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Post by dan1 on Jul 21, 2019 7:50:42 GMT
Ace; Good point. Is there anywhere on each Ablrate amortising loan where it tells you how much capital is outstanding, or do you have to work it out yourself ? The only way I've found is to go through the process of buying or selling £1 (actual value is irrelevant), where you get a pop-up saying your attempting to buy/sell £1 of the remaining £xxx. You can then cancel the transaction at that point. Hopefully ABL will make this more visible in their new UI. I maintain this post (updated once a month or so)... p2pindependentforum.com/post/241177/threadrooster I've PMd you the post seeing as you don't currently have access to DD Central Edit: ignore that PM rooster - meant for criston!
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KoR_Wraith
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Post by KoR_Wraith on Jul 21, 2019 12:22:53 GMT
These loans have amortized down from a combined £500k to roughly £150k outstanding, so probably at the lower end of the risk scale by now. Hence no current availability. Amortising, yes, but the underlying security also decreases with time so hard to say with certainty that risk is decreasing.
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snowmobile
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Post by snowmobile on Jul 21, 2019 12:36:28 GMT
These loans have amortized down from a combined £500k to roughly £150k outstanding, so probably at the lower end of the risk scale by now. Hence no current availability. The no current availability does not necessarily mean that people do not want to sell. For amortising loans any sale offers are removed automatically on the day the payment is due. No new offers for sale can be made until after the payment has been processed.
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IFISAcava
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Post by IFISAcava on Jul 21, 2019 15:06:42 GMT
These loans have amortized down from a combined £500k to roughly £150k outstanding, so probably at the lower end of the risk scale by now. Hence no current availability. Amortising, yes, but the underlying security also decreases with time so hard to say with certainty that risk is decreasing. The delayed payments were enough for me to sell out of these loans completely. I don't think the risk is appreciably lower at the moment.
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victors
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Post by victors on Sept 2, 2019 12:32:01 GMT
Payment late yet again.
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Post by ablrate on Sept 2, 2019 12:38:13 GMT
The borrower said that payments were imminent. We have not received it so have written a letter before action to the borrower today.
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Post by ladywhitenap on Oct 15, 2019 8:39:51 GMT
On 9/10/19 the admin note on #56 said "We have not received today's payment. The borrower communicated that he is aiming to pay this instalment tomorrow. " ablrate Tomorrow has been a gone several times over now and still no payment. Why is leniency being shown to this borrower month after month? LW
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Post by ablrate on Oct 15, 2019 13:25:19 GMT
On 9/10/19 the admin note on #56 said "We have not received today's payment. The borrower communicated that he is aiming to pay this instalment tomorrow. " ablrate Tomorrow has been a gone several times over now and still no payment. Why is leniency being shown to this borrower month after month? LW We continue to excerpt pressure on the borrower. The first loan has two months to go until it is amortized out for lenders, the cost of defaulting and collecting would be prohibitive and the timing wuld be adverse for lenders. We do have a reasonable relationship with the borrower and they have come to see us with evidence of transactions that will settle this loan and provide ample cashflow for the other. So while it is, shall I say ... err.. 'annoying'... we are taking the road of patience and penalties rather than the legal route which we believe is the best strategy for lenders..
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Post by ladywhitenap on Oct 15, 2019 15:30:55 GMT
On 9/10/19 the admin note on #56 said "We have not received today's payment. The borrower communicated that he is aiming to pay this instalment tomorrow. " ablrate Tomorrow has been a gone several times over now and still no payment. Why is leniency being shown to this borrower month after month? LW We continue to excerpt pressure on the borrower. The first loan has two months to go until it is amortized out for lenders, the cost of defaulting and collecting would be prohibitive and the timing wuld be adverse for lenders. We do have a reasonable relationship with the borrower and they have come to see us with evidence of transactions that will settle this loan and provide ample cashflow for the other. So while it is, shall I say ... err.. 'annoying'... we are taking the road of patience and penalties rather than the legal route which we believe is the best strategy for lenders.. ablrate. Thanks for your reply, I had not realised how few payments there are to go. It the light of this I completely agree with your strategy. LW
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criston
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Post by criston on Dec 12, 2019 9:27:46 GMT
Ablrate. 1000084. On 20/11/19 you said.
'We have not received the payment. The borrower contacted us to let us know that the payment would be late and they will be sending the payment in the next couple of days. We will credit upon receipt.'
