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Post by ablrate on Oct 15, 2018 8:41:03 GMT
Team Ablrate need a bit of downtime now and then. To be honest I'd be quite happy if weekend/BH payments were made on the next working day. LW We didn't have bank confirmation on Friday, so we asked for it and received on Sunday. We will probably change the system to reflect weekend payments on the next working day. We have held off as if its recieved early its always best to do it on the day.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Oct 15, 2018 11:49:34 GMT
Hmmm ... I'm not a fan of next working day payments (small step towards the Ly model). The current process has worked fine 'til now, why change? If a change is required, why not make it the previous working day?
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SteveT
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Post by SteveT on Oct 15, 2018 12:02:20 GMT
Hmmm ... I'm not a fan of next working day payments (small step towards the Ly model). The current process has worked fine 'til now, why change? If a change is required, why not make it the previous working day? Because an FCA-authorised P2P platform cannot make payments from its own cash (ie. must wait until the borrower has paid)!
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applets
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Post by applets on Oct 15, 2018 12:02:34 GMT
Agree the present system works well. However, whenever there is a delay in payment (seemingly more likely at weekends), there is always someone on this forum complaining or speculating that there is a problem with a loan/ borrower. I can therefore understand why ABL may wish to make a change.
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blender
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Post by blender on Oct 15, 2018 12:18:42 GMT
A p2p contract is between lender and borrower, and in my book it is not paid until it is in the lender's account. So I would like to see the payments collected by Ablrate in time to pay us on or before the due date. That is what FC does. If Abl decide to keep the human initiated payments and do not wish to work on weekends, bank holidays, and then birthdays and dentist's appointments, then collect earlier and pay on the last working day before, please.
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macq
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Post by macq on Oct 15, 2018 12:32:57 GMT
If the payment can't be the same day as it should be,but the only problem i have to worry about for the next few years in P2P is the payment clearing on the next working day i will be a happy bunny
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blender
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Post by blender on Oct 15, 2018 15:30:29 GMT
If the payment can't be the same day as it should be,but the only problem i have to worry about for the next few years in P2P is the payment clearing on the next working day i will be a happy bunny I think you guys are sending the wrong message. Principles matter and we should beware the slippery slope. Some of us are grumpy that the SM is stuck. Soon making the repayments will not matter. 42,44,69,82. Do we care if 67 and 68 pay tomorrow? Their parent is in administration and Ablrate took a charge on the borrower on 20 Sept. But you would not know that from the platform. Admin notes don't matter either. Bunnies may not be happy.
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elliotn
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Post by elliotn on Oct 15, 2018 16:09:12 GMT
Isn’t it a bank limitation ie borrower loan payment is by direct debit and banks don’t process these on non-working days? (Not abl’s end where they press the button from borrower client to lender client accounts, quite happy for them to continue their hitherto high standards!).
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macq
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Post by macq on Oct 15, 2018 20:08:37 GMT
If the payment can't be the same day as it should be,but the only problem i have to worry about for the next few years in P2P is the payment clearing on the next working day i will be a happy bunny I think you guys are sending the wrong message. Principles matter and we should beware the slippery slope. Some of us are grumpy that the SM is stuck. Soon making the repayments will not matter. 42,44,69,82. Do we care if 67 and 68 pay tomorrow? Their parent is in administration and Ablrate took a charge on the borrower on 20 Sept. But you would not know that from the platform. Admin notes don't matter either. Bunnies may not be happy. fair point about the slippery slope & principles (i nearly said in the first post i don't think i will be that lucky)You could also possibly say with the points you make that it is the platform not the customer sending the wrong message which then sometimes makes the small niggles rightly or wrongly seem minor when perhaps there not - so bunny has he's paws crossed
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Post by dan1 on Feb 22, 2019 21:44:44 GMT
I wasn't sure where to post this so I chose a random C****** / AF loan to alert ABL lenders of the new loan released on Huddle Capital this afternoon (thanks to gb007 ). In fact, I'm surprised to see no mention of it here on the ABL board given the links between ACF (who own/operate HC) and ABL (equity stake and technology provider to HC). Second new loan this week currently open for funding: Rate: 16% Term: 12 months Type: interest only Size: £150k A 2nd Charge Bridging Loan to purchase commercial property (connected to long term ACF & Ablrate borrower) + Uncapped cross corporate guarantees from group companies and from DD Central (after (excessive?) redaction)... Also add: Huddle Capital loan 1000079 - C****** Hire Ltd - 2nd Charge Bridging Loan over C****** Industrial Estate 1. PGs from both directors A & B F****** 2. Uncapped cross corporate guarantees from C****** Group Holdings Ltd, C****** Group Manufacturing Ltd & F******* Properties Ltd 3. Charge over 50% of C****** M****** & P******* Buildings Ltd and C****** C**** Hire Ltd (unredacted version, see here)
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KoR_Wraith
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Post by KoR_Wraith on Feb 23, 2019 9:10:06 GMT
High rate, high risk. Unsecured lending rate on 2nd charge commercial property with blue sky valuation. Doesn't take much to read between the lines on this one.
