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 Oct 13, 2022 7:49:06 GMT
Should these loans go completely belly up and no monies be returned, I firmly believe ablrate have to provide clear answers on their failure to act earlier which has had a direct detrimental impact on their investors. |
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p2pfan
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Full-Time Investor
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Post by p2pfan on Oct 13, 2022 9:06:08 GMT
Should these loans go completely belly up and no monies be returned, I firmly believe ablrate have to provide clear answers on their failure to act earlier which has had a direct detrimental impact on their investors. Very fair point. But "clear answers" are not accepted as payment by our utility providers. I would suggest Ablrate reimburse all lenders in full for how they've handled these loans. Even now the default strategy seems to be continued of "say nothing" and "do nothing" while Rome burns.
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Balder
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Post by Balder on Oct 13, 2022 9:26:18 GMT
Should these loans go completely belly up and no monies be returned, I firmly believe ablrate have to provide clear answers on their failure to act earlier which has had a direct detrimental impact on their investors. Very fair point. But "clear answers" are not accepted as payment by our utility providers. I would suggest Ablrate reimburse all lenders in full for how they've handled these loans. Even now the default strategy seems to be continued of "say nothing" and "do nothing" while Rome burns. Isn't this just complete fraud by the borrower? Why do we see this again and again and administrators fail to get the police involved? If DBW is to keep any reputation to enable him to continue in business anywhere then he needs to step up OR perhaps he does know what he has allowed to happen via his platform!
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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 Oct 13, 2022 9:28:57 GMT
Should these loans go completely belly up and no monies be returned, I firmly believe ablrate have to provide clear answers on their failure to act earlier which has had a direct detrimental impact on their investors. Very fair point. But "clear answers" are not accepted as payment by our utility providers. I would suggest Ablrate reimburse all lenders in full for how they've handled these loans. Even now the default strategy seems to be continued of "say nothing" and "do nothing" while Rome burns. Depending on how this pans out, these clear answers may later be important to regulators and prosecutors. This document makes it sound like these loans were void ab initio This month's update from DBW will certainly be interesting and prompt some responses.
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Post by overthehill on Oct 13, 2022 9:41:30 GMT
Very fair point. But "clear answers" are not accepted as payment by our utility providers. I would suggest Ablrate reimburse all lenders in full for how they've handled these loans. Even now the default strategy seems to be continued of "say nothing" and "do nothing" while Rome burns. Depending on how this pans out, these clear answers may later be important to regulators and prosecutors. This document makes it sound like these loans were void ab initio This month's update from DBW will certainly be interesting and prompt some responses.
Rome burns followed by Latin, nice touch ! I always thought most of the non-property loans were a croc of  i.e. stop repaying capital, pay interest to keep the wolves happy, extract profits, no intention to repay capital. I got out of everything except AF, at least I didn't pay any ridiculous premium for any of it !
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on Oct 13, 2022 9:57:04 GMT
Very fair point. But "clear answers" are not accepted as payment by our utility providers. I would suggest Ablrate reimburse all lenders in full for how they've handled these loans. Even now the default strategy seems to be continued of "say nothing" and "do nothing" while Rome burns. If DBW is to keep any reputation to enable him to continue in business anywhere then he needs to step up OR perhaps he does know what he has allowed to happen via his platform! The stupid mug that I am also loaned a sizeable sum of my money to another car leasing business, Buy2LetCars. It suddenly went into Administration early last year. It has come to light it was an out-and-out fraud, wherein the Administrators have discovered that the business only bought 1/6th of the cars they stated they had. I have a similar worry about A*I, that the value of the vehicles that is supposed to be the collateral is not what they purported it was. The wheels of justice turn extremely slowly in this country, but the Serious Fraud Office have arrested the Director of Buy2LetCars, raided their homes and confiscated the passport of a Director who was at risk of scarpering to Africa. I sincerely hope ACI etc. can finally begin to show some respect to their lenders of millions of pounds and disclose what's going on without us trying to determine what the situation is from third-party sources. As the Directors of Buy2LetCars discovered, simply trying to run away from one's "doings" is not an option.
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Post by overthehill on Oct 13, 2022 10:19:47 GMT
Isn't this just complete fraud by the borrower? Why do we see this again and again and administrators fail to get the police involved? If DBW is to keep any reputation to enable him to continue in business anywhere then he needs to step up OR perhaps he does know what he has allowed to happen via his platform! The stupid mug that I am also loaned a sizeable sum of my money to another car leasing business, Buy2LetCars. It suddenly went into Administration early last year. It has come to light it was an out-and-out fraud, wherein the Administrators have discovered that the business only bought 1/6th of the cars they stated they had. I have a similar worry about A*I, that the value of the vehicles that is supposed to be the collateral is not what they purported it was. The wheels of justice turn extremely slowly in this country, but the Serious Fraud Office have arrested the Director of Buy2LetCars, raided their homes and confiscated the passport of a Director who was at risk of scarpering to Africa. I sincerely hope ACI etc. can finally begin to show some respect to their lenders of millions of pounds and disclose what's going on without us trying to determine what the situation is from third-party sources. As the Directors of Buy2LetCars discovered, simply trying to run away from one's "doings" is not an option.
I hate hearing stories about people getting ripped off.
