|
|
Post by pepperpot on Jun 1, 2015 13:55:54 GMT
Page 1 of the Executive Summary of the Valuation Document prepared for AC sets out a close relationship between borrower and tenant. This document is within a set of documents on the AC loan site and has not been redacted and therefore is public knowledge. This was noted in a follow up post. Should AC have wished this to remain private, the document should have been redacted. The document on AC is behind members only sign in, so not public knowledge - i.e. would not be found listed in a google search open to everyone, but is only accessible by known registered people (just like the private AC pages).
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Jun 1, 2015 13:56:29 GMT
The wording of the post giving the reason for the move was perhaps unfortunate as it only gave one of the 2 reasons for the move. The original post had copied in a quote from a public domain article naming the company in question and included it in a post linking it to an AC borrower. This document is within a set of documents on the AC loan site and has not been redacted and therefore is public knowledge. This was noted in a follow up post. Should AC have wished this to remain private, the document should have been redacted. I think the significant difference is that the documents on the AC loan site are not available to the public at large, but only available to AC members, and that's where the problems start. Most of this forum is available to any T, D or H on the internet, whereas the private threads are available to just those people who have access to that original documentation. We seem to have to go around this sort of loop several times every time a discussion needs to be moved to the pink pages as newer members don't understand the difficulty some content might put the admins and mods into. They are commendably slow to defend themselves fully in these situations, but the fact is they have to err on the side of caution in order to protect the forum and indeed themselves, who run the forum voluntarily. They could, I guess, just not bother and then we wouldn't have a forum. Perhaps a pinned AC post by the Admin that lays out the potential situations that they are guarding against when they move discussion onto the AC private threads might help? Then whenever the recriminations start up next time, they or one of the rest of us can just point people at it so they can understand why it isn't about hiding things. Edit: pepperpot got there before me on the original point - just didn't ramble on as much as me 
|
|
|
|
Post by pepperpot on Jun 1, 2015 14:09:09 GMT
Good suggestion that rambled out there, I've flagged your post to be considered by the mods.
Personally, I'd prefer AH to concentrate on the business at hand (of protecting our capital) rather than fighting a media storm over an issue that has been fully explained.
|
|
|
|
Post by mrclondon on Jun 1, 2015 14:14:42 GMT
[Mod hat on]
I moved the contentious thread yesterday because it violated the forum rule "DO NOT post information that allows a borrower to be identified ". Had the OP obscured the name of the tenant (a related company to the borrower) the thread would likely have remained on the public board. I decided it was preferable to move the thread to the AC Private board rather than delete it.
This forum can only (continue to) exist if all members take precautions to prevent situations that could lead to legal action being taken against the forum.
Time to chill, and perhaps turn on the tv to ITV4 and watch some fantastic tennis from Paris.
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Jun 1, 2015 14:28:01 GMT
Time to chill, and perhaps turn on the tv to ITV4 and watch some fantastic tennis from Paris. Been doing that all morning But are you allowed to advertise commercial TV stations? (Other TV channels exist. DYOR. Etc.  ) (Oh, if only I needed those shades up here in the harsh northern lands today  )
|
|
|
|
Post by pepperpot on Jun 1, 2015 14:38:54 GMT
Time to chill, and perhaps turn on the tv to ITV4 and watch some fantastic tennis from Paris. Been doing that all morning But are you allowed to advertise commercial TV stations? (Other TV channels exist. DYOR. Etc. ) (Oh, if only I needed those shades up here in the harsh northern lands today ) Turn the brightness up on the TV (and switch the heating on again) - works a treat. I fancy a Piña colada now...
|
|
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 Jun 1, 2015 14:41:43 GMT
Personally, I'd prefer AH to concentrate on the business at hand (of protecting our capital) rather than fighting a media storm over an issue that has been fully explained. Seems to be spending the day improving on AC communications by answering all questions on this loan personally. ramblin rose - love to put my feet up & listen to some cricket but naturally its raining up north (well Yorkshire, is that the North) Have to settle for a different, colder North brightened by sunny southern spells offered by Game of Thrones (other fantasy literature/TV available)
|
|
|
|
Post by andrewholgate on Jun 1, 2015 16:23:21 GMT
I have posted a notice on both the AC website and the pink pages here. The reason for the latter is sensitive information contained in that notice.
