happy
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Post by happy on Sept 23, 2017 18:23:47 GMT
All PFs are in fact discretionary in P2P otherwise they constitute an insurance product which totally changes the rules and legal governance that are then enforced on the 'product' so it no longer becomes pure P2P.
The fact that PFs operate differently in terms of when they are likely to pay out in a secured loan platform such as Lendy and AC (i.e.only when the security is realized and any shortfall is established) to unsecured loan platforms such as RateSetter or LendingWorks (where the PF actually takes over the loan 'asset' at the initial default and pays the lender immediately the outstanding loan balance as in the case of RateSetter) has nothing to do with AC management trying to make themselves look like an awkward bunch of arses, this is just how the law of the land forces them to operate their business, plain and simple.
I understand your are a little pissed about the situation you are in and do sympathise with you but unfortunately you did not invest in an easy-access cash product, you invested in P2P loans in a fund that clearly states it may invest up to 20% of your money in a single loan. You were unlucky to have loans default on you so soon but you will almost certainly get all your money back, of that I am pretty sure, but you unfortunately will have to wait until the assets are sold and the PF pays up if required to cover any shortfall.
Works the same on most other secured P2P sites that I know of where they have a PF so I don't think AC are doing anything wrong or outside normal practice for the industry here. JMHO...
Edit: on the other side of the argument, and I have posted on this many, many times before, AC really do need to get the diversification management of the GBBA/GEIA and PSIA accounts sorted out ASAP.....please!
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happy
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Post by happy on Sept 18, 2017 20:04:26 GMT
Paused my lending this morning and even logged back in to check it had the right setting, just checked again and lending is mysteriously back on. Fortunately nothing purchased. Note to all......if you think your lending is paused to allow you to get those lovely repayment out of Frighteningly Confussed's mitts then just keep checking, regularly. I don't trust the FC system one inch TBH. EDIT: and another thing.........I really don't like how worryingly close the resume lending button is to where the drop-down for logging out is, a real hazard for all those who manage their account from their oh so small mobile phone screens. Perhaps not so much unfortunate placement after all, if you get my drift  |
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happy
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Post by happy on Sept 15, 2017 8:44:04 GMT
Logging into the FC web site ever again, that is apart from occasionally to withdraw the little I have left when they repay....happy days!
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happy
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Post by happy on Sept 13, 2017 6:39:41 GMT
Hi everyone. The main reason that the GBBA isn't investing quickly is that the mandate to purchase loans means that many of the currently originated loans do not pass the interest rate hurdle and therefore the GBBA cannot invest in them. We have two choices. 1. close the account and leave the PSIA open. 2. commence a new Series 2 of GBBA at a new lower rate of probably 6% or perhaps 6.5% for now. 3. open a new version of GBBA that has no provision fund and auto invests into many more loans as a result as the margin that funds the provision fund would not be required and therefore more loans would fit the new mandate. We would be interested in votes and we could run a voting system on this to get input into our decision ? We do apologise for the delay in investing in this account, and indeed the GEIA right now. This slow investment speed is not acceptable to us as well as yourselves. The GEIA will be fixed with greater origination that we are expecting as a result of new work we have done. The GBBA by way of a decision on the choices above. Option 2 is my choice as without investment choice the PF goes some way to at least aggregating individual loan risk. Actually been expecting this for some time TBH. But please stuartassetzcapital get Chris to implement proper diversification like he promised told us was happening probably over a year or so ago, just needed testing apparently. 20% is simply too crude and GBBA 2.0 or any other of your PF accounts will get no more of my money until this is fixed.
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happy
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Post by happy on Aug 21, 2017 20:19:48 GMT
Welcome to the Machine! - As I am already 85% dis-invested from FC this news didn't exactly ruin my day. However, with recent unwelcome changes at Zopa and RS accelerating my departure from there also, platform diversification is starting to become a much more serious issue. Perhaps a few weeks or so relaxing on a nice warm Mediterranean beach will help me put these things into context though, I 'll worry about platform diversification in September sometime.  |
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happy
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Post by happy on Aug 18, 2017 7:44:52 GMT
chris - thanks for the comments. For the benefit of any casual readers who are getting the impression that the MLIA isn't delivering at all, let me just throw in my personal recent experience. In the last two months, I've attempted to buy in to 13 new loans. I have reached my full request in 10 of them: there are two others where I have a small allocation, and of course #527 with 0 (so far). I'm happy with that performance. As always, communication is the thing, and it would certainly be helpful if you could somehow indicate that a loan has drawn down but not yet distributed, if only to keep some of the posters here happy! ETA: on the same theme of "communication", I don't agree with oldgrumpy that a loan shouldn't be pushed by email just because it's small I greatly value getting your alert emails - it means I don't have to keep logging in to see if there is anything new. Perhaps highlight the size of the loan ... but it shouldn't come as a surprise to any MLIA investor that they aren't likely to get a big share of a loan <£100k I totally agree, please don't stop the new loan emails chris, it reduces the need to log in "just in case" and really adds to the ease of investing in AC. I have posted before about how loan statuses could be inproved to reduce the need for investors to contact AC or post here to find out what is going on, for example: Trading Paused statuses when normal loan activities like traunche drawdowns, lender vote, capital reductions etc are happening rather than "Trading Suspended" for everything Drawdown in Progress status when loans have drawn down and are being distributed to investors.
