mogish
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Post by mogish on Nov 28, 2023 19:11:58 GMT
Thankfully I've only a small amount left in AC , I'm probably still up marginally having paid their fees, market sell rates, lender contributions during covid etc over the years.
However like others, we have all seen various other p2p firms use the law to their own benefit rather than an interest in a fair outcome for all stakeholders when things go sour.
Wellesley managed wind down very poorly for investors and were only interested in themselves. Ratesetter imo handled things very well. LW still drags on although eventually coming to a conclusion. AC have always been great at delivering a long winded tale in how too let us down. I'm thinking the Scottish laird, excuse after excuse.
I cant see why anyone would want to wait on AC sorting this , what have investors got to lose?
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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: 11,315 
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Post by ilmoro on Nov 28, 2023 21:37:45 GMT
Thankfully I've only a small amount left in AC , I'm probably still up marginally having paid their fees, market sell rates, lender contributions during covid etc over the years. However like others, we have all seen various other p2p firms use the law to their own benefit rather than an interest in a fair outcome for all stakeholders when things go sour. Wellesley managed wind down very poorly for investors and were only interested in themselves. Ratesetter imo handled things very well. LW still drags on although eventually coming to a conclusion. AC have always been great at delivering a long winded tale in how too let us down. I'm thinking the Scottish laird, excuse after excuse. I cant see why anyone would want to wait on AC sorting this , what have investors got to lose? Based on other P2P 'windowns'... up to 25% of their capital in fees, on top of any losses from distressed asset recovery ... do you think it's going to get sorted any quicker by anyone else? How many years have P2P admins taken & none resolved? Better the devil you know maybe? Lots of redemptions this month.
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Post by honeybadger on Nov 29, 2023 7:46:28 GMT
I respect all the viewpoints on here, many of you are wiser than myself.
To my narrow foxhole vision conspiracy theorist tin foil hat type brain, it still comes down to one point that I've made previously which has left a really sour taste in my mouth regarding Assetz, and that was the timing between the seedr's fundraise and the hastiness with which the premise of that 'business' offer was abandoned for the 'grass is greener' institutional approach. That strategy was to me - pecuniary to the retail offer, share issuing offer and the good faith with which I had given Assetz my money as both a shareholder and p2p investor. That capital was raised; and I diversified my portfolio to be part of that because of the unique model and my own personal passion for retail investors to have a shot at better returns (as I have likewise invested in loanpad & crowdproperty). If I wanted to invest in an institutional lender 'bridge loan' platform only, I'd have made different decisions.
There would have been other strategies available with regards to the loan book, the loan series, new accounts and likewise, discussed previously on here by myself and others. Ironically a fee structure associated with the higher rates Assetz could have afforded to write new loans at in this environment would have been more profitable for them and by now this loan book would have been looking much better. Chris' comments on here provide great insight and it's good of him to be present.
The truth is, we were not abandoned for any other reason except profit. Assetz believed a quicker, more direct and more sustainable buck was available by dropping retail for institutional and dropping the shell of the old book increased room for a fatter margin from the new business, and I said before, thats a strategic management decision for P&L with different risks, and that decision cannot be blamed on market conditions if you have designed a robust product or are not wiling to make the changes necessary to enhance the product; and they could have enhanced the product.
For the record I've made no complaint and harbour no ill will to those who have - I continue to vote with my feet and with my cash; the ombudsman and Assetz have the onus on them to do what is right and if they don't at some point, you have to stand up for something because otherwise we will just get the same s**t the next cycle.
