shimself
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Post by shimself on Oct 7, 2017 17:37:38 GMT
Still at it
loan 251
Q
Why has this been removed from GBBA?
Asked by
4th Oct 2017 at 16:11
A
Thank you for your question. Please note that as a result of its complexity, the AC team is unable to provide an immediate answer and will need to seek information from other third parties. We aim to have an answer or, at the very least, a further update on progress within the next five working days.
This is patently untrue, what possible information could third parties supply. Can you remove this task from the newest employee in the building please?
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Bagman
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Post by Bagman on Oct 10, 2017 13:10:22 GMT
As Aberystwyth hotel loan is now up for a vote on us taking an 80% haircut on the interest still owed to us I asked a question on the Q&A as to where I could find the information about my outstanding interest as on this loan , and only on this loan , it is no longer visible.
Really not happy with this boilerplate reply
where can I find the amount of interest that I am still owed from this loan as it is no longer visible on "my loans"
Thank you.
Asked by Bagmanstu
10th Oct 2017 at 13:41
A
Thank you for your post. However, please note that it breaches the posting rules laid out in our guide to the Q&A section as it is not specific to the workings of the loan. Please click the following link for access to the guide.
www.assetzcapital.co.uk/loan-qa/terms
Please email enquiries@assetzcapital.co.uk as they will be able to provide you with the information you have requested.
Consequently we have deleted your post and ask that you use the appropriate channel to highlight your concerns. We suggest you redirect your message to either of the groups below, depending on the nature of your query:
enquiries@assetzcapital.co.uk
feedback@assetzcapital.co.uk
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n
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Yet another Nick
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Post by n on Oct 10, 2017 13:32:06 GMT
I can see why your question Bagman was removed, but your point is clear. I have emailed enquiries@ asking the same question, and it would be nice to think that enough other investors have also done so to encourage them to actually do something about this issue. |
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mikes1531
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Post by mikes1531 on Oct 12, 2017 20:06:05 GMT
where can I find the amount of interest that I am still owed from this loan as it is no longer visible on "my loans"
A
Thank you for your post. However, please note that it breaches the posting rules laid out in our guide to the Q&A section as it is not specific to the workings of the loan.
I can see why your question Bagman was removed... I can't really, because an investor knowing the amount of their accrued interest is a critical fact to know when deciding how to vote. Furthermore, I note that a very similar question asked less than two hours later was allowed to remain.
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mikes1531
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Post by mikes1531 on Oct 12, 2017 20:15:37 GMT
Here's another example for andrewholgate... An investor asks whether or not AC have a PG from a borrower, and AC don't have that info in house? An AC Credit Report says something is available on the website. An investor can't find it and asks AC where it is. And AC need to consult with a third party? |
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n
Member of DD Central
Yet another Nick
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Post by n on Oct 13, 2017 8:06:34 GMT
where can I find the amount of interest that I am still owed from this loan as it is no longer visible on "my loans"
A
Thank you for your post. However, please note that it breaches the posting rules laid out in our guide to the Q&A section as it is not specific to the workings of the loan.
I can see why your question Bagman was removed... I can't really, because an investor knowing the amount of their accrued interest is a critical fact to know when deciding how to vote. Furthermore, I note that a very similar question asked less than two hours later was allowed to remain. My thinking is that the question was removed because it did not relate specifically to that loan but to a flaw in the system (as stated in the removed answer). I wholeheartedly agree that the flaw is a serious matter and needs fixing. I think AC have been made aware of the flaw through this forum and by no doubt numerous emails requesting the information. Perhaps my thinking is wrong and that was not the reason they removed bagman's question, because the later question also relates to the functioning of the system.