It is wrong to make this statement & just leave it in the air. Have some respect for investors & please do not treat us with contempt.
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Post by ladywhitenap on Dec 12, 2019 9:40:26 GMT
Ablrate. 1000084. On 20/11/19 you said. 'We have not received the payment. The borrower contacted us to let us know that the payment would be late and they will be sending the payment in the next couple of days. We will credit upon receipt.' It is wrong to make this statement & just leave it in the air. Have some respect for investors & please do not treat us with contempt. Assuming you are an investor in this loan you will know that they historically pay up a few days late. I took this up with ABL (see further up this thread) and as this loan was coming to an end, it was not economically viable nor in our interest to persue the company. Looking across the P2P community, ABL are the very last platform to treat their investors with contempt. LW
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criston
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Post by criston on Dec 12, 2019 9:46:05 GMT
Ablrate. 1000084. On 20/11/19 you said. 'We have not received the payment. The borrower contacted us to let us know that the payment would be late and they will be sending the payment in the next couple of days. We will credit upon receipt.' It is wrong to make this statement & just leave it in the air. Have some respect for investors & please do not treat us with contempt. Assuming you are an investor in this loan you will know that they historically pay up a few days late. I took this up with ABL (see further up this thread) and as this loan was coming to an end, it was not economically viable nor in our interest to persue the company. Looking across the P2P community, ABL are the very last platform to treat their investors with contempt. LW I note your points, agree with some, but this is not a few days. It's about time all P2P platforms started acting respectfully, in the light of current problems in the sector.
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Post by ablrate on Dec 12, 2019 10:47:10 GMT
Assuming you are an investor in this loan you will know that they historically pay up a few days late. I took this up with ABL (see further up this thread) and as this loan was coming to an end, it was not economically viable nor in our interest to persue the company. Looking across the P2P community, ABL are the very last platform to treat their investors with contempt. LW I note your points, agree with some, but this is not a few days. It's about time all P2P platforms started acting respectfully, in the light of current problems in the sector. We rarely comment on these types of posts but as its Christmas I will make an exception today. Our communications are intended to impart fact and that Admin note is the facts. Our team works incredibly hard on loan monitoring and recovery and we employ harsh penalties and legal action when required, other times it is not appropriate as in this case. We communicate when communication is necessary and we do it with the best interest of our lenders in mind. We therefore reject your comments to say they were disrespectful is, at best, incorrect. Loans will be late, will need restructuring and occasionally will go bad, this is the nature of the business. We can completely understand if this is not to your liking. We are not for everyone, we appreciate that, this is why our secondary market is so fantastic. If you don't like a loan, or the way we do things you have ample opportunity to sell on there (£20k-100k per day). We hope you stay, but as with everything on Ablrate, it is your choice.
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criston
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Post by criston on Dec 12, 2019 11:00:14 GMT
I note your points, agree with some, but this is not a few days. It's about time all P2P platforms started acting respectfully, in the light of current problems in the sector. We rarely comment on these types of posts but as its Christmas I will make an exception today. Our communications are intended to impart fact and that Admin note is the facts. Our team works incredibly hard on loan monitoring and recovery and we employ harsh penalties and legal action when required, other times it is not appropriate as in this case. We communicate when communication is necessary and we do it with the best interest of our lenders in mind. We therefore reject your comments to say they were disrespectful is, at best, incorrect. Loans will be late, will need restructuring and occasionally will go bad, this is the nature of the business. We can completely understand if this is not to your liking. We are not for everyone, we appreciate that, this is why our secondary market is so fantastic. If you don't like a loan, or the way we do things you have ample opportunity to sell on there (£20k-100k per day). We hope you stay, but as with everything on Ablrate, it is your choice. Thanks for that. You are one of best platforms for communicating, but why wait 3 weeks after saying a payment was due in a few days. It is not unreasonable to expect an update, whatever the position.
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blender
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Post by blender on Dec 12, 2019 12:39:48 GMT
A slight misunderstanding here. It was the borrower who said that the payment would be made in a few days, not Ablrate - who just passed on the borrower's words. I know that I have muttered in the past about Ablrate not reporting things in timescales they have promised, but I do not find this one a problem. It is pretty obvious that the borrower did not make the payment. There is an admin note on the other loan, 56, of 9 Dec which reports that the final payment for that loan was not made and has been similarly promised by the same borrower. It's the borrower who is delinquent here.
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