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toffeeboy
Member of DD Central
Posts: 538
Likes: 385
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Post by toffeeboy on Nov 29, 2023 12:04:25 GMT
I respect all the viewpoints on here, many of you are wiser than myself. To my narrow foxhole vision conspiracy theorist tin foil hat type brain, it still comes down to one point that I've made previously which has left a really sour taste in my mouth regarding Assetz, and that was the timing between the seedr's fundraise and the hastiness with which the premise of that 'business' offer was abandoned for the 'grass is greener' institutional approach. That strategy was to me - pecuniary to the retail offer, share issuing offer and the good faith with which I had given Assetz my money as both a shareholder and p2p investor. That capital was raised; and I diversified my portfolio to be part of that because of the unique model and my own personal passion for retail investors to have a shot at better returns (as I have likewise invested in loanpad & crowdproperty). If I wanted to invest in an institutional lender 'bridge loan' platform only, I'd have made different decisions. There would have been other strategies available with regards to the loan book, the loan series, new accounts and likewise, discussed previously on here by myself and others. Ironically a fee structure associated with the higher rates Assetz could have afforded to write new loans at in this environment would have been more profitable for them and by now this loan book would have been looking much better. Chris' comments on here provide great insight and it's good of him to be present. The truth is, we were not abandoned for any other reason except profit. Assetz believed a quicker, more direct and more sustainable buck was available by dropping retail for institutional and dropping the shell of the old book increased room for a fatter margin from the new business, and I said before, thats a strategic management decision for P&L with different risks, and that decision cannot be blamed on market conditions if you have designed a robust product or are not wiling to make the changes necessary to enhance the product; and they could have enhanced the product. For the record I've made no complaint and harbour no ill will to those who have - I continue to vote with my feet and with my cash; the ombudsman and Assetz have the onus on them to do what is right and if they don't at some point, you have to stand up for something because otherwise we will just get the same s**t the next cycle. The issue isn't them dropping us for institutional money, they aren't the first and won't be the last. It widely understood that once a P2P lender becomes successful then the big profits are via institutional money but it's the way they have gone about it using our interest to run down the retail side of the company down whilst cashing in on he institutional side. I was lucky enough to invest through Zopa and Ratesetter who both went the same way but they chose the honest option in my view and bought everyone out lock, stock and barrel. This dripping money back to us is ridiculous especially for anyone like myself who has an ISA with AC
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Post by crabbyoldgit on Nov 29, 2023 12:38:34 GMT
Trouble is, if reports received are correct the big bucks institutional business is a busted flush.So where does that leave AC to go.No retail or institutional trade at a profitable level and they sure cannot try and jump back into retail. You know sorry it's all been a big misunderstanding here gbba 3,  surprise! |
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Post by overthehill on Nov 29, 2023 13:39:57 GMT
Trouble is, if reports received are correct the big bucks institutional business is a busted flush.So where does that leave AC to go.No retail or institutional trade at a profitable level and they sure cannot try and jump back into retail. You know sorry it's all been a big misunderstanding here gbba 3, surprise!
They would have to scale down, slim down, get rid of the fat cats and figure out how all the disastrous loans were procreated and so badly managed - well apart from their obvious extra revenue linked to bad loans.
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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: 11,315
Likes: 11,523
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Post by ilmoro on Nov 29, 2023 13:50:49 GMT
