Assetz Capital - P2P Lending

SuffolkLady

Just a word of warning for those who have invested (or thinking of investing in Assetz Capital) - I have been waiting for 7 months to withdraw my funds from 3 accounts with Assetz.  I fully understand the risk of P2P lending but to invest in a 30 day cash account and give notice to withdraw in May and still be waiting in November is unacceptable.  I have complained to Assetz (who can't even answer their phones) and my complaint has not been upheld as "we are no longer in normal market conditions due to Coronavirus".  Well Assetz Capital - I am no longer in "normal market conditions" due to Covid-19 and need my funds. 

Just saying .........

Thrugelmir

Indirectly you've lent money to somebody else. Unlike a deposit account the only options to access your money is that borrower (a) repays (b)  the debt is taken over by someone else. That's the nature of the product unfortunately. Something many fail to factor into their risk assessment at the the outset when investing. 

ZeroSum

It's similar with ratesetter, that people have been waiting since March for the access funds. 

Personally dont think p2p should be allowed to advertise investments like instant access & 30 day notice etc. They should all be the 5 year, monthly repayment types

Albermarle

When investing in Assetz Capital - 30 day notice account , there is a clear warning that under certain market conditions , it may not be possible to withdraw your money . In 2020 we now have those market conditions. 
Why did you think that you could earn around 4% on this account -  more than double that on a normal savings account ? Because there was more risk involved is the answer.
You will have also been warned  when investing that your Capital was at risk . Hopefully this will not happen as Assetz seem to be managing a difficult situation as well as can be expected in my opinion. 
Not sure if you know but you can withdraw money from this account in fact , if you are prepared to offer a discount to someone to buy your loans- it is about 6% I think .

dunstonh

I fully understand the risk of P2P lending but to invest in a 30 day cash account and give notice to withdraw in May and still be waiting in November is unacceptable. 

I think you have contradicted yourself.   You say you understand the risk but there is a high chance they cannot meet the 30 day guide.  

 have complained to Assetz (who can't even answer their phones) and my complaint has not been upheld as "we are no longer in normal market conditions due to Coronavirus". 

Your complaint has no reason to be upheld.  If you invest in illiquid assets then during negative market events, the liquidity may not be there to pay withdrawals and you have to wait.

Well Assetz Capital - I am no longer in "normal market conditions" due to Covid-19 and need my funds. 

If you needed the money now then why did you invest it higher risk illiquid assets? 

Hence, it appears you did not understand what you were doing.

masonic

You can sell your 30 Day Access Account investments. Once your 30 day notice period has expired you can sell the investments via the Access Account Marketplace. This has been an option for a few months now (since early August). To sell your investments immediately, just set the discount to an appropriate level. People are willing to take over the loans at quite a modest discount level, I sold my small amount of AA holdings a while back at a discount of 4.2%, which I considered a good result, but since then others have achieved 3.0-3.5%.

Also, do you realise that dissuading others from investing actually hurts your cause since you need others to buy you out of your investment?