rogerbu
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Post by rogerbu on Feb 28, 2015 15:05:17 GMT
I have about £40k in P2P but less than 1K in Assetz Capital - why so low when AC's returns are so attractive?
To me the biggest inhibitor is the need to send money by 'Faster bank transfer'. In AC's case that means send it on a Thursday and it might be credited on the following Tuesday (If you are lucky).
On the Seedrs site, Stuart Law answered thus Question from another person 'As far as I can see one can only fund the cash account via bank transfer. Will there be an instant option to fund the cash account via debit card like the seedrs platform allows it?'
Answer 'Whilst we get notified immediately and the client is debited immediately, debit cards do not create cash in our client account for a few days - permitting someone to invest immediately would mean that practically people were investing using someone else's cash and that could easily be a breach of client money rules so we have declined to do it. That's the technical answer.'
Most of the other P2P sites have solved this in a satisfactory manner - AC hasn't and has no intention of doing so!
To me this shows that AC is focussed on it's Accountants' needs and not on its Customers' needs.
Until AC demonstrates that it is more Customer Focused, I am afraid that AC will remain a poor relation in my portfolio.
What is stopping the rest of you investing via Assetz Capital?
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Grezza
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Post by Grezza on Feb 28, 2015 15:53:52 GMT
Loan flow.......currently just a dribble!
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 28, 2015 15:54:12 GMT
rogerbu Re: bank transfers, I completely agree with your sentiment. Assetz Capital do not realise how extremely annoying they have become. Expect a management reply to this thread, but no action.
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Post by GSV3MIaC on Feb 28, 2015 16:15:08 GMT
I agree about debit card transfers. Seedrs can do it, RS can do it, even (spit) FC can do it, so ACs inability to do it is more than a little irksome. Getting money in/out is a fairly important feature. Maybe Seedrs could give AC a hint how to do it?
The lack of loan volume is definitely #2 on my list.
The somewhat weird underwriter -> SM ->me model is also a drawback (unless I stump up enough funds to be an underwriter) since the middle men are eating into the/my margin. I'd rather have a chance to bid a rate / underwrite myself (like the FC, ReBS, and rumoured (if there were any loans (which were not fixed rate)) ABLRate models). Deciding what to buy is part of the fun; deciding what you think it is worth paying for it is more of the fun. Zopa took that away, so I left. FC are busy trying to take it away, so I'm scaling back there too.
By the way, the client does NOT 'get debited immediately' - typically takes 24 to 48 hours for a debit card transfer to RS/FC to actually hit my bank account (even longer last time I bought a motor car that way).
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oldgrumpy
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Post by oldgrumpy on Feb 28, 2015 16:17:15 GMT
The very poor loan flow since the trumpeting of £100m by the end of last year. My investment would have been far higher (am I lucky it is not?), and having to park funds during the almost interminable waiting has resulted (indirectly) to my stake (and probable loss) on South Toast Crumblers being three times as high as it would have been, so you can surmise that AC is no longer top of my list ..... and there are all those "sick and suspended" loans .... rather a high proportion of the whole book, which leads to questions about AC overall judgement in authorising loans in the first place.
Rhetoric from the front man needs careful thought for the next few months.
Maybe Frilly Clothing's overall performance isn't as far behind as it used to be, with careful selection to filter out the garbage.
edit; I have noted elswhere that Bank Transfer (faster) to another platform was available for lending in just over twenty minutes. AC has said it is dealing with this matter.
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Post by stuartassetzcapital on Feb 28, 2015 16:19:30 GMT
rogerbu Re: bank transfers, I completely agree with your sentiment. Assetz Capital do not realise how extremely annoying they have become. Expect a management reply to this thread, but no action. Hi Are you saying that Faster Payment Service same day bank transfers do not show up same day or next day ? Unfortunately debit card payments have an issue in that they take several days to arrive and using someone else's cash to fund investments is a serious breach of client money rules. We will have a same day solution implemented soon, just going through some detailed bank integration that has slow approval processes. Regarding loan flow andrewholgate and his team has promised substantial flow that started in late February and surges forwards next week and continuously from there. The new funding we have received has seriously increased volume of new loan applications. Hope that helps.
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oldgrumpy
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Post by oldgrumpy on Feb 28, 2015 16:24:08 GMT
Are you saying that Faster Payment Service same day bank transfers do not show up same day or next day ?
Yes! It has been discussed many times on the forum. It can take from Friday am to the following Tuesday. Mid week one or two days before money is available to invest.
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Post by stuartassetzcapital on Feb 28, 2015 16:25:36 GMT
I have about £40k in P2P but less than 1K in Assetz Capital - why so low when AC's returns are so attractive? To me the biggest inhibitor is the need to send money by 'Faster bank transfer'. In AC's case that means send it on a Thursday and it might be credited on the following Tuesday (If you are lucky). On the Seedrs site, Stuart Law answered thus Question from another person ' As far as I can see one can only fund the cash account via bank transfer. Will there be an instant option to fund the cash account via debit card like the seedrs platform allows it?' Answer ' Whilst we get notified immediately and the client is debited immediately, debit cards do not create cash in our client account for a few days - permitting someone to invest immediately would mean that practically people were investing using someone else's cash and that could easily be a breach of client money rules so we have declined to do it. That's the technical answer.'Most of the other P2P sites have solved this in a satisfactory manner - AC hasn't and has no intention of doing so! To me this shows that AC is focussed on it's Accountants' needs and not on its Customers' needs. Until AC demonstrates that it is more Customer Focused, I am afraid that AC will remain a poor relation in my portfolio. What is stopping the rest of you investing via Assetz Capital? To be totally clear just because other sites permit instant use of (someone else's ) funds that in reality don't actually arrive in the platform's bank for several days doesn't mean they are obeying client money rules or have found a legal solution. You should ask them if they are compliant. I'd rather not go to jail thanks. Do you feel comfortable if a platform was to breach client money rules as a matter of day to day business ? There are potential solutions but its a lot harder than a retail website giving you a 'credit' facility for a few days unfortunately.
