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Post by Ton ⓉⓞⓃ on Mar 31, 2014 9:08:07 GMT
No doubt mikes1531 you read this at the and of the email from AC on the 27.3.14 We also have a number of loans which are close to drawdown and will be made available on the Aftermarket in the next couple of days. |
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oldgrumpy
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Post by oldgrumpy on Mar 31, 2014 9:17:58 GMT
I doubt that Aber is that close yet; I haven't had my shadow bid called in yet.
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 31, 2014 9:36:02 GMT
On that topic Grumps,I'm new to the Shadow World.Exactly how are shadow bids "called in"?
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Post by Ton ⓉⓞⓃ on Mar 31, 2014 9:44:37 GMT
I doubt that Aber is that close yet; I haven't had my shadow bid called in yet. That's useful info, and yet I know this is set to be like Agatha Christies Mouse trap. But somehow you would thought that all the negotiations with the HSBC would be done, who's administering the IVA(?). They don't have to go before the court do they it's just an accountant isn't it, sorry insolvency practitioner or similar, on thinking about it that's worse than the court. Agatha Christies Mouse trap is now on tour in your area along with several IVA's
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oldgrumpy
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Post by oldgrumpy on Mar 31, 2014 9:49:03 GMT
jonno On your account page the panel showing shadow bids is in white while auctions are live, then blue (due now) when the auction is closed. An email is sent a few days before imminent drawdown saying something like, "The legal work for the Banana Fritter loan has progressed swiftly this week and we anticipate draw down very soon. Please take this email as notification to arrange settlement of your shadow-bid(s)."  Ooh! I feel peckish!
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 31, 2014 9:54:24 GMT
Thanks Grumps.Go have yourself a bunch  |
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Post by Ton ⓉⓞⓃ on Apr 19, 2014 21:00:12 GMT
If you had forgotten about this one, here's the latest interesting answer from the Q&A;
On 15th Apr 2014 at 11:12 Assetz Capital answered:
"We are still waiting for the IVA Supervisor to confirm that all creditors are satisfied with his report. We are chasing but have since been told by the Supervisor that creditors have a time period of 21 days to respond within."
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mikes1531
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Post by mikes1531 on Apr 19, 2014 22:17:11 GMT
If you had forgotten about this one, here's the latest interesting answer from the Q&A; On 15th Apr 2014 at 11:12 Assetz Capital answered: "We are still waiting for the IVA Supervisor to confirm that all creditors are satisfied with his report. We are chasing but have since been told by the Supervisor that creditors have a time period of 21 days to respond within." I keep being reminded of it every time I look at my dashboard. It would have been helpful if either the IVA Supervisor or AC told us when the 21 days started. Also, does anyone remember whether this loan has any built-in arrangements for compensation in the event of delayed drawdown? It's been over a month already since the auction closed, and it looks like it's going to be at least another few weeks.
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spockie
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Post by spockie on Apr 19, 2014 22:46:35 GMT
Also, does anyone remember whether this loan has any built-in arrangements for compensation in the event of delayed drawdown? It's been over a month already since the auction closed, and it looks like it's going to be at least another few weeks. According to the Q&A, drawdown was expected end of March and any delay to that timeframe would be compensated by cashback. Perhaps davidricketts1 could clarify how much?
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Post by Ton ⓉⓞⓃ on Apr 20, 2014 7:30:46 GMT
Also, does anyone remember whether this loan has any built-in arrangements for compensation in the event of delayed drawdown? It's been over a month already since the auction closed, and it looks like it's going to be at least another few weeks. According to the Q&A, drawdown was expected end of March and any delay to that timeframe would be compensated by cashback. Perhaps davidricketts1 could clarify how much? On 1st Mar 2014 at 09:13 Assetz Capital answered: "Drawdown at the end of March is anticipated, and any delays to this time frame on the part of borrower or his creditors will be covered by cashback to lenders..."
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oldgrumpy
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Post by oldgrumpy on Jun 19, 2014 15:05:45 GMT
Oh dear - Aber suspended for the second time.
AC - "Lenders will be aware that the borrower had agreed to pay non-utilisation fees due to the delay and we are working on collecting this from the borrower in order to pay out to lenders. Once this is achieved we will update lenders accordingly."
I do hope so. Some people have had their cash reserved for this gentleman twice now .... for precious little return.
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Post by batchoy on Jun 19, 2014 15:19:04 GMT
That almost sounds like AC might have a situation where the borrower might default on the cashback! Quite possibly as the borrower potentially has little or no money to pay the cash back until they get the loan.
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Post by Ton ⓉⓞⓃ on Jun 19, 2014 15:49:29 GMT
That almost sounds like AC might have a situation where the borrower might default on the cashback! Quite possibly as the borrower potentially has little or no money to pay the cash back until they get the loan. I'm 'sure' they have enough money as they do have to pay us interest etc when the loan is drawn. It seems the tax side is now clear for the loan to be drawn, it's some other issue causing difficulty resulting in delay that has lead AC to the revert the loan. Question for chris; Concerning the three loans that have reverted to Preview. When they go back to Live Auctions do the prebids now get converted to Shadow bids for those that have that facility. The last time this auction opened (in Feb) I didn't have Shadow bidding but I do now, so will my prebids convert to Shadow or back to monied bids as they were previously?
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Post by chris on Jun 19, 2014 19:07:46 GMT
If you have that facility then yes. The prebid system has no idea of what type of bid you placed last time so it will use shadow bids if available and then normal bids, just as if this was the first time through.
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Post by Ton ⓉⓞⓃ on Jun 19, 2014 19:51:11 GMT
If you have that facility then yes. The prebid system has no idea of what type of bid you placed last time so it will use shadow bids if available and then normal bids, just as if this was the first time through. I was wondering if AC are planning birthday celebrations for this loan when it comes round?
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