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happy
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Post by happy on Aug 17, 2017 20:40:15 GMT
#527 only drew down yesterday and it seems to be taking AC a good couple of days now to complete the allocation to the accounts so I am sure some will eventually make it to our MLIA accounts. Taking another viewpoint and assuming that our holding in the QAA of this loan is potentially only temporary because the QAA underwrote the loan at drawdown this QAA holding may not indicate what we are likely to get in the MLIA and the other accounts. Looking at my QAA holding in #527 (£6.32) and relating that to the percentage I own of the £28.967m currently in the QAA (0.0269189%) this indicates that the QAA is only holding about one third of this loan at this point so the other two thirds must be going somewhere! Having said that, experience of other recent small loans that have been over-subscribed suggests an allocation of about £31.89 each  |
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happy
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Post by happy on Jul 31, 2017 20:16:56 GMT
Based on the comments I see elsewhere on the Zopa board telling of low, falling and negative returns in Zopa Plus, my thoughts are ....... I'm more than a little glad that I didn't  |
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happy
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Post by happy on Jun 27, 2017 6:28:25 GMT
Well I did set my target and about an hour later I got my requested allocation, so just made it but more luck than anything else.. I agree with your comments oldgrumpy however in it's defence I feel that AC has changed (and grown it's lender base dramatically) because it recognised that it needed to be differnt to survive long-term and the reduced rates seem to be a market-wide phenomenon. I joined AC when you could get 4 figure allocations with ease on most loans and whilst I'm not a BH there were loans where I held mid 4 figures. Now sometimes getting £100 is difficult at initial allocation. As for interest rates 8% is as good as it gets now, I am de-risking my portfolio against property price drops so I am moving away from higher LTV loans and just target the lower LTV >= 8% loans where I trust the security and ignore most of the rest unless I really like it. On balance, for me AC still represents my biggest P2P investment, it is the platform I trust the most, they do proper platform DD, comunicate well, monitor loans better than most and manage defaults professionally so whilst the lower rates are unwelcome they are not yet a show stopper for me. Now max 6% loans might be a different story though! |
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happy
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Post by happy on Jun 26, 2017 17:35:51 GMT
So #292 paid back today and I repeatedly logged in Friday, Saturday and Sunday to set up my instructions on its refinance loan #500.that I got the email alert for but it never appeared. Just logged in today to check on things and I see #500 never happened but it morphed into #501 which I did not get an email alert for and looks to have drawn down already with me getting a big fat zero. Well thanks for that AC.
As my old history teacher would have said in his thick Blackburn accent, "that's P#@* Poor boys, you need to try a lot harder or the only thing you'll ever pass is wind". Teachers could say those sort of things in the 1970s without the fear of parents coming to sort them out in the teachers car park after school. Oh such happy days!
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happy
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Post by happy on Jun 19, 2017 20:26:11 GMT
Hi ika88 , welcome. There is no queue for the GBBA or GEIA as such (or for the new PSIA account either) and any investment into these accounts will simply join all the other outstanding buy instructions on the system in an equitable "pooling" of requests so everyone should get something when it becomes available. Your investing into the GBBA or GEIA will cause the system to search for available loans that meet the criteria for that account on your behalf, if there are none it will try again later. So your speed of investment will be totally dependent on there being available loan units available and/or the arrival of new loans on the system meeting the investment account requirements. Investment into these accounts can be very unpredictable, sometimes fast, at other times it has taken a long time to invest.Remember though, if you use the swept idle funds into the QAA option for the GBBA and GEIA accounts you will be earning 3.75% on your money while it waits to be invested so it is not as bad as it could be. EDIT: Crossed with ilmoro above |
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happy
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Post by happy on Jun 10, 2017 21:35:53 GMT
I expected this result from the moment Corbyn announced free university education. The young seem to believe that a government could pay for that, restore all public sector cuts, benefit cuts, provide free social care for all and do away with public sector pay restraint. All those and lots more things people may want and all paid for by a modest increase in tax for the successful and an increase in company tax. That's how they persuaded them to vote and who wouldn't like all those things if they were available. Older people know that is impossible, but apart from the odd reference to a magic money tree it was hardly challenged by the Conservative side. A thoroughly dishonest campaign by Labour but it nearly succeeded.Almost as dishonest as the Leave Campaign me thinks, was that a saving of £350m a week that we can then spend on the NHS I recall them promising!
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happy
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Post by happy on Jun 9, 2017 20:54:52 GMT
older people being more likely to vote Conservative is down to their social conservatism. No, it's down to the fact that they are old enough to remember what a complete lash up it was the last time a 'old' Labour was in power. and the time before that.........
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happy
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Assetz Capital (AC)
Loan 331
Jun 9, 2017 20:05:13 GMT
Post by happy on Jun 9, 2017 20:05:13 GMT
Sounds reasonable jonah If the new PSIA account is geared to lower risk (I assume risk of capital loss rather than risk of default) it is likely to have a lower LTV ceiling than the GBBA. My GBBA holdings go all the way to 75% LTV but with 50% of loans by value under 60% LTV and almost 25% under 50% LTV, so not a bad spread across the LTV range. I can see the GBBA taking more of the loans at the higher end of the LTV scale over time once the PSIA starts to take off and it sucks the lower LTV loan up. Won't this surely lead to a more risky GBBA? EDIT: #331 is 62.9% LTV so if this loan is being pushed out of the GBBA to feed the PSIA then the ceiling is at least that high, this represents just over 55% of my current GBBA loans (by number and value) that could be targets for the PSIA. Should GBBA investors be concerned about this? |
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happy
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Post by happy on Jun 9, 2017 13:43:03 GMT
Oh come on Europe, the UK is not so bad compared to what is going down across the pond right now. Imagine if the the head of MI5 in an open commons committee hearing point blank accusing the PM of lying, discrediting the UK security services and trying to sway his or her treatment of an ex government employee of what at the very least is are criminal acts if not treason against the state. I just cannot believe the US stock market is keeping its nerve over all that is going on, every day I'm looking for the "US Markets Crash' headline. It could be one awfully big train wreck sometime soon. JMHO |
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