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Post by ablrate on Sept 20, 2018 9:51:40 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? The loan will attract the higher rate, but we are taking counsel on whether the funds on account can pay this. In recovery, if it gets to that, the larger rate will be factored in on settlement.
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ptr120
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Post by ptr120 on Sept 20, 2018 18:48:18 GMT
Thanks ablrate I appreciate the reply
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victors
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Post by victors on Sept 25, 2018 13:14:02 GMT
Looks from latest update that the situation is being well-managed.
If only other lenders were as decisive.
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Post by fisherman on Sept 25, 2018 16:25:36 GMT
Very impressed by the prompt action being taken by Ablrate. Some other sites appear to regard repayment as optional.
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nw99
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Post by nw99 on Sept 26, 2018 7:53:43 GMT
That’s why they are No 1
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kaya
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Post by kaya on Sept 26, 2018 8:51:16 GMT
So what about the long promised raising of equity funds to repay? Just a clever lie story to buy some time? If <the borrower> cannot be trusted to keep their word on that, then why should they be trusted on anything else?
This situation requires the strongest management, and hopefully Ablrate can indeed provide that.
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blender
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Post by blender on Sept 26, 2018 15:39:54 GMT
So what about the long promised raising of equity funds to repay? Just a clever lie story to buy some time? If <the borrower> cannot be trusted to keep their word on that, then why should they be trusted on anything else?
This situation requires the strongest management, and hopefully Ablrate can indeed provide that.
I know another platform who state that if they believe that the borrower is being straight and using best endeavours to repay, then they take no action until they no longer believe. The point is that Ablrate may have believed or not believed in the imminent cash injection, always said to be coming soon, but belief was not enough to trump the need to take early contingent action, in case that belief faded. Belief is only enough if it's your own money at risk. We have a few £k in this and are happy with the general handling.
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kaya
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Post by kaya on Sept 29, 2018 11:22:33 GMT
Given that secondary market trading was suspended due to imminent repayment, and that that no longer appears to be the case (despite the maturity dates currently showing), is their any reason ablrate why secondary market trading cannot be resumed?
There may be those who fancy their chances with the increased rate of interest (not yet showing), now (presumably) to be applied.
In any event, the info requires updating to reflect the current situation.
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elliotn
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Post by elliotn on Sept 29, 2018 12:34:54 GMT
Given that secondary market trading was suspended due to imminent repayment, and that that no longer appears to be the case (despite the maturity dates currently showing), is their any reason ablrate why secondary market trading cannot be resumed?
There may be those who fancy their chances with the increased rate of interest (not yet showing), now (presumably) to be applied.
In any event, the info requires updating to reflect the current situation.
I would imagine that, even more than imminent repayment (or negative yield), potential default was reason for ablrate to suspend the market - what unknown term could be used to explain the yield to investors for example? Even Ly suspend SM when the risk profile materially changes.
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kaya
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Post by kaya on Oct 1, 2018 11:59:58 GMT
Granted. More in hope than expectation!
So time to call a spade a spade. Defaulted? Extended with a timetable of proposed repayments?
The present nebulous 'arrangement' does no good to inspire my confidence in either ablrate or the borrower.
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kaya
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Post by kaya on Oct 2, 2018 8:58:13 GMT
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Post by ablrate on Oct 2, 2018 9:54:39 GMT
Ah, so now we know - its an ''adhoc amortising loan'' now. Best phrase we could come up with....
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Post by Badly Drawn Stickman on Oct 2, 2018 10:01:10 GMT
Ah, so now we know - its an ''adhoc amortising loan'' now. Best phrase we could come up with.... I would love to see what is on the 'cutting room floor' if that was the final version.
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blender
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Post by blender on Oct 2, 2018 10:10:08 GMT
The name is ok with us here, because it is held in an 'Innovative Finance' ISA. 'Ad hoc' is so much more snappy than 'making things up as we go along' or 'seat of the pants' amortisation. At least there is a plan and we know where we stand. That's appreciated.
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Monetus
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Post by Monetus on Oct 2, 2018 10:24:04 GMT
Apparent solid security 16% interest "ad hoc" amortising What's not to like? Take your time..
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