on AC for problems caused to them, definitely not "a merry bunch of clueless idiots".
This is at the very least a wakeup call to AC to stop treating investors badly as cash cows to pay for directors life style which they believe they are entitled.
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