littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 17, 2020 7:25:43 GMT
Always? I'm still waiting for a penny to come back from the container loans where I was promised by Ablrate that they would find a solution to ensure that nobody looses out, It's over 4 years since they were defaulted, and with no confirmation of legal action even yet commencing against the borrower there seems more risk of us dying out before we have the chance to lose out at present. To be fair, I think we all understand why it has taken so long and would love to see justice served, but there has to be a line drawn under those loans IMV. At this point, I would personally rather receive a good portion of my money back under a settlement and have done with it, though appreciate others may take a different view. Yes I take a different view. I would rather receive even less than a good portion. In my mind (and on my tax return) it was all lost long ago. Surely it's just a can kicking exercise by Abl.
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blender
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Post by blender on Jun 17, 2020 7:45:12 GMT
It's over 4 years since they were defaulted, and with no confirmation of legal action even yet commencing against the borrower there seems more risk of us dying out before we have the chance to lose out at present. To be fair, I think we all understand why it has taken so long and would love to see justice served, but there has to be a line drawn under those loans IMV. At this point, I would personally rather receive a good portion of my money back under a settlement and have done with it, though appreciate others may take a different view. Yes I take a different view. I would rather receive even less than a good portion. In my mind (and on my tax return) it was all lost long ago. Surely it's just a can kicking exercise by Abl.Not so simple. The costs associated with this can kicking must be at least 50% of the outstanding capital (£80k outstanding?) - I recall that costs were said to be over £20k some years ago. So Abl would be the biggest individual loser, I believe, if nothing could be recovered. They must see assets and are playing the long game. The commitment to none losing out was surprising at the time, rash but creditable, imo. Abl might have some difficulty in writing off their costs and refunding the loan from their balance sheet.
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jonno
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nil satis nisi optimum
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Post by jonno on Jun 17, 2020 8:42:58 GMT
Yes I take a different view. I would rather receive even less than a good portion. In my mind (and on my tax return) it was all lost long ago. Surely it's just a can kicking exercise by Abl.Not so simple. The costs associated with this can kicking must be at least 50% of the outstanding capital (£80k outstanding?) - I recall that costs were said to be over £20k some years ago. So Abl would be the biggest individual loser, I believe, if nothing could be recovered. They must see assets and are playing the long game. The commitment to none losing out was surprising at the time, rash but creditable, imo. Abl might have some difficulty in writing off their costs and refunding the loan from their balance sheet.
Agreed, it did seem a tad rash at the time. But don't think for one moment that ABL don't have the capacity to "change their minds"; after all, there was never going to be costs associated with the secondary market was there?
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r00lish67
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Post by r00lish67 on Jun 17, 2020 9:44:03 GMT
Not so simple. The costs associated with this can kicking must be at least 50% of the outstanding capital (£80k outstanding?) - I recall that costs were said to be over £20k some years ago. So Abl would be the biggest individual loser, I believe, if nothing could be recovered. They must see assets and are playing the long game. The commitment to none losing out was surprising at the time, rash but creditable, imo. Abl might have some difficulty in writing off their costs and refunding the loan from their balance sheet.
Agreed, it did seem a tad rash at the time. But don't think for one moment that ABL don't have the capacity to "change their minds"; after all, there was never going to be costs associated with the secondary market was there? Well, if the February update was accurate, then I'd hope legal action would now be underway. Hopefully we'll find out soon.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 17, 2020 10:52:58 GMT
Yes I take a different view. I would rather receive even less than a good portion. In my mind (and on my tax return) it was all lost long ago. Surely it's just a can kicking exercise by Abl.Not so simple. The costs associated with this can kicking must be at least 50% of the outstanding capital (£80k outstanding?) - I recall that costs were said to be over £20k some years ago. So Abl would be the biggest individual loser, I believe, if nothing could be recovered. They must see assets and are playing the long game. The commitment to none losing out was surprising at the time, rash but creditable, imo. Abl might have some difficulty in writing off their costs and refunding the loan from their balance sheet.
I really hope you are right. Any return would be a welcome bonus. As a rule of thumb I think it is not generally worth pursuing a claim with any sort of complication and which will be defended, for under £100k or so as legal costs escalate so rapidly. Unless you can get a no-win-no-fee deal, and that is the reason such deals exist.
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Post by ablrate on Jun 17, 2020 11:00:05 GMT
Not so simple. The costs associated with this can kicking must be at least 50% of the outstanding capital (£80k outstanding?) - I recall that costs were said to be over £20k some years ago. So Abl would be the biggest individual loser, I believe, if nothing could be recovered. They must see assets and are playing the long game. The commitment to none losing out was surprising at the time, rash but creditable, imo. Abl might have some difficulty in writing off their costs and refunding the loan from their balance sheet.
I really hope you are right. Any return would be a welcome bonus. As a rule of thumb I think it is not generally worth pursuing a claim with any sort of complication and which will be defended, for under £100k or so as legal costs escalate so rapidly. Unless you can get a no-win-no-fee deal, and that is the reason such deals exist. Not necessarily the case. If a borrower is going to be wound up (i.e they are generally being uncooperative), then you can spend the legals to the appointment of an insolvency firm. After that the firm itself is racking up the fees. We work with a forensic insolvency form who look into pretty much everything hence the directors liability to the borrower company being over £1 million now. We had reached a legal situation where the pressure was on with the container loan... and then COVID hit... and suddenly the borrower had ever excuse in the world.. again... this is now falling away and we will go again. Our legal bill was £30k btw.
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blender
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Post by blender on Jun 17, 2020 14:55:56 GMT
I am glad the legal costs stopped rising, but £30k is no small amount. Presumably that is cash spent, and does not include staff costs. What would Funding Suckers have done? Answers on a postcard, please. There must be assets to go for, and a reasonable chance of getting them, or it makes no sense. Patience (still) required. [It's easy to be philosophical when you do not hold it - apart from survivor guilt. We only received a few hundred pounds of each loan per account, and my allocation was only 'resting' on the SM, not really for sale.]
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Post by df on Jun 17, 2020 17:05:57 GMT
It doesn't, but it is historically evident that Ablrate is always in control of the situation. Always? I'm still waiting for a penny to come back from the container loans where I was promised by Ablrate that they would find a solution to ensure that nobody looses out, Container is still under control in my book. I compare with some other platforms - FS for example, where they had no clue what was happening with some of their loans or didn't do anything about the recoveries.
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criston
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Post by criston on Jun 17, 2020 17:55:40 GMT
Appreciate the hard line Ablrate have taken on 101, but wish I could understand all what they are saying.
If anyone does understand it, in it's entirety, please enlighten me.
I presume most of it surrounds the original rejected offer, with regard to the false statement.
As to the two large figures mentioned at the end, I assume these were part of the original £900k security; without wading through the original documentation. Also is it now difficult to get it back?
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