shimself
Member of DD Central
Posts: 2,563 
Likes: 1,171
|
Post by shimself on Apr 12, 2014 8:51:19 GMT
In full
This question has not yet been answered, but Assetz Capital are working to source an answer.
Please change the script or get off the pot. The K*** auction is a really poor show
|
|
|
|
Post by mrclondon on Apr 12, 2014 9:28:49 GMT
Perhaps on anonymous loans, AC need to deploy a stock answer "Assetz Capital are unable to answer this question due to the borrower / introducer requiring anonimity".
That way we would have a clearer picture for which questions "...but Assetz Capital are working to source an answer." is actually valid.
|
|
|
|
Post by oldnick on Apr 12, 2014 16:35:42 GMT
What if a borrower genuinely keen to draw down their loan could see the Q and A section, and what if the answers were more detailed. If there were a question hanging, and the reply from AC was, for example, "we are waiting for the borrower's solicitor to reply", then perhaps the borrower could put in a polite call to said solicitor to expedite matters.
|
|
pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
|
Post by pikestaff on Apr 12, 2014 16:47:26 GMT
In full This question has not yet been answered, but Assetz Capital are working to source an answer. Please change the script or get off the pot. The K*** auction is a really poor show I agree they should change the script, but the worst thing about this auction is the questions, and answers dressed up as questions, looking to undermine the borrower's anonymity. I'm amazed the Q&A has not been heavily modded.
|
|
shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
|
Post by shimself on Apr 12, 2014 17:14:16 GMT
What if a borrower genuinely keen to draw down their loan could see the Q and A section, and what if the answers were more detailed. If there were a question hanging, and the reply from AC was, for example, "we are waiting for the borrower's solicitor to reply", then perhaps the borrower could put in a polite call to said solicitor to epedite matters. Are there borrowers who don't want the loan to go through? I haven't looked but I supposed there is a fee to pay even if it doesn't fly.
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on Apr 12, 2014 18:26:00 GMT
What if a borrower genuinely keen to draw down their loan could see the Q and A section, and what if the answers were more detailed. If there were a question hanging, and the reply from AC was, for example, "we are waiting for the borrower's solicitor to reply", then perhaps the borrower could put in a polite call to said solicitor to epedite matters. Are there borrowers who don't want the loan to go through? I haven't looked but I supposed there is a fee to pay even if it doesn't fly. There were a few auctions last year that took the mick out of AC & used them as a bartering option with cheaper alternatives & got away with it. AC should now have processes (ie fees) in place that prevent such things happening again. I believe they give a certain time frame for draw down & then start charging penalty fees if not met. There are still 2-3 auctions, if memory serves me correctly that they were chasing compensation for, on from as far back as I think July/Aug last year but, we've never heard anything since so one can safely assume they are dead in the water, legal wise in terms of comp. Would have been nice to have been confirmed as such though.
|
|
|
|
Post by oldnick on Apr 13, 2014 6:29:38 GMT
Are there borrowers who don't want the loan to go through? I haven't looked but I supposed there is a fee to pay even if it doesn't fly. There were a few auctions last year that took the mick out of AC & used them as a bartering option with cheaper alternatives & got away with it. AC should now have processes (ie fees) in place that prevent such things happening again. I believe they give a certain time frame for draw down & then start charging penalty fees if not met. There are still 2-3 auctions, if memory serves me correctly that they were chasing compensation for, on from as far back as I think July/Aug last year but, we've never heard anything since so one can safely assume they are dead in the water, legal wise in terms of comp. Would have been nice to have been confirmed as such though. In the same vein - if the answer from AC to the lender's question was eventually updated to "the solicitors can't extract a reply from the borrower", either the borrower could contact AC to refute it, or, if silence reigns, we could draw our own conclusions about the likelihood of drawdown. Or is the question directed to the proposer of the loan first, adding a further delay before the borrower is contacted? As has been said by others already, we would all feel less agitated if we understood the nature of the delay, but the info from AC must be timely and accurate - think motorway signs that irritate rather than inform - it's a similar situation for us.
|
|
unmadem
Member of DD Central
Posts: 377
Likes: 181
|
Post by unmadem on Apr 13, 2014 10:26:38 GMT
As has been said by others already, we would all feel less agitated if we understood the nature of the delay, but the info from AC must be timely and accurate - think motorway signs that irritate rather than inform - it's a similar situation for us. A good summary.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Apr 13, 2014 19:49:00 GMT
Or is the question directed to the proposer of the loan first, adding a further delay before the borrower is contacted? I expect that's the case. The proposer/introducer acts as a go-between for the borrower and AC. ... or, if silence reigns, we could draw our own conclusions about the likelihood of drawdown. ...or the likelihood of repayment!  No doubt seeing lots of unanswered questions makes lenders much less likely to place bids. Having said that, though, I note that the current K*** loan proposal has 14 unanswered questions at the moment, and that doesn't seem to have stopped lenders from placing over £350k of bids! Either some lenders aren't watching the Qs&As, or aren't bothered by the lack of As, or the 15% interest is enough to make them less cautious with their bids.
