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Post by feedme on Jan 14, 2020 23:40:32 GMT
Hi all, new here. Well, this is the first time that the forum's let me make an account without banning me - think it might've been because I was using a VPN before.
Anyway, I've got a fair bit invested in this loan - and it's my first default. Bit worried, obviously - but I understood the risks when I took it on.
As I've not had a default before, does anyone know what kind of record Abl has in recovery? Is it realistic to expect, as the admin notes say, the full amount? I know it had a good LTV, but my concerns include administrators fees etc.
At the moment I'm sitting in the boat of expect the worst, hope for the best but I just wanted to hear your thoughts, good or bad.
Edit; also I'm assuming this could be quite a drawn out process? Many months?
fm.
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blender
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Post by blender on Jan 15, 2020 8:55:09 GMT
Sorry to hear that 116 is in default, though not formally defaulted and declared a loss. The position of 101 is more fortunate. Ablrate are excellent at getting the best result in these situations.
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ptr120
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Post by ptr120 on Jan 15, 2020 10:11:41 GMT
As I've not had a default before, does anyone know what kind of record Abl has in recovery? Is it realistic to expect, as the admin notes say, the full amount? I know it had a good LTV, but my concerns include administrators fees etc.
I'd say that the sample size we have so far is too small to tell. They do give the impression of working very hard on these things. On the other hand, there are things like the container loans which haven't yet returned a single penny several years after the loans went bad.
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withnell
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Post by withnell on Apr 10, 2020 16:17:38 GMT
Given that 116 is in recovery, and therefore isn't really a portfolio loan anymore, what are people's thoughts about it being reclassified as a self-select loan which will enable a market to be set for those who might want to trade the loan? ablrate appreciate there's a lot going on, not sure if this is an easy change to make?
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Nomad
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Post by Nomad on Apr 10, 2020 16:50:15 GMT
Given that 116 is in recovery, and therefore isn't really a portfolio loan anymore, what are people's thoughts about it being reclassified as a self-select loan which will enable a market to be set for those who might want to trade the loan? ablrate appreciate there's a lot going on, not sure if this is an easy change to make? That sounds like a good idea, but first there'd need to be an update to give us a better idea of its recovery prospects. It's been very quiet, understandably, for six weeks now.
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Post by Badly Drawn Stickman on Apr 10, 2020 20:10:45 GMT
Given that 116 is in recovery, and therefore isn't really a portfolio loan anymore, what are people's thoughts about it being reclassified as a self-select loan which will enable a market to be set for those who might want to trade the loan? ablrate appreciate there's a lot going on, not sure if this is an easy change to make? That sounds like a good idea, but first there'd need to be an update to give us a better idea of its recovery prospects. It's been very quiet, understandably, for six weeks now. I totally understand why some would want this to be trade able (and several of the other 'paused' loans), there is a lot of money tied up in these. I do however think any sensible valuing would have to be next to impossible, although you could argue the same for many being traded. Sadly the last video was a touch rambling, but I think it was suggested lowering the bottom limit below 75% (not sure why few seem to be selling at the 75% offered). Maybe next week will bring a bit more clarity to some of the loans and that may be a better time to allow trading on a few more. Tricky times all round.
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Post by oktaeder on Jun 16, 2020 13:03:48 GMT
Update for 101. wow.
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tony9239
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Post by tony9239 on Jun 16, 2020 13:54:13 GMT
Oh dear, not great news here. Seems to me that ABL have taken over the mantle from MT as the "nice guys" of P2P who run a fair business and seem to have some pretty decent loans. (Unlike some other platforms run by idiots and/or scallys - bordering on crooks in some cases - I'm sure you know who I mean). But first you notice the new loans seem to be getting a bit thin and/or of dubious merit (eg recent "Radio Rentals") and take a long time to fill - often don't fill. Then there seem to be some "issues" with some of the borrowers - slow paying and/or businesses turn out to be turkeys. Then you get the defaults - all very reasonable explanations of course - except they begin to mount up. I really hope I'm wrong, but this is starting to have an unpleasant whiff of familiarity about it.
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Post by supernumerary on Jun 16, 2020 14:27:57 GMT
Oh dear, not great news here... ...stay positive, because of the VERY robust way, by which Ablrate, are dealing with this situation. From what I have read, IMHO, Ablrate are clearly 'on the ball' and evidently being pro-active on behalf of the lenders.
