blender
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Post by blender on Feb 29, 2020 17:35:41 GMT
How could it be otherwise? There were loan contracts last time I looked. Indeed! Those terms will also include the ability for early redemption, possibly after a minimum term. I was slightly mystified by this comment from ABL as they do not tend to make facetious or smartass comments and wonder what they mean by it. LW It was an answer to SteveT, but we are living in strange times when we need a confirmation that a borrower will not be allowed to breach contracts on perfectly well performing loans. Best not to give them ideas.
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SteveT
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Post by SteveT on Feb 29, 2020 19:07:45 GMT
Indeed! Those terms will also include the ability for early redemption, possibly after a minimum term. I was slightly mystified by this comment from ABL as they do not tend to make facetious or smartass comments and wonder what they mean by it. LW It was an answer to SteveT, but we are living in strange times when we need a confirmation that a borrower will not be allowed to breach contracts on perfectly well performing loans. Best not to give them ideas. Possibly needless caution on my part, but P2P T&Cs generally include wide-ranging powers for platforms to restructure loan contracts as they see fit (eg. see clause 6.7 in the case of Ablrate Lender T&Cs). Lendy is the very worst example of this, leading now to collective legal action seeking to overturn their self-serving changes. Whilst doubtless some (many?) Ablrate lenders in these particular loans will be willing to accept a modest rate cut to keep their funds earning, I'd hate for assumptions to be made on my behalf. I applaud ablrate's rapid confirmation that existing loan conditions will be respected for existing lenders.
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SteveT
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Post by SteveT on Feb 29, 2020 19:16:43 GMT
Don't worry, I am still awaiting the mega-refinancing of all those motor stocking loans, due in August 2019. Are these not good examples of where Ablrate lender support for amending an existing loan contract (ie. by extending the term, and at the same rate, not an increased rate as stated in clause 6.6 of the T&Cs) was presumed rather than sought? The only route for a lender to exit these loans at the original term date is via the Ablrate SM, typically requiring a significant discount.
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blender
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Post by blender on Feb 29, 2020 22:37:26 GMT
It was an answer to SteveT, but we are living in strange times when we need a confirmation that a borrower will not be allowed to breach contracts on perfectly well performing loans. Best not to give them ideas. Possibly needless caution on my part, but P2P T&Cs generally include wide-ranging powers for platforms to restructure loan contracts as they see fit (eg. see clause 6.7 in the case of Ablrate Lender T&Cs). Lendy is the very worst example of this, leading now to collective legal action seeking to overturn their self-serving changes. Whilst doubtless some (many?) Ablrate lenders in these particular loans will be willing to accept a modest rate cut to keep their funds earning, I'd hate for assumptions to be made on my behalf. I applaud ablrate 's rapid confirmation that existing loan conditions will be respected for existing lenders. Yes, I agree. As I said we are living in strange times when you need that reassurance. I agree about the T&Cs, which get changed without notice on occasion. I agree about the extension of the motor stocking loans, but in that case the borrower was in default (could not refinance) which can justify a restructure, and the extra interest can be over-ridden by 6.7 (which is a general licence to do almost anything with a loan). You would think that a restructure would apply only to loans in default (not necessarily formally defaulted) but things have been done with which I do not agree - so I don't hold those loans. I do not think that Ablrate make changes which are self serving, but I think they give themselves licence to do almost anything which they believe is in the best interests of (all) lenders. Being a control freak, I find that an increasing problem and I am not in so many loans.
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criston
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Post by criston on Mar 2, 2020 9:59:53 GMT
What happened to the new F------s loan in the end ?
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Post by ladywhitenap on Mar 2, 2020 10:05:42 GMT
Which Loan are you referring to?
The cunning plan was only hatching at the back end of last week.
LW
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criston
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Post by criston on Mar 2, 2020 10:09:50 GMT
Which Loan are you referring to? The cunning plan was only hatching at the back end of last week. LW Wasn't there one that filled about a month ago.
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IFISAcava
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Post by IFISAcava on Mar 2, 2020 10:11:45 GMT
What happened to the new F******* loan in the end ? Better not identify the borrower! The one yet to draw may well not eventually draw, I would guess. Still accruing instant returns in the interim. The new facility could be some sort of portfolio arrangement at lower interest rates? We will see.
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blender
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Post by blender on Mar 2, 2020 13:47:17 GMT
What happened to the new F******* loan in the end ? Better not identify the borrower! The one yet to draw may well not eventually draw, I would guess. Still accruing instant returns in the interim. The new facility could be some sort of portfolio arrangement at lower interest rates? We will see.That would be a plan, but not a very cunning plan. I am hoping for greater levels of cunningness.
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IFISAcava
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Post by IFISAcava on Mar 2, 2020 14:45:13 GMT
Better not identify the borrower! The one yet to draw may well not eventually draw, I would guess. Still accruing instant returns in the interim. The new facility could be some sort of portfolio arrangement at lower interest rates? We will see.That would be a plan, but not a very cunning plan. I am hoping for greater levels of cunningness. Perhaps if it wore a disguise?
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Post by ladywhitenap on Mar 2, 2020 16:53:27 GMT
Which Loan are you referring to? The cunning plan was only hatching at the back end of last week. LW Wasn't there one that filled about a month ago. Ah yes you mean #137 Still earning interest - but could be part of the cunning plan? LW
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Post by ladywhitenap on Mar 6, 2020 9:34:14 GMT
ablrate We eagerly await further details of your cunning plan. the time for teasing is over - please lol LW
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criston
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Post by criston on Mar 6, 2020 10:18:10 GMT
Agreed. I am already moving money out in anticipation of a non cunning plan.
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blender
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Post by blender on Mar 6, 2020 10:25:18 GMT
Ablrate is far too busy for an update, and so I shall help out, in the chosen Blackadder theme:
FB: Silence. All (returning to their seats): Silence, ssshhh, silence….. GdG: Silence, for the word of the Lord. FB: For Christs sake lets hear the plan. All: The plan, the plan…. EBA: Very well, the plan is simple. WD (still carried away with the camaraderie): I thought it was cunning. ALL: Down with the plan. EBA: Well….. it’s cunning in its simplicity. Tonight, I ride for home… WD: I say strike now while the iron is hot. EBA: But it isn’t hot. WD: Isn’t it? EBA: No it’s just warming up, but, when it is hot, we will strike. StIB: What ? Are we going to have to wait till summer ? EBA: No, no when the iron is hot. TFP: What iron?
Clearly the iron is not yet sufficiently hot.
[The missing apostrophe in line 4 is unforgivable]
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hazellend
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Post by hazellend on Mar 16, 2020 8:22:26 GMT
Hi ABLrate, any sort of time scale here? I’m presuming there is going to be a period of hibernation and would be keen to see these loans repaid ASAP.
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