|
|
|
|
Post by Ton ⓉⓞⓃ on Apr 13, 2014 20:49:05 GMT
I'm trying to find a nice warm home for several k so that I qualify for cashback. I wanted to ignore the offer so that I wouldn't be tempted to over invest in anyone proposal. I hope others are stronger than me. K doesn't stand for Kent, (only 2units in Kent)
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Apr 14, 2014 2:57:18 GMT
I'm trying to find a nice warm home for several k so that I qualify for cashback. I wanted to ignore the offer so that I wouldn't be tempted to over invest in anyone proposal. I hope others are stronger than me. K doesn't stand for Kent, (only 2units in Kent) AIUI, qualifying for cashback is easy. All you have to do is lend more than you sell in the AM during the offer period. As I read the Ts&Cs, there's no minimum net lending requirement. Hopefully there will be more auctions that go live before the end of the month, providing more investment possibilities. My reading of the Ts&Cs is that bids made in April will qualify as lending for the cashback offer even if the loan isn't drawn down until after April -- but it does have to be drawn down eventually in order to qualify. Does anyone have a different interpretation of the Ts&Cs?
|
|
andy2001
Member of DD Central
Posts: 361
Likes: 34
|
Post by andy2001 on Apr 14, 2014 3:01:46 GMT
I'm trying to find a nice warm home for several k so that I qualify for cashback. I wanted to ignore the offer so that I wouldn't be tempted to over invest in anyone proposal. I hope others are stronger than me. K doesn't stand for Kent, (only 2units in Kent) AIUI, qualifying for cashback is easy. All you have to do is lend more than you sell in the AM during the offer period. As I read the Ts&Cs, there's no minimum net lending requirement. Hopefully there will be more auctions that go live before the end of the month, providing more investment possibilities. My reading of the Ts&Cs is that bids made in April will qualify as lending for the cashback offer even if the loan isn't drawn down until after April -- but it does have to be drawn down eventually in order to qualify. Does anyone have a different interpretation of the Ts&Cs?
This is the same as my understanding of the cash back offer.
|
|
spockie
Member of DD Central
Posts: 299 
Likes: 84
|
Post by spockie on Apr 14, 2014 3:29:23 GMT
Does anyone have a different interpretation of the Ts&Cs? My understanding also, although there was mention of cash-back incentives not being paid out until May because of this fact, so it's a little unclear what the position will be if one or more loans fails to be drawdown in May, which seems extreme, but as we are all aware, could quite easily happen. Perhaps I have missed a more recent post, but I haven't seen clarification as to what's going to occur with funds that were invested on the first day of the original offer (01/04/2014). I would like to think that the funds invested on that day will be aggregated with funds invested from 02/04/2014 onwards, which in my case and I'm sure others too totals a 5 figure sum, and should be entitled to 0.75% cash-back across the board, rather than splitting the two sums and only paying 0.5% on each. I remember reading somewhere that bids from 1st April would be linked with later bids. I think it was one of Chris' posts.
|
|
|
|
Post by Ton ⓉⓞⓃ on Apr 14, 2014 8:52:26 GMT
I'm trying to find a nice warm home for several k so that I qualify for cashback. I wanted to ignore the offer so that I wouldn't be tempted to over invest in anyone proposal. I hope others are stronger than me. K doesn't stand for Kent, (only 2units in Kent) AIUI, qualifying for cashback is easy. All you have to do is lend more than you sell in the AM during the offer period. As I read the Ts&Cs, there's no minimum net lending requirement. Hopefully there will be more auctions that go live before the end of the month, providing more investment possibilities. My reading of the Ts&Cs is that bids made in April will qualify as lending for the cashback offer even if the loan isn't drawn down until after April -- but it does have to be drawn down eventually in order to qualify. Does anyone have a different interpretation of the Ts&Cs? I should've said qualify for the next level, i.e. 0.75%.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Apr 14, 2014 15:26:23 GMT
... there was mention of cash-back incentives not being paid out until May because of this fact, so it's a little unclear what the position will be if one or more loans fails to be drawdown in May, which seems extreme, but as we are all aware, could quite easily happen. Item 5 of the cashback offer Ts&Cs includes... ... so they didn't say the payout would be in May. The base case has to be to watch all loans for which bids had been placed by the end of April and make the cashback payments once all of those have either drawn down or been abandoned/cancelled. If this were to happen by end-May/early-June then there's no issue. If a lot of loans are still waiting to draw down at that time we can expect to wait longer. If there were to be only one left waiting for draw down -- or if AC get to that point later in June -- then AC might decide to try to speed things up. They could decide to pay out the cashback to all lenders not involved in the delayed drawdown loan(s). Or they could make initial cashback payments based on the loans that have drawn down and commit to paying the cashback on the delayed loans as and when they actually do draw down. It all will depend on what proportion of loans are drawn down by end-May and how patient AC judge their lenders to be.
|
|
