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Post by ablrate on Sept 20, 2018 9:42:25 GMT
Yes, I think seems straightforward because they do a proper job at the origination stage. That is, thinking through how the rights can be effectively exercised if things go wrong, and not being lazily manoeuvred into a disadvantageous position as things develop. Some other platforms do not have the expertise and/or give the time needed for each loan, and the lenders get exposed. The borrower has only one loan to optimise, and it matters to them, while to some platforms it's just one of many loans which are managed like plates spinning on sticks. IIRC abl had to return to the borrower and get the security changed at origination based on in depth lender due diligence primarily by ilmoro otherwise we may have been left materially more exposed by this platform. We may come to the same conclusion on an individual loan but we come to different conclusions as to the outlier nature of the expertise and competence as discussed variously; even if we agree this may be our favourite platform I feel this point should not be left unchallenged to give newer lenders a counterpoint. I am wholly unforgiving of not registering charges just after origination for example and have been ignored on a repeated request regarding a loan *remaining* on the platform (and raised by others btw) - perfectly unacceptable. Another thing I take exception to is when the Borrowing Proposal is in danger of crossing over from part of the due diligence suite into salesmanship. Talk of “war chests” in this instance (and similarly bullish statements on other loans that for me are at best qualitative fluff that could unduly influence retail lenders) whereas this was actually a borrower who had pimped herself around various p2p platforms looking, if not desperate, then decidedly empty chested. abl even broke their hastily revised security pledge that delayed the loan launch by not waiting for the director to bring their Ly loan out of default. Even the most ardent supporter must agree that does not smack of market leading expertise at origination, right? Or am I totally missing something that you know and the rest of us don’t? I usually don't comment, but shall on this occasion. A balanced view for new lenders is important, and we can always rely on elliotn for that. The charge to which you refer was a loan written in early 2016. Unfortunately, and to be honest, our procedures then were not as robust as now and relied on third parties to register charges... and in this case they didn't and slipped through the net, some others were not correct either which were addressed on review. Our systems and procedures were overhauled some time ago, we have new credit staff on board, and this couldn't happen again. Having reviewed the loan you refer to we are satisfied that we are secure, including one of the directors owning a substantial amount of what remains (the loan is amortised down to circa 15% of the original loan amount) with appropriate guarantees still in place and not a missed payment. We are looking to put a charge in place now, but it may just be settled early. I agree that Borrowing proposals should be more factual than 'salesy' and we will review that. However, the borrowing proposal is the borrowers document, signed off by them although formulated by ourselves. Some of the details within the documents, therefore, come directly from a borrower and you cannot expect them to refrain from being a little positive just as we could not expect some opinion on here being the other way. That is how we get the balance you suggest. I believe we do cover the risks well, including general risks and specific risks to each loan but this is always under review. Regardless of the status of the loan,however, this is hard working borrower aiming to build a business and sometimes things change, we prepare for that with security and are focused on bringing loans back into line or being recovered. Just like you don't want to see 'qualitative fluff' in documents I am sure language such as 'p****d h*****f a****d', doesn't belong on a this forum. It is wholey inappropriate and I would imagine in the current climate you may want to retract or edit that. As discussed previously opinions on here are important, but without facts, i.e the situation with the Ly loan (which I am not at liberty to discuss).. those opinions could also unduly influence lenders into thinking that this wasn't addressed and a decision made. We value your opinion and view points elliotn, as a balanced view of loans, borrowers and platforms is really the only way that forums such as these can remain relevant and off the radar of regulation.
