blender
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Post by blender on Jan 9, 2017 15:01:59 GMT
The FC statement is only perfect for income tax payers like me. If you have previously claimed against capital gains or wish to do so for 2015/6 then I think you contact them for data. New losses and recoveries from prior years used to be included, but I guess it would complicate the standard report for a minority of lenders. I believe that recoveries from losses for prior years are not reported in the tax statement and if you have previously claimed against the losses you have to consider those recoveries. Fortunately we here are not cgt payers and also had no new p2p losses in 2015/6. Happy days.
Concerning the 'irrecoverability' of FC losses, I do not know that they have any way of distinguishing between recoverable losses and irrecoverable losses. All the losses get placed on the statement as allowable against income tax (as far as I know), and if they make that statement then who are we to second guess it from the sparse comments they make? The exception will be the first secured property loan failure, which will clearly not be a total loss. I will be interested to see if that goes straight to a full allowable loss against income tax. Only an interested bystander because I certainly will not be holding it because I believe they will move heaven and earth to avoid defaulting a property loan within the term - tax treatment being one problem.
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Forward
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Post by Forward on Jan 13, 2017 17:36:41 GMT
Jaydee - I got an email on 19/12 saying: ...The hearing was adjourned until the 17th January 2017... Thanks jfm Just received an e-mail 13/01/2017 Case adjourned until 31st January 2017, Ablrate will be attending.
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ptr120
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Post by ptr120 on Jan 31, 2017 13:55:29 GMT
Hi ablrate IIRC today is court date. Could we please have an update on what happened and the next steps?
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ptr120
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Post by ptr120 on Feb 1, 2017 18:01:07 GMT
ablrate +/- 24 hours on from my previous post and no reply to your lenders isn't very impressive. These loans are your first and only default and many are looking closely as to how you are handling things. You had previously stated that you would have representation at the court hearing yesterday so why hasn't it been possible to provide even the shortest of updates since then - either by email or here on the forum? As a reminder, you stated on the 31 Aug that "we will find a solution to make sure lenders do not lose out". Do you still stand by that, and how long is it likely to take before we see a roadmap in terms of how this will be handled going forward, and what we can expect from you in terms of comms? I really don't like taking you to task on this forum, but please remember that it is is possibly your biggest form of 'advertising', and many are influenced in terms of their investment decisions by how you deal with issues and how you interact (or don't) with your investor base on here.
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Post by ablrate on Feb 2, 2017 10:00:07 GMT
There is an update going out this morning.
(Ablender a thousand apologies....) Jaydee. I apologise if you believe that we give you 'guff'. Unfortunately there isn't really anything exciting about legal cases, especially one where the borrower has been so uncooperative. Currently we are into £20k + in legal fees paid for by us on this transaction for the protection of our lenders so not only are we highly motivated to protect our lenders, but also have a financial alignment also as the ones with the most to lose individually. Putting aside our financial alignment, and the most important aspect of lender protection, we also have a reputational risk that we are very aware of so this case is important to us on many levels. We do appreciate how frustrating this is, more than it would seem the general consensus believes.
Regards Ablrate
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pauls
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Post by pauls on Feb 2, 2017 10:51:20 GMT
There is an update going out this morning. Ablender. I apologise if you believe that we give you 'guff'. Unfortunately there isn't really anything exciting about legal cases, especially one where the borrower has been so uncooperative. Currently we are into £20k + in legal fees paid for by us on this transaction for the protection of our lenders so not only are we highly motivated to protect our lenders, but also have a financial alignment also as the ones with the most to lose individually. Putting aside our financial alignment, and the most important aspect of lender protection, we also have a reputational risk that we are very aware of so this case is important to us on many levels. We do appreciate how frustrating this is, more than it would seem the general consensus believes. Regards Ablrate Kudos
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oldgrumpy
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Post by oldgrumpy on Feb 2, 2017 11:41:27 GMT
ablratePssst! It wasn't ablender who rated your updates "guff". Keep at 'em.
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guff
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Post by guff on Feb 2, 2017 11:55:35 GMT
ablrate Pssst! It wasn't ablender who rated your updates "guff". Keep at 'em. It wasn't me either! Thanks for the update ablrate. From personal experience, it is slow and frustratingly, dates will often slip but one of the most important considerations is to appear to be reasonable to the other party no matter how unreasonable they may be. From what I've seen, Ablrate are doing this and maximising the chance of a satisfactory outcome.
