nick
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Post by nick on Jun 16, 2021 18:00:42 GMT
Yes, it appears Ablrate are getting as frustrated as investors. £10,000 arrived instead of £14287 Secondary market on 124 in the 94% range. I am disgusted with the way borrowers such as these could not give a stuff. It seems to be a culture that is accepted more & more across various platforms. Clearly the business is under cash flow stress, as I'm sure many are. The fact that they remain in dialogue and have paid some funds, if not the full amount, suggests to me that they are genuine in their intentions rather than just trying it on. The real test will be 12 months from now when they have to refinance their debt. Hopefully this gives them time to execute their business plan of realizing synergies and streamlining the operations of the four acquired businesses. The fact that they are still able to attract equity investment indicates that someone has faith that they can execute.......
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Post by Badly Drawn Stickman on Jun 16, 2021 18:12:12 GMT
Yes, it appears Ablrate are getting as frustrated as investors. £10,000 arrived instead of £14287 Secondary market on 124 in the 94% range. I am disgusted with the way borrowers such as these could not give a stuff. It seems to be a culture that is accepted more & more across various platforms. Or...... They sent a decent amount that they had and explained the problem with cash flow and committed to paying the balance as soon as they have it. Ablrate were wise enough to accept this position and taught them how to push, etc to get the money paid. The price on ASMX is arguably being set by the liquidity providers (their bids and offers are easy to spot) more than any logic, for that I do blame Ablrate. Edit, probably only fair to point out my low bids were filled by their tinkering so swings and roundabouts.
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p2pfan
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Post by p2pfan on Jun 16, 2021 19:10:12 GMT
Yes, it appears Ablrate are getting as frustrated as investors. £10,000 arrived instead of £14287 Secondary market on 124 in the 94% range. I am disgusted with the way borrowers such as these could not give a stuff. It seems to be a culture that is accepted more & more across various platforms. Well said. You're right, it's shameful that P2P platforms generally have this sort of "it doesn't matter" attitude towards late and non-payments from borrowers. If their own staff weren't paid their salaries there would be an uproar. But we lenders have to accept regular failure to pay from borrowers like this. This borrower has been feeding us with one excuse after another for years! They know they can get away with it again and again and again, because the P2P platform is toothless. Still, I'm glad that lenders and investors have had enough of unethical low lives like this borrower and that's reflected in the plummeting sale price on ASMX plus the borrower's pathetically low share price.
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travolta
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Post by travolta on Jun 16, 2021 19:40:29 GMT
May be naive but I think they are doing all they can in the current climate. I'm inclined to think well of them and wait in hope that they can come through this and make it work.
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blender
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Post by blender on Jun 17, 2021 8:38:46 GMT
At times of cash flow crises it is the creditor who makes the most trouble who gets paid. I have confidence in Ablrate doing that.
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criston
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Post by criston on Jul 20, 2021 17:24:33 GMT
LENDER UPDATE 15 JULY 2021: We have received notification from the Borrower that the loan payment due tomorrow will be delayed until at the earliest, early next week; following the clearance of funds, if indeed they ever get them. They apologise if there is a longer delay which is almost certain.
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blender
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Post by blender on Jul 21, 2021 15:17:44 GMT
LENDER UPDATE 15 JULY 2021: We have received notification from the Borrower that the loan payment due tomorrow will be delayed until at the earliest, early next week; following the clearance of funds, if indeed they ever get them. They apologise if there is a longer delay which is almost certain. They eventually made the June payment and I got out. There comes a time when payments become more than a month late and the joy of ASMX can no longer be experienced. Then you are on the bus until the terminus. I think the writing is fairly large on the wall.
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travolta
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Post by travolta on Jul 21, 2021 15:41:45 GMT
LENDER UPDATE 15 JULY 2021: We have received notification from the Borrower that the loan payment due tomorrow will be delayed until at the earliest, early next week; following the clearance of funds, if indeed they ever get them. They apologise if there is a longer delay which is almost certain. They eventually made the June payment and I got out. There comes a time when payments become more than a month late and the joy of ASMX can no longer be experienced. Then you are on the bus until the terminus. I think the writing is fairly large on the wall. How DID you get out ? if you dont mind my asking. Taking a big hit ? Is there anyone around willing to buy in to this company (that it so far behind in repayments) at reasonable rate.....