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elliotn
Member of DD Central
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Post by elliotn on Sept 20, 2018 9:44:18 GMT
Thanks, that’s why you remain mine & blender”s fave platform 😊
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nw99
Posts: 340
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Post by nw99 on Sept 20, 2018 10:07:43 GMT
Best platform by far
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boundah
Member of DD Central
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Likes: 430
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Post by boundah on Sept 20, 2018 13:51:51 GMT
...and in this case they didn't and slipped through the net
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ptr120
Member of DD Central
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Post by ptr120 on Sept 20, 2018 19:12:57 GMT
IIRC abl had to return to the borrower and get the security changed at origination based on in depth lender due diligence primarily by ilmoro otherwise we may have been left materially more exposed by this platform. We may come to the same conclusion on an individual loan but we come to different conclusions as to the outlier nature of the expertise and competence as discussed variously; even if we agree this may be our favourite platform I feel this point should not be left unchallenged to give newer lenders a counterpoint. I am wholly unforgiving of not registering charges just after origination for example and have been ignored on a repeated request regarding a loan *remaining* on the platform (and raised by others btw) - perfectly unacceptable. Another thing I take exception to is when the Borrowing Proposal is in danger of crossing over from part of the due diligence suite into salesmanship. Talk of “war chests” in this instance (and similarly bullish statements on other loans that for me are at best qualitative fluff that could unduly influence retail lenders) whereas this was actually a borrower who had pimped herself around various p2p platforms looking, if not desperate, then decidedly empty chested. abl even broke their hastily revised security pledge that delayed the loan launch by not waiting for the director to bring their Ly loan out of default. Even the most ardent supporter must agree that does not smack of market leading expertise at origination, right? Or am I totally missing something that you know and the rest of us don’t? I usually don't comment, but shall on this occasion. A balanced view for new lenders is important, and we can always rely on elliotn for that. The charge to which you refer was a loan written in early 2016. Unfortunately, and to be honest, our procedures then were not as robust as now and relied on third parties to register charges... and in this case they didn't and slipped through the net, some others were not correct either which were addressed on review. Our systems and procedures were overhauled some time ago, we have new credit staff on board, and this couldn't happen again. Having reviewed the loan you refer to we are satisfied that we are secure, including one of the directors owning a substantial amount of what remains (the loan is amortised down to circa 15% of the original loan amount) with appropriate guarantees still in place and not a missed payment. We are looking to put a charge in place now, but it may just be settled early. I agree that Borrowing proposals should be more factual than 'salesy' and we will review that. However, the borrowing proposal is the borrowers document, signed off by them although formulated by ourselves. Some of the details within the documents, therefore, come directly from a borrower and you cannot expect them to refrain from being a little positive just as we could not expect some opinion on here being the other way. That is how we get the balance you suggest. I believe we do cover the risks well, including general risks and specific risks to each loan but this is always under review. Regardless of the status of the loan,however, this is hard working borrower aiming to build a business and sometimes things change, we prepare for that with security and are focused on bringing loans back into line or being recovered. Just like you don't want to see 'qualitative fluff' in documents I am sure language such as 'p****d h*****f a****d', doesn't belong on a this forum. It is wholey inappropriate and I would imagine in the current climate you may want to retract or edit that. As discussed previously opinions on here are important, but without facts, i.e the situation with the Ly loan (which I am not at liberty to discuss).. those opinions could also unduly influence lenders into thinking that this wasn't addressed and a decision made. We value your opinion and view points elliotn , as a balanced view of loans, borrowers and platforms is really the only way that forums such as these can remain relevant and off the radar of regulation. Hi ablrate David, thanks for taking the time to reply on this one - it is appreciated.
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ptr120
Member of DD Central
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Post by ptr120 on Oct 18, 2018 19:12:59 GMT
Hi ablrate could we please have an update on this one too? It is beginning to smell a bit fishy.
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Post by ablrate on Oct 19, 2018 8:06:58 GMT
Hi ablrate could we please have an update on this one too? It is beginning to smell a bit fishy. Yup coming today
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hazellend
Member of DD Central
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Post by hazellend on Oct 19, 2018 17:01:34 GMT
I’m happy with the update.
I really don’t understand why the borrower doesn’t bring the loan up to date in the meantime.
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elliotn
Member of DD Central
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Post by elliotn on Oct 20, 2018 13:19:03 GMT
I’m happy with the update. I really don’t understand why the borrower doesn’t bring the loan up to date in the meantime. Presumably for similar reasons that defaulted loan(s) on other platforms were not quickly brought up to date (and the reason why he/she has to borrow at such high rates).
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Post by westcountry on Oct 21, 2018 15:26:20 GMT
ablrate, clause 6 of the General Loan Conditions (p26 of the borrowing proposal) states that if the borrower fails to make any payments due, then interest will accrue on the unpaid amount at the default rate of interest - which according to the definitions on p22 of the borrowing proposal is 6%pa above the interest rate so 20%pa in this case. Please could you confirm if the borrower on this loan is being charged the 20%pa default rate of interest on the payments which have not been made?
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Post by westcountry on Oct 28, 2018 13:43:30 GMT
ablrate, please could we have an update on this loan? There are now three payments on it (27th Aug, 27th Sept and 27th Oct) which are overdue. As well, if you could reply to my previous question about whether the default interest rate has been applied to this loan while it is overdue, that would be most appreciated please.
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Post by ablrate on Oct 30, 2018 9:36:05 GMT
ablrate , please could we have an update on this loan? There are now three payments on it (27th Aug, 27th Sept and 27th Oct) which are overdue. As well, if you could reply to my previous question about whether the default interest rate has been applied to this loan while it is overdue, that would be most appreciated please. There will be an update soon, we are awaiting some information from the borrower, reference their refinancing and from our Scottish lawyers reference recovery options should the borrower not comply. The penalty rate is being applied to outstanding payments.
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jmr
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Post by jmr on Nov 22, 2018 15:24:40 GMT
Good news received in update.
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boundah
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Post by boundah on Nov 22, 2018 15:53:19 GMT
Good work ablrate - looks like your gentle persuasion is working. Maybe you could hire out your recovery people to some of other P2P platforms? But I recommend you get payment up front.
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Post by fatbritabroad on Dec 27, 2018 13:35:51 GMT
Update available on this loan
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