Losses due to loans that have defaulted (AC)

Like i said they were scrutinized and if they did not have the assets to cover the loan we were told  hey would  not get the loan. Also there was a contingency fund that should have helped with the loses. There are many loans now that are suspended and we are voting to say what actions to take. Either way i know i will lose thousands of pounds. Just wondering who else on these threads are in a similar situation 

I'm not the sort of person to do nothing.... But i think in the case of AC all we can do now is wait. I  dont think i will make a loss, but i dont think it will have been worthwhile either.

I was one until the first lock in, just before I had some money on instant withdrawal to pay tax (was told just few weeks before by AC there are no issues or anticipated issues with withdrawals) but AC blocked it saying my bank account was not verified even though they sent money to it many times, I then got it verified but AC held up the process up (2 days) until 2 hours after lock in. I contacted AC and they just said we followed the rules go away. This was enough to tell me AC were not a good organisation, I did not want all my capital out less than 5%, just enough to pay the tax. At that point decided to take out all my cash ASAP, fool me once shame on you, fool me twice shame on me.

Then the shenanigans really started, non pro-rata distributions, secondary market, fees, changing rules, surplus money held in AAs instead of distributing it etc. Also the extent of loan tranches AC had committed to came to light, no information on these before lock in except in the small print that they existed and no risk or other warnings about these.

I started criticising AC (using facts) and got a lot of abuse from AC (Chris and Stuart) and a number of other posters, after a time it became apparent AC were not playing fare with investors, the tide turned and posters anger was turned on AC, lucky I got out well before second lock in. Amazingly some posters even said I was stupid to pull out and would regret my decision (I think AC blocked new deposits into AAs for a short time). The one thing I take from all of this is a leopard does not change it's spots and AC will continue to milk investors as much as they can, IMO there is no future for such an organisation either retail or corporate.

I compare this to Growth Street who had to lock in but they obeyed the rules, did not commit huge sums of investors money in future tranches and paid everything back in a short time, less than a year, most within a few months. Also support was very good and I said if they started up again would happily invest, it seems there are others like myself but the owners decide enough was enough and time to move on.