The car industry is a rogue industry ripe for consumer exploitation, immoral or illegal, full of soft and hard criminals at every level. No UK government over the last 30 years has done anything to stop or punish fraud, their only tool is information. Unless you have money to get justice and your money back, you're screwed. I imagine it is a horrible and hopeless feeling trying to report financial fraud.
A few days ago, one of the mechanics in the garage tried to overcharge me until I asked for a cost breakdown. The boss was on holiday !
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Post by jevans4949 on Oct 13, 2022 10:37:47 GMT
Experience tells me there is always a greater risk with stock / working capital loans. By their nature, these things get used up. The proceeds of the sales get spent on the borrower's other costs (e.g. salaries), or he replenishes the stock but doesn't pay the suppliers' invoices. Equipment once used has a lower second-hand value. Bricks and mortar is safer security, although valuations may be optimistic.
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hubert
Member of DD Central
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Post by hubert on Oct 13, 2022 11:21:03 GMT
Is anyone expecting a different outcome from ACI1? If so, I’d like to read the logic used to teach that conclusion please. As you are reading this ablrate, it would be appreciated if you could answer that for us.
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Post by Ace on Mar 7, 2023 16:34:29 GMT
Another filing at Companies House stating that the administrator's report will be available in 7 days.
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p2pfan
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Full-Time Investor
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Post by p2pfan on Apr 18, 2023 12:39:45 GMT
Back on 26 May 2022, ablrate stated "We commissioned a report on the company and its security and have been told that this report will be available to us next week. We will digest that report and let lenders know its conclusions and next steps." AFAIK, there was no substantive update on the findings of that report given to lenders.You will know from my comments on the purported sale of the pubs associated with loans 97, 104 and 105 that independent verification of the claims made by the parties to such matters is my preference. That applies here too (same borrower). Maybe I am more paranoid than I need to be, but given the ACI 1 statement of affairs, it really would not surprise me if the proportion of the money lent by ablrate lenders that ended up being secured against a car is lower than many lenders thought it would be when they put their money into ACI 1. I wouldn't go so far as to say there are / were no car loans, but I will go so far as to say that I would be very surprised if any car is ever repossessed to raise funds to settle the debt owed to ablrate by ACI 1. I agree with you. The results of this much-hyped report were not made available to lenders. No doubt because the report would have revealed too many skeletons in the cupboard and what a farce these loans were. Therefore, Ablrate undoubtedly decided to 'go quiet' on this report we were made to wait months for. A*I, like most Ablrate loans, has turned out to be ridiculously mismanaged. I don't know how the Powers That Be can sleep at night, knowing how badly they have let lenders down. Then again, I probably can, as they enjoy their shut eye covered in silk blankets in the plushest five star hotels in Dubai or Cyprus. You're right, the chances of cars being sold for us to get our money back are next to none. I also invested in Buy2LetCars, in which I was endlessly reassured lenders' loans were backed, at very low LTVs, by thousands of cars. Total sum of money returned to lenders years after the Administration: zero point zero. What monies can be realised from the business will all go to administrators and lawyers etc.
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Balder
Member of DD Central
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Post by Balder on Apr 18, 2023 13:41:49 GMT
crook perhaps!
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Post by muttley916 on Apr 18, 2023 14:12:16 GMT
Yet another disgrace where the wool has been pulled over lenders eyes to generate false security.
If my post count was higher I’d look on the dd board, but I can’t face the reality of what I’ve got involved in with this loan and many others.
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Post by Ace on Apr 18, 2023 16:45:55 GMT
I completely fail to understand how the value of the company's assets can be zero, at least via any legitimate means. As I understood it, the company lent funds to 100 motor traders and took security over cars that would be "very difficult" to sell without our borrower's permission! Additionally, a personal guarantee was taken from all 100 traders who had to be home owners. And don't forget the weekly visits from an account manager to check the stock! How the heck can all of those cars and homes now have disappeared via any legal means? I must also confess that I fail to understand the various inter company loans. Are there legitimate reasons for these? If there really is no value left, how will the administrator be paid? If the carcase is already bare, does this mean that there's no incentive for the administrator to bother to uncover any wrongdoings and ensure that someone is held to account? These particular loans are smelling worse than the pub loans!!! And why no comment from ablrate? |
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Post by overthehill on Apr 18, 2023 18:02:18 GMT
I completely fail to understand how the value of the company's assets can be zero, at least via any legitimate means. As I understood it, the company lent funds to 100 motor traders and took security over cars that would be "very difficult" to sell without our borrower's permission! Additionally, a personal guarantee was taken from all 100 traders who had to be home owners. And don't forget the weekly visits from an account manager to check the stock! How the heck can all of those cars and homes now have disappeared via any legal means? I must also confess that I fail to understand the various inter company loans. Are there legitimate reasons for these? If there really is no value left, how will the administrator be paid? If the carcase is already bare, does this mean that there's no incentive for the administrator to bother to uncover any wrongdoings and ensure that someone is held to account? These particular loans are smelling worse than the pub loans!!! And why no comment from ablrate ?
I could answer your very last question but it wouldn't be constructive. The last loan to AF blew the facade off.
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i.e. stop repaying capital, pay interest to keep the wolves happy, extract profits, no intention to repay capital. I got out of everything except AF, at least I didn't pay any ridiculous premium for any of it !
