lofty
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Post by lofty on Apr 18, 2024 20:04:31 GMT
"I do believe there is a huge amount of apathy among Ablrate creditors. It astounds me that people stand to lose their money yet there has been and remains radio silence from the vast majority of Ablrate borrowers on these forums or anywhere else e.g. social media or on review sites."
Your point is valid, but I suspect lots of lenders are likely to have been caught up in Collateral, Lendy, FundingSecure, the list goes on. Now Ablrate. Not sure its apathy, more sheer resignation! You complain, it goes to court. You win, the fees outweigh the claims. It feels like an on-going torture.
For those that do fight the good fight I salute you. Hopefully, in 10 years ITV will make a drama about you.
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lofty
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Post by lofty on Nov 8, 2023 10:48:45 GMT
A really good outcome.
Why all the faff with in and out with auctions, drips and drab payments I guess we'll never know because of client confidentiality, but a happy ending for investors which should be applauded - especially considering what's happened on a number of other platforms.
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lofty
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Post by lofty on Sept 18, 2023 22:14:50 GMT
Apologies if this is posted in the wrong forum, but I have a query about shareholder drag notices/
A company I have some shares in via CrowdCube has just been acquired by a bigger fish and they've issued a drag notice for all shares. I understand the meaning, and am quite happy for the transaction to take place.
However I'm confused by the wording of next steps and actions required from me. It asks for printouts of paperwork, signing this, signing that and then to send via registered post. All that sounds a right faff - and the cost of postage would end up costing me about 10% of my shareholding! (I should have mentioned I am a small-fry investor here, in for the total of only thirty quid!)
The letter also says that if I do nothing, then the drag notice applies and they'll do it all anyway! Am I missing something obvious here or is my best course of action to just do nothing and wait for a payment to come through? How would that payment be received - I'm not sure they have my bank details, but the name and address on the share certificate is up to date.
Many thanks (Just for fun, I also posted an identical query on chatgpt - it did a very eloquent response that basically translated as 'dunno' - AI still has some way to go)
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lofty
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Post by lofty on Nov 18, 2022 12:25:49 GMT
I see there's a big lump available on one property. I suspect that might be there for a while as no partial sale is available. Which is a shame as I suspect there are plenty of people able to fill 20K, just not all by themselves.
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lofty
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Post by lofty on Aug 16, 2022 6:52:45 GMT
The Bar Date was 4 August, which is 35 days after 30 June, when the schedules were distributed (Assuming it is 35 calendar days and not working days). It is time for BDO to advise whether or not there was any appeal. When we first got the email with a breakdown and a date I was pretty cheery. Then over the next few days I read it again, the returns weren't specified and the dates came with caviats. I have some builders doing work on my house at the moment and its a similar pattern - yes, "we'll get it done it 35 days!" Two months later and all you've got is an empty skip. Replace the word skip with 'wallet' and its the same! So, assuming just 1 individual appealed does that block payments for everyone?
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lofty
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Post by lofty on Dec 7, 2019 13:56:42 GMT
I think the can is half way down the road. Unfortunately there are a lot of other cans on this road.
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lofty
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Post by lofty on Aug 19, 2019 16:36:29 GMT
I can live with "pre-bid and if you don't like it, lump it" .. I can't live with 'must be online between 12:00 and 12:07'. Agreed, I'm not missing Homes Under the Hammer for anyone...
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lofty
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Post by lofty on Apr 26, 2019 13:57:59 GMT
True story coming up... I was once required to work as a technical advisor alongside one of these jump up and down, arm waving, communications guys. He told me that he had recently been sent to talk to a group of people representing the MOD. He had introduced himself as a consultant and raised the rhetorical question “What is a consultant?” He was disarmed to find that rather than waiting for him to proceed, a somewhat old looking fellow who appeared to be dressed as ‘an admiral or something’ said “I’ll tell you!” He said “A consultant is a man who knows absolutely everything there is to know about sex, BUT he doesn't know any girls! “ Good quote. I'm going to steal that!
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lofty
Posts: 101
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Post by lofty on Feb 5, 2019 15:29:28 GMT
They’re all riding this gravy train, either directly or indirectly. The UK has systemic corruption, but unlike truly corrupt countries that acknowledge the problem, uk prefers to say it doesn’t exist. Yes, we call it capitalism
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lofty
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Post by lofty on Dec 3, 2018 16:05:48 GMT
So the borrower hasn't paid any interest since March but Lendy have been servicing the interest since then, breaching article 36H of the FCA regulations. What are we to believe? That wasn't my reading. They've been servicing this by releasing new tranches. In other words us investors have been loaning money to ourselves. (At the risk of saying something libellous the word "ponzi" springs to mind)
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lofty
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Post by lofty on Nov 7, 2018 20:37:07 GMT
I've only seen this as a popup on the website and no email alert. I've a suspicion a large part of Lendy's customer base only login once a month to collect their interest run, and so will only find out in December - whoever writes next months newsletter is going to have to earn their pay!
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lofty
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Post by lofty on Nov 5, 2018 22:57:35 GMT
It irritates me when companies send me messages on my mobile. So whenever someone does this I reset my contact number to be their sales desk!
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lofty
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Post by lofty on Nov 2, 2018 3:46:58 GMT
I have a feeling that this will never be settled because of the old t&C's. Lendy could theoretically afford to crystallise losses on any other load apart from this. If Lendy goes bust then enforcing the contract might be difficult as there will be nothing left. The updates here are a myth IMO....the borrower dangling settlements and refinances and Lendy believing it because they want to, but in reality just passing time until they fail. If we believe the “old T&C” theory then Lendy has been in default to us investors for over 500 days and we’ve done nothing about it. That makes us the fools not them. Maybe they're building a legal case to sue us all for fraud?
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lofty
Posts: 101
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Post by lofty on Oct 25, 2018 13:10:34 GMT
It'll be interesting to see these go for - seems like really cheap prices for both. The hotel one seems ripe for some sub-division into flats. The devil in me wants to put in a bid at the bottom end of the guide price for #215. I just need to borrow the money from somewhere...
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lofty
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Post by lofty on Oct 22, 2018 18:35:15 GMT
Yes, this is how Collateral went out of the game as well. Not that I think it will happen here tomorrow though. Collateral went "under maintenance" with no warning. If it were that bad I doubt if we'd be given a days warning. Still, I think I just might sell all my loan parts just in case. Oh, no wait...
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