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Post by Badly Drawn Stickman on Mar 10, 2023 15:32:27 GMT
It certainly sounds like investors with ISA's are dragging down returns for everybody. Clearly a case here for such accounts to carry a levy if the holder wishes to keep the status.
I will just leave that there.
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r1200gs
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Post by r1200gs on Mar 10, 2023 16:33:52 GMT
I read today's lender update. Wow. That's all. Just wow. For some reason I don't have the update. Any chance of some clues as to why wow?
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eeyore
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Post by eeyore on Mar 10, 2023 17:10:29 GMT
It certainly sounds like investors with ISA's are dragging down returns for everybody. Clearly a case here for such accounts to carry a levy if the holder wishes to keep the status. I will just leave that there. That sounds to me a potentially divisive comment. Whilst I agree with the need to highlight the issue, I'd rather the comment be phrased as: " It certainly sounds like the costs incurred in operating ISA accounts are dragging down returns for everybody". If operating ISA accounts incurs greater costs than the standard accounts then that's an issue for ABLrate - to offer an 'enhanced' service at the same 'standard' price was a decision made by ABLrate presumably because it was seen as some sort of loss leader. If it weren't for the threat of falling into administration, my inclination would be to say that not charging extra for ISA accounts was just a poor decision which the equity holders in ABLrate should be responsible for...
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eeyore
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Post by eeyore on Mar 10, 2023 17:24:50 GMT
I'd take issue with the obvious resentment towards those individuals who have been monitoring the ABLrate loans even where the individual might not have an investment in a particular loan. As a (now ex-) investor in a couple of these loans, I appreciate the efforts of others in keeping me up-to-date with developments. What does it say about ABLrate if they would prefer the investigations on behalf of lenders to be limited? It strikes me that they'd rather there to be no investigation!
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Post by Badly Drawn Stickman on Mar 10, 2023 17:50:06 GMT
It certainly sounds like investors with ISA's are dragging down returns for everybody. Clearly a case here for such accounts to carry a levy if the holder wishes to keep the status. I will just leave that there. That sounds to me a potentially divisive comment. Whilst I agree with the need to highlight the issue, I'd rather the comment be phrased as: " It certainly sounds like the costs incurred in operating ISA accounts are dragging down returns for everybody". If operating ISA accounts incurs greater costs than the standard accounts then that's an issue for ABLrate - to offer an 'enhanced' service at the same 'standard' price was a decision made by ABLrate presumably because it was seen as some sort of loss leader. If it weren't for the threat of falling into administration, my inclination would be to say that not charging extra for ISA accounts was just a poor decision which the equity holders in ABLrate should be responsible for... In truth I pitched it divisive. That's why I added the second line, I am well aware a good few regular posters have ISA's and was waiting for reaction. Yes lots of different ways of looking at it as to who should be picking up the tab, but in the real World Ablrate (which is now effectively one man) is clearly no longer able to cover it with operating costs. Not having an ISA with them myself, I feel somewhat unhappy if they are costing me potential returns. So yes it is an issue that would seem to require a few options being put on the table that may well benefit us all. The jury must surely be well and truly 'still out' as to any potential tax benefits outweighing the costs of ditching the tax wrapper over what could be several years of waiting for fruit to ripen.
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james100
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Post by james100 on Mar 10, 2023 18:29:14 GMT
I'd take issue with the obvious resentment towards those individuals who have been monitoring the ABLrate loans even where the individual might not have an investment in a particular loan. As a (now ex-) investor in a couple of these loans, I appreciate the efforts of others in keeping me up-to-date with developments. What does it say about ABLrate if they would prefer the investigations on behalf of lenders to be limited? It strikes me that they'd rather there to be no investigation! I am a lender on some loans, but not these loans. It is important to me to see how DBW / ablrate proceed on each & every loan. Important because that gives me an indication of how they are likely to proceed when dealing with the next one - which could be one on which I am a lender. Winding down the loan book could never be smooth sailing, but it isn't helped (imo) by anything that raises such fundamental questions as those raised by this settlement. DBW could, of course, very easily go a long way to settling the matter by simply issuing a lender update that identifies the third party buyer of each of the four pubs. You don't need to explain yourself (not least because the logic is pretty obvious). And thank you for the questions you have raised - all which should have been pre-emptively addressed by Ablrate in timely and complete communications with lenders. I'd like to think lessons have been learned etc but have to say I was taken aback by some of the phrasing used in the email...time will tell but I hope that the company now appreciates the need for greater transparency hereon.
