stevio
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Post by stevio on Aug 26, 2015 8:06:32 GMT
Got an email yesterday:
Just a reminder that tomorrow the Just Loan Group PLC loan will be going live at midday. The loan is for £500,000 to a selection of British SMEs through a Special Purpose Company (Just ABL 1 Ltd), pays 10% per annum, the term is for 36 months and is eligible for sale in the Secondary Market. There is a full, unconditional and irrevocable guarantee that any non-performing loan will be replaced by a performing loan. The loan is fully underwritten and has security backing all of the loans within the basket as well as £50,000 cash on the account of Just ABL 1 Ltd.
Is it possible to have more details as it does not give full details and I can't see details for preview on the site?
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 26, 2015 9:10:27 GMT
ablrateandy; Will the Bottling Plant loan repay before the launch of the new loan?
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Post by ablrate on Aug 26, 2015 9:20:41 GMT
ablrateandy; Will the Bottling Plant loan repay before the launch of the new loan? Hi Jonno We have received the funds and the repayment is scheduled on the system to be repaid at midday today, so pretty much simultaneous with the new one. Regards Ablrate
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Post by ablrate on Aug 26, 2015 11:07:04 GMT
Hi all
Just a quick note to say the Bottling Plant loan has matured and has repaid and the new loan is live.
Regards
Ablrate
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 26, 2015 11:13:04 GMT
ablrate No mention of Instant returns on this loan. Are they enabled as it says in the loan proposal document > repayment timeline> extras?
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Post by ablrate on Aug 26, 2015 11:15:31 GMT
Hi il moro
Yes, instant returns are enabled.
I will update.
Regards
Ablrate
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 26, 2015 11:21:44 GMT
Hi il moro Yes, instant returns are enabled. I will update. Regards Ablrate Thanks. Also Bottles is still showing in my investments with a full holding even though funds are showing as repaid in my account, (also listed on SM still). Looks like something isnt linked correctly/wrong data source? (refreshed & relogged in just in case)
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Post by ablrate on Aug 26, 2015 11:25:20 GMT
Hi Il moro
The way the system is set up is that it should fall away at midnight (generally when the payments are made) but we wanted to get it paid early in the day. We are having the developers do a fix so that it falls away when final payment is made. Hopefully we may be able to get this done with the update this afternoon.
Regards
Ablrate
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stevio
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Post by stevio on Aug 26, 2015 11:27:06 GMT
Hi AblrateAndy
Can you explain this loan a little more please?
(a) Should a loan default, it will be removed from the pool and Just Loans will replace it with
a loan of our choosing that is performing and has sufficient security. In this event, Just Loans
Group PLC will immediately and without delay make the SPV whole for any overdue payments.
Does this mean there is no potential for capital loss as defaulting loans will be removed and replaced, overdue interest also returned?
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pom
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Post by pom on Aug 26, 2015 11:32:56 GMT
Hurrah, have finally managed to get rid of my odd rounded up 1p... must have been the bottling plant.
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Steerpike
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Post by Steerpike on Aug 26, 2015 11:42:09 GMT
Hi AblrateAndy Can you explain this loan a little more please? (a) Should a loan default, it will be removed from the pool and Just Loans will replace it with
a loan of our choosing that is performing and has sufficient security. In this event, Just Loans
Group PLC will immediately and without delay make the SPV whole for any overdue payments.
Does this mean there is no potential for capital loss as defaulting loans will be removed and replaced, overdue interest also returned? "No potential for loss" mmm - I like the sound of that. Talking of losses Just Loans Group haven't been going for long but have racked up some pretty impressive negative results to date.
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Post by ablrate on Aug 26, 2015 11:48:50 GMT
Hi AblrateAndy Can you explain this loan a little more please? (a) Should a loan default, it will be removed from the pool and Just Loans will replace it with
a loan of our choosing that is performing and has sufficient security. In this event, Just Loans
Group PLC will immediately and without delay make the SPV whole for any overdue payments.
Does this mean there is no potential for capital loss as defaulting loans will be removed and replaced, overdue interest also returned? Hi Stevio That is the intention of the agreement yes. There is a guarantee from Just Loans to replace non-performing loans and on top of that there is the underlying security of the assets charged on each company. Regards Ablrate
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Post by ablrate on Aug 26, 2015 11:49:47 GMT
Hurrah, have finally managed to get rid of my odd rounded up 1p... must have been the bottling plant. Hi Congrats .. lol... we are looking at a fix for this as it does get confusing. Regards Ablrate
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 26, 2015 11:55:34 GMT
Not a major issue in the wider scale of things,but how come the maturity date is 16/8/18, rather than the 26th?
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stevio
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Post by stevio on Aug 26, 2015 11:58:26 GMT
Hi AblrateAndy Can you explain this loan a little more please? (a) Should a loan default, it will be removed from the pool and Just Loans will replace it with
a loan of our choosing that is performing and has sufficient security. In this event, Just Loans
Group PLC will immediately and without delay make the SPV whole for any overdue payments.
Does this mean there is no potential for capital loss as defaulting loans will be removed and replaced, overdue interest also returned? "No potential for loss" mmm - I like the sound of that. Talking of losses Just Loans Group haven't been going for long but have racked up some pretty impressive negative results to date. Can you expand on your comment and explain what figures you are looking at? The figures provided in the documents for Just Cash Flow PLC seem to be ok: Application approvals £6,664,972.30 / 131 accounts
Balance of facilities drawn £5,398,686.30 / 119 accounts
Accounts in default £63,728.67*
Capital write off £0
Application declines 92% due to High Risk Aversion
* Arrears recovery process tested in UK courts withall accounts now in agreed secured repayment plans.Of the drawdown, approximately 1% are in default, which seems expected level to me
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