unmadem
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Post by unmadem on Apr 2, 2014 18:37:09 GMT
I put £1000 into my account last night If it is just in your account and not yet bid or used to purchase on aftermarket by my reading you will be ok. I think it would be in your starting total if invested. Could be wrong of course.
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Post by bengilbert on Apr 2, 2014 18:39:11 GMT
Going by the way they've done things in the past, I would be very surprised indeed if anyone who bid yesterday will be excluded from the promotion. They might net off aftermarket sales in the way the new terms spell out, but I'm pretty sure they'll honour the cashback offer for new money that went on yesterday.
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mikeb
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Post by mikeb on Apr 2, 2014 18:48:53 GMT
Well I'm really chuffed, I bid on 1st April all I had in my account £20k and now find that the date has been changed. The videos about fairness etc seem but a distant memory as I was unable to take advantage of the new money lent incentive recently offered and according to the T&Cs of this offer I am now effectively excluded from this offer as well. I had deliberately waited until the day of the cashback offer before lending. Well that'll teach me. I thought the intention was to reward loyal customers, i.e. those that *had lent in the past*, as the other incentive recently was for newbies *who had not lent but could be encouraged to do so* Slightly miffed if I end up falling between the two camps: Having lent in the past (since joining, solidly), and having stuffed available cash into AC up until the end of March, now find that loyalty only counts going forward -- now I don't have further cash spare  Still not sure exactly what "lent" counts as, bid, bid accepted, loan drawn down -- I guess we'll see what comes through. As far as I am concerned, money in a live bid, an accepted bid, is not yet lent. If all the ones I have in drawdown and live bids get, er, drawn-down in April then they should all be eligible, as that would count as lending in April of cash loyally deposited Feb-Mar.
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walktall7
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Post by walktall7 on Apr 2, 2014 18:49:09 GMT
And I put £500 into a loan last night
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Post by chris on Apr 2, 2014 18:55:38 GMT
Thankfully, I refrained from buying/bidding yesterday but I would be too if I were in your shoes. If memebrs bid yesterday in good faith, surely it should be honoured for them according to the new 'net' investment total, but effective from yesterday. Well, I am trusting that AC will honour the original deal - if not, screenshots were taken. Yesterday's deal will be honoured for bids made on that day. Bids made from after the new offer was made will follow the new terms.
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Post by andrewholgate on Apr 2, 2014 19:01:04 GMT
Blimey, you lot are on the ball! This may be old news to you now, but we're in the middle of distributing an updated newsletter. Chris has also talked about this now, but it never harms to reiterate. As many of you have seen, we’re giving bigger returns to reward those who have been loyal to Assetz Capital in the past year. Since the launch of our new cashback offer yesterday, it has come to light that there are a few elements within the terms and conditions which require further clarification. Many of you have helped us to see this so we are grateful for your input. For avoidance of doubt, with effect from today, we have withdrawn the previous offer and have now reinstated a new offer with extended details in the terms and conditions. This does not fundamentally change the previous offer, but simply makes the terms clearer, in order to cover all scenarios which have been raised by lenders. The new incentive applies to the amount of new investment our loyal lenders successfully make through Assetz Capital from 2nd April 2014 up until midnight on 30th April 2014. To qualify for this offer, you must have previously invested through Assetz Capital before 1st March 2014. Lenders will receive cashback of the following amounts according to how much new investment they make in the period 2nd April 2014 - 30th April 2014. 0.5% on new investment bel ow £10,000
0.75% for £10,000 to £100,000 of new investment
1.25% for new investment over £100,000 Please do take a look at our full terms and conditions at www.assetzcapital.co.uk/lenders/loyalty-offer/ If anything else springs to mind or you have any questions, do get in touch either on this forum or by contacting the office on 0161 482 7528. Once again, thank you all for being a part of this amazing journey we are taking. Your loyalty means a lot, and we hope this is the beginning of many loyalty offers we pull together in the years to come. Thanks, Andy |
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Post by enzed on Apr 2, 2014 20:12:28 GMT
Andrew, please stop calling this promotion a reward for loyalty when it is not - it is nothing more than an incentive to existing lenders to invest more.
