GreenZero
Member of DD Central
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 Jul 22, 2022 10:30:20 GMT
........ My huge worry is that the reason ABL has been conducting this "report" that is never disclosed to us, is that there is a similar issue with this borrower: the value of the securities has been hugely exaggerated and now we are all in hot water. Whatever the current value of the security, I sincerely hope ABL take urgent action and don't let this matter drag on further. Cars rapidly depreciate in value. This borrower has been given enough time. Waiting for a "report" to be concluded for several months is not going to enable any of us to get even a small ratio of our money back. Two short paragraphs that I'm sure all in this loan deserve a clear and meaningful answer to. Like p2pfan says, these are depreciating assets, so the longer this goes on, the less which will be recovered.
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Post by overthehill on Jul 22, 2022 11:50:04 GMT
I think ablrate investors are finally starting to accept the reality of the platform. You can't trust a car salesman and not all car salesmen have jobs selling cars.
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Balder
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Post by Balder on Jul 22, 2022 12:49:30 GMT
DBW told me via email on Monday 11th that an update would be published that week probably in the next couple of days. He has now gone into radio silence about it. Doesn't give me any confidence in running down the loan book I expect he will put Ablrate into administration soon as unfortunately his track record on delivery doesn't match his communications! opinion ablrate. |
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Steerpike
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Post by Steerpike on Jul 22, 2022 13:19:39 GMT
I have two wayward loans with ABL.
One has seen no recovery in 6 years of default and the other was put in to administration 4 years ago with no return since and is now being put in to administration again.
The chances of this wind down lasting long enough to make returns on these loans must be very close to zero.
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hubert
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Post by hubert on Aug 5, 2022 16:38:05 GMT
Worrying news on DD board.
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steveb
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Post by steveb on Aug 15, 2022 20:55:28 GMT
ablrate The last update I received last Wednesday said a separate email would be sent to lenders about these loans, most likely to be tomorrow. Have I missed it?
I have now been waiting for a meaningful update on these loans for 8 months (see admin notes).
Steve
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p2pfan
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Full-Time Investor
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Post by p2pfan on Aug 15, 2022 21:36:20 GMT
ablrate The last update I received last Wednesday said a separate email would be sent to lenders about these loans, most likely to be tomorrow. Have I missed it?
I have now been waiting for a meaningful update on these loans for 8 months (see admin notes).
Steve
Yes, I, too, have been waiting for the promised update. A camel will pass through the eye of a needle, but Ablrate will not let us know what has happened to these loans until Doomsday. As you say, we've been kept hanging and hanging since the start of this year. The only reason I can surmise for the curious behaviour is the news is not good and therefore Ablrate are desperately trying to keep matters top secret as long as possible.
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GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 225
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Post by GreenZero on Aug 16, 2022 6:39:08 GMT
This was raised many times but kicked in to the long grass followed by assurances that it was being sorted. However, it now looks to have been just a stalling tactic, specifically at the time when the assets values (second hand cars) were through the roof. Now, car prices have fallen, abl go into wind down and surprise surprise, A14 go in to administration....... Something tells me there are now cars either... Coincidence ablrate |
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hubert
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Post by hubert on Aug 25, 2022 11:29:29 GMT
Update 10/8/22'A***** Commercial Investors I
We note that A***** Commercial Investors 4 Limited has gone into administration. This SPV was unrelated to Ablrate lender's loans other than sharing a parent company.
We are updating lenders in a separate email likely to be tomorrow. We did not want to hold up the wider loan book update.'Have I missed it & if not, why was this statement made with no further comment. Please advise on the above ablrate & why do you leave yourself open to derision so frequently now.
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GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 225
Likes: 318
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Post by GreenZero on Aug 25, 2022 17:04:59 GMT
I wouldn't hold your breath..
Dubai holds his current attention, new appartments don't find themselves. Seems he couldn't wait to get out of the UK......I wonder why?
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dh1
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Post by dh1 on Sept 3, 2022 11:54:02 GMT
There's a pretty alarming email update on AC1, received this am. I'm still compiling the list of questions it prompts such as why didn't Ablrate act in December 2021?
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jryan
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Post by jryan on Sept 4, 2022 5:51:13 GMT
I've just read the same email from ablrate with some disquiet. It would absolutely seem to me that the horse has bolted on this one and I wonder why you would solely just rely about directors undertakings at face value. Surely some more substantive checks could have been made.
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r1200gs
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Post by r1200gs on Sept 6, 2022 13:16:57 GMT
ACI1 12 July 2022 Companies House Filing "Striking Off Action Suspended Action under Section 1000 of the Companies Act 2006 has been temporarily suspended as an objection to the striking off has been received by the Registrar" Was that your objection ablrate ? You speak in riddles, fellatthefirst. Probably for good reason.
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TitoPuente
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Post by TitoPuente on Sept 6, 2022 15:24:39 GMT
This company and its parent have a history of overdue accounts and overdue confirmation statements that trigger strike-offs in CH. These are probably the most benign of all the issues going on right now.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 12, 2022 18:11:47 GMT
Update 10/8/22'A***** Commercial Investors I
We note that A***** Commercial Investors 4 Limited has gone into administration. This SPV was unrelated to Ablrate lender's loans other than sharing a parent company.
We are updating lenders in a separate email likely to be tomorrow. We did not want to hold up the wider loan book update.'Have I missed it & if not, why was this statement made with no further comment. Please advise on the above ablrate & why do you leave yourself open to derision so frequently now. ACI4 Companies House showing that the Notice of deemed approval of proposals is being processed and will be available in 10 days. I expect it to be sooner than that. Not sure that is as exciting as youre implying ... its the statement of proposals that has the interesting stuff in, the approval is normally just an admin form
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