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blender
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Post by blender on Jul 21, 2021 20:16:36 GMT
I had spare cash in this earning interest after the refinance , and had bought at a modest discount. I thought the refinance was rather more secure than it turned out to be - they admitted subsequent cash-flow problems were preventing repayments at the same time as raising equity. That which I had remaining after the late June payment went around 97%. On 124 today there are bids of around £350 at 97.5%. I don't regard that as a big hit, for a modest amount. But I seem to be more nervous than most holders of this pair of loans- see June 16 for the optimists, though optimists may also be potential sellers. I hope these loans succeed.
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Jaydee
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Post by Jaydee on Jul 22, 2021 10:13:21 GMT
I had spare cash in this earning interest after the refinance , and had bought at a modest discount. I thought the refinance was rather more secure than it turned out to be - they admitted subsequent cash-flow problems were preventing repayments at the same time as raising equity. That which I had remaining after the late June payment went around 97%. On 124 today there are bids of around £350 at 97.5%. I don't regard that as a big hit, for a modest amount. But I seem to be more nervous than most holders of this pair of loans- see June 16 for the optimists, though optimists may also be potential sellers. I hope these loans succeed. i also got out in June and although took a small hit on the capital recovered, am well up after including the interest earned on this loan. I have learnt my lesson from other loans, that at the first whiff of problems keep a very close watch and if "problems" persist get out even if you take a small hit. With good judgement you should come out ahead when interest payments are included. This company struggles from month to month to make repayments whilst still trying to raise equity. It calls into question how they intend to find the cash to repay the loan(s). Refinance? 
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blender
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Post by blender on Jul 25, 2021 11:57:33 GMT
Yes, I never wish to get into a position where I am forced to hold a loan to term, come what may. I do sometimes choose to hold to term. An SM is essential to me. As a result I have never lost capital on Abl through a default, though I have taken a hit to exit a loan. I allow for those losses rather than defaults and overall I am very happy with the returns. There is management time involved, but my time is my own.
With this borrower there is a slight problem with refinancing in that the new lender may wish to be assured that the repayments can be made, including the principal. Unreasonable or what? More of an equity opportunity, but abl does not do debt/equity swaps.
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Post by ladywhitenap on Aug 19, 2021 9:07:45 GMT
Recent admin note for the late payment due 16/8/21 reads "The borrower is still awaiting a debtor book payment and will send as soon as received" Are we now providing an interest free overdraft facility to our borrowers? I could not find that in the borrower proposal. LW ablrate |
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agent69
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Post by agent69 on Aug 19, 2021 9:14:32 GMT
Recent admin note for the late payment due 16/8/21 reads "The borrower is still awaiting a debtor book payment and will send as soon as received" Are we now providing an interest free overdraft facility to our borrowers? I could not find that in the borrower proposal. LW ablrate A South coast plumber on AC has been waiting for debtor book payments for about 6 years!
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Post by darren on Aug 19, 2021 11:23:31 GMT
I must say I don't like how the "All Due Payments" page just shows "Not Paid" when a payment turns red, like the amount is kind of irrelevant now.
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Post by ladywhitenap on Aug 19, 2021 11:29:48 GMT
I must say I don't like how the "All Due Payments" page just shows "Not Paid" when a payment turns red, like the amount is kind of irrelevant now. About time this was fixed? This was a consequence of fixing some other problem with a patch several years ago**. ISTR complaining at the time but it never got fixed properly. LW ** January 2019 Extract from email between ABL and myself. My text in italics, plain text is from ABL "Further to our recent discussions on the points raised below, I thought I would take this opportunity to update you. “Another problem has been created in that I can no longer see how much I am owed by the "problem loans" such as those related to the B*****night issue when viewed in the "next payment" tables”This has been discussed internally and we have decided to mark them as ‘Not Paid’ at this time in such a scenario, until we can identify a better solution with our development team."
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