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tony9239
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Post by tony9239 on Jun 16, 2020 14:40:12 GMT
Oh dear, not great news here... ...stay positive, because of the VERY robust way, by which Ablrate, are dealing with this situation. From what I have read, IMHO, Ablrate are clearly 'on the ball' and evidently being pro-active on behalf of the lenders. I agree they seem to be on the ball as you put it, but I already have 2 or 3 "problem" loans here (incl 93 & 94) which have become non-paying, on-going sagas. Being robust doesn't necessarily seem to lead to a swift & positive outcome. But I shall try to remain positive as you urge and hope that this now "dead money" soon rises from the ashes...
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Post by supernumerary on Jun 16, 2020 15:14:03 GMT
...stay positive, because of the VERY robust way, by which Ablrate, are dealing with this situation. From what I have read, IMHO, Ablrate are clearly 'on the ball' and evidently being pro-active on behalf of the lenders. I agree they seem to be on the ball as you put it, but I already have 2 or 3 "problem" loans here (incl 93 & 94) which have become non-paying, on-going sagas. Being robust doesn't necessarily seem to lead to a swift & positive outcome. But I shall try to remain positive as you urge and hope that this now "dead money" soon rises from the ashes... Each loan is different, each borrower is different. Genuine borrowers, who are doing their best under difficult circumstances, require patience and understanding, because they are committed to and persistent with their project. 101, falls under the umbrella of ‘challenging’, so a much more ROBUST procedure by Ablrate has been enacted. Don’t expect immediate results on 101, but Ablrate will, IMHO, ‘pull out the stops’ on this one. Stay positive, as you have written.
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blender
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Post by blender on Jun 16, 2020 15:20:28 GMT
After years of lending through Ablrate I am sure that supernumerary's reassurance is well founded, and you will see every effort made to get this loan repaid. However, you do not get 13% for a safe investment and Ablrate loans are only good in the sense that risk and reward are matched, and loans are very well supervised. But they are all high risk loans and you should not lend cash you cannot afford to lose or cash you may need in a hurry. Anything you are going to need should be elsewhere. Having said that, I put what I needed elsewhere at lower returns and when it came to the crunch that cash became inaccessible while the Ablrate cash could be extracted - at some cost. So 'elsewhere' should be FSCS protected at present, imo.
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Post by df on Jun 16, 2020 18:14:18 GMT
...stay positive, because of the VERY robust way, by which Ablrate, are dealing with this situation. From what I have read, IMHO, Ablrate are clearly 'on the ball' and evidently being pro-active on behalf of the lenders. I agree they seem to be on the ball as you put it, but I already have 2 or 3 "problem" loans here (incl 93 & 94) which have become non-paying, on-going sagas. Being robust doesn't necessarily seem to lead to a swift & positive outcome.But I shall try to remain positive as you urge and hope that this now "dead money" soon rises from the ashes... It doesn't, but it is historically evident that Ablrate is always in control of the situation. I remember the long fishing boat saga - that was eventually repaid without any capital loss (iirc the interest was repaid too). Given my overall loss of confidence in p2p platforms, Ablrate is one of those where I'm still reinvesting my returns.
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ptr120
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Post by ptr120 on Jun 16, 2020 20:10:05 GMT
I agree they seem to be on the ball as you put it, but I already have 2 or 3 "problem" loans here (incl 93 & 94) which have become non-paying, on-going sagas. Being robust doesn't necessarily seem to lead to a swift & positive outcome.But I shall try to remain positive as you urge and hope that this now "dead money" soon rises from the ashes... It doesn't, but it is historically evident that Ablrate is always in control of the situation. Always? I'm still waiting for a penny to come back from the container loans where I was promised by Ablrate that they would find a solution to ensure that nobody looses out,
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r00lish67
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Post by r00lish67 on Jun 16, 2020 21:21:54 GMT
It doesn't, but it is historically evident that Ablrate is always in control of the situation. Always? I'm still waiting for a penny to come back from the container loans where I was promised by Ablrate that they would find a solution to ensure that nobody looses out, It's over 4 years since they were defaulted, and with no confirmation of legal action even yet commencing against the borrower there seems more risk of us dying out before we have the chance to lose out at present. To be fair, I think we all understand why it has taken so long and would love to see justice served, but there has to be a line drawn under those loans IMV. At this point, I would personally rather receive a good portion of my money back under a settlement and have done with it, though appreciate others may take a different view.
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