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Post by ablrate on Jul 19, 2022 7:55:53 GMT
Have any ABLrate shareholders been informed of the wind-down? I'm a shareholder and haven't been notified. No updates on crowdcube for a very long time, despite questions being asked. We will be giving a separate update to shareholders. We are taking the next couple of weeks to formulate what the next steps may be for ablrate, the priority being the retail shareholders in the business.
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Balder
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Post by Balder on Jul 19, 2022 8:14:24 GMT
ablrate at this point perhaps you should do a complete comms on the whole loan book, I note that ACI car loans are well overdue.
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Post by Ace on Jul 19, 2022 8:27:51 GMT
Have any ABLrate shareholders been informed of the wind-down? I'm a shareholder and haven't been notified. No updates on crowdcube for a very long time, despite questions being asked. We will be giving a separate update to shareholders. We are taking the next couple of weeks to formulate what the next steps may be for ablrate, the priority being the retail shareholders in the business. OK, thanks for replying. On a technical point regarding the ISA, as mentioned by ilmoro on the previous page... As it stands, the ISA status of any funds that have already been flexibly withdrawn but not yet returned now seems to be lost. Further, to retain the ISA status of any current cash and repayments we will be forced to suffer the cash drag on those funds until we issue our yearly transfer. I'm happy enough with the 1 free transfer out per year, but would ablrate please consider also allowing one deposit per year to be able to replace flexible ISA funds. That way ISA repayments could be withdrawn as payments come in and replaced in one lump just before the transfer out request for that year. Regardless of the above, it might be worth encouraging lenders with both Standard and ISA accounts to transfer their ISA repayments to their Standard accounts before withdrawing to minimise the number of withdrawals that need to be processed, and hence reduce the cost at this difficult time. Good luck with the recoveries.
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Post by ablrate on Jul 19, 2022 8:30:47 GMT
ablrate at this point perhaps you should do a complete comms on the whole loan book, I note that ACI car loans are well overdue. That is the next task. An update on all of the book will be out next week.
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Post by ablrate on Jul 19, 2022 8:33:58 GMT
We will be giving a separate update to shareholders. We are taking the next couple of weeks to formulate what the next steps may be for ablrate, the priority being the retail shareholders in the business. OK, thanks for replying. On a technical point regarding the ISA, as mentioned by ilmoro on the previous page... As it stands, the ISA status of any funds that have already been flexibly withdrawn but not yet returned now seems to be lost. Further, to retain the ISA status of any current cash and repayments we will be forced to suffer the cash drag on those funds until we issue our yearly transfer. I'm happy enough with the 1 free transfer out per year, but would ablrate please consider also allowing one deposit per year to be able to replace flexible ISA funds. That way ISA repayments could be withdrawn as payments come in and replaced in one lump just before the transfer out request for that year. Regardless of the above, it might be worth encouraging lenders with both Standard and ISA accounts to transfer their ISA repayments to their Standard accounts before withdrawing to minimise the number of withdrawals that need to be processed, and hence reduce the cost at this difficult time. Good luck with the recoveries. I don't see why that would be a problem. The wind down is not intended to put barriers in the way of the IFISA working for lenders.
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qwakuk
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Post by qwakuk on Jul 19, 2022 8:38:20 GMT
OK, thanks for replying. On a technical point regarding the ISA, as mentioned by ilmoro on the previous page... As it stands, the ISA status of any funds that have already been flexibly withdrawn but not yet returned now seems to be lost. Further, to retain the ISA status of any current cash and repayments we will be forced to suffer the cash drag on those funds until we issue our yearly transfer. I'm happy enough with the 1 free transfer out per year, but would ablrate please consider also allowing one deposit per year to be able to replace flexible ISA funds. That way ISA repayments could be withdrawn as payments come in and replaced in one lump just before the transfer out request for that year. Regardless of the above, it might be worth encouraging lenders with both Standard and ISA accounts to transfer their ISA repayments to their Standard accounts before withdrawing to minimise the number of withdrawals that need to be processed, and hence reduce the cost at this difficult time. Good luck with the recoveries. I don't see why that would be a problem. The wind down is not intended to put barriers in the way of the IFISA working for lenders. Just for complete clarity, I have flexibly withdrawn just under £3k from my ISA, all old funds, not current year. What is the process of paying that back in, to enable me to transfer it elsewhere and retain its ISA status ?
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GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Jul 29, 2022 7:19:38 GMT
That is the next task. An update on all of the book will be out next week. Today? Steady on old chap... You still get jet lag travelling club class and the new motor doesn't drive itself you know. (joke) An update would be nice though..
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Post by Badly Drawn Stickman on Jul 29, 2022 7:21:31 GMT
That is the next task. An update on all of the book will be out next week. Today? The day may come when it is 'today', I have a suspicion today will not be 'today'.
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Balder
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Post by Balder on Jul 29, 2022 9:34:29 GMT
The day may come when it is 'today', I have a suspicion today will not be 'today'. Based on DBW recent record of over promising and under delivering I'd agree with you. Also now add to that is he appears never to get embarrassed about not meeting his own set expectations either.
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steveb
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Post by steveb on Jul 29, 2022 17:05:07 GMT
Apart from the fact that it is now official ABL is not seeking any more loans (they would not be able to fund them anyway) nothing else has really changed.
Steve
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Post by Badly Drawn Stickman on Jul 29, 2022 17:21:21 GMT
The day may come when it is 'today', I have a suspicion today will not be 'today'. Based on DBW recent record of over promising and under delivering I'd agree with you. Also now add to that is he appears never to get embarrassed about not meeting his own set expectations either. I am not inclined to look for where he said it (I admit I am lazy) but recall somewhere recently he was claiming the ability to do more than one thing at a time. Presumably fail and disappoint were some of the talents he had in mind. On the plus side the day after 'today' does eventually arrive he will have done it 'yesterday'.
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steveb
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Post by steveb on Aug 7, 2022 9:06:56 GMT
ablrate at this point perhaps you should do a complete comms on the whole loan book, I note that ACI car loans are well overdue. That is the next task. An update on all of the book will be out next week. Back to the same old ablrate again, promises of what is going to happen next week but then nothing. As long as the borrower is happy who cares about the lender.
Steve
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blender
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Post by blender on Aug 7, 2022 10:12:28 GMT
True, same old Ablrate, but for some reason I find that comforting. I have this fear of an administrator from Vulture Recoveries 4U plc.
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Post by jevans4949 on Aug 7, 2022 14:53:00 GMT
Given that some of the outsanding loans are not due to repay until 2025, I wonder if Ablrate will eventually buy back the loans, as Zopa did, to save on administration. Depending on their future plans,they might then sell them on to a traditional financier.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 7, 2022 15:04:03 GMT
Given that some of the outsanding loans are not due to repay until 2025, I wonder if Ablrate will eventually buy back the loans, as Zopa did, to save on administration. Depending on their future plans,they might then sell them on to a traditional financier. I think there is no chance that they will do it in that order. If they negotiate a sale expect a sizeable haircut. You may or might not get a say in it.
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