I respect all the viewpoints on here, many of you are wiser than myself. To my narrow foxhole vision conspiracy theorist tin foil hat type brain, it still comes down to one point that I've made previously which has left a really sour taste in my mouth regarding Assetz, and that was the timing between the seedr's fundraise and the hastiness with which the premise of that 'business' offer was abandoned for the 'grass is greener' institutional approach. That strategy was to me - pecuniary to the retail offer, share issuing offer and the good faith with which I had given Assetz my money as both a shareholder and p2p investor. That capital was raised; and I diversified my portfolio to be part of that because of the unique model and my own personal passion for retail investors to have a shot at better returns (as I have likewise invested in loanpad & crowdproperty). If I wanted to invest in an institutional lender 'bridge loan' platform only, I'd have made different decisions. There would have been other strategies available with regards to the loan book, the loan series, new accounts and likewise, discussed previously on here by myself and others. Ironically a fee structure associated with the higher rates Assetz could have afforded to write new loans at in this environment would have been more profitable for them and by now this loan book would have been looking much better. Chris' comments on here provide great insight and it's good of him to be present. The truth is, we were not abandoned for any other reason except profit. Assetz believed a quicker, more direct and more sustainable buck was available by dropping retail for institutional and dropping the shell of the old book increased room for a fatter margin from the new business, and I said before, thats a strategic management decision for P&L with different risks, and that decision cannot be blamed on market conditions if you have designed a robust product or are not wiling to make the changes necessary to enhance the product; and they could have enhanced the product. For the record I've made no complaint and harbour no ill will to those who have - I continue to vote with my feet and with my cash; the ombudsman and Assetz have the onus on them to do what is right and if they don't at some point, you have to stand up for something because otherwise we will just get the same s**t the next cycle. The issue isn't them dropping us for institutional money, they aren't the first and won't be the last. It widely understood that once a P2P lender becomes successful then the big profits are via institutional money but it's the way they have gone about it using our interest to run down the retail side of the company down whilst cashing in on he institutional side. I was lucky enough to invest through Zopa and Ratesetter who both went the same way but they chose the honest option in my view and bought everyone out lock, stock and barrel. This dripping money back to us is ridiculous especially for anyone like myself who has an ISA with AC Didn't RS take interest to stabilise the PF for at least a year... don't think they ever repaid lenders those sums. Totally different scenarios of course, RS loan book bought by Metro & Zopa became a bank & took the loans on themselves. Neither appears to be an option for AC. No evidence anyone wants the loan book as they are basically loans banks/institutions don't want, at least, at full value & they ain't going to magic up a bank licence in the medium term.
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duck
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Post by duck on Nov 29, 2023 14:10:45 GMT
Didn't RS take interest to stabilise the PF for at least a year... don't think they ever repaid lenders those sums. ... I closed my accounts with RS when the Ts&Cs were changed pushing more risk onto me. I did not accept the new terms. All money returned to my account and then my bank account within a week. AC of course deemed that by logging into your account you had accepted the changes.
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jlend
Member of DD Central
Posts: 1,840
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Post by jlend on Nov 29, 2023 18:17:32 GMT
The issue isn't them dropping us for institutional money, they aren't the first and won't be the last. It widely understood that once a P2P lender becomes successful then the big profits are via institutional money but it's the way they have gone about it using our interest to run down the retail side of the company down whilst cashing in on he institutional side. I was lucky enough to invest through Zopa and Ratesetter who both went the same way but they chose the honest option in my view and bought everyone out lock, stock and barrel. This dripping money back to us is ridiculous especially for anyone like myself who has an ISA with AC Didn't RS take interest to stabilise the PF for at least a year... don't think they ever repaid lenders those sums. Totally different scenarios of course, RS loan book bought by Metro & Zopa became a bank & took the loans on themselves. Neither appears to be an option for AC. No evidence anyone wants the loan book as they are basically loans banks/institutions don't want, at least, at full value & they ain't going to magic up a bank licence in the medium term. Yes. The interest reduction went straight into the PF. Without that there would have been a lot of issues with the sellout function... and a few random unfortunate lenders would have been stuck with uncovered loans. There is a complaint on the FOS website related to this that wasn't upheld regarding the interest rate reduction. Interestly it was upheld for a payment being 3 days late.... www.financial-ombudsman.org.uk/decision/DRN-4062174.pdfPerhaps AC should pay compensation for the individual loans where it hasn't passed on loan repayments in a timely manner....
