happy
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Assetz Capital (AC)
GBBA
Mar 23, 2017 6:50:30 GMT
Post by happy on Mar 23, 2017 6:50:30 GMT
My apologies, I forgot to post back, I had an answer of sorts from Dominic which debunked the 9% GBBA qualification criteria, obviously "fake news", but does not explain why it happened on #379 in this instance. I was promised a further update after they investigated further, still waiting for this and will post it here when I do. Full reply below:
At the present time I cannot see any reason or change in the loan that would make this happen or cause it to happen on any other loans in the future.
Therefore I will be conducting a thorough investigation into why this has happened. This will involve communicating with the relevant areas of responsibility to gather all the pertinent facts. I have identified the key staff that will be able to investigate and provide the information required in order to formulate a full response.
Once I have completed this, I will write to you again with an update on progress
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happy
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Post by happy on Feb 28, 2017 17:16:17 GMT
Hi Matthew thanks for the info and yes early reinvestment looks to be fixed when I just checked my account. On another subject, the old web site had a really useful feature of showing your future repayments, great to see at a glance month by month/ year by year expected capital repayments and interest. I was looking for this in the new web site and cannot find it anywhere. I was looking to gauge how much could move across from my classic account to my (yet to be opened) LW ISA in the next tax year through auto reinvestment and therefore how much additional cash I could look add and still be within the annual limits. Without this information it is not an easy task without going to downloads and spreadsheet hell! Am I missing something? is it hidden away of has it been terminated as part of the refresh? Can I put a request for it to be reinstated if this is the case please? Many Thanks. |
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happy
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Post by happy on Feb 17, 2017 12:27:37 GMT
There is a bug (which was triggered by the website refresh) where overpayments and early settlements are being treated differently to regular repayments (i.e. not following normal reinvestment/income treatment), which might explain why you've ended up with some funds in your Wallet. This should be sorted soon anyway. has this early / over repayment reinvestment bug got any priority with your tech team and when are we likely to get a fix? It is really annoying to have to regularly keep logging in to manually reinvest funds that are ending up in my wallet despite setting 100% reinvestment. It is even more annoying that this money is then treated as new money and ends up sitting in the new money queue, currently 3 weeks for my latest chunk!
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happy
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Likes: 497
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Assetz Capital (AC)
GBBA
Feb 11, 2017 1:32:14 GMT
Post by happy on Feb 11, 2017 1:32:14 GMT
happy jonah Its not GBBA eligible becuase its below 9% rate. There is an answer to a Q on another loan stating that GBBA loans need to be over 9% to be eligible not sure if this is a change or nobody noticed the rate when making it GBBa eligible Edit loan was #281 Thanks for the info jonah, ilmoro, If it is the case that GBBA loans must be >= 9% then my GBBA currently has holdings in 9 loans that are not GBBA eligible: @8% = #391,#381,#333, #322, #312 @8.5% = #287, #413, #313 @8.6% = #251 These loans represent almost 25% of my GBBA holding. On the basis that we now get little direct response from AC on this forum since (IMHO) they were scared away by an over zealous poster I will email CS on Monday and post the response back here for all.
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happy
Member of DD Central
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Likes: 497
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Assetz Capital (AC)
GBBA
Feb 10, 2017 16:48:46 GMT
Post by happy on Feb 10, 2017 16:48:46 GMT
Here is a funny thing that happened with my GBBA yesterday: it randomly sold over £30 of its £90 holding in #379 B*****w***r P******y D**********s Ltd and at the same time my MLIA purchased almost £50 of the same loan. I had £200 queued to invest in my GBBA at the time. I took a look at the loans list and there is currently over £20k of #379 for sale.
So my questions are:
1. Why should my GBBA sell out some of it's holding on a loan when money is queued to invest in the GBBA?
2. Does the GBBA know something about #379 that I don't ?
I will certainly be keeping a close eye on this loan from now on.
EDIT - My GBBA has now dumped all it's remaining holding in #379 despite there still being money queued to invest so has this loan become ineligible for the GBBA for some reason?
