TitoPuente
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Post by TitoPuente on Apr 1, 2020 10:16:05 GMT
Okay, I understand the families need to be fed. I am totally confused about this lender membership fee. 1. Will there be a membership card? 2 Can I cancel my membership? 3 Why the membership fee is not a fixed price? 4 What's the difference between the membership fee and servicing fee described in the email? Yes, you are totally confused. The answer to you single reasonable question is that the the "membership fee" is payable by lenders while the "servicing fee" is payable by borrowers. It is explained in the email.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Apr 1, 2020 9:46:00 GMT
Asset Capital is Finished.....Well done stuartassetzcapital chris You have just totally destroyed everything you have worked on AC the past 7 years. Your platform is FINISHED - You have destroyed everything AC was known for. You sound drunk. Perhaps you should try to control yourself. Hopefully you are not mistreating family members.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Mar 28, 2020 10:00:41 GMT
I'd like to see some of the other P2P platforms put pressure on the FCA/ Commissioner to pay up now for their failure. We were conned into believing Collateral was registered. ....... I understand the frustration believe me ............... but paying 'compensation' (ex gratia payments in FCA terminology) at this time is just not possible. Can you put an exact figure of your final losses down on paper and guarantee it to be 100% accurate? Note, the cynic in me might be saying BDO will be returning nothing so my total investment is my total loss but of course I could be proved wrong, BDO may return something. The Commissioner has been involved almost from day one but his hands are tied (like ours are) by the ongoing investigation. If anybody is thinking of contacting the Commissioner that would IMHO be counterproductive at this time. He knows the situation in all its minute detail, we have supplied him with a lot of information so when the time comes (then end of the investigation and possibly any Court cases) he will already be fully briefed. We will of course be supplying a refresher course with formal paperwork that will have to be submitted. I know this situation is putting a lot of stress on a lot of people and the time limits have become protracted but we are governed by both rules and the law (both FCA and Administration/Liquidation) there is no quick solution. The "investigation" is taking quite a bit of time to be just an investigation without a court process and indicted individuals. Who is leading it (person, name)? Is this public information?
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Mar 25, 2020 15:26:48 GMT
Before the panic created these not normal market conditions, did you have direct control of what happened with capital repayments in the AAs? No, you did not. If you wanted to have control of what is done with every penny you needed to use the MLA. That was quite clear. I beg to differ I did have direct control of Capital Repayments via the Withdraw interest and reinvest principle option on the AA accounts to me this is very clear that Capital repayments would be place in my Cash account available for withdrawal.
No, you did not. As it's been reported in this thread, that option never worked, so it's a tad dishonest to use it as an argument. In any case, the AAs don't work that way. They pay a capped interest that is paid at the end of every calendar month, and in normal market conditions you can withdraw all your capital at any time (or after set 30 and 90 days as applicable). Not recognising this is either lack of understanding of the product or bad faith.
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TitoPuente
Member of DD Central
Posts: 624
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Post by TitoPuente on Mar 25, 2020 9:34:54 GMT
No, it hasn't. Debt service payments from loans in the MLA can be withdrawn normally. The repaid capital of loans held in AA is blocked from being returned to the owner of those loans i.e. the AA lenders, so unfortunately yes it has, these funds have gone elsewhere without the Lenders permission. Before the panic created these not normal market conditions, did you have direct control of what happened with capital repayments in the AAs? No, you did not. If you wanted to have control of what is done with every penny you needed to use the MLA. That was quite clear.
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TitoPuente
Member of DD Central
Posts: 624
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Post by TitoPuente on Mar 25, 2020 9:10:15 GMT
They are doing exactly the right thing, and people should sit tight for 3-6 months, by holding funds in the company and preventing 'a run' they have the advantage over traditional banks of at leastprotecting the long term returns. The virus situation will pass and things will return to normal, it could not return to normal if 70% of us want our funds back immediately, be happy that we are temporarily restricted, EQUALLY. Equally? - People are not getting back money based on amount, but a flat rate. - All Access Accounts are being treated the same in terms of restrictions, but differently in terms of interest. - Last but not least, AC is illegally withholding repaid capital (has even removed the option to withdraw repaid capital from loans). AC is not the legal owner of the capital, or even the loans for the matter, yet do as they please for their own benefit.
Are you working for AC or a stakeholder there? Really weird opinions and posts...
