hubert
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Post by hubert on Sept 4, 2022 8:28:16 GMT
10/8/22 email. 'As per our recent update, we are managing the process of the wind down of the Ablrate Loan Book. As part of that, we will give information on each loan as and when anything material happens but at least on a quarterly basis. In line with that, please find an update on certain loans:'
3/9/22 email. 'We will send out the overall loanbook update next week, but this email concerns A****s ********l Investors * Limited:'
I take it the 10/8/22 email was not the official quarterly update then ?
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Post by Badly Drawn Stickman on Sept 4, 2022 9:07:03 GMT
10/8/22 email. 'As per our recent update, we are managing the process of the wind down of the Ablrate Loan Book. As part of that, we will give information on each loan as and when anything material happens but at least on a quarterly basis. In line with that, please find an update on certain loans:'3/9/22 email. 'We will send out the overall loanbook update next week, but this email concerns A****s ********l Investors * Limited:'I take it the 10/8/22 email was not the official quarterly update then ? Is the key wording not, 'at least on a quarterly basis'? I would expect fairly frequent updates initially while things are relatively active (several loans due to repay this month for instance). followed by an endless grind to some sort of finishing line. After a while quarterly updates would be all that is needed to tell us nothing has happened.
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Balder
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Post by Balder on Sept 4, 2022 10:15:55 GMT
10/8/22 email. 'As per our recent update, we are managing the process of the wind down of the Ablrate Loan Book. As part of that, we will give information on each loan as and when anything material happens but at least on a quarterly basis. In line with that, please find an update on certain loans:'3/9/22 email. 'We will send out the overall loanbook update next week, but this email concerns A****s ********l Investors * Limited:'I take it the 10/8/22 email was not the official quarterly update then ? Is the key wording not, 'at least on a quarterly basis'? I would expect fairly frequent updates initially while things are relatively active (several loans due to repay this month for instance). followed by an endless grind to some sort of finishing line. After a while quarterly updates would be all that is needed to tell us nothing has happened. So wind down updates will be more frequent than before!
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blender
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Post by blender on Sept 4, 2022 10:33:45 GMT
10/8/22 email. 'As per our recent update, we are managing the process of the wind down of the Ablrate Loan Book. As part of that, we will give information on each loan as and when anything material happens but at least on a quarterly basis. In line with that, please find an update on certain loans:'3/9/22 email. 'We will send out the overall loanbook update next week, but this email concerns A****s ********l Investors * Limited:'I take it the 10/8/22 email was not the official quarterly update then ? VI is correct that the commitment is for an update on each loan at least quarterly, which suggests a quarterly general update on every loan but does not require that. The 'Loan Book Update' email on 10 Aug 22 was not such an update. It contained a very short update on the size of the loan book and then an update on each borrower, not each loan. My interest is with Mr F and primarily with his Scottish venture, and so I was not very happy with that as an update. Going forward, the commitment is for a report on each loan at least quarterly, which will need to be by loan number or group of numbers in a tranche. Maybe the loanbook update will do this, but maybe it will just be an update on the overall book. We shall see and should respond if the commitment is not met. Relevant extracts from the email are below: 'Loan Book Update
Dear [Punter’s first name] As per our recent update, we are managing the process of the wind down of the Ablrate Loan Book. As part of that, we will give information on each loan as and when anything material happens but at least on a quarterly basis. In line with that, please find an update on loans: Loan Book Update ...
Ablrate Communications
Lenders will continue to receive the standard system generated email notifications as well as ad hoc updates from the Ablrate team in the normal way as we have material news. An update for each loan will be provided on a quarterly basis, or more frequently if there is a significant change in the loan or the borrower.'
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Post by Badly Drawn Stickman on Sept 4, 2022 12:07:02 GMT
Is the key wording not, 'at least on a quarterly basis'? I would expect fairly frequent updates initially while things are relatively active (several loans due to repay this month for instance). followed by an endless grind to some sort of finishing line. After a while quarterly updates would be all that is needed to tell us nothing has happened. So wind down updates will be more frequent than before! I am experimenting with subliminal messaging.
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hubert
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Post by hubert on Sept 4, 2022 12:09:33 GMT
Ablrate/Lenders have been enormously lenient towards AF, when you consider what happened with power, avoiding calling in the property securities held & not receiving any further securities (apart from Scotland which is not going anywhere) that AF said he could offer a year ago.
It is about time AF reciprocated the favours he has received.
It's all too one sided.
Even if some loans are fully repaid with interest eventually, AF should at least offer the compound interest lost as a thankyou, after 1 years non payment, 1.7% on 13% loans, 2% on 14% loans & 2.25% on 15% loans.
Lets see what, if anything, Ablrate has managed to secure from AF in return, in the upcoming updates.
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hubert
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Post by hubert on Sept 4, 2022 16:07:21 GMT
Based on Ablrates abysmal recent record of providing deadlines that are not met, can we actually expect the loan book update this coming week ?
Or will it be delayed until after it is known what borrowers 138, 157 & 167 are playing at, or after they catch up with their payments, 138 & 167; if they do ?
They are probably small fry compared to what is currently ongoing, but Ablrate implied more pressure would be applied post winding down.
Will the updates address what appears to be alarming revelations provided in the copy of DD post I sent them ?
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jryan
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Post by jryan on Sept 4, 2022 22:49:52 GMT
I doubt that they will be very forthcoming with any additional information. I'm not a member of DD so I haven't seen the 'revelations' but i've been becoming increasingly concerned with much of ABL's inaction on the loans. It almost seemed as if there was a reason for this that i'm 'unaware' of.
Maybe i'm totally off point but a few things have left a very funny taste in my mouth.
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r1200gs
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Post by r1200gs on Sept 5, 2022 10:43:49 GMT
I doubt that they will be very forthcoming with any additional information. I'm not a member of DD so I haven't seen the 'revelations' but i've been becoming increasingly concerned with much of ABL's inaction on the loans. It almost seemed as if there was a reason for this that i'm 'unaware' of. Maybe i'm totally off point but a few things have left a very funny taste in my mouth. I think you should have a funny taste in your mouth.
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littleoldlady
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Post by littleoldlady on Sept 9, 2022 13:45:18 GMT
Received the update 9/9 but can't say I'm any the wiser - on my loans at least.
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