ptr120
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Post by ptr120 on Sept 27, 2016 5:42:46 GMT
That is all well and good but I'm not expecting a blow by blow account (that can wait until after this saga has been resolved) but if someone tells me that they will give me an update on day x, but it then turns out that they can't, and the update won't be ready until day y - tell me! a one line email on this forum would suffice in this instance
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arbster
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Post by arbster on Sept 27, 2016 7:03:18 GMT
I'm also relaxed, but it pains me to see ablrate consistently making a rod for their own back by promising updates quite soon and then failing to provide them. If it were me, I'd be saying that I'll update on progress once a fortnight unless anything material comes to light, and then diarise that update at a time when I'm certain nothing else will come up. I find 5.30am on a Sunday morning is a great time for uninterrupted admin...
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johnfleet
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Post by johnfleet on Sept 27, 2016 12:53:14 GMT
sadly this succession of promised updates which then fail to materialise is becoming the norm rather than the exception. Add to this the paucity of new loans and the everlasting ATR saga and I'm beginning to lose confidence in the platform, which is a real shame as they looked really promising a year or so ago....
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guff
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Post by guff on Sept 27, 2016 14:33:36 GMT
Update received - thank you ablrate
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ablender
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Post by ablender on Sept 27, 2016 15:18:13 GMT
ablrateandy Is the update only for the people in this loan or is there relevant information for all ABL lenders, such as how the platform is dealing with this kind of situation?
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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 Sept 27, 2016 15:43:28 GMT
ablrateandy Is the update only for the people in this loan or is there relevant information for all ABL lenders, such as how the platform is dealing with this kind of situation? Not really, doesnt say anything other than predicatably its proving a slow process.
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james
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Post by james on Sept 27, 2016 20:03:32 GMT
ablrateandy Is the update only for the people in this loan or is there relevant information for all ABL lenders, such as how the platform is dealing with this kind of situation? It's just waiting on the court to get back to them, not anything exciting.
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Investboy
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Post by Investboy on Sept 28, 2016 15:41:08 GMT
That is all well and good but I'm not expecting a blow by blow account (that can wait until after this saga has been resolved) but if someone tells me that they will give me an update on day x, but it then turns out that they can't, and the update won't be ready until day y - tell me! a one line email on this forum would suffice in this instance Can't we just assume that no update is an update that means "nothing changed since last update"?
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ptr120
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Post by ptr120 on Sept 28, 2016 15:54:27 GMT
...not really as that doesn't assure me that the platform are doing their job. My main point was about managing expectations - if I've been told I'll get an update on day x, that is when I'd like to receive it!
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ptr120
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Post by ptr120 on Oct 6, 2016 12:43:30 GMT
ablrate can you advise on progress of these loans please?
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Post by ablrate on Oct 6, 2016 17:06:45 GMT
ablrate can you advise on progress of these loans please? Update tomorrow. Regards Ablrate
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hazellend
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Post by hazellend on Oct 6, 2016 17:10:02 GMT
Are we likely to get an update this week? I think I've made my position on this loan quite clear. It is shameful that I have received no direct response to my PM's or email. To be fair, I don't see why they should waste their time emailing people individually when they have a planned update coming out.
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stevio
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Post by stevio on Oct 6, 2016 19:56:28 GMT
To be fair, I don't see why they should waste their time emailing people individually when they have a planned update coming out. Firstly, where did you get the information that this was a planned update? AFAIK there was no information given about planned updates. Secondly, there is a distinct lack of input from Ablrate on the 2 loans which have issues, the Container loans and the ATR 42-500 MSN 532 loan. Lenders have to continually ask for answers. Thirdly, see my post at the start. Despite sending Ablrate a PM and an email to their CEO asking them to explain how the situation arose, they have never replied. Some lenders are too quick to jump to the defence of platforms. There seems to be a fear that if we upset them we will not get to be involved in their loans. Without lenders there will be no business. It is our money at stake here, not theirs. Despite what Ablrate says, there is a distinct conflict of interest in the ATR 42-500 MSN 532 loan. This has been covered in other posts. I have taken advice on the January container loan and Ablrate have a clear liability here. Maybe you should pursue this legally with Ablrate then if you feel you have a clear case. You might then appreciate that the legal system can take considerable time. I am more than happy Ablrate are pursuing this to the best of their ability. More frequent updates, even if just that they are no further on, would give more confidence the process is continuing in due course, but this doesn't appear to be how Ablrate are handling this. You might want to chill a little as things are likely to take quite a bit longer without much changing for fairly long periods in between updates
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blender
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Post by blender on Oct 6, 2016 21:53:29 GMT
Firstly, where did you get the information that this was a planned update? AFAIK there was no information given about planned updates. Secondly, there is a distinct lack of input from Ablrate on the 2 loans which have issues, the Container loans and the ATR 42-500 MSN 532 loan. Lenders have to continually ask for answers. Thirdly, see my post at the start. Despite sending Ablrate a PM and an email to their CEO asking them to explain how the situation arose, they have never replied. Some lenders are too quick to jump to the defence of platforms. There seems to be a fear that if we upset them we will not get to be involved in their loans. Without lenders there will be no business. It is our money at stake here, not theirs. Despite what Ablrate says, there is a distinct conflict of interest in the ATR 42-500 MSN 532 loan. This has been covered in other posts. I have taken advice on the January container loan and Ablrate have a clear liability here. Maybe you should pursue this legally with Ablrate then if you feel you have a clear case. You might then appreciate that the legal system can take considerable time. I am more than happy Ablrate are pursuing this to the best of their ability. More frequent updates, even if just that they are no further on, would give more confidence the process is continuing in due course, but this doesn't appear to be how Ablrate are handling this. You might want to chill a little as things are likely to take quite a bit longer without much changing for fairly long periods in between updates I hope that JD does not take the first suggestion seriously. The slim Ablrate resources are better used in sorting the loans rather than fighting a rearguard action with lenders. The position with 532 has been aired here sufficient to allow Ablrate to adjust the relationships as necessary. There's no loss involved. If there is a liability with containers, then that liability will still be there later.
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Post by meledor on Oct 7, 2016 7:37:05 GMT
Maybe you should pursue this legally with Ablrate then if you feel you have a clear case. You might then appreciate that the legal system can take considerable time. I am more than happy Ablrate are pursuing this to the best of their ability. More frequent updates, even if just that they are no further on, would give more confidence the process is continuing in due course, but this doesn't appear to be how Ablrate are handling this. You might want to chill a little as things are likely to take quite a bit longer without much changing for fairly long periods in between updates ...The slim Ablrate resources are better used in sorting the loans rather than fighting a rearguard action with lenders.
But I suspect Ablrate would not need to be fighting a rearguard action with lenders if more information were provided on the January container loan. The circumstances, which are different from the other loan, have been well rehearsed above and the issues raised need explanation. I do not believe the current level of secrecy in terms of witholding matters of fact from lenders is justified either in terms of protecting the case against the borrower or in terms of reputational risk for the Ablrate platform.
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