copacetic
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Post by copacetic on Apr 17, 2018 9:54:28 GMT
I'm not in this loan but the most interesting thing I note in the email is:
This is something that I think more platforms should do (with suitable warnings that the loan is in default and not all capital/interest may be recovered) rather than just suspend loans indefinitely. It provides opportunities for investors that are confident in the security and lets people that are not get out with a defined haircut.
I think it would also take care of a lot of the negative sentiment expressed on this forum and the associated bad publicity for the platform. Those people that wanted out would be out and not back on the same thread every week bashing the platform!
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SteveT
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Post by SteveT on Apr 17, 2018 10:04:15 GMT
Indeed. It's daft that P2P platforms treat any loan that's up-to-date with interest as "fully performing", even if the original loan information is now years out of date and the loan is days from being due, with zero evidence whether the borrower has lined up any means to repay the capital. Whereas immediately a loan hits a problem it's made "non-tradable", even if the current situation and likely scope for recovery are now very much better understood.
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Post by ablrate on Apr 17, 2018 11:57:22 GMT
We will probably do this. I have spoken with the Asset Recovery Agent and he is on site checking the equipment and all is in order at this stage. Give us a day to update the pages and get a little more info and make sure we are making sure it's all clear for potential buyers.
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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 Apr 17, 2018 12:31:29 GMT
ablrate I would suggest checking tax position first. AIUI If the loan is in legal recovery (ie borrower in admin) any parts purchased on the SM would not be eligible for loss relief per current HMRC rules. Probably need a big disclaimer.
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Post by ablrate on Apr 17, 2018 12:32:54 GMT
ablrate I would suggest checking tax position first. AIUI If the loan is in legal recovery (ie borrower in admin) any parts purchased on the SM would not be eligible for loss relief per current HMRC rules. Probably need a big disclaimer. Thanks ilmoro.. passing it by the advisors for the nitty gritty like this.
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Post by elephantrosie on Apr 17, 2018 18:15:30 GMT
ablrate I would suggest checking tax position first. AIUI If the loan is in legal recovery (ie borrower in admin) any parts purchased on the SM would not be eligible for loss relief per current HMRC rules. Probably need a big disclaimer. Thanks. I am not aware of this. Where can I read up on it?
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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 Apr 17, 2018 18:31:10 GMT
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ianj
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Post by ianj on May 14, 2018 18:55:04 GMT
Have just noticed an Admin Note dated yesterday.....
"We have been speaking with the Administrators and the Directors of the business. There is an offer on the table from a third party to buy the whole business, including our assets. This means that we are legally bound to wait on that settlement. We have been informed that should be settling shortly. In the meantime we have visited and catalogued the assets and have a buyer for those assets should the offer for the company not be settled in time. We have also issue statutory demands against the directors. We will be updating lenders next week."
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sj
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Post by sj on May 16, 2018 11:56:14 GMT
They don't mess about do they? Not in this loan myself but it's good to see that there's at least one P2P company out there that is on the ball.
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registerme
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Post by registerme on Jun 15, 2018 13:56:52 GMT
Shame it ended that way, but well done ablrate.
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Post by ablrate on Jul 9, 2018 9:50:16 GMT
Fully recovered and credited to your accounts
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elliotn
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Post by elliotn on Jul 9, 2018 13:30:06 GMT
From my calcs this has gone from <50% ltv to <20% with a repayment schedule almost twice as fast as depreciation (one of the safest loans in high rate p2p). ablrate as the intention is to demonstrate the recovery procedures to all investors, could you please include the recovery value of the ADs in the repayment notification, thanks. Will do. Great news. Was there any value ascribed to the ADs to compare vs depreciation, thanks.
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Post by ablrate on Jul 9, 2018 14:29:35 GMT
Great news. Was there any value ascribed to the ADs to compare vs depreciation, thanks. The sale was essentially to the same group in the end and it was for the whole company including the assets. We had a bid on the table for £120k for the assets (essentially a fire sale value, which we would have been happy to take) which maintained a 65% LTV to what was owed (including penalties) but the business maintains they are worth £250k +
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