j
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Penguins are very misunderstood!
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Post by j on Jul 11, 2014 22:47:35 GMT
All points of view may have their merits & the right for various opinions to be voiced. It still remains though that the cash back window is now encroaching into the unreasonable & AC should have found a solution excluding late drawdown & paying for those that have drawn down. Investors supported the promotion in good faith but that hasn't been reciprocated in this instance so far. I, for one, won't support a similar offer in the same vigor as the last & wouldn't be surprised if many fellow investors won't get duped by the extra part % on offer if this is how long it take to pay out....sorry, we're still waiting! I hasten to add still no proper reply from AC on how the issues will be dealt with & by what specific deadline. It all seems up in the air with nobody wanting to commit to specific figures or a specific time frame. Confidence marignally & slowly eroded
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Post by Jack Barlow on Jul 12, 2014 7:28:23 GMT
I seem to be in the minority here, but the delay in the cashback payment isn't winding me up. It seemed clear to me from the initial announcement that there could be a considerable delay in receiving the money.
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mikes1531
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Post by mikes1531 on Jul 12, 2014 14:48:11 GMT
Good point Jack, I'm with you - I cannot imagine getting wound up about this either.
I'm also thinking AC have rather bigger fish to fry on our behalf right now, and they are putting in such efforts to protect us, this is the last thing on my mind. I accept that AC have some issues to deal with right now that are a lot higher priority than paying out the cashback for the April offer. But AC need to keep their lenders happy as well, so they can't completely ignore this issue, say nothing, and hope it goes away on its own. How anxious a lender might be over this is no doubt a function of whether they're expecting a two-figure cashback or a four-figure cashback. When the offer was made, AC said... Based on then-current experience with drawdown times, the end of May seemed quite optimistic at the time, and I considered the end of June to be more likely. And AC wouldn't have missed that by much if it wasn't for the loans that have reverted back to pre-bid status with a very uncertain future. These limbo loans represent a real problem -- if any one of them actually does come back to life, I don't think it would be unreasonable to expect that 6-8 weeks might elapse between resurrection and drawdown. And since none of them are showing any signs of life at the moment, we're talking about drawdown in September at best. Do AC -- and their lenders -- really want to let the resolution of the April cashback offer drag on that long?
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Jul 12, 2014 21:34:19 GMT
...........we're talking about drawdown in September at best. Do AC -- and their lenders -- really want to let the resolution of the April cashback offer drag on that long? All things considered, I think even September is both optimistic & generous
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mikes1531
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Post by mikes1531 on Jul 12, 2014 22:05:41 GMT
...........we're talking about drawdown in September at best. Do AC -- and their lenders -- really want to let the resolution of the April cashback offer drag on that long? All things considered, I think even September is both optimistic & generous I was trying to be optimistic. I've given up the idea of using my cashback to help pay my July tax bill. Now I'm just hoping I'll have it it time to pay for Christmas! 
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Post by Ton ⓉⓞⓃ on Jul 13, 2014 13:58:36 GMT
The Q&A's have given some info. With Aber. we're expecting an update mid-week latest.
Redruth: an answer there on the 30th June says that atleast two weeks notice will be given, but the Q was so short and too the A that I'm none the wiser as it's not clear what's being talked about. I think the two weeks in the Answer refer to the length of the auction and nothing else. Anyone else?
With Weston S.M. Q&A again there should be an update expected imminently.
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Post by cyrilmadrid on Jul 28, 2014 5:40:48 GMT
Have you received any April cashback yet ? I seem to have read that some of you have received it on some of the loans. I hold some of the same loan, but have not apparently received anything. Does it clearly appear in your statement as cashback ?
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Post by chris on Jul 28, 2014 6:35:25 GMT
Have you received any April cashback yet ? I seem to have read that some of you have received it on some of the loans. I hold some of the same loan, but have not apparently received anything. Does it clearly appear in your statement as cashback ? Don't think anything's been paid out yet. It's all been calculated and sent to the admin team to verify, will be paid once they confirm it is correct. There's still a couple of loans that haven't drawn down so lenders in those ones will be paid what they would be should those loans fall through, and when they draw down we'll pay the balance based on the new total amount (i.e. if it moves you from one % bracket into the next then we recalculate in full based on the new total lent and pay the difference).
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mikes1531
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Post by mikes1531 on Jul 28, 2014 12:45:43 GMT
Have you received any April cashback yet ? I seem to have read that some of you have received it on some of the loans. I hold some of the same loan, but have not apparently received anything. Does it clearly appear in your statement as cashback ? Don't think anything's been paid out yet. It's all been calculated and sent to the admin team to verify, will be paid once they confirm it is correct. There's still a couple of loans that haven't drawn down so lenders in those ones will be paid what they would be should those loans fall through, and when they draw down we'll pay the balance based on the new total amount (i.e. if it moves you from one % bracket into the next then we recalculate in full based on the new total lent and pay the difference). Thanks for the info chris. As near as I can tell, the only loans qualifying for the cashback offer that have not drawn down yet are those that have reverted to pre-bid status, so even if those were to become 'live' again tomorrow drawdown probably still would be months away. So this seems like the most sensible solution, as otherwise it could be Christmas before the April cashback offer paid out.
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Post by Ton ⓉⓞⓃ on Jul 28, 2014 12:53:05 GMT
Have you received any April cashback yet ? I seem to have read that some of you have received it on some of the loans. I hold some of the same loan, but have not apparently received anything. Does it clearly appear in your statement as cashback ? Don't think anything's been paid out yet. It's all been calculated and sent to the admin team to verify, will be paid once they confirm it is correct. There's still a couple of loans that haven't drawn down so lenders in those ones will be paid what they would be should those loans fall through, and when they draw down we'll pay the balance based on the new total amount (i.e. if it moves you from one % bracket into the next then we recalculate in full based on the new total lent and pay the difference). That sounds like the best possible solution given the problem of the loans reverting to preview. Thanks to everyone (Lenders & AC) who has moved this issue forward onto this partial/temporary resolution.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Aug 3, 2014 19:48:46 GMT
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Post by cyrilmadrid on Aug 4, 2014 21:05:37 GMT
Got today an April cashback credit, equivalent to 14 bp of the amount I invested during the period (over 10k). Will have to find out how this was calculated !
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Post by mrclondon on Aug 4, 2014 22:43:59 GMT
Best to refer to this thread started by chris which has discussion of how one or two errors have crept into the calculation.
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