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Post by andrewholgate on Oct 13, 2017 8:54:25 GMT
Here's another example for andrewholgate ... An investor asks whether or not AC have a PG from a borrower, and AC don't have that info in house? An AC Credit Report says something is available on the website. An investor can't find it and asks AC where it is. And AC need to consult with a third party? Thank you for bringing this to my attention. Your full question was: The Credit Report for this loan states that AC have a PG from the director/shareholder of the borrower. The Security tab for this loan shows no PG. Which is correct?
The CR says "An outline of MW’s development experience is available on the website." I've looked at the Documents tab for this loan and see only the CR and the VR. Where else should I be looking?
With respect to the proposal for revised planning permission, has the application been submitted? If it has, what is the application number? (I couldn't find it on the council website.) If not, do AC and/or the borrower still believe there is sufficient time to obtain the PP and arrange the development finance by 27/Jan when the loan matures?
I’ve highlighted the part of your question which you haven’t included in your post on this forum. The response we gave wasn’t the best, I agree, but I feel it is being represented out of context. There should have been a response to the first two parts which we know the answer to. Our response referred to the final part of your question only and we do need to consult a third party for that. I have asked that the answer is amended to reflect this. I’m generally not satisfied with how these responses are being handled. As of today I have instructed one of my senior team to work on refreshing how we handle these questions and the answers we give. We do want to ensure that your valid questions are answered and that you are satisfied with those responses. Sometimes there are valid reasons for deleting a question as it is supposition or opinion rather than a question. It is a fine balance but one that is probably not working in the right way.
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am
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Post by am on Oct 13, 2017 11:53:50 GMT
Perhaps there's scope for some boilerplate on the lines that the customer support team is unable to promptly answer the question, and will consult with colleagues elsewhere in the organisation. (Perhaps there already is, but it hasn't always been used when it should have been.)
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mikes1531
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Post by mikes1531 on Oct 14, 2017 3:10:39 GMT
There should have been a response to the first two parts which we know the answer to. Our response referred to the final part of your question only and we do need to consult a third party for that. I have asked that the answer is amended to reflect this. I suspect AH poked someone, because I see that the first two parts of the question have now been answered, with only the third part waiting for input from the borrower. That's the way it should have been done, and hopefully the point has been made so that's the way questions like this will be handled in the future. So thank you to andrewholgate for being so responsive and putting into action an improvement to the system.
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shimself
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Post by shimself on Oct 23, 2017 11:24:37 GMT
Looking at K** H*** W** 261
There was a question about LTV. The answer is fully explained in the credit report. But instead we have the new bog standard know nuthin' answer
Thank you for your question. Please be advised that it has been sent to the Assetz Capital team who will respond within 3-working days.
All we are asking for is someone trained, competent, knowledgable answering Q&A. I assume you have a sort of product manager for each loan, why don't you put them in charge of their own q&a?
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shimself
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Post by shimself on Apr 9, 2018 8:32:32 GMT
On 227 D******* today:
Q If one's only holding is in the property secured account is it correct to assume it will be unaffected by this vote as the interest target is for the whole fund and not affected by individual defaults unless the total of defaults across all loans cause the target rate not to be met.
A Thank you for your question. Please note that as a result of its complexity, the AC team is unable to provide an immediate answer and will need to seek information from other third parties. We aim to have an answer or, at the very least, a further update on progress within the next five working days.
Answered by Assetz Capital
9th Apr 2018 at 09:28
And who exactly might the third party be?
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cb25
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Post by cb25 on Apr 9, 2018 10:13:17 GMT
On 227 D******* today:
Q If one's only holding is in the property secured account is it correct to assume it will be unaffected by this vote as the interest target is for the whole fund and not affected by individual defaults unless the total of defaults across all loans cause the target rate not to be met.
A Thank you for your question. Please note that as a result of its complexity, the AC team is unable to provide an immediate answer and will need to seek information from other third parties. We aim to have an answer or, at the very least, a further update on progress within the next five working days.
Answered by Assetz Capital
9th Apr 2018 at 09:28And who exactly might the third party be? Excellent question. I've posted the same question in the loan 227 Q&A section. With AC being FCA regulated, I would hope there was a requirement to be transparent about the parties involved in lending out our money.