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Post by honeybadger on Nov 29, 2023 19:28:40 GMT
I respect all the viewpoints on here, many of you are wiser than myself. To my narrow foxhole vision conspiracy theorist tin foil hat type brain, it still comes down to one point that I've made previously which has left a really sour taste in my mouth regarding Assetz, and that was the timing between the seedr's fundraise and the hastiness with which the premise of that 'business' offer was abandoned for the 'grass is greener' institutional approach. That strategy was to me - pecuniary to the retail offer, share issuing offer and the good faith with which I had given Assetz my money as both a shareholder and p2p investor. That capital was raised; and I diversified my portfolio to be part of that because of the unique model and my own personal passion for retail investors to have a shot at better returns (as I have likewise invested in loanpad & crowdproperty). If I wanted to invest in an institutional lender 'bridge loan' platform only, I'd have made different decisions. There would have been other strategies available with regards to the loan book, the loan series, new accounts and likewise, discussed previously on here by myself and others. Ironically a fee structure associated with the higher rates Assetz could have afforded to write new loans at in this environment would have been more profitable for them and by now this loan book would have been looking much better. Chris' comments on here provide great insight and it's good of him to be present. The truth is, we were not abandoned for any other reason except profit. Assetz believed a quicker, more direct and more sustainable buck was available by dropping retail for institutional and dropping the shell of the old book increased room for a fatter margin from the new business, and I said before, thats a strategic management decision for P&L with different risks, and that decision cannot be blamed on market conditions if you have designed a robust product or are not wiling to make the changes necessary to enhance the product; and they could have enhanced the product. For the record I've made no complaint and harbour no ill will to those who have - I continue to vote with my feet and with my cash; the ombudsman and Assetz have the onus on them to do what is right and if they don't at some point, you have to stand up for something because otherwise we will just get the same s**t the next cycle. The issue isn't them dropping us for institutional money, they aren't the first and won't be the last. It widely understood that once a P2P lender becomes successful then the big profits are via institutional money but it's the way they have gone about it using our interest to run down the retail side of the company down whilst cashing in on he institutional side. I was lucky enough to invest through Zopa and Ratesetter who both went the same way but they chose the honest option in my view and bought everyone out lock, stock and barrel. This dripping money back to us is ridiculous especially for anyone like myself who has an ISA with AC Sure - we're saying the same thing here. I personally also have an issue with a capital raise that was based on a key premise that was dropped within weeks. All your other points I concur with as per original statement.
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rscal
Posts: 985
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Post by rscal on Nov 30, 2023 10:35:50 GMT
The issue isn't them dropping us for institutional money, they aren't the first and won't be the last. It widely understood that once a P2P lender becomes successful then the big profits are via institutional money but it's the way they have gone about it using our interest to run down the retail side of the company down whilst cashing in on he institutional side. I was lucky enough to invest through Zopa and Ratesetter who both went the same way but they chose the honest option in my view and bought everyone out lock, stock and barrel. This dripping money back to us is ridiculous especially for anyone like myself who has an ISA with AC Sure - we're saying the same thing here. I personally also have an issue with a capital raise that was based on a key premise that was dropped within weeks. All your other points I concur with as per original statement. Fascinating as Spock would say. Is this the fanfare event in question?: alternativecreditinvestor.com/2022/08/30/assetz-exceeds-seedrs-target-with-22-days-left/
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Post by oppsididitagain on Nov 30, 2023 10:46:48 GMT
Quote: It has been rumoured that Assetz will use its new funds to launch an initial public offering (IPO). In the past, the platform has been vocal about its plans to go public. In 2021, Assetz Capital told Peer2Peer Finance News that it plans to launch an IPO within the next three years.
If only !!
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ashtondav
Member of DD Central
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Post by ashtondav on Nov 30, 2023 11:21:29 GMT
I’ve an alternative suggestion for use of new funds - reduce the approximately 3.5 years it’ll take me escape the rapacious grasp of the disgrace that is AC. Please.
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Post by honeybadger on Dec 11, 2023 7:21:04 GMT
That's the event, yep. Thanks for the link to the PR release, the quotes in the article add even more contrary and interesting colour. Sigh.
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alender
Member of DD Central
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Post by alender on Dec 24, 2023 10:17:51 GMT
Quote: It has been rumoured that Assetz will use its new funds to launch an initial public offering (IPO). In the past, the platform has been vocal about its plans to go public. In 2021, Assetz Capital told Peer2Peer Finance News that it plans to launch an IPO within the next three years. If only !! I don't think there is much chance of an IPO, who would buy into this lot with all the disgraceful behaviour, still if they did I could short this shower.
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surprise!
