blender
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Post by blender on Jul 29, 2016 10:55:15 GMT
Nothing in my inbox either (will contact ablrate directly when I get a chance) ... however, I can't see any updates on the comments section of this loan on the website, shouldn't this sort of information (whatever it is, haven't seen it) go up there too? It's in the Admin Notes. I also looked first in Comments which is where I would expect it. The admin notes are out of chronological order, so look in the middle. We should expect interest due to be paid today. There is nothing much wrong here, and nothing to be coy about. Loan extended for up to two months, and can be traded once the new (higher) interest rate agreed. Asset safely stored and loan value well covered, interest to be paid on time (presumably), lenders not to be locked in (for long). Compared with an FC property loan routine over run with lock in and no payments, what's not to like, unless you really need the principal back today?
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treeman
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Post by treeman on Jul 29, 2016 12:05:37 GMT
It would be nice if the interests were paid out soon so we can bid on the opened loans. Button pressing normally happens late in the day - some point 9-10pm is a reasonable time to check
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johnfleet
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Post by johnfleet on Jul 30, 2016 4:34:14 GMT
so the 29th has come and gone with no payment. Not impressed ablrateandy. This happens too often with Ablrate. Such a good platform in many ways but shockingly amateur in meeting its obligations to lenders to make loan repayments on the due date. Much of the goodwill generated by prompt action on the Container issue is lost as far as I'm concerned by this behaviour. If a borrower fails to make their due payments on time we (rightly) get very annoyed, why do Ablrate not appreciate that they, in turn, are under the same obligation to us?
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SteveT
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Post by SteveT on Jul 30, 2016 6:05:48 GMT
so the 29th has come and gone with no payment. Not impressed ablrateandy . This happens too often with Ablrate. Such a good platform in many ways but shockingly amateur in meeting its obligations to lenders to make loan repayments on the due date. Much of the goodwill generated by prompt action on the Container issue is lost as far as I'm concerned by this behaviour. If a borrower fails to make their due payments on time we (rightly) get very annoyed, why do Ablrate not appreciate that they, in turn, are under the same obligation to us? Mine arrived at 6.36am this morning. On a Saturday. Give the guys a break! What were you planning to do with the money in the intervening 6 hours?
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johnfleet
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Post by johnfleet on Jul 30, 2016 7:50:50 GMT
Steve,
What I was planning to do with the money isn't the point. We enter into a contract when we fund a loan which binds Ablrate to make monthly repayments on time. Which they can't be relied upon to do. As it happens I had plans for the entire funds which should have repaid yesterday and have had to abandon these plans to make an investment elsewhere as a result of the failure of the loan to repay on time. That happens and Ablrate have explained why - and I can accept that. Maybe I'm alone in expecting payments to be made on time - at the very least I'm out of pocket by a day's interest because of Ablrate's failure to meet their legal obligations. And I've got better things to do with my time than sit in front of a computer approaching midnight to see if my money is going to arrive or not.
So why should I 'give the guys a break' - they owed me money. They didn't pay on time. That's cost me money. I'm not a happy bunny. Simple as.
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pom
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Post by pom on Jul 30, 2016 8:14:00 GMT
Given we all know by now that the repayments are a manual process, that they sometimes don't quite manage to do when we'd like.... if it's that much of an issue to you why are you still here? OK maybe you're still "stuck" in this particular loan that's late to repay, but you could have sold out of it after the first extension if it was that much of an issue for you - and any loan that requires either a sale of an asset or refinance in order to redeem is never likely to finish exactly on time because there are plenty of spanners that can end up in the works.
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johnfleet
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Post by johnfleet on Jul 30, 2016 12:08:15 GMT
Why am 'I still here?' - because, despite Ablrate occasionally being late with payments, I like them. Plus there aren't exactly a surfeit of other platforms offering 12 per cent returns - and I'm in the others (who all manage to pay on time). I just can't accept their Laissez Faire approach to paying us. Clearly you and Steve aren't fussed about losing interest. I am. We must agree to differ.
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pom
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Post by pom on Jul 30, 2016 13:14:41 GMT
Given that withdrawals are never going to be instant, and a general feeling that investments should never be rushed into anyway, then no, so long as my capital keeps earning I'm not going to worry about the hundredths of a percent of interest that my interest might be missing out on if I can't use it somewhere else exactly on time.
Edit - can't believe I just did the sums, but assuming I'd wanted instantly reinvest at 12% in one of the open loans(rather than waiting til I get round to withdraw it) when it should have been paid last night vs this morning I lost out on 0.007p.
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guff
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Post by guff on Jul 30, 2016 13:26:06 GMT
Given their size, the current (largely hand cranked) nature of their operation and what has happened with this loan and C*******, I am more interested in them protecting my investments and keeping me informed of progress.
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guff
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Post by guff on Jul 30, 2016 13:42:14 GMT
Edit - can't believe I just did the sums, but assuming I'd wanted instantly reinvest at 12% in one of the open loans(rather than waiting til I get round to withdraw it) when it should have been paid last night vs this morning I lost out on 0.007p. Yep. ABL have made 6p out of the late payment on this loan!
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pom
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Post by pom on Jul 30, 2016 13:48:14 GMT
Edit - can't believe I just did the sums, but assuming I'd wanted instantly reinvest at 12% in one of the open loans(rather than waiting til I get round to withdraw it) when it should have been paid last night vs this morning I lost out on 0.007p. Yep. ABL have made 6p out of the late payment on this loan! Except it's not likely they could have found somewhere to stick it overnight where it would get 12%. I expect the client account doesn't pay anything.
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jonno
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nil satis nisi optimum
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Post by jonno on Jul 30, 2016 14:21:33 GMT
I have to say that I'm firmly in the johnfleet camp here. For me ,it's absolutely nothing to do with losing x% of interest; it's the principle (pardon the pun). I make all of my payments on time so why shouldn't I expect this basic level of reciprocation from a platform with whom I have trusted a lot of hard earned? And please, please, don't hit me with the AC binary option of "if you don't like it, go somewhere else"; Life,as we all know, isn't as straightforward as that.
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blender
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Post by blender on Aug 1, 2016 14:09:48 GMT
29th interest received, thanks. We are now into the extension with the penalty interest not agreed and the loan not tradable. Please get this sorted PDQ, Ablrate. I wish to sell some and buy some MTF.
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blender
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Post by blender on Aug 2, 2016 7:42:33 GMT
The owner of the borrower company, Pheonix etc, is a non-executive director of Ablrate. So I do not see why this has not been settled before the end of the previous extension. What's going on?
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blender
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Post by blender on Aug 3, 2016 12:10:58 GMT
Tum-ti-tum, tum-ti-tum. If Albrate would allow the £1.8m of 532 to be offered on the SM, as they said would be the case, then perhaps the odd £100k would be found to support the new MTF, which is only at two thirds of the minimum amount with a day to run. I suppose there is a problem in that 532 has been extended for two months, though the sale is expected in August. I am assuming it will not be allowed to be paid off early - which is not general Ablrate practice and could affect buyers who might pay a premium on the SM.
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