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Post by ajscotland on Nov 12, 2017 0:44:36 GMT
I speak as someone who has supported someone through two bereavements in the last two years. The effect of losing a close relative can be devastating; losing a partner will be worse. Widows/widowers are faced with coming to terms with their loss whilst at the same time dealing with winding up their partners estate which from personal experience can be painful, energy sapping and long-winded.
Lets get some context - we have got our capital back due to the borrower taking out insurance - what is at stake is the amount of interest that is to be repaid
I have been quite appalled at some of the comments from those who are voting B. Perhaps they do not have the experience to empathise with the widow and her situation. Apart from losing her husband and all it entails the business is struggling and there are local creditors who stand to lose if the business goes bust. Are they proud about insisting on their pound of flesh? How would they feel if a bank persued a relative to the bitter end for the last penny of outstanding interest? Their comments remind me of the phrase the "unacceptable face of capitalism".
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agent69
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Post by agent69 on Nov 12, 2017 7:57:43 GMT
I speak as someone who has supported someone through two bereavements in the last two years. The effect of losing a close relative can be devastating; losing a partner will be worse. Widows/widowers are faced with coming to terms with their loss whilst at the same time dealing with winding up their partners estate which from personal experience can be painful, energy sapping and long-winded. Lets get some context - we have got our capital back due to the borrower taking out insurance - what is at stake is the amount of interest that is to be repaid I have been quite appalled at some of the comments from those who are voting B. Perhaps they do not have the experience to empathise with the widow and her situation. Apart from losing her husband and all it entails the business is struggling and there are local creditors who stand to lose if the business goes bust. Are they proud about insisting on their pound of flesh? How would they feel if a bank persued a relative to the bitter end for the last penny of outstanding interest? Their comments remind me of the phrase the "unacceptable face of capitalism". If things are so stressful why does the borrower not just pay off the loan in full (which they clearly have the wherewithal to do) rather than engage in several round of haggling to try to get a discount?
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oldgrumpy
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Post by oldgrumpy on Nov 12, 2017 11:40:18 GMT
It'll be her lawyers advising that. Each round of haggling takes time and attention and increases their final bill to her for services rendered.
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mikes1531
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Post by mikes1531 on Nov 12, 2017 16:52:39 GMT
I'm voting B because AC investors have made significant concessions to this borrower already and we shouldn't be asked to make further concessions. Even if the real return is below 9% I would prefer to get it settled sooner rather than later. However, I think B will get more vote than A. Inasmuch as this offer is so much better than the last one, I expect the vote will go in favour of A. I wonder if the voter turnout will be higher or lower than the 59% who voted on the last offer. Hopefully we'll find out the result by the end of the week.
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Post by df on Nov 12, 2017 19:49:10 GMT
Even if the real return is below 9% I would prefer to get it settled sooner rather than later. However, I think B will get more vote than A. Inasmuch as this offer is so much better than the last one, I expect the vote will go in favour of A. I wonder if the voter turnout will be higher or lower than the 59% who voted on the last offer. Hopefully we'll find out the result by the end of the week. Yes we'll find out soon. I was thinking of B winning because the votes are proportional to the amount invested and investors with more significant returns are more likely to vote 
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Post by mrclondon on Nov 12, 2017 20:23:15 GMT
Inasmuch as this offer is so much better than the last one, I expect the vote will go in favour of A. I wonder if the voter turnout will be higher or lower than the 59% who voted on the last offer. Hopefully we'll find out the result by the end of the week. Yes we'll find out soon. I was thinking of B winning because the votes are proportional to the amount invested and investors with more significant returns are more likely to vote It will indeed be interesting to see the result, and although I voted B I suspect A will pip it marginally. The vote is proportional against interest outstanding (not the original capital) and those of us who never supported the loan reorganisation bailed out at that time so have just a few months interest outstanding. The majority of the interest has accrued to those who were happy to continue to hold the loan even though there should have been minimal expectation of receiving any interest, so the option A offer will seem sufficeintly acceptable.
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pikestaff
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Post by pikestaff on Nov 12, 2017 23:21:41 GMT
I speak as someone who has supported someone through two bereavements in the last two years. The effect of losing a close relative can be devastating; losing a partner will be worse. Widows/widowers are faced with coming to terms with their loss whilst at the same time dealing with winding up their partners estate which from personal experience can be painful, energy sapping and long-winded. Lets get some context - we have got our capital back due to the borrower taking out insurance - what is at stake is the amount of interest that is to be repaid I have been quite appalled at some of the comments from those who are voting B. Perhaps they do not have the experience to empathise with the widow and her situation. Apart from losing her husband and all it entails the business is struggling and there are local creditors who stand to lose if the business goes bust. Are they proud about insisting on their pound of flesh? How would they feel if a bank persued a relative to the bitter end for the last penny of outstanding interest? Their comments remind me of the phrase the "unacceptable face of capitalism". If things are so stressful why does the borrower not just pay off the loan in full (which they clearly have the wherewithal to do) rather than engage in several round of haggling to try to get a discount? Because she doesn't. It's clear from what AC have said that a new loan is not on the cards. She's scraped together as much money as she can from family members to make us an offer which would enable her to carry on. She can only repay if either (1) she sells up or (2) she stiffs the trade creditors in which case she won't have a business and she will still have to sell up. Whether it's wise of her to try to carry on is doubtful. But I understand why she wants to carry on, and I don't blame her for trying. Accepting the offer will leave me with a decent return, and I don't want to force her out. Like ajscotland I am appalled by some of the comments on here.