Andrew
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Jun 1, 2015 17:26:48 GMT
Perhaps a pinned AC post by the Admin that lays out the potential situations that they are guarding against when they move discussion onto the AC private threads might help? Then whenever the recriminations start up next time, they or one of the rest of us can just point people at it so they can understand why it isn't about hiding things. Hello... First post here... So, I would echo the idea quoted above. It may also be worthwhile to have a similar sticky defining 'pink' and what it means. The link with the 'please email to get access...' is only visible once you have actually registered on this forum and so whilst there are references to pink boards etc you can see whilst lurking, it isn't clear who is entitled to ask for access etc. So, as this is my first post... minor introductions... been lurking a while... joined Ac a week or so back and am currently in precisely 1 loan. Care to guess which? Whilst I absolutely expect to have some downs as well as up's in this arena, that must be fairly unlucky, hence the name. Does this mean that I'm running away from P2x or Ac.... not currently. Whilst I see the concerns raised (on the 'blue') here and I agree that there is areas for improvement, having read the comments on the Ac site, I am not totally disheartened. In a way, having an 'issue' this early in may teach me a little more about P2P, this platform and my reactions to issues, which may in turn be useful before I have a more meaningful amount of money involved, either with Ac or other organisations. Overall, I think Ac as a platform has a lot going for it. I like the fact that it would seem that the management there acknowledge that there is room for improvement in areas and are willing to work on them. Obviously I would love there to be zero loans with issues, but that isn't realistic and I hope that the key lessons from this are being embedded with the platform. My planned, again small, investment for later this week on Ac hasn't been cancelled. Now time to send that email asking for pink access...  Jonah
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Jun 1, 2015 17:40:05 GMT
Perhaps a pinned AC post by the Admin that lays out the potential situations that they are guarding against when they move discussion onto the AC private threads might help? Then whenever the recriminations start up next time, they or one of the rest of us can just point people at it so they can understand why it isn't about hiding things. Hello... First post here... So, I would echo the idea quoted above. It may also be worthwhile to have a similar sticky defining 'pink' and what it means. The link with the 'please email to get access...' is only visible once you have actually registered on this forum and so whilst there are references to pink boards etc you can see whilst lurking, it isn't clear who is entitled to ask for access etc. So, as this is my first post... minor introductions... been lurking a while... joined Ac a week or so back and am currently in precisely 1 loan. Care to guess which? Whilst I absolutely expect to have some downs as well as up's in this arena, that must be fairly unlucky, hence the name. Does this mean that I'm running away from P2x or Ac.... not currently. Whilst I see the concerns raised (on the 'blue') here and I agree that there is areas for improvement, having read the comments on the Ac site, I am not totally disheartened. In a way, having an 'issue' this early in may teach me a little more about P2P, this platform and my reactions to issues, which may in turn be useful before I have a more meaningful amount of money involved, either with Ac or other organisations. Overall, I think Ac as a platform has a lot going for it. I like the fact that it would seem that the management there acknowledge that there is room for improvement in areas and are willing to work on them. Obviously I would love there to be zero loans with issues, but that isn't realistic and I hope that the key lessons from this are being embedded with the platform. My planned, again small, investment for later this week on Ac hasn't been cancelled. Now time to send that email asking for pink access... Jonah Hi jonah. Welcome to the bear pit and well done for coming out of the lurkoshpere to play You seem to have a healthy attitude to your new venture into P2P; if you've been lurking a while then you'll know how much valuable knowledge there is amongst the forum members. You've already learned why it can be important to diversify your investments, however small, among multiple loans, and many also consider diversification among platforms to be just as important. Sounds like you're on the right track anyhow.
|
|
baz657
Member of DD Central
Posts: 500
Likes: 189
|
Post by baz657 on Jun 1, 2015 17:41:27 GMT
I've just asked a question on the "official" Q&A board about some missing interest payments to be kept in reserve. I seems that we're nine months short of the reserve promised. That was a condition (within six months of the loan starting) contained within the revised credit report dated 20/11/2013.
My bold
What's going to happen if we get to a situation in four months when the three months reserve has all gone? Who will pay the interest due from month four onwards if required?
|
|
|
|
Post by Duane Dibley on Jun 1, 2015 20:08:45 GMT
Somewhere down the line there is a responsibility issue involved and it doesn't stop at the individual platform. Lenders also need to take on board a level of responsibility themselves which I doubt many do not. The bottom line is you cannot force lenders into reading the depth of experience that exists on this forum and taking appropriate action where necessary. You are assuming, incorrectly I might add, that all AC lenders are aware of the existence of this forum and make a deliberate choice not to participate. I am fully aware of the history between Andrew Holgate and this forum, yet he is always quick to point out the independence of the forum and deny any official links to AC. Any important statements or news relating to loans should, at least in my opinion, be made first on the AC website rather than an independent forum (private board or not), which is only read by a limited number of lenders, and if he wishes to discuss it further only then should he be posting about it on here.
|
|
Mike
Member of DD Central
Posts: 651
Likes: 446
|
Post by Mike on Jun 1, 2015 22:57:59 GMT
Ive been reading this thread and the Q&A and I think its disgraceful that AC chose to use the internet to communicate. What if we had been busy? Here or the AC website are both unnacceptable, there needs to be a fairer way for all lenders.
Andrew should have gone out and found each lender personally to tell us the bad news. No sleep until he finds us all. Then afterwards we can all spend some more of his time moaning on Q&A (I'll expect him to reply to our non-questions on his phone while driving around finding us) about the risks we didn't understand when we sent our thousands of pounds to someone we saw on the internet. After all, when the loan is suspended and we have no choice but to hold tight, its imperative we all know what's going on on Sunday rather than Monday so we can do nothing about it as soon as possible.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on Jun 2, 2015 1:01:06 GMT
I've just asked a question on the "official" Q&A board about some missing interest payments to be kept in reserve. I seems that we're nine months short of the reserve promised. That was a condition (within six months of the loan starting) contained within the revised credit report dated 20/11/2013. My bold What's going to happen if we get to a situation in four months when the three months reserve has all gone? Who will pay the interest due from month four onwards if required? I wonder why "z" asked the following question and the CR wasn't corrected and AC have only 3 months interest? Q How much of an interest buffer will be built over 6months as indicated in credit report? Asked by z 6th Nov 2013 at 13:25 A The interest buffer is to be for 6 months worth of interest so c£120k. Answered by Assetz Capital 6th Nov 2013 at 15:14
|
|
Bagman
Member of DD Central
Posts: 209
Likes: 131
|
Post by Bagman on Jun 2, 2015 2:19:23 GMT
From the AC site I see that only 3 months rent payments have been built up in the "buffer" account after 18 months.
one of the terms of the loan was that 12 months rent buffer was to be in place after the first 6 months of this loan..
How the heck has AC allowed this situation to come about ?
I invested believing that there was a year to re let the building if anything went wrong.. to say that I am disappointed is a bit of an understatement ..
Stu..
|
|
) (Oh, if only I needed those shades up here in the harsh northern lands today 
)
