mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Apr 3, 2014 19:01:30 GMT
I doubt there is anything in the legal requirements that would stop AC from paying out more than strictly required by the Ts&Cs, even if the two offers do need to be treated separately. As someone who invested a four-figure sum into loan parts on 1/Apr and therefore will be earning a cashback of only 0.5% when I expect my total investment over the whole month of April to be a five-figure sum that should earn 0.75%, I am rather disappointed -- to say the least -- by AC's reaction to this mess of their own creation. Sorry, I obviously failed to understand your original post properly so didn't follow your example. I get what you mean now, so my mistake. I've double checked with the rest of the team and we are going to be honouring the amounts from the combined amount, so you'll be earning 0.75% across both offers. Great! That's what I was hoping would happen. I think it's time to take the sofa apart and see what spare cash I can find to add to my AC account! 
|
|
|
|
Post by Ton ⓉⓞⓃ on Apr 6, 2014 17:41:16 GMT
Yes, it's all governed by investments made less loan units sold. This statement does still hold an ambiguity. I put in an upfront new £10000 and invest it in new and aftermarket units. Jolly good. £10,000 x 0.75% cashback. But if I sell £1000 Leeds units to pay my March shadow commitments, does that mean I will then get £9000 x 0.5% cashback? (Despite the new money total) That would mean I couldn't sell anything on the aftermarket for any purpose for the whole of April. All bills would have to be paid with new money on top to retain the (above) 0.75% status. Sorry to be pedantic; I think we need to know. you said £10,000 x 0.75% cashback, which is really £9,999 x 0.5 plus £1 x 0.75% or have I misunderstood the offer again? I was going to ignore the offer in case it tempted me to put too much into any one loan. I like chris's hope that he'll put into our accounts a running total for the offer. I'm starting to get tempted... and the counter will only make it worse. My understanding of the offer is if a loan is repaid and I reinvest in bids it's counted but if I sell it on the AM the day before it repays it doesn't count if I reinvest in bids. 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. It's probably really obvious to all who work at AC, but I'm still a little uncertain of the definition of the terms like bid as used in the T&C's. I can see that shadow bidding is a bit different, so putting that to one side, I think as long as your money is in a bid somewhere it's counted just so long as the loan happens at some point possibly out side of the 'offer period' but the bid has to be placed inside the offer period. mikeb or someone correct me if I'm wrong...
|
|
oldgrumpy
Member of DD Central
Posts: 5,087 
Likes: 3,233
|
Post by oldgrumpy on Apr 6, 2014 20:24:17 GMT
Ton ⓉⓞⓃ, I now see the ambiguity you are seeing.... can't say I'm sure now. <£10K is 0.5% Simples. >£10K, up to £99,999 is 0.75%, but is the first £10K part of such new investment also at 0.75% (my first assumption) or does it stay at 0.5%? e.g. Investing £20K is all at 0.75% cashback, or is it £10K at 0.5% + £10K at 0.75%? If it's the second of those, I won't be stretching to invest just over £10K.
|
|
spockie
Member of DD Central
Posts: 299 
Likes: 84
|
Post by spockie on Apr 6, 2014 22:32:14 GMT
|
|
|
|
Post by pepperpot on Apr 6, 2014 23:25:47 GMT
Me 4. But now it looks similar to the income tax banding structure.  Might we see a third offer written this month?  |
|
|
|
Post by yorkshireman on Apr 6, 2014 23:38:06 GMT
I’ve got to say that all this sounds unnecessarily complicated.
I can’t be a**ed to bother with it. 
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806
Likes: 3,237
|
Post by jonno on Apr 7, 2014 8:11:52 GMT
Yorkshireman- 'appen you've hit t'nail right on t'head  |
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Apr 7, 2014 8:16:48 GMT
The Lloyds Bank interest on Vantage and (now) club accounts are tiered similarly. They actually make a point that the highest interest (i.e. if you have a balance in the highest band) is paid on the whole balance. not just the amount in that top tier.
|
|
|
|
Post by yorkshireman on Apr 7, 2014 19:12:50 GMT
Yorkshireman- 'appen you've hit t'nail right on t'head 'appen.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Apr 7, 2014 22:25:25 GMT
The Lloyds Bank interest on Vantage and (now) club accounts are tiered similarly. They actually make a point that the highest interest (i.e. if you have a balance in the highest band) is paid on the whole balance. not just the amount in that top tier. That's the way I interpreted the terms. If my net lending was less than £10k, I'd get 0.5% cashback on it. And if my net lending was more than £10k, I'd get 0.75% cashback on it. I'm pretty sure that's how AC have done cashback on individual loans in the past. When they offered 0.5% cashback on bids over £10k, a bid of £11k would have received £55 rather than just £5 (because bids of less than £10k didn't qualify for any cashback at all). I don't think AC would need a new offer with clearer Ts&Cs. All they need to do is to let us know what they mean by the existing ones.
|
|
|
|
Post by valerieb on Apr 8, 2014 8:11:42 GMT
I doubt there is anything in the legal requirements that would stop AC from paying out more than strictly required by the Ts&Cs, even if the two offers do need to be treated separately. As someone who invested a four-figure sum into loan parts on 1/Apr and therefore will be earning a cashback of only 0.5% when I expect my total investment over the whole month of April to be a five-figure sum that should earn 0.75%, I am rather disappointed -- to say the least -- by AC's reaction to this mess of their own creation. Sorry, I obviously failed to understand your original post properly so didn't follow your example. I get what you mean now, so my mistake. I've double checked with the rest of the team and we are going to be honouring the amounts from the combined amount, so you'll be earning 0.75% across both offers. Doesn't the above exchange imply that the 0.75% would be paid across the full amount?
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Apr 8, 2014 11:31:34 GMT
Sorry, I obviously failed to understand your original post properly so didn't follow your example. I get what you mean now, so my mistake. I've double checked with the rest of the team and we are going to be honouring the amounts from the combined amount, so you'll be earning 0.75% across both offers. Doesn't the above exchange imply that the 0.75% would be paid across the full amount? It does to me. In any case, it would be helpful if AC would clarify how they intend to operate this offer.
|
|
|
|
Post by Ton ⓉⓞⓃ on Apr 14, 2014 9:11:13 GMT
Sorry to start this all off again boys & girls but, 0.5% on new investment below £10,000 0.75% for £10,000 to £100,000 of new investment 1.25% for new investment over £100,000 is stated here loyalty-offer t & c'sThis seems quite plain and dare I say simples. This appears to be a new statement explaining the tiers of benefit in the month long offer. |
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Apr 14, 2014 9:21:40 GMT
£11K (in £1K lumps) could be better than £10K, just in case one does not get drawn down. |
|
|
|
Post by whitmanthecat on Apr 14, 2014 9:37:49 GMT
Sorry to start this all off again boys & girls but, 0.5% on new investment below £10,000 0.75% for £10,000 to £100,000 of new investment 1.25% for new investment over £100,000 is stated here loyalty-offer t & c'sThis seems quite plain and dare I say simples. This appears to be a new statement explaining the tiers of benefit in the month long offer. This wording was put up fairly early on, maybe 2nd April, along with the revised terms that made it clear it applies to net new investment. Especially with FCA regulation, everything needs to be clear and I disagree that this is clear enough. If putting in, say, £15k of new investment, 15 is between 10 and 100 and so it is quite possible to interpret it it as 0.75% for the £15k.
|
|