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Post by valerieb on Nov 15, 2017 11:23:41 GMT
I have already stated that I would be prepared to accept 75% in full & final settlement & previously advocated a lowering of the interest rate, as I did not want to drive a viable going concern out of business, so this offer just about scrapes over the line for me personally, however I have yet to decide how to vote, as I am aware that giving away my own money is my own choice but voting A has an added responsibility of imposing that generosity onto other people, which is very different. Those advocating to vote B have a very strong case with this loan IMO so I will have to weigh up my own instinct against that of the collective lender base over the next days before committing my vote. I think it's a finely balanced choice. Given the comments expressing shock/disgust etc at the attitudes of those demanding their 'pound of flesh', I'd like to at least attempt to explain why I voted B. I think the comment above pretty well sums up my thoughts on the vote. Should an individual or small group of lenders be able to decide to forego payment as an act of charity, thereby imposing their generosity on others? Are the circumstances of the borrower more deserving than those of any of the potentially hundreds of individual lenders? Yes, every lender has a weighted vote, but no one lender can judge the impact of the loss of earnings on other lenders. To those with most at stake and most influence on the outcome of the vote, the loss may be completely insignificant but to another with not such deep pockets the loss may have more impact. I sold out of this loan some months ago and any interest I eventually accrue will be tiny and totally insignificant to me. I voted B on the grounds that, so far as I am aware and albeit in difficult circumstances, the borrower has the means to settle the debt in full. Charitable donations are perhaps better made by those in command of the full facts - family, friends and perhaps AC.
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Post by lynnanthony on Nov 15, 2017 13:23:32 GMT
I am not in this loan though I have been following it with interest right from the start. One observation I would make is that sometimes it might be more kind to kill the business than it is to let it struggle on. Owners of small businesses are unlikely to ever give up fighting for their business. More loans, restructured loans, begging, whatever it takes to keep it going, often way beyond common sense. I speak from experience, I had a failing business, I was struggling, juggling debt, re-mortgaging, always hopeful that better times were coming; but when one of my major suppliers pulled the plug on me by cutting off my credit it came as a great relief. I wound the business up and moved on. I could not bring myself to do that off my own back; I needed the external kick up the backside.
I can't help wondering if that applies to Aberystwyth?
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shimself
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Post by shimself on Nov 15, 2017 17:10:56 GMT
valerieb self evidently the interest amount is a small part of anyone's investment in the loan. Further I fear that if the vote goes B we might well find ourselves waiting for a very long time, this might be the best offer possible. Note please I voted against the original offer, as someone else suggested it smelled of a lawyer trying it on. If it is indeed a greedy lawyer and we get into a fight both we and the borrower might easily finish up worse off lynnanthony maybe you're right but I wouldn't like to feel part responsible for that without knowing for sure
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Post by Butch Cassidy on Nov 16, 2017 10:51:14 GMT
Full & final settlement accepted for 77.5% of outstanding interest due ( A - 30%, B - 21% & no vote - 48%), AC hope to receive payment by 31st December, so Happy New Year to all those still involved  |
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shimself
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Post by shimself on Nov 16, 2017 12:44:00 GMT
Full & final settlement accepted for 77.5% of outstanding interest due ( A - 30%, B - 21% & no vote - 48%), AC hope to receive payment by 31st December, so Happy New Year to all those still involved Thank heavens. I really feared that B might win. Haa anyone any idea why this particular loan, with to all appearances an honest borrower doing their best, came close to having people going against what I take to be AC's steer, when other, much more debatable went through by a country mile? I think maybe people got narked by the derisory first offer?
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misscas
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Post by misscas on Nov 16, 2017 12:50:48 GMT
interesting to note rather more than usual voted
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SteveT
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Post by SteveT on Nov 16, 2017 12:53:26 GMT
interesting to note rather more than usual voted That's likely to be because most was in the hands of MLIA lenders
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shimself
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Post by shimself on Nov 16, 2017 13:03:34 GMT
interesting to note rather more than usual voted That's likely to be because most was in the hands of MLIA lenders Do you think most people have a good handle on that? I keep asking AC to personalise the emails to add My Exposure is £N
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