mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jul 27, 2015 19:02:36 GMT
The suggestion that Aber******* parts might become tradeable before the borrower has cleared all the arrears has raised an interesting issue regarding how interest payments received after a part is sold would be divided between the seller of the part and the buyer. A question about this has been asked in the Aber******* Q&A. I predict the response will be ' we have asked the IT dept & will update once theyve come up with the answer'  I wouldn't expect that, because it will require a policy decision in order for IT to make the necessary calculations. My guess is that the answer ought to be -- "Hmm, we didn't think about that. We'll have to work something out and let you know." But expect that the answer will be a bit shorter -- "We'll let you know." Or perhaps a long pause, and then an answer? PS. I was wrong, as chris posted a reply while I was writing!
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jul 27, 2015 19:23:43 GMT
It's up to the admin team to determine which order due or overdue payments are made and they have the ability to pay capital and interest independently for each payment as well as make part payments. I'm sure they'll be able to advise as to their policy via the Q&A. It's good that admin already have so much control. Well designed, chris! The payment made today shows as being in partial settlement of the interest due 27/May, which now is just over half paid. If that policy is continued, then the next half-payment would settle the rest of the 27/May obligation. If parts were saleable now, and someone bought a part today, then the next payment would go to the seller, and the buyer wouldn't see any interest until after the next four half-payments, since those would cover the interest due on 27/Jun and 27/Jul. That would seem to be a long wait but, I suppose, no longer than on a development loan, and buyers should know what they're getting into when they decide to buy parts of this 'distressed' loan, so it shouldn't be a problem. I'll await the official reply.
|
|
|
|
Post by Ton ⓉⓞⓃ on Jul 28, 2015 0:00:05 GMT
It's up to the admin team to determine which order due or overdue payments are made and they have the ability to pay capital and interest independently for each payment as well as make part payments. I'm sure they'll be able to advise as to their policy via the Q&A. It's good that admin already have so much control. Well designed, chris! The payment made today shows as being in partial settlement of the interest due 27/May, which now is just over half paid. If that policy is continued, then the next half-payment would settle the rest of the 27/May obligation. If parts were saleable now, and someone bought a part today, then the next payment would go to the seller, and the buyer wouldn't see any interest until after the next four half-payments, since those would cover the interest due on 27/Jun and 27/Jul. That would seem to be a long wait but, I suppose, no longer than on a development loan, and buyers should know what they're getting into when they decide to buy parts of this 'distressed' loan, so it shouldn't be a problem. I'll await the official reply. I thought the fourth payment was a typo being just £66.67 (two others being £0.00), as I was expecting £2566.67 this would make May's payments complete. But I just don't know as I got an interest payment of 7p from it. Perhaps chris could confirm the figures?
|
|
|
|
Post by pepperpot on Jul 28, 2015 0:10:12 GMT
It's good that admin already have so much control. Well designed, chris! The payment made today shows as being in partial settlement of the interest due 27/May, which now is just over half paid. If that policy is continued, then the next half-payment would settle the rest of the 27/May obligation. If parts were saleable now, and someone bought a part today, then the next payment would go to the seller, and the buyer wouldn't see any interest until after the next four half-payments, since those would cover the interest due on 27/Jun and 27/Jul. That would seem to be a long wait but, I suppose, no longer than on a development loan, and buyers should know what they're getting into when they decide to buy parts of this 'distressed' loan, so it shouldn't be a problem. I'll await the official reply. I thought the fourth payment was a typo being just £66.67 (two others being £0.00), as I was expecting £2566.67 this would make May's payments complete. But I just don't know as I got an interest payment of 7p from it. Perhaps chris could confirm the figures? Yeh, looks like we're missing a couple of digits. Monthly payment is 5133.33 and we had 2566.66 last month, so this payment should have been 2566.67. Edit; sorry, that was basically what you were saying, guess it's time I should shut down 
|
|
|
|
Post by Ton ⓉⓞⓃ on Jul 28, 2015 0:39:05 GMT
It's called being tired
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330 
Likes: 11,549
|
Post by ilmoro on Jul 30, 2015 15:26:49 GMT
For the benefit of those who dont get AC comms Andrew seems to have put his drink down temporarily, roused himself from the sunbed to pen the promised communication on distressed loan sales. Thanks, now enjoy your holiday while we debate the whys & wherefores 
You will recall that I wrote to you on 8 July 2015 and again on 17 July 2015 to advise that we were working on a new process that would allow the sale of some impaired loans. We continue to discuss how the discounting of loan units would impact different lenders and Investment Accounts. As yet, we are no closer in deciding if we will allow this functionality or when. Work does continue.
