number5
Member of DD Central
Posts: 449
Likes: 98
|
Post by number5 on Feb 6, 2020 20:19:41 GMT
What is the link of 85 to 97/104/105?
The update for these sounded positive today...should I not be getting my hopes up?
|
|
tommo
Member of DD Central
Posts: 70
Likes: 97
|
Post by tommo on Feb 6, 2020 20:26:16 GMT
What is the link of 85 to 97/104/105? The update for these sounded positive today...should I not be getting my hopes up? 85 is finished. Capital loss to lenders. Others were indeed positive.
|
|
ptr120
Member of DD Central
Posts: 1,197
Likes: 1,345
|
Post by ptr120 on Feb 6, 2020 20:27:26 GMT
What about the PG associated with 85?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,789
Likes: 11,010
|
Post by ilmoro on Feb 6, 2020 20:38:58 GMT
What about the PG associated with 85? Declared bankrupt May 2019
|
|
ptr120
Member of DD Central
Posts: 1,197
Likes: 1,345
|
Post by ptr120 on Feb 6, 2020 20:47:26 GMT
What about the PG associated with 85? Declared bankrupt May 2019 Thanks ilmoro . ablrate, why were we not told that the PG was made bankrupt in May 2019? Did I miss something?
|
|
|
Post by stevem on Feb 6, 2020 21:14:35 GMT
The worrying thing for me is how the security which was originally "valued" at just over £500,000 27 months ago only realise £45,000 when sold.
This makes some other platforms valuation shortfalls look almost reasonable, I do appreciate Ablrate's efforts to get the best return but if the valuation was so far out it was never going to happen.
I'm not a big investor by any stretch of the imagination but this has cost me 16% of all the interest I have earned from Ablrate in 3 years or so (not a lot in real terms) but worse it has made me worry about valuations if anything else goes wrong.
|
|
number5
Member of DD Central
Posts: 449
Likes: 98
|
Post by number5 on Feb 6, 2020 21:20:17 GMT
What is the link of 85 to 97/104/105? The update for these sounded positive today...should I not be getting my hopes up? 85 is finished. Capital loss to lenders. Others were indeed positive. I understand that, but is there any link between 85 and the remaining...i.e. same borrower etc. Or just happen to be on same thread?
|
|
|
Post by ablrate on Feb 7, 2020 8:40:57 GMT
Declared bankrupt May 2019 Thanks ilmoro . ablrate , why were we not told that the PG was made bankrupt in May 2019? Did I miss something? It was in the addendum on 16/10/19
|
|
|
Post by ablrate on Feb 7, 2020 8:48:53 GMT
The worrying thing for me is how the security which was originally "valued" at just over £500,000 27 months ago only realise £45,000 when sold.
This makes some other platforms valuation shortfalls look almost reasonable, I do appreciate Ablrate's efforts to get the best return but if the valuation was so far out it was never going to happen.
I'm not a big investor by any stretch of the imagination but this has cost me 16% of all the interest I have earned from Ablrate in 3 years or so (not a lot in real terms) but worse it has made me worry about valuations if anything else goes wrong.
Sadly, this was a scenario where the trend basically went against the assets. As discussed in the document it was a very good set up, but the market was wanting smaller units. Should we have waited and stored the equipment there would have been costs for taking out the equipment, circa £20,000 and costs for storing it, with no gurantee of a sale. There are other matters wthin the business that we are looking at, but for now we have called it as it is. We hate not being able to recover everything plus more, but in this scenario we had limited options in the end, depsite our best efforts and for that we apologise.
|
|
pi
Member of DD Central
Posts: 57
Likes: 28
|
Post by pi on Feb 7, 2020 10:06:04 GMT
And I bought it on Secondary Market so my loss is even higher. 50% of interest of ABL in last 2+ years. Its a shame that I had just started trusting a P2P platofrm and this happened. ABL must have tried their best but its just my bad luck (or DD) not sure.
