blender
Member of DD Central
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Post by blender on Aug 26, 2018 10:04:38 GMT
Glad to see that Ablrate does not plan to join the increasing number of platforms where repayment is optional.
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Post by fatbritabroad on Aug 29, 2018 10:45:04 GMT
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kaya
Member of DD Central
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Post by kaya on Aug 29, 2018 12:29:19 GMT
Well I'm looking out the baseball bat just in case...
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Post by ablrate on Aug 31, 2018 9:40:18 GMT
Hi
The lawyers are just awaiting correspondence from the borrowers lawyers and we will update all. So far it looks on track and all seem to be cooperating, but we want some formal undertakings from legal representatives of the involved parties before we stop action.
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Nomad
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Post by Nomad on Sept 7, 2018 12:49:03 GMT
Maturity date for 1000044 now shows 7.10.18.
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blender
Member of DD Central
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Post by blender on Sept 7, 2018 13:57:37 GMT
The repayment of this loan is two months late today, and that seems rather hidden. Will the interest be paid today? We have the other one, two months late tomorrow.
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elliotn
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Post by elliotn on Sept 7, 2018 14:13:40 GMT
The repayment of this loan is too months late today, and that seems rather hidden Not wishing to be the despoiler of titanic reputations but I think we can all agree that seems too months too many . Edit - that’s enough Fri night posts from me!
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ilmoro
Member of DD Central
'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 7, 2018 15:59:24 GMT
The repayment of this loan is two months late today, and that seems rather hidden. Will the interest be paid today? We have the other one, two months late tomorrow. Yes, funds on account to cover. Extended for another month
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Post by Duane Dibley on Sept 7, 2018 16:28:25 GMT
This week. Next week. Sometime. Never.
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blender
Member of DD Central
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Post by blender on Sept 8, 2018 8:37:31 GMT
The repayment of this loan is two months late today, and that seems rather hidden. Will the interest be paid today? We have the other one, two months late tomorrow. Yes, funds on account to cover. Extended for another month Yes, it seems that the loan term is being extended by Ablrate month by month. In which case we are due another 4% interest for the extension.
Lender terms and conditions:
Interest and Repayments
6.1 The repayments due to you on each loan you have made can be viewed in the Loan Details page section of the platform. The Loan Contract governs the payment of these amounts. We will post the interest and capital paid to your Lending Members Account on each payment date. ...
6.6 In exceptional circumstances and in its absolute discretion, Ablrate (acting as your agent and on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract in any of the following (limited) ways: ...
(d) to increase the term for such shorter period with a corresponding increase in interest rate to the higher of 13.5% or 4% above your interest rate
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ptr120
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Post by ptr120 on Sept 8, 2018 14:52:01 GMT
Yes, funds on account to cover. Extended for another month Yes, it seems that the loan term is being extended by Ablrate month by month. In which case we are due another 4% interest for the extension.
Lender terms and conditions:
Interest and Repayments
6.1 The repayments due to you on each loan you have made can be viewed in the Loan Details page section of the platform. The Loan Contract governs the payment of these amounts. We will post the interest and capital paid to your Lending Members Account on each payment date. ...
6.6 In exceptional circumstances and in its absolute discretion, Ablrate (acting as your agent and on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract in any of the following (limited) ways: ...
(d) to increase the term for such shorter period with a corresponding increase in interest rate to the higher of 13.5% or 4% above your interest rate
ablrate can you please confirm that the higher interest rate will be applied to this loan in line with your terms and conditions?
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ptr120
Member of DD Central
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Post by ptr120 on Sept 17, 2018 18:53:03 GMT
Yes, it seems that the loan term is being extended by Ablrate month by month. In which case we are due another 4% interest for the extension.
Lender terms and conditions:
Interest and Repayments
6.1 The repayments due to you on each loan you have made can be viewed in the Loan Details page section of the platform. The Loan Contract governs the payment of these amounts. We will post the interest and capital paid to your Lending Members Account on each payment date. ...
6.6 In exceptional circumstances and in its absolute discretion, Ablrate (acting as your agent and on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract in any of the following (limited) ways: ...
(d) to increase the term for such shorter period with a corresponding increase in interest rate to the higher of 13.5% or 4% above your interest rate
ablrate can you please confirm that the higher interest rate will be applied to this loan in line with your terms and conditions? Hi ablrate also a gentle nudge on the above it would be good to get an update and clarification. You may have decided, after consideration, not to implement the contractual higher interest rate for a short period of time, but it would be good to have the reassurance that this was considered and decided it was not appropriate for whatever reason, rather than it was simply forgotten about in this instance.
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blender
Member of DD Central
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Post by blender on Sept 17, 2018 21:15:57 GMT
Whatever the lender terms and conditions say, Ablrate can only enforce a contract which exists between the lender and the borrower, and which was created all that time ago. So, looking at the 27 page contract attached to loan 42, it seems that the default interest rate is 6% above the contracted interest rate, and it also seems, from schedule 3, that a default event occurred when the borrower failed to repay the principal on the due date. Extending the loan does not seem to be an option in this contract, especially without the agreement of the lenders. An explanation would be appreciated.
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Post by ablrate on Sept 18, 2018 9:59:59 GMT
Whatever the lender terms and conditions say, Ablrate can only enforce a contract which exists between the lender and the borrower, and which was created all that time ago. So, looking at the 27 page contract attached to loan 42, it seems that the default interest rate is 6% above the contracted interest rate, and it also seems, from schedule 3, that a default event occurred when the borrower failed to repay the principal on the due date. Extending the loan does not seem to be an option in this contract, especially without the agreement of the lenders. An explanation would be appreciated. We will give an update shortly, just awaiting some info from the lawyers.
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ptr120
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Post by ptr120 on Sept 19, 2018 17:47:50 GMT
Hi ablrate I've read the email update on this loan, but it doesn't mention anything about the higher interest rate and it would be helpful to have your confirmation that this has been applied. Perhaps the higher costs would also help to 'focus the mind' of the borrower?
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