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optimist
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Post by optimist on Mar 24, 2023 21:37:26 GMT
Getting to the point I'm thinking of getting out of P2P and a pub sounds nice.
Better not tell you lot though
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r1200gs
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Post by r1200gs on Apr 4, 2023 10:07:14 GMT
I'm passing there later today, maybe I should pop in for a pint? Ask a few questions and end up supporting a motorway bridge?
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markyg61
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Post by markyg61 on Apr 4, 2023 10:19:43 GMT
104 & 105 now written off, officially !!
"We understand that this may not have been an easy situation for you." you think !!
Dear xxxxx, We am writing to inform you that remaining capital on 1000105 is now written off as we do not believe there is a prospect of further recovery. While we remain available for any insolvency practioner who may, in the future, seek further recoveries we do not believe that more funds would be returned to lenders. We recognize that the borrower was unable to meet their financial commitments as initially agreed, and we sincerely apologize for losses that this may have caused. In each default situation we aim to address recoveries in a manner that provides the best outcome for lenders and we have tried a number of strategies to get the best result. Unfortunately this does not always result in a full recovery and in some cases significant losses. We understand that this may not have been an easy situation for you.
Dear xxxxx, We am writing to inform you that remaining capital on 1000104 is now written off as we do not believe there is a prospect of further recovery. While we remain available for any insolvency practioner who may, in the future, seek further recoveries we do not believe that more funds would be returned to lenders. We recognize that the borrower was unable to meet their financial commitments as initially agreed, and we sincerely apologize for losses that this may have caused. In each default situation we aim to address recoveries in a manner that provides the best outcome for lenders and we have tried a number of strategies to get the best result. Unfortunately this does not always result in a full recovery and in some cases significant losses. We understand that this may not have been an easy situation for you.
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Post by scepticalinvestor on Jun 25, 2023 13:46:17 GMT
According to its facebook, the Wingate pub (that was part of the security for 104) has reopened today, after a refurbishment. Land registry shows no change of ownership of the building. Premises licence register shows no change of licensee. Time to check the directors' Insta feeds.... just kidding ofc Is there a plausible scenario for something like this? LR records can take a very long time to update.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Jun 25, 2023 19:54:35 GMT
In response to my emailed question:
"Who is the buyer? The decision to not reveal the identity of the buyer is fuelling suspicion of a cover up. What is preventing Ablrate from making a clear and unambiguous statement confirming the buyer's identity?"
DBW replied:
"The contracted buyer was 'Third Place Inns Limited' who dealt directly with our lawyers, Clarion. This was never a mystery as ultimately land registry details will be updated and the documents contained confidentiality clauses as do most legal documents. Our obligation to regulators and services like the FOS override these confidentiality clauses and we are able to disclose that here. Again, as the loans are bilateral in nature lenders do not have to ask our permission to take action at any stage."
I posted the entire correspondence on DD ('Tricky Questions?' thread) a couple of months ago.
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r1200gs
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Post by r1200gs on Jun 26, 2023 12:41:05 GMT
According to the landlady of the pub close by, the current people have been in the t** house a long time, no new faces.
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Balder
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Post by Balder on Aug 30, 2023 6:45:39 GMT
The "plan" presents itself more and more with time as the FCA stand by inactive and impotent while lenders are victims of what is essentially organised theft.
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Balder
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Post by Balder on Aug 30, 2023 7:01:50 GMT
I think the Dock needs extending for others (who may or may not have beards and a tan) to keep him company!
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