|
|
|
Post by ladywhitenap on Feb 7, 2020 10:41:27 GMT
And I bought it on Secondary Market so my loss is even higher. 50% of interest of ABL in last 2+ years. Its a shame that I had just started trusting a P2P platofrm and this happened. ABL must have tried their best but its just my bad luck (or DD) not sure. In my forays into P2P ( zopa, Rebs, Lendy, MT and ABL) ABL have been by far the best communicators and their tenacity in getting the best deal they can in the event of problems has been superb. No one should be going into P2P with eys closed and expecting no losses. Advertised returns in the 12% range are NEVER going to be realised with out an element of risk whether it be repayment delays, missed payments or capital losses. Keep up the good reputation ABL LW
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Feb 7, 2020 12:09:15 GMT
And I bought it on Secondary Market so my loss is even higher. 50% of interest of ABL in last 2+ years. Its a shame that I had just started trusting a P2P platofrm and this happened. ABL must have tried their best but its just my bad luck (or DD) not sure. You and me both, pj. I greedily bought in heavily at discount on the back of the positive resolution rhetoric posted in admin notes at the time. I should have learned my lesson after making the same mistake with Lendy DFL004! This is a painful loss. There were significant unforeseen circumstances which led to such a poor return and, whilst I'm absolutely gutted, I trust Ablrate fully explored all options. One thing of note, Ablrate is usually very good at communicating but I received no email alerting me to the outcome of this loan other than the standard 'Payment Made' communication. Lenders not using their initiative to delve further may still be in the dark as to their situation. ablrate Can you confirm that the amount listed in "Your Investment" for this loan is the amount of capital outstanding after the settlement payment? You mention "There are other matters wthin the business that we are looking at"; I understand there are no guarantees behind this statement, but are you able to give a gut feeling as to the likelihood, scale and timeline of any further repayment (eg. slim chance of minor payment, concluded within 6 months)? Additionally, at present the capital loss outstanding is shown positively in my "Total funds in this account", are there plans within the new UI to make clear the amount of funds deemed unredeemable? My preference would be for the loss on such loans to be removed from my top line total funds figure, as clearly I am no longer in possession of such funds.
|
|
|
Post by muttley916 on Feb 7, 2020 13:06:06 GMT
Ablrate can you also advise on the amount returned to lenders please?
10% received vs a recovery of 14%
Thanks.
|
|
|
Post by scottdt on Feb 7, 2020 13:39:27 GMT
And I bought it on Secondary Market so my loss is even higher. 50% of interest of ABL in last 2+ years. Its a shame that I had just started trusting a P2P platofrm and this happened. ABL must have tried their best but its just my bad luck (or DD) not sure. You and me both, pj. I greedily bought in heavily at discount on the back of the positive resolution rhetoric posted in admin notes at the time. I should have learned my lesson from making the same mistake with Lendy DFL004! This is a painful loss. There were significant unforeseen circumstances which led to such a poor return and, whilst I'm absolutely gutted, I trust Ablrate fully explored all options. One thing of note, Ablrate is usually very good at communicating but I received no email alerting me to the outcome of this loan other than the standard 'Payment Made' communication. Lenders not using their initiative to delve further may still be in the dark as to their situation. ablrate Can you confirm that the amount listed in "Your Investment" for this loan is the amount of capital outstanding after the settlement payment? You mention "There are other matters wthin the business that we are looking at"; I understand there are no guarantees behind this statement, but are you able to give a gut feeling as to the likelihood, scale and timeline of any further repaymentm (eg. slim chance of minor payment, concluded within 6 months)? Additionally, at present the capital loss outstanding is shown positively in my "Total funds in this account", are there plans within the new UI to make clear the amount of funds deemed unredeemable? My preference would be for the loss on such loans to be removed from my top line total funds figure, as clearly I am no longer in possession of such funds. +1 for removing balance outstanding from platform funds as soon as the primary security has been realised
|
|
|
Post by Ace on Feb 7, 2020 16:29:08 GMT
You and me both, pj. I greedily bought in heavily at discount on the back of the positive resolution rhetoric posted in admin notes at the time. I should have learned my lesson from making the same mistake with Lendy DFL004! This is a painful loss. There were significant unforeseen circumstances which led to such a poor return and, whilst I'm absolutely gutted, I trust Ablrate fully explored all options. One thing of note, Ablrate is usually very good at communicating but I received no email alerting me to the outcome of this loan other than the standard 'Payment Made' communication. Lenders not using their initiative to delve further may still be in the dark as to their situation. ablrate Can you confirm that the amount listed in "Your Investment" for this loan is the amount of capital outstanding after the settlement payment? You mention "There are other matters wthin the business that we are looking at"; I understand there are no guarantees behind this statement, but are you able to give a gut feeling as to the likelihood, scale and timeline of any further repaymentm (eg. slim chance of minor payment, concluded within 6 months)? Additionally, at present the capital loss outstanding is shown positively in my "Total funds in this account", are there plans within the new UI to make clear the amount of funds deemed unredeemable? My preference would be for the loss on such loans to be removed from my top line total funds figure, as clearly I am no longer in possession of such funds. +1 for removing balance outstanding from platform funds as soon as the primary security has been realised +2
|
|