oldgrumpy
Member of DD Central
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Post by oldgrumpy on Aug 16, 2016 19:50:05 GMT
Stories like this (only managed to lend out £1500 in TWO MONTHS!!!) really do illustrate that AC really is wasting our time in some respects.
( Though I did get awarded £189 on today's drawdown - still cannot reinvest all my repayments though, despite many "buy" instructions.
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Post by Harland Kearney on Aug 16, 2016 23:57:54 GMT
Today it bought 1 large loan part for £150, however of that 1.5k one loan purchase was about £449 which is GROSSLY over weight for such a short total investment. If that loan goes bust rip my earnings in the GBBA, provision fund or not its discretionary and upto them about when (more like if) they call out on it. Make no delusions about the provision funds I believe alot of tears will be shed over the misinterpretation to what it is, from reading on this forum in the past it can take years for the fund to be called upon, which is a big impact if its taking out loan parts grossly overweight to others (£449 to a Inn, really...)
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duck
Member of DD Central
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Post by duck on Aug 19, 2016 5:59:57 GMT
Stories like this (only managed to lend out £1500 in TWO MONTHS!!!) really do illustrate that AC really is wasting our time in some respects. ( Though I did get awarded £189 on today's drawdown - still cannot reinvest all my repayments though, despite many "buy" instructions. Not wishing to make you more grumpy but I set up a GBBA for myself to see if there was any differences in the speed of lending between the new account and my wife's GBBA which has been running since the start ......................... I've managed £704 in 2 months. Whilst I've been dripping money in the account always had a surplus and the 20% per loan hasn't ever been approached. £1.77 interest earned  The account has been buying some of the now 'troubled' loans so it is no longer liquid.
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Post by crabbyoldgit on Aug 19, 2016 6:26:28 GMT
Because of the lack of the promised new program enabling cross sales between members within the gbba or geia I am now completely out of both funds . If anybody, like me was worried about the lack of diversification in their holdings after sales of units, during which I am given to understand the 20% rule is temporarily turned off. Just wait until after the multiple loan repayments this month of the WT loans.I can't see how this will not trash any hope of maintaining the 20% rule promised in the prospectus unless the program sells off any excess units in loans held above the limit and that will please investers as their funds get 3% . Err if of course the qaa is not flooded. |
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Post by moonshine on Sept 8, 2016 9:59:04 GMT
I have a question about the QAA which I would prefer forum members to answer: QAA sounds fine for parking money short term etc, but has anyone tried withdrawing relatively large amounts, 15k+, even up to the limit of 100k? Has the withdrawal been 'instant under normal market conditions'? Can't seem to get a straight answer from the <redacted> they have on the phone, too many scripted responses. Thanks.
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Post by andrewholgate on Sept 8, 2016 10:54:07 GMT
I have a question about the QAA which I would prefer forum members to answer: QAA sounds fine for parking money short term etc, but has anyone tried withdrawing relatively large amounts, 15k+, even up to the limit of 100k? Has the withdrawal been 'instant under normal market conditions'? Can't seem to get a straight answer from the <redacted> they have on the phone, too many scripted responses. Thanks. Please refrain from making person insults to my staff. The <staff member> you refer to has taken offence at what you have said. They read this forum and they have complained directly to me. If you have an issue, raise it directly with me, do not insult my staff.
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agent69
Member of DD Central
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Post by agent69 on Sept 8, 2016 13:10:42 GMT
I have a question about the QAA which I would prefer forum members to answer: QAA sounds fine for parking money short term etc, but has anyone tried withdrawing relatively large amounts, 15k+, even up to the limit of 100k? Has the withdrawal been 'instant under normal market conditions'? Can't seem to get a straight answer from the <redacted> they have on the phone, too many scripted responses. Thanks. The "<redacted>" you refer to has taken offence at what you have said. Not exactly the most heinous insult imaginable (not quite in the same class as the Obama 'son of a whore' rumpus earlier in the week). If she takes offense that easily then she probably isn't suited to dealing directly with members of the public, where thick skin is normally a prerequisite.
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Post by Harland Kearney on Sept 8, 2016 13:31:03 GMT
The funds will be withdrawn instantly unless "market conditions" are strained. QAA is a great invention for parking cash waiting to be invested, but however no staff members/forum member can tell you for certain just what exact market conditions could lock your cash in a withdrawal queue, only very roughly.