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alanp
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Post by alanp on Feb 2, 2017 12:46:54 GMT
I'm happy with the approach being taken and am prepared to wait for updates as dates can slip and, irrespective to dealing with this issue, there is still a platform to run that is more important, to more people than just this loan at the end of the day.
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ianj
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Post by ianj on Feb 2, 2017 12:52:33 GMT
It's was a bit of an eye-opener for me to see, on another platform, just how protracted the court system can be, so it's come as no surprise that there's rarely been anything other than delays to report, despite the platform having moved quickly, and in robust fashion (my opinion), to protect lender's interests.
If I thought there was any chance of hastening a return of capital (hopefully interest) by chasing for information, questioning the effectiveness of the platform's handling of this matter, and requesting they 'reveal' their legal strategy then I would be doing just that. Regularly!
But, not being well versed in legal maters, what does this layman know?
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ptr120
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Post by ptr120 on Feb 2, 2017 14:09:59 GMT
I do like the action that ablrate are taking here - it is just the lack of timely commms of late that I've grown tired of. For example, today was the first time that we were told that the injunction wasn't being complied with, but that they had been advised not to have him arrested. What was the logic behind not having him arrested, and why wasn't this point previously disclosed?
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Post by ablrate on Feb 2, 2017 14:19:40 GMT
I do like the action that ablrate are taking here - it is just the lack of timely commms of late that I've grown tired of. For example, today was the first time that we were told that the injunction wasn't being complied with, but that they had been advised not to have him arrested. What was the logic behind not having him arrested, and why wasn't this point previously disclosed? I believe we have made it pretty clear that he has not complied with the order, if he had done so we would not be where we are now. We went before a Judge to seek enforcement of the order, however, the judge made it very clear that if we did not obtain the judgement (which we subsequently did) it could be on us for false arrest, false imprisonment etc. Our goal is not to punish the borrower, but to recover lenders funds and the injunction achieved the result of freezing personal and company assets. The advice we received was to leave the injunction in place and follow a route to insolvency. Regards David
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oldgrumpy
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Post by oldgrumpy on Feb 2, 2017 14:49:52 GMT
I am all in favour of uncooperative defaulting borrowers' assets including bank accounts being frozen. They don't like it. I wish many other platforms would invoke this practice towards defiantly errant borrowers who do everything they can to avoid repayment.
Even Mr Frill-lips maybe?
Oops - wrong thread?
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blender
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Post by blender on Feb 2, 2017 15:15:55 GMT
I do like the action that ablrate are taking here - it is just the lack of timely commms of late that I've grown tired of. For example, today was the first time that we were told that the injunction wasn't being complied with, but that they had been advised not to have him arrested. What was the logic behind not having him arrested, and why wasn't this point previously disclosed? I believe we have made it pretty clear that he has not complied with the order, if he had done so we would not be where we are now. We went before a Judge to seek enforcement of the order, however, the judge made it very clear that if we did not obtain the judgement (which we subsequently did) it could be on us for false arrest, false imprisonment etc. Our goal is not to punish the borrower, but to recover lenders funds and the injunction achieved the result of freezing personal and company assets. The advice we received was to leave the injunction in place and follow a route to insolvency. Regards David I expect I should not comment, not holding the loan, but I think ptr120 that you expect too much, and I think that Ablrate helps too much on a public forum. I love to know what's going on and to comment on it but am not sure that this much detail is a good idea. Even between Ablrate and lenders, I would worry that Ablrate is being pushed into answering detailed questions and discussing issues, when really lenders should trust Ablrate to get on with it and to place the limited resources into progressing the case, with scheduled reports on dates which are stuck to. I find Ablrate's argument about motivation a few posts above very convincing. This is not going to be dropped until successful or it is found that there are no assets worth chasing. Even then Ablrate will probably have to be stopped from going for the pound of flesh. It must be a bit personal by now. And lenders cannot really influence the outcome - a p2p operator has to give highest consideration to professional advice, because the loss of money would fall on lenders and due diligence applies in the handling. Getting all the detail and having a say is comforting, but not productive. And the idea that Ablrate should bounce out of court with his mobile and send out a quick post to lenders is a bit worrying. Some slack required, I suggest. Good job there is not a dislike button on this forum.
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hazellend
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Post by hazellend on Feb 2, 2017 18:25:04 GMT
I remain extremely impressed with ABLrate's handling of this default.
I do not obsess about having "regular comms" when there is nothing significantly new to update.
I have >50k invested and will continue to add as the handling of this difficult default has given me confidence in them.
The borrower in this case is a conman and that as added to the difficulty, and delays in the court system are beyond the control of anybody.
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