The top floor (hopefully) of the C**f**s/F*****n house of cards IMO.
I've a fair amount invested to this group through other loans so hopefully the house stays standing.
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Post by Badly Drawn Stickman on Feb 23, 2019 10:35:10 GMT
High rate, high risk. Unsecured lending rate on 2nd charge commercial property with blue sky valuation. Doesn't take much to read between the lines on this one. The top floor (hopefully) of the C**f**s/F*****n house of cards IMO. I've a fair amount invested to this group through other loans so hopefully the house stays standing. Just a small suggested change to the metaphor of the house of cards. I like to see it as more of a long terrace of card-houses, each one owned and occupied by various family members/significant others, all with differing abilities to pay the mortgage. It happens that the owners of this end-of-terrace have a credit card which is not maxed out.
I can see what you are trying to do, unfortunately it shows a disregard to the inherent constructional strength of terraced houses. The collapse of an end of terrace house would rarely have any impact on the adjoining property, apart from converting it from a mid terrace to and end of terrace.
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KoR_Wraith
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Post by KoR_Wraith on Feb 23, 2019 10:41:13 GMT
Just a small suggested change to the metaphor of the house of cards. I like to see it as more of a long terrace of card-houses, each one owned and occupied by various family members/significant others, all with differing abilities to pay the mortgage. It happens that the owners of this end-of-terrace have a credit card which is not maxed out.
I can see what you are trying to do, unfortunately it shows a disregard to the inherent constructional strength of terraced houses. The collapse of an end of terrace house would rarely have any impact on the adjoining property, apart from converting it from a mid terrace to and end of terrace. Also, all the houses are converted portacabins.
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Post by Badly Drawn Stickman on Feb 23, 2019 11:20:42 GMT
Hey! This is my metaphorical card-terrace and I am trying to keep hold of it, to understand and justify my participation. The terrace has been completely clad with credit cards, whose fire resistance has not yet been fully tested. Some properties have s/h portakabins in the garden, some have valuable potting sheds attached, some have magical fields where unicorns are trained for historical violent team games.
You are quite right. If you wish to carry your metaphorical water in a metaphorical colander. have you considered the maisonette option?
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Post by Badly Drawn Stickman on Feb 23, 2019 11:55:24 GMT
You are quite right. If you wish to carry your metaphorical water in a metaphorical colander. have you considered the maisonette option? Funny you should mention metaphorical water. I am hoping for another fund raise for use, in part of course, to construct an Olympic-sized pool in the garden of the end-of-terrace, so that the business could diversify into training the unicorns for the aquatic version of the sport. Organic growth is good. As lenders we should always be looking for ways (metaphors, devices etc) to make ourselves fully aware of the risks involved. This is not a bank account, not even an Icelandic or Cypriot bank account.
I am probably travelling in the opposite direction to most with Ablrate at the moment, I have very little currently invested with them. Just a little bit too much 'dueling banjo' requiring way to much work to monitor, to make it viable for me. Hopefully in time it will evolve to somewhere that suits me better. Things would have to go very badly wrong (Collateral level event) for me to leave without a decent return, so this is in no way a 'Soubry leaving' thing for me. Think I have managed to mildly insult enough people there, my work here is done.
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