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Post by Butch Cassidy on Apr 9, 2018 10:44:57 GMT
In related news the arrogant, ad hoc & unjustified loan suspensions have made a return, despite andrewholgate assurances that such actions would be ceased, in this instance loan #74 Sp**don, that has been in refinancing for more than 6 months YET STILL REMAINED TRADABLE & as a lender (who would happily buy more of this particular loan) you shouldn't even try to get AC to explain their decision because they will simply threaten to remove your privilege to ask questions!
"The loan has been in default for some time due to expiry of the loan and interest was paid by the Borrower, at the default rate. The Borrower informed us that they were unable to continue to make payments on this basis but provided substantiated proposals for repayment, via a refinance. However, as set out in the lender update of 29 March 2018, this refinance has been protracted and it is not definite as to when this loan will repay. Therefore, the decision has been taken to suspend trading in this loan."
"Thank you for your post. One of the rules on the Q&A that lenders agree to before being able to submit queries is (posts should be) “Devoid, as far as possible, of repetition or commentary which is not pertinent to the loan which lenders would otherwise have to wade through to find the answers that they seek“ This is the third time you have posted on the Q&A regarding the trading of this loan. Your first question was answered and your second post was deleted due to a breach of the rules and further explanation provided in the deletion message. We have now deleted this post due to the repetition. We monitor the Q&A and any lenders who repeatedly break the rules of the Q&A may have their Q&A privilege removed. We trust this will not be necessary. We have included a link to the Q&A guidelines and our contact details should you require them. Regards Assetz Capital www.assetzcapital.co.uk/loan-qa/terms enquiries@assetzcapital.co.uk feedback@assetzcapital.co.uk"
If AC staff actually answered the questions they were asked then lenders would not be forced to repeat the question in search of the truth - customer service is simply a stranger to these people.
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cb25
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Post by cb25 on Apr 9, 2018 13:13:11 GMT
On 227 D******* today:
Q If one's only holding is in the property secured account is it correct to assume it will be unaffected by this vote as the interest target is for the whole fund and not affected by individual defaults unless the total of defaults across all loans cause the target rate not to be met.
A Thank you for your question. Please note that as a result of its complexity, the AC team is unable to provide an immediate answer and will need to seek information from other third parties. We aim to have an answer or, at the very least, a further update on progress within the next five working days.
Answered by Assetz Capital
9th Apr 2018 at 09:28And who exactly might the third party be? My Question on AC's Q&A section for loan 227 has been struck out, though answered with "Your post is connected to a holding response to a question that has yet to be answered and, therefore, does not match the criteria for the Q&A." That's totally untrue. AC already know who the third parties are. The question they're yet to answer is awaiting information from the 'third parties' NOT the identity of the third parties. I'll try email.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 9, 2018 14:47:41 GMT
On 227 D******* today:
Q If one's only holding is in the property secured account is it correct to assume it will be unaffected by this vote as the interest target is for the whole fund and not affected by individual defaults unless the total of defaults across all loans cause the target rate not to be met.
A Thank you for your question. Please note that as a result of its complexity, the AC team is unable to provide an immediate answer and will need to seek information from other third parties. We aim to have an answer or, at the very least, a further update on progress within the next five working days.
Answered by Assetz Capital
9th Apr 2018 at 09:28And who exactly might the third party be? My Question on AC's Q&A section for loan 227 has been struck out, though answered with "Your post is connected to a holding response to a question that has yet to be answered and, therefore, does not match the criteria for the Q&A." That's totally untrue. AC already know who the third parties are. The question they're yet to answer is awaiting information from the 'third parties' NOT the identity of the third parties. I'll try email. Oh come on. It's obvious. It's the Man on the Clapham Omnibus &/or White Van Man. Who else is a fount of all knowledge? 
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