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spockie
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Post by spockie on Apr 2, 2014 20:17:33 GMT
Andrew, please stop calling this promotion a reward for loyalty when it is not - it is nothing more than an incentive to existing lenders to invest more. Depends how you view it. I will be lending my usual amount this month, but I will be getting a higher return on my money because of the cashback. It's only available to people who have lent before, so for me it will be a reward for loyalty.
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andy2001
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Post by andy2001 on Apr 2, 2014 20:30:56 GMT
Does money from interest or capital repayments count as new money that can be reinvested. EL* is due for full repayment this month do I get cash back for reinvesting that if held till term?
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Post by chris on Apr 2, 2014 20:42:55 GMT
Does money from interest or capital repayments count as new money that can be reinvested. EL* is due for full repayment this month do I get cash back for reinvesting that if held till term? I'll ask for clarification to double check but I believe it will be counted as it's the net amount invested.
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Post by chris on Apr 2, 2014 20:52:35 GMT
Confirmed by AH
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mikes1531
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Post by mikes1531 on Apr 2, 2014 21:38:25 GMT
Well, I hope none bought yesterday on the assumption the offer started yesterday, especially if it was a large amount as I think they'd be totally peeved off now that the offer starts today! <--- presently peeved. To suggest I was peeved would be an major understatement. "Livid" might be a better word to describe how I felt when I got to the bottom of the second page of this thread! (I had bought a four-figure sum of loan parts via the AM on 1/Apr.) Yesterday's deal will be honoured for bids made on that day. Bids made from after the new offer was made will follow the new terms. I feel much better now! AIUI now, the amount eligible for the cashback payment is now the sum of all bids made (presuming the loan is drawn down and they become loan parts) on 1-30 April, plus the value of all loan parts bought on the AM on 1-30 April, less the value of all loan parts sold on the AM on 2-30 April. (Bids which are subject to specific cashback offers are not included.) Have I got that close to right? Still not sure exactly what "lent" counts as, bid, bid accepted, loan drawn down -- I guess we'll see what comes through. Does money from interest or capital repayments count as new money that can be reinvested. EL* is due for full repayment this month do I get cash back for reinvesting that if held till term? T&C #1 of the Offer defines 'New investment' and it seems clear -- to me, anyway -- that it doesn't require the money to have come from outside AC to qualify.
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oldgrumpy
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Post by oldgrumpy on Apr 2, 2014 21:48:44 GMT
I had thought that AC were a lot more careful than this.
However, a question:
I will be selling some Leeds (some gone already) to pay for my non cash back qualifying shadow bids due soon on auctions starting in February/March.
Will that Leeds money be deducted from the new money I invest during April for cashback purposes(but haven't transferred in yet)? This will be a four figure sum so I need to know.
Can we please have an indication on our dashboards showing an accumulating total of investment qualifying for cashback. I'd hate to be told on 1 May that I'd invested a new £9999 when I'm aiming at £10,000!!!
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markr
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Post by markr on Apr 2, 2014 21:55:34 GMT
I think the 2nd of April issue comes from trying to keep everything legal and above board, specially now we're being watched by the regulator! They can't retrospectively cancel or modify the terms of an offer, but they can exercise their right to terminate the offer at any time. So the offer that ran from 1st-2nd is exactly as it was, and if anyone had managed to exploit the loophole, AC would have had to honour it. The new offer from the 2nd closes the loophole and makes clearer which bids will be counted, but is otherwise the same.
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mikes1531
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Post by mikes1531 on Apr 2, 2014 22:29:17 GMT
I think the 2nd of April issue comes from trying to keep everything legal and above board, specially now we're being watched by the regulator! They can't retrospectively cancel or modify the terms of an offer, but they can exercise their right to terminate the offer at any time. So the offer that ran from 1st-2nd is exactly as it was, and if anyone had managed to exploit the loophole, AC would have had to honour it. The new offer from the 2nd closes the loophole and makes clearer which bids will be counted, but is otherwise the same. This is a valid point, but I'd hope AC won't consider the offers to be completely separate. Consider the case of a lender who bought £9k of parts on the AM on 1/Apr, and buys £9k more later in April. I think they should qualify for the £10+k cashback rate of 0.75%, but a strict interpretation as two separate offers would mean they'd only qualify for the 0.5% cashback rate, which doesn't strike me as fair.
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