ashtondav
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Post by ashtondav on Jul 26, 2020 8:15:28 GMT
Why would anyone buy muddy water, even at a discount? We cannot quantify the amount of muck, and the water is undrinkable. Oh, for God’s sake!
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ashtondav
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Post by ashtondav on Jul 24, 2020 17:52:17 GMT
Just summarise as “very slow” - and go on holiday for a few weeks.
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ashtondav
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Post by ashtondav on Jul 24, 2020 17:50:30 GMT
#151 repaid today. pending payout ? £72418.00 ish ? (ticking the " Posted first " or my bucket list) Probably will pay out about 5p per 10k, very low Access account exposure to this one. (if i get this prediction wrong, I'm giving up!) Oh, 5p per 10k. Do you guys really have nothing better to do? I’m not being sarcastic but flippin heck are we really at this level of granularity?
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ashtondav
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Post by ashtondav on Jul 9, 2020 8:32:38 GMT
Thanks for the update and appreciate you may not want or be able to answer questions at the moment but if you can could you explain a couple of points 1. You mention decades of experience from Intriva - i assume you mean the people working there as they seem a new company themselves? 2.If you grow to 1Bn of lending will that not make you a bigger company then them when they seem to have 500m in assets (or phrased as a special sits fund in some reports)? If you have a new partner, and Equity injection, how much of that money will go directly into the shield to support the platform? Also I would presume now you have new funding, you can start to pay out our Interest or at least stop the 2% fee you are taking from us? Do you seriously think, with millions furloughed or unemployed and businesses still closed, that payments will return to normal ANY TIME SOON. If so I think you are slightly deluded. This crisis is likely to run for at least another year, possibly longer, until “normal service” resumes. I suggest you plan for more, not less, pain.
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ashtondav
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Post by ashtondav on Jun 28, 2020 17:24:16 GMT
I thought that some people's asset accounts have large holdings in really bad loans (D*****d M****n for example), and others not. You'd be buying an absolute pig in a poke Everyone’s AA hold all the loans in the same proportion. No?
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ashtondav
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Post by ashtondav on Jun 28, 2020 15:57:45 GMT
4.1% is not “low interest”. It’s high interest. Interest in the best paying BS accounts are about 1.1%. I can get a 10 year fixed mortgage at 1.9%!
So, my thinking is sure there will be defaults and that 4% may net down to 2% - I may be wrong but that’s my guess. So that’s nearly twice the rate of risk free one year money. And if I can buy a package of those loans at a 2%, or preferably 5%+ discount, then I may well bung a wedge of my risk money in. At 10% discount I would definitely be in with a wedge.
We all have different risk attitudes, need for immediate cash and have varying assessments of the future - thats what makes a market!
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ashtondav
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Post by ashtondav on Jun 26, 2020 9:17:23 GMT
be nice if they could package all the junk that then could be punted off on this soon to be realised optional new feature - be nice to lose the zombie accounts festering away. Wonder how future tranches will be met when the missold AA accounts are defunct ? Missold? No missbought. You entered into a long term loan. For a lower rate of interest you invested in an account in which it was possible to SELL, and release funds quicker. SELL. If there are no or few buyers you can’t sell. Simple. Once the SM Comes you will be able to sell as there are quite a few of us who will buy at a discount.
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ashtondav
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Post by ashtondav on Jun 25, 2020 11:17:01 GMT
Oh dear, I don’t think you quite get it.
There is a global, lethal pandemic.
many workers are furloughed receiving 80% pay. Many of them will become unemployed. We are in the worst recession for 300 years.
Companies that have given clear guidance on dividends have slashed or eliminated them.
Airlines can’t fly and can’t afford to refund customers.
The government is effectively subsidising many businesses.
Do you seriously think it unreasonable that a company takes all action necessary to balance the needs of its customers, employeees and investors? I’m afraid we’re all going to lose during this pandemic. Of course companies should do whatever necessary to survive.
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ashtondav
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Post by ashtondav on Jun 25, 2020 7:43:24 GMT
I agree it isn't a pretty list but what's the alternative? If the platform fails then all that lot looks like a tea party on a sunny warm evening. Let's see if AC can dig themselves out before chucking bricks at their head, they will hopefully get the AA SM up and running before new loans happen. Whatever happens the platform must survive no matter how distastefully it is done and if that means restarting lending then we just need to buckle up and hold tight. Not defending AC here, like almost all the other P2P firms their PR is either sickly sweet whitewash or silence, don't know why as surely what most people want is the hard truth put bluntly. I agree I do not want to see AC collapse but I an very concerned it is showing scant regard for AA holders, it has trapped them in and thinks it can do what it likes. I do not agree with the AA SM as it adds no liquidity to AAs and makes it unlikely any new money will enter the AAs for quite some time if at all. The new MLA loans look to be on better terms and can only add competition for new funds so will add to the AA SM discounts. It does not matter if this happens at a later date as people will hold fire to get the best deal.
I accept there is a liquidity crisis but when I invested in the AAs in the event of a crisis I was expecting interest and repaid capital to be returned and in time if all went well new money would enter the AAs. I had no idea or was given any indication that AC would make all these changes, it is not what I signed up for.
P2p was, is and always will be, an illiquid investment unless there is a willing buyer of your loans. End of. The marketing may have implied otherwise but the T&C were crystal clear. p2p is no different to private equity, unquoted stocks (see Woodford), or property funds where again you cannot exit if there is a demand/supply shock. p2p is ILLIQUID. If you wanted access, guaranteed access, you should have visited the nationwide. You didn’t, you invested in loans. And if few others wish to buy them you are stuck in them until they repay. The bleating on this forum is ridiculous.
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ashtondav
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Post by ashtondav on Jun 23, 2020 8:53:53 GMT
P2p is no more, or less, challenged than any other retail or business lending entity, facing recessionary pressures. Banks and building societies will be equally challenged.
what those other entities do not face is the headwind of a tsunami of uninformed punters who considered these accounts to be much the same as building society accounts but paying 5% or so. P2p should never have been allowed to offer “access” branded accounts, even though their T&C made clear this would only be under certain conditions. They should always have been marketed as 5 year (or whatever the lending term) accounts, and ONLY to financially literate investors.
As in the 2008 GFC, the strong, well financed, well managed will survive and the weak will collapse. In that recession many banks and building societies failed. ZOPA came through it unscathed.
Time will tell which are the strong and which are the weak. Uninformed vitriol, from those who thought they were in an instant access savings account will most certainly not.
Watch this space...
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ashtondav
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Post by ashtondav on Jun 20, 2020 10:13:37 GMT
The T&C were clearly printed.
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ashtondav
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Post by ashtondav on Jun 19, 2020 8:05:46 GMT
sorry in advance, yawn......................................................................................... Yes, the constant bleating does grate..."............. zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
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ashtondav
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Post by ashtondav on Jun 17, 2020 12:04:38 GMT
My p2p returns have caned that aberdeen trust over the last five years. But, granted, you may be right and it might come good. I hold it too
i personally like p2p if I can get 5% pa over the cycle (ten years). I think that’s doable.
But then unlike many on these platforms I never listened to the instant access tripe spouted by these guys. I always considered myself in a (probably) 5 year investment
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ashtondav
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Post by ashtondav on Jun 17, 2020 8:07:32 GMT
P2p will survive but only the top 4. Not the 50 other also rans.
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ashtondav
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Post by ashtondav on Jun 14, 2020 8:22:59 GMT
You left out the big bolded part at the bottom of the email:
"Capital at risk. No FSCS protection. Past performance is not an indicator of future results. "
Yep, as always the dumb money forgot to read that far.
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