No, it hasn't. Debt service payments from loans in the MLA can be withdrawn normally.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Mar 23, 2020 15:28:22 GMT
Looking at the China and other Asian charts in www.worldometers.info/coronavirus/ provides a glimpse into the future. Right now the curves for Europe and the US are on the positive slope, look bleak, and that is driving the government measures that are depressing the economy. As soon as the European and US curves reach a top and start going down the mood will turn to euphoria and there will be a recovery.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Mar 20, 2020 11:05:50 GMT
No I won't delete it. Read my first comment again. ''Making sure unscrupulous borrowers don't take advantage ( I say that first simply to stop the negative comments)'' This is reality. I am not suggesting you delete your comment. Just edit it removing words that, if taken as ideas, will clearly shoot yourself in the foot.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Mar 20, 2020 10:44:16 GMT
Fine to support AC, but not fine to suggest actions based on pure speculation. Dangerous to publicly mention "forgiveness" so lightly. For many, the funds invested in AC are hard earned cash, and for many the effects of the current situation are as difficult as for anyone else including borrowers. Please consider editing your post. I will remove this one.
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TitoPuente
Member of DD Central
Posts: 624
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Post by TitoPuente on Mar 16, 2020 10:12:11 GMT
What it means is that the rate at which money in access accounts can be retrieved is going to be glacial and possibly as slow and as useless as MLA. I’ve stuck with QAA for the last few months happy to sacrifice a considerable amount of interest for the expected liquidity. I certainly expected to be able to get my cash faster than the 30 or 90 day accounts. I even expected to be able to get my cash at the expense of the other access accounts. But now, once again, AC are re-writing history and the rules. They want to shunt my cash into another broken account with loans that will likely fester for ten years, adding complexity to every tax return and wrecking any kind of estate planning. Never again. AC are worse than the the worse platform round here because they pretend they are something special, something different. They are not. They are just focused on the IPO that will never come. Reading between the lines I can guess that you have a room full of toilet paper that will last for the next 5 years! Jokes aside, everyone is free to deal with their own panic, but it is not civilised to vent extreme opinions this way. AC seem to be acting with a lot of common sense given the circumstances.
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TitoPuente
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Post by TitoPuente on Mar 15, 2020 10:16:28 GMT
All good questions. To enhance the integrity of the system, any funds needed to fund an MLA order should take precedence (jump the queue) over funds that are going to the Cash Account. This is to prioritise funding loans. Though my ability to fund MLA loans has been massively impacted by my rolling 30DAA withdrawals being paused (3 overdue already), I disagree with your point. It's not for AC to say that funding loans is a bigger priority than the unknown reasons that lenders might need funds moved to Cash (e.g. to withdraw). It *is* for AC to say how the system works and for lenders to accept or not (i.e. lend or go away) the rules (i.e. T&Cs). The issues we are having are two: (1) T&Cs are not sufficiently clear on how queuing works and (2) the queuing system was not implemented. The second issue is more of an issue.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Mar 15, 2020 10:07:26 GMT
Another question is how are automatic system withdrawal requests being handled as regards the MLIA buying on the SM? ie if I have a buy request on a loan and swept funds from the MLIA in the QAA, when there is availability in the loan the system should automatically withdraw those funds from the QAA back to the MLIA to invest in the loan. Does the system request now enter in to the QAA withdrawal queue? What happens if the buy order is cancelled/reduced while the request is queued, does the request get cancelled & then re-requested or merely amended in its current position? All good questions. To enhance the integrity of the system, any funds needed to fund an MLA order should take precedence (jump the queue) over funds that are going to the Cash Account. This is to prioritise funding loans.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Mar 10, 2020 8:11:05 GMT
QAAs (AC and in general) can be suitable options to park cash taken out from equities for the next 6-12 months. This can benefit the platform liquidity.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Mar 9, 2020 8:05:12 GMT
This is all great, but lenders will appreciate a lot more that efforts and resources are dedicated to improving the deal flow in quantity, quality and diversity.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Feb 19, 2020 15:58:56 GMT
Someone called Paul at Chesworth Capital donated £1500 to the fund. Does anyone know the relationship of them to Lendy investors? Has circa £3.8 million in Lendy IIRC Do you remember the source of such information? A search in this forum and elsewhere does not produce any results.
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