ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315 
Likes: 11,523
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Post by ilmoro on Apr 18, 2023 18:46:04 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.
What ... did they not read the instructions?
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r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
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Post by r1200gs on Apr 19, 2023 7:11:40 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 ?Because the only thing he could possibly do is give a grovelling apology, and that won't happen. Ablrate have given a lot of our money away, much of it to his chums it seems.
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tony9239
Member of DD Central
Posts: 101
Likes: 202
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Post by tony9239 on Apr 19, 2023 13:44:18 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 ?Because the only thing he could possibly do is give a grovelling apology, and that won't happen. Ablrate have given a lot of our money away, much of it to his chums it seems. Re the A**1 No-car loans, this appears to be a complete dereliction of duty by ABL. For there to be no security at all suggests either breath-taking incompetence or collusion with crooks. Given these guys (like most defaulting ABL borrowers) are DBW mates, I lean towards the latter.
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p2pfan
Member of DD Central
Full-Time Investor
Posts: 781 
Likes: 889
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Post by p2pfan on Apr 19, 2023 14:43:50 GMT
Folks, you need to file formal complaints about these loans, on which hundreds of thousands of pounds were taken from Ablrate lenders who are unlikely to ever see a penny of their money back, with every organisation possible, such as the Financial Ombudsman Service.
Just posting complaints on these forums won't achieve a thing.
The Powers That Be behind these loans are sunning themselves on beaches in far-flung lands off the back of the vast riches they have accumulated receiving funds from loans like these. They couldn't care less what you wrote on these forums.
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Post by Badly Drawn Stickman on Apr 19, 2023 15:37:47 GMT
Folks, you need to file formal complaints about these loans, on which hundreds of thousands of pounds were taken from Ablrate lenders who are unlikely to ever see a penny of their money back, with every organisation possible, such as the Financial Ombudsman Service. Just posting complaints on these forums won't achieve a thing. The Powers That Be behind these loans are sunning themselves on beaches in far-flung lands off the back of the vast riches they have accumulated receiving funds from loans like these. They couldn't care less what you wrote on these forums. I mostly agree, it is probably time to start an action group to organise structured complaints. I am sure the forum administrators would if asked provide a secure members only area to facilitate it. Maybe somebody would care to be 'gatekeeper and coordinator'? I would suggest Ablrate Action And Research Group Home, abbreviated to AAARGH obviously. I would disagree to an extent with posting on the open forum serving little purpose. It exposes problems to a wider audience. For example lets create a fictitious person as an example.... Lets say somebody called Matty Haycox (a name I have obviously just made up) was a shallow egotistic crook, naming and shaming would probably annoy them no end. It might also prevent them being successful in future ventures.
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blender
Member of DD Central
Posts: 5,719
Likes: 4,272
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Post by blender on Apr 20, 2023 15:04:28 GMT
Hattie May Cox is also best avoided.
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elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
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Post by elliotn on Apr 22, 2023 11:23:13 GMT
Hattie May Cox is also best avoided. "Excellence in origination". Also best avoided. By potential shills to retail investors. (Proceedings increasingly possible.)
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 400
Likes: 416
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Post by brianlom1 on Apr 23, 2023 9:30:25 GMT
Folks, you need to file formal complaints about these loans, on which hundreds of thousands of pounds were taken from Ablrate lenders who are unlikely to ever see a penny of their money back, with every organisation possible, such as the Financial Ombudsman Service. Just posting complaints on these forums won't achieve a thing. The Powers That Be behind these loans are sunning themselves on beaches in far-flung lands off the back of the vast riches they have accumulated receiving funds from loans like these. They couldn't care less what you wrote on these forums. I mostly agree, it is probably time to start an action group to organise structured complaints. I am sure the forum administrators would if asked provide a secure members only area to facilitate it. Maybe somebody would care to be 'gatekeeper and coordinator'? I would suggest Ablrate Action And Research Group Home, abbreviated to AAARGH obviously. I would disagree to an extent with posting on the open forum serving little purpose. It exposes problems to a wider audience. For example lets create a fictitious person as an example.... Lets say somebody called Matty Haycox (a name I have obviously just made up) was a shallow egotistic crook, naming and shaming would probably annoy them no end. It might also prevent them being successful in future ventures. I've created p2pindependentforum.com/thread/19982/p2p-complaints, is this what you had in mind?
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Post by muttley916 on Apr 25, 2023 7:40:18 GMT
I cant access it. Is it in DD?
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 400
Likes: 416
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Post by brianlom1 on Apr 25, 2023 10:52:24 GMT
I cant access it. Is it in DD? Yes it is
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,582
Likes: 2,615
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Post by keitha on Apr 25, 2023 10:53:28 GMT
yes it's in DD
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Post by feedme on May 7, 2023 11:01:22 GMT
How does one get access?
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iRobot
Member of DD Central
Posts: 1,680
Likes: 2,477
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Post by iRobot on May 7, 2023 11:58:13 GMT
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hubert
Member of DD Central
Posts: 188
Likes: 119
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Post by hubert on May 7, 2023 12:08:19 GMT
Post like mad to get to 50. 36 to go.
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r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
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Post by r1200gs on Jun 1, 2023 18:27:31 GMT
"Can't pay versus Won't pay" volume however many it is up to now The UBO of ACI1 (etc.) has not been resting on his laurels. Despite being so delinquent on so many loans to ablrate lenders (& others - don't forget ACI4 for example), he has had a busy couple of weeks. On 1 Jun 2023, it was reported at Companies House that he became Director and PSC for a ladies' clothing company that was previously in the hands of another name that will be familiar to many readers of this board. Just days before that, on 22 May 2023, it was reported at Companies House that he had become a Director of a London based holding company. Given that all the other three Directors resigned on the same day, he was left as the sole Director. Then, on 23 May 2023, it was reported that he had become the PSC, with the shares being held - since 22 May 2023 - by a Portugese company (of which one of the previous Directors of the London company was the named contact on various websites). I can only presume that he has some connection to that Portugese company. According to its last filed accounts the London company had £5.1m of fixed assets - might that cause a few creditors to prick up their ears? Wow, just wow. I had no idea this world existed.
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