TitoPuente
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Post by TitoPuente on Apr 17, 2020 11:48:01 GMT
this does seem to be a similar business model to Brighthouse high street chain. That did not end well. As has been noted a bit higher up in this thread, there is a small reference in the borrowing proposal that addresses the differences. Of course this is the company's own take, but shows that they are aware of the comparison.
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Post by ablrate on Apr 17, 2020 12:32:16 GMT
We are formulating and update from the borrower and will include this, thanks. It doesn't affect the medium term business, but I can see how this needs addressing for lenders
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Balder
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Post by Balder on Apr 21, 2020 11:49:19 GMT
That's OK then because it's cheaper and takes less time than going to the launderette! Now where is that fridgette located..........
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jonno
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nil satis nisi optimum
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Post by jonno on Apr 21, 2020 11:56:05 GMT
Mmm; not totally convinced this "effort" truly ranks as a "Case Study"
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jonno
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nil satis nisi optimum
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Post by jonno on Apr 21, 2020 12:29:28 GMT
I have to admit I find myself in a real dilemma over this one. I'm torn between wanting to support Ablrate by investing (although not a huge amount), but not being overly convinced on the ethics of the business model. Can anyone assuage my conscience and give me an easy way out?
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Post by ladywhitenap on Apr 21, 2020 12:54:24 GMT
This compays business model targets a particular segment of households that have aspirations to own new appliances and yet can't get conventional credit terms from the high street.
The company will no doubt buy items at trade discounts, get free delivery and rent them out at a rate that pays back the retail cost in about 40 weeks. During this time the appliance is under manufacturers warranty for parts and labour. They will have the cost of collecting the weekly rent but that is about all. Yes the weekly rent may well be lower than the cost of a laundrette and offer the convenience of laundry in their own home but overall the effective interest rate is very high indeed and unfairly penalises the households concerned.
LW
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SteveT
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Post by SteveT on Apr 21, 2020 13:05:10 GMT
This compays business model targets a particular segment of households that have aspirations to own new appliances and yet can't get conventional credit terms from the high street. The company will no doubt buy items at trade discounts, get free delivery and rent them out at a rate that pays back the retail cost in about 40 weeks. During this time the appliance is under manufacturers warranty for parts and labour. They will have the cost of collecting the weekly rent but that is about all. Yes the weekly rent may well be lower than the cost of a laundrette and offer the convenience of laundry in their own home but overall the effective interest rate is very high indeed and unfairly penalises the households concerned. LW Quite. They would generally save much more by picking up a decent second-hand appliance locally and, if they're worried by the prospect of it breaking down on them, adding cheap standalone appliance breakdown cover, eg. via www.comparethemarket.com/home-insurance/appliance-insurance/
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Post by ladywhitenap on Apr 21, 2020 13:14:44 GMT
This compays business model targets a particular segment of households that have aspirations to own new appliances and yet can't get conventional credit terms from the high street. The company will no doubt buy items at trade discounts, get free delivery and rent them out at a rate that pays back the retail cost in about 40 weeks. During this time the appliance is under manufacturers warranty for parts and labour. They will have the cost of collecting the weekly rent but that is about all. Yes the weekly rent may well be lower than the cost of a laundrette and offer the convenience of laundry in their own home but overall the effective interest rate is very high indeed and unfairly penalises the households concerned. LW Quite. They would generally save much more by picking up a decent second-hand appliance locally and, if they're worried by the prospect of it breaking down on them, adding cheap standalone appliance breakdown cover, eg. via www.comparethemarket.com/home-insurance/appliance-insurance/It is a sad fact that the finances of these households can be so hand to mouth that even saving up enough to buy secondhand is beyond their ability. I'm not sure what the answer it but I feel passionately that these type of finance companies are NOT the solution. LW
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Post by GSV3MIaC on Apr 21, 2020 15:49:34 GMT
Freecycle.
I have given away working washing machines before now, as have many others.
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Post by ladywhitenap on May 6, 2020 10:56:20 GMT
2 more days on this one and about 50% filled. I find myself hoping that this Rent to Buy loan wont fill on moral grounds but I suspect that there could be underwriters waiting in the wings to step in.
LW
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macq
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Post by macq on May 6, 2020 11:59:51 GMT
2 more days on this one and about 50% filled. I find myself hoping that this Rent to Buy loan wont fill on moral grounds but I suspect that there could be underwriters waiting in the wings to step in. LW Possibly might end up as a long term rental for them as well if they do
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ptr120
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Post by ptr120 on May 27, 2020 15:04:40 GMT
This loan is now trade-able on the SM and IR have also been paid. It raised £136,420.00 in the end. Not bad in the current climate I suppose.
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criston
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Post by criston on May 27, 2020 20:10:33 GMT
Has anyone been able to assess the total value of the security for this company, from the balance sheet.
Looks around £200k, but I am not used to studying balance sheets, so stand to be corrected.
I prefer to see bricks & mortar securities.
I originally dismissed this one, but now the loan total is somewhat less, I would like to come to a conclusion on the LTV.
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on May 6, 2021 18:57:04 GMT
April's payment not yet received, latest admin note of 28/4 "We have contacted the borrower and will credit funds as soon as they arrive", helpful ?
Their webiste is still up but their linked FB page doesn't appear to work, their Twitter was last updated 31/1/2019 and Instagram around similar time. It seems two Directors resinged the on 9/12 and the CEO incorporated a new Group company in October 20.
Hope all is well, although I wonder what their approach is over late payments ?
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TitoPuente
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Post by TitoPuente on May 10, 2021 10:58:33 GMT
April payment just in.
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