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happy
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Post by happy on Feb 5, 2017 8:49:03 GMT
Thats because the GEIA has just gobbled it all up. Looks like they fixed the under 71% issue sl75 Did AC just change the criterion from 70% to 71%? If so, might they have done that in order to make this loan GEIA-eligible? I think the limit was always 71% but in this case the GEIA didn't buy any for quite a while but then took a big chunk it seems, maybe needed some encouragement from someone in the AC office to get it started.
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happy
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Post by happy on Jan 30, 2017 10:28:19 GMT
411 wind turbine deal (drew down yesterday?) £475k of a £650k loan available on the SM. Anyone know why it's unpopular?
Approx £475,000 on the SM yesterday. Precisely £100 on the SM today !!Thats because the GEIA has just gobbled it all up. Looks like they fixed the under 71% issue sl75
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happy
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Post by happy on Jan 29, 2017 9:59:40 GMT
Surely that would result in a Spiral spiral !!!! |
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happy
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Post by happy on Jan 29, 2017 9:55:46 GMT
Not sure there is anything fundamentally wrong with it so perhaps just general over-exposure to wind turbines.amongst MLIA investors. I see it's +70% LTV means it does not qualify for the GEIA which certainly does not help its chances of being fully subscribed. Just like #355 which looked OK but is still has +25% on the market 2 months after draw-down I think this may take many months to be absorbed fully
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happy
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Post by happy on Jan 27, 2017 14:43:44 GMT
This has happened a few times before, chris, in the interests of lenders blood pressure and precious ÄC staff time perhaps a different flag could be set that puts up an appropriate banner explaining that Trading has been suspended on this to allow a subsequent tranche of loan to be paid out. Once done so trading will resume. for example. It would be much simpler for AC staff to just set one flag on the loan than have to remember to post an update as well. JMHO |
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happy
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Post by happy on Jan 16, 2017 21:13:01 GMT
Apologies, you are absolutely correct, Interest was rolled up until maturity for this loan, I am obviously more in need of an early night than I thought  , that's me yawning |
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happy
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Post by happy on Jan 16, 2017 13:13:34 GMT
Well that was quick: www.altfi.com/article/2531_octopus_fully_authorised_as_peer_to_peer_lenderI suggested that OC can be viewed in direct comparison with the QAA, except it's transparent (and it offers a higher rate). It would be good to know if there are any updates on making QAA more transparent or when the FCA authorisation might be granted. It's quite clear that FCA would like to see transparency with all peer2peer platforms which I welcome. And currently takes nearly a month to get cash invested as opposed to the QAA which is currently instant. Its transparency is currently only skin deep, I know the rate of each loan and its location, nothing more than that. Perhaps translucent is the correct word to describe Octopus Choice then  Translucent: adjective (of a substance) allowing light, but not detailed shapes, to pass through; semi-transparent.
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happy
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Post by happy on Jan 16, 2017 10:59:08 GMT
I doubt whether loans that don’t pay interest monthly are GBBA-eligible. I’ve acquired parts of more than 30 loans in my GBBA account in less than three months, and every one of them is scheduled to make interest payments monthly (and all but one has). Unfortunately this isn't the case as I have #174 in my GBBA which is supposed to pay bullet interest. #174 did pay monthly interest but is now in default hence why no monthly interest is currently being paid. Accumulating interest may be paid on sale of the asset from sale proceeds or possibly from the PF.
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happy
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Post by happy on Jan 15, 2017 9:13:03 GMT
I did get my full allocation although I didn't go for that much on the basis that it was arelatively high LTV second charge on commercial property with a first charge of over 40% of the valuation. My post-brexit/pre Article 50 cautious view is that is in a depressed market you could easily loose 50% of the second charge value which does not leave much headroom on this one.
When I looked yesterday I don't remember seeing any units for sale so would suspect these came back on thd SM later. However, I am not convinced the QAA based underwriting doesn't work this way anyway by releasing chuncks of loans back onto the SM after initial distribution, just my hunch.
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happy
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Post by happy on Jan 14, 2017 19:07:11 GMT
it certainly did agent69 I got my allocation just after 1pm this afternoon, either they left the hampster on the wheel or Chris has some fancy automated procedure now! |
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, that's me yawning