I am pleased to confirm that we are now able to implement a new process that will allow the sale of loan units in some of the loans that are currently suspended from trading. This will be live from next Monday, 3 August 2015 and, whilst I will explain how the new process will work below, all the current suspended loans will remain so for the time being whilst we work through each loan individually. This is expected to be completed by Friday 4 September 2015.
As I stated previously, we want to ensure that all lenders are able to make fully informed choices about whether to invest in a particular loan, which the old system wasn’t especially good at doing. What we are going to do is create a number of new settings (described below), which will be applied to each individual loan. Each setting will either allow the loan to be TRADED or SUSPENDED and I have indicated against each setting, which will apply. These settings will be as follows:
Enabled – A loan can be fully traded with no restrictions. TRADED Temporarily Suspended – Trading in a loan is suspended whilst a potential Credit or Monitoring event is investigated by our Credit Team. All Lender targets will be suspended and lenders will need to reactivate once they have made any necessary adjustments to them. SUSPENDED Monitoring Event – A Monitoring Event has occurred that has been communicated to lenders. Information on this and steps being taken to improve the position will be contained within the Activity tab of the website. Although automatic investment into the loan will not be permitted nor will investment accounts be able to invest in the loan (although they will be able to sell loan units should lenders wish), lenders will be able to trade manually. All Lender targets will be suspended and lenders will need to reactivate once they have made any necessary adjustments to them. TRADED Monitoring Event (Suspended) – A Monitoring Event has occurred that has been communicated to lenders. Information on this and steps being taken to improve the position will be contained within the Activity tab of the website. However, no trading either automatic or manual is permitted. All Lender targets will be suspended and lenders will need to reactivate once they have made any necessary adjustments to them. SUSPENDED Credit Event – A major Credit Event has taken place with the possibility of a capital loss on the loan. Trading in the loan is suspended until the Credit event has been resolved. All Lender targets will be suspended and lenders will need to reactivate once they have made any necessary adjustments to them. SUSPENDED The loans that are currently suspended will be initially marked as “Credit Event” but the Credit Team will be working through these to ensure that the correct information is on the loan record for those that will be able to be manually traded. Once this process has been completed for an individual loan an email will be sent to all lenders in that loan informing them of what has been done and what will be happening with the loan going forward.
As always we will be reviewing this process and continually looking to improve if possible. With that in mind please feel free to provide any feedback to feedback@assetzcapital.co.uk
On a final note, we have recently concluded a successful recovery on the Hackney Bridging Loan. Whilst this has taken time, it is the single biggest recovery on a P2P loan in the UK and all the affected lenders have received all outstanding capital and interest. I think this shows that Assetz Capital lead the way in the P2P market for default management. I want to express my thanks to our Credit Team for the work involved on that case.
Assetz Capital – Fairer. Growth. Together.
Andrew Holgate, MD |
|
|
|
Post by andrewholgate on Jul 30, 2015 16:00:04 GMT
|
|
|
|
Post by oldnick on Jul 30, 2015 16:12:23 GMT
Thanks for delaying your drink to write to us - unfortunately a butterfly appears now to have landed in your Tizer.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Jul 30, 2015 16:21:56 GMT
Thanks for delaying your drink to write to us - unfortunately a butterfly appears now to have landed in your Tizer. Grumps wouldnt approve - thats clearly not banana based refreshment 
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Jul 30, 2015 20:40:34 GMT
This one arrived in my inbox... Hopefully my unspamming the other has taught my mail server your mails are worth reading.
As for the content, I like the news on the recent recovery. I wasn't aware that was a record so well done to those involved. Long may you keep that success rate.
The suggested levels and implications seem reasonable, but is there any further clarity on what sort of event drives which level?
|
|
|
|
Post by Ton ⓉⓞⓃ on Aug 3, 2015 18:09:34 GMT
Anyone know which loans are now trade-able which weren't previously? (I know there's ilmoro's list inthe Pink place) |
|
|
|
Post by mrclondon on Aug 3, 2015 18:21:05 GMT
Anyone know which loans are now trade-able which weren't previously? (I know there's ilmoro's list inthe Pink place) As yet none. Today was only the release of the software to enable it to happen.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Aug 10, 2015 15:32:44 GMT
#79 Abery to be tradeable from 4pm Thurs.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Aug 13, 2015 15:39:33 GMT
#41 ET to be tradeable from 4pm Tues 18/8
#79 Abery unsuspended today
Updates on majority of suspended loans but none to be tradeable as in formal insolvency process
|
|
|
|
Post by mrclondon on Aug 14, 2015 12:51:55 GMT
#123 North London is to be tradeable from next Wed 4pm (19th)
|
|