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Post by andrewholgate on Sept 8, 2016 14:43:37 GMT
It's hard to say exactly as we have never hit a situation where you can't withdraw. The longer answer involves AC monitoring and controlling how the account invests and what liquidity is kept to allow the auto withdraw to happen. In a similar vein look what happened when there was a run on Northern Rock, if everyone wanted their cash back at once it wouldn't be instant as most of those funds are invested in loans and we would need willing buyers.
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Post by andrewholgate on Sept 8, 2016 14:48:06 GMT
The "<redacted>" you refer to has taken offence at what you have said. Not exactly the most heinous insult imaginable (not quite in the same class as the Obama 'son of a whore' rumpus earlier in the week). If she takes offense that easily then she probably isn't suited to dealing directly with members of the public, where thick skin is normally a prerequisite. Not the worst insult, no. But a very public insult all the same. If it was said to her in a private conversation on the phone, she would have handled it, but it has been posted on a public forum. Your comment intimates that she should just expect to have insults thrown at her on her. It's <redacted> one day, but what if that is allowed to escalate to <redacted>. No-one in any job should expect that. I am asking that our customers give them some respect and if you have issues, report them to me. To all lenders, do not insult my staff on here (or anywhere). If you have issues, please contact me directly.
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registerme
Member of DD Central
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Post by registerme on Sept 8, 2016 18:16:55 GMT
I've just edited half a dozen posts redacting patronising and derogatory comment about a platform staff member and quotes and responses to the original comment. Far more people read these forums than are actually signed up as users, and particularly if they are proximate in one way or another to forumites, whether individuals or platforms, they deserve the same respect as anybody else.
One word can make a huge difference to how a post is read, understood, and responded to. It can be positive, or as in this case, negative. Had <redacted> been replaced with "staff member" from the off nobody would have been offended, nobody would have complained, nobody would have responded defensively, and the point would have been just as well made.
Lastly if anybody has a problem with a post please remember to use the report button. It helps the mod team do their jobs, typically preventing flamefests / sniping and a minimises any necessary clean up exercise........
Thank you,
RM
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Post by moonshine on Sept 9, 2016 10:35:12 GMT
I have a question about the QAA which I would prefer forum members to answer: QAA sounds fine for parking money short term etc, but has anyone tried withdrawing relatively large amounts, 15k+, even up to the limit of 100k? Has the withdrawal been 'instant under normal market conditions'? £125,000 (£100k Direct Investment + £25k swept from MLIA) c.2 weeks ago - the funds were instantly moved to my cash account, and took a similar amount of time to withdraw to my bank account as any smaller amount - AC send an email to verify larger transactions, so as long as they receive a response within a reasonable time there is no delay. Thanks Money - That's exactly the type of answer I was looking for; clear, precise, to the point, and, ironically, also not patronisingly assuming that I have the technical/investment capability of a <redacted>. Just what one would hope for on an independent forum. Hope I didn't hurt your feelings.
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Post by andrewholgate on Sept 9, 2016 14:49:36 GMT
£125,000 (£100k Direct Investment + £25k swept from MLIA) c.2 weeks ago - the funds were instantly moved to my cash account, and took a similar amount of time to withdraw to my bank account as any smaller amount - AC send an email to verify larger transactions, so as long as they receive a response within a reasonable time there is no delay. Thanks Money - That's exactly the type of answer I was looking for; clear, precise, to the point, and, ironically, also not patronisingly assuming that I have the technical/investment capability of a <redacted>. Just what one would hope for on an independent forum. Hope I didn't hurt your feelings. Not sure feelings were hurt but several trillion electrons have been severely inconvenienced.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Sept 19, 2016 18:20:29 GMT
On Nov 1st the rate on Santander 123 accounts goes down from 3% to 1.5%. I anticipate a wall of money looking for another home and some of it heading this way so if anyone is thinking of adding to QAA they might be advised to get it in before then. i doubt that AC have enough loan capacity to increase the cap by much.
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nush
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Post by nush on Sept 19, 2016 18:52:28 GMT
On Nov 1st the rate on Santander 123 accounts goes down from 3% to 1.5%. I anticipate a wall of money looking for another home and some of it heading this way so if anyone is thinking of adding to QAA they might be advised to get it in before then. i doubt that AC have enough loan capacity to increase the cap by much. or maybe the 30day account
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