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oldgrumpy
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Post by oldgrumpy on Feb 28, 2015 16:28:28 GMT
If my cash arrives in AC account by Friday it is not a case that AC hasn't got the funds. It is the slowness of transferring them to AC lenders' accounts to use i.e. the following Monday or Tuesday. Chris has explained what happens several times, but not why it has to be like that.
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Post by mrclondon on Feb 28, 2015 16:36:23 GMT
stuartassetzcapital the scenario which is concerning a lot of us is a loan draws down late of a Friday afternoon without 48 hours notice from yourselves, and a few tens of thousands appear as available units. When people get home from work they spot the drawdown, and initate a faster payment transfer of funds, but too late in the day for it to be classed as a Friday transfer by your bank. So it becomes a "Monday" incoming payment to your bank, which you then credit to our accounts between 9am and 10am on Tuesday. By which time the loan units will have long since gone. So the withdrwal process is started, and the funds are back in our bank the early hours of Friday morning, just short of a week for the round trip.
I'm really struggling to see how the current model can work without (near) instantaneous funding. I've taken a good few £k out of AC recently to tide me over a cash flow shortage. I would like to return that cash (and more) in a few weeks time, but in all probability it will go to platforms that provide funding within a 2 hours max of my transfer (... which is pretty much EVERY p2p/p2b platform).
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agent69
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Post by agent69 on Feb 28, 2015 17:09:33 GMT
rogerbu Re: bank transfers, I completely agree with your sentiment. Assetz Capital do not realise how extremely annoying they have become. Expect a management reply to this thread, but no action. Regarding loan flow andrewholgate and his team has promised substantial flow that started in late February Have I missed something, or are we expecting a big rush in the next 7 hours?
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Post by davee39 on Feb 28, 2015 17:09:46 GMT
If my cash arrives in AC account by Friday am it is not a cae that AC hasn't got the funds. It is the slowness of transferring them to AC lenders' accounts. Chris has explained what happens several times, but not why. I am very new here, but I do recall the glowing recommendations made for AC a year or so back. Everyone was moving from FC to AC. Is that going into reverse? Really? I have split my investment between loans and the green account. I have no issues with Faster Payments deposits. Deposits on a Monday arrive in my account before 9 am Tuesday, up to Thursday Deposits arriving Friday. These were all made in the morning so perhaps there is a late afternoon cut off. I have not found a perfect P2P. Some annoy me much more than others, AC has not managed to raise my blood pressure yet. I am aware of the paused loans due to late payment, I have read about the furnish-er and plumber (but have not seen details for the latter). In a perfect world I would have all my cash in FSCS protected bonds earning 5.25% over 5 years (sadly they all matured!) so I looking for multiple sources of replacement income. The only negative I want to add is the lack of clear information on the site regarding the unusual nature of the secondary market and shrapnel. From this forum I learned that I could place targets totaling far more than funds available against loans with no parts available and then sit back watching the accretion of micro-bits. Well it worked and a few hundred spread across many loans was quickly invested. I am still unsure whether I am supposed to be offering imaginary funds against upcoming loans. So if I can be permitted to comment on what I like Website design Interesting, but functional IT (20 Decimal points! The green account buying and selling a 1p loan part more than 10 times across different loans). It may all be bonkers but it works (so far). EDIT Have just seen the post from mrclondon so I now understand the problem as it applies to those who work for a living and the drawdown of loans!
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ilmoro
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Post by ilmoro on Feb 28, 2015 17:34:29 GMT
The model performers in this area seem to be FS & new kid Money Thing who have a simple but effective system. You make a deposit notification on their site, you then make an FP transfer to their Client Money AC quoting a reference provided by the site. When they see a transfer for the notified amount with that reference in the account they credit the money to your lending account. Cant see how this breaches FCA rules as the money is in the account. Usually takes under 1 hour for money to be available to lend, though it took under 5 mins for MT to get the money available on Friday.
Edit. Interestingly all 3 sites AC, FS, MT use the same bank, but Im pretty sure AC have previously said their bank was one of the issues preventing a faster solution being implemented.
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sqh
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Post by sqh on Feb 28, 2015 17:53:04 GMT
rogerbu Re: bank transfers, I completely agree with your sentiment. Assetz Capital do not realise how extremely annoying they have become. Expect a management reply to this thread, but no action. Hi Are you saying that Faster Payment Service same day bank transfers do not show up same day or next day ? Hi stuartassetzcapital, I'm saying that if I transfer money out after 15:00 on a Wednesday then it won't arrive in my account until the following week. However, on one occasion I made a transfer before 15:00 on a Wednesday and it didn't arrive in my account until the following Tuesday (no bank holiday). Transferring money in used to be easy peasy, so having to wait more than a few hours is annoying. Today (Saturday), I made a faster payment transfer to a P2P platform and my account was credited within 90mins. That platform uses a deposit tracker, I fill in the amount I'm depositing and the platform reconciles receipts every couple of hours. It works well. AC seem to be entirely dependent on banking hours, whereas P2P is 24/7.
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bigfoot12
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Post by bigfoot12 on Feb 28, 2015 17:57:08 GMT
You make a deposit notification on their site, you then make an FP transfer to their Client Money AC quoting a reference provided by the site. I wouldn't like that. My bank doesn't allow editing of payee details, even the reference (which is a real pain). Changing the reference requires deleting and re-creating (introducing possible errors).
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