blender
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Post by blender on Jan 11, 2022 12:43:14 GMT
'Some boys romance, some boys slow dance
That's all right with me
If they can't raise my interest, then I have to let them be
Some boys try, and some boys lie
But I don't let them play, no way
Only boys that save their pennies make my rainy day'
Wise words from Madonna's appropriateness test.
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p2pfan
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Full-Time Investor
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Post by p2pfan on Jan 11, 2022 22:41:51 GMT
I'm come up with a canny plan to make loadsamoney in 2022, but please nobody tell Ablrate.
I'm going to borrow pilefuls of money via ABL. Then, every month, my system will send an automated canned reply to them with a different relevant buzzwords included each time round as the reason why I can't pay that month's interest ("Brexit", "Covid", "materials shortage", "accountant ill", "impending general election", "the dog ate the cheque I wrote to you" etc.). ABL will, of course, lap it up and, following several weeks of silence as per their usual habit, after lenders keep chasing them up, pass on the relevant excuse to their hard-done-by lenders. As ABL lenders are gullible, they will buy the fake excuses.
As ABL are such a walkover, as we see with A** and a huge ratio of other borrowers choosing to neither pay interest nor return capital, and that being the state of affair for years with the likes of A** and VUL***, well before anybody had ever heard of Covid, I will never have to pay back the money I borrowed or the interest on it.
Then, like AF and other ABL borrowers who decide not to pay their debts, I will then by able to afford to live in a mansion that would be the envy of the Royal Family.
See how clever how I am?
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Post by overthehill on Jan 12, 2022 10:14:51 GMT
I'm come up with a canny plan to make loadsamoney in 2022, but please nobody tell Ablrate. I'm going to borrow pilefuls of money via ABL. Then, every month, my system will send an automated canned reply to them with a different relevant buzzwords included each time round as the reason why I can't pay that month's interest ("Brexit", "Covid", "materials shortage", "accountant ill", "impending general election", "the dog ate the cheque I wrote to you" etc.). ABL will, of course, lap it up and, following several weeks of silence as per their usual habit, after lenders keep chasing them up, pass on the relevant excuse to their hard-done-by lenders. As ABL lenders are gullible, they will buy the fake excuses. As ABL are such a walkover, as we see with A** and a huge ratio of other borrowers choosing to neither pay interest nor return capital, and that being the state of affair for years with the likes of A** and VUL***, well before anybody had ever heard of Covid, I will never have to pay back the money I borrowed or the interest on it. Then, like AF and other ABL borrowers who decide not to pay their debts, I will then by able to afford to live in a mansion that would be the envy of the Royal Family. See how clever how I am?
Over the last 5 years Proplend have used an unimaginative policy for problem loans and borrowers, either keep the interest reserve and payments up to date and/or reduce the outstanding capital as a sign of good faith. Not doing any of these actions is just hedging losses in case the loan sinks. Whether a loan comes good or not, all the increased risk is borne by the lender.
Due to low investor confidence, no loanbooks are going to grow until there is some consolidation, asset selling or external refinance.
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ptr120
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Post by ptr120 on Jan 12, 2022 12:17:58 GMT
ablrate don't visit these boards anymore (last logged on in November last year). There will be a reason for that and it is behavior entirely in line with the actions of platforms that have gone before them who are now in administration.
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Post by Badly Drawn Stickman on Jan 12, 2022 21:03:51 GMT
I suppose it is a judgement call with regards to the forum and it seems the decision has been taken not to try and communicate here. Or he may have forgotten the password.
What is not and should not be optional is general communication by email. The current 'news blackout' has to be verging on insulting to investors. Even a simple 'holding' email is usually enough to display that things are happening. It just seems a little rabbit in the headlights currently.
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blender
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Post by blender on Jan 13, 2022 9:09:16 GMT
Or possibly he is taking heed of the old adage 'If you have nothing to say, don't say it'.
I have a personal exemption from that caution on this forum, obviously.
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ptr120
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Post by ptr120 on Jan 13, 2022 9:42:38 GMT
If that is true (and it may well be) it is equally as troubling that he has nothing to say in terms of actions taken etc.
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blender
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Post by blender on Jan 14, 2022 23:11:56 GMT
It was good to receive the general update from DBW today. He did have some things to say on quite a few loans.
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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
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Post by GreenZero on Jan 25, 2022 18:18:48 GMT
Loan 1000100 Last admin note 10/12/21LENDER UPDATE 10 December 2021: Pending a wholesale review of the Borrower we are temporarily suspending trading in the Loan Exchange. During this period the Borrower is continuing to make its payments as they become due. Further information will be provided in due course.No payment received 25/12 and now 25/1 Poor show ablrate |
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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 Feb 8, 2022 15:26:37 GMT
A read of p9 of the last admin report for C****rt***k might prove interesting in relation to these loans  Might explain why there has been repayment issues |
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hubert
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Post by hubert on Feb 8, 2022 15:38:53 GMT
A read of p9 of the last admin report for C****rt***k might prove interesting in relation to these loans Might explain why there has been repayment issues If that is an Ablrate 'admin report' you are referring to, do you have a loan number please, as I do not recognise the name ? Or please PM me.
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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
Posts: 11,315
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Post by ilmoro on Feb 8, 2022 15:45:51 GMT
A read of p9 of the last admin report for C****rt***k might prove interesting in relation to these loans Might explain why there has been repayment issues If that is an Ablrate 'admin report' you are referring to, do you have a loan number please, as I do not recognise the name ? Or please PM me. No, Insolvency administrators report for a Ablrate borrower (recovered in full)
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p2pfan
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Full-Time Investor
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Post by p2pfan on Mar 2, 2022 17:01:55 GMT
Does anybody have any insights into what's actually going on with these loans and when we can expect to get paid?
I've had no joy in getting any meaningful info from AblRate.
I'm sweating as have a whopping sum loaned to them. Alongside all the issues with the AF loans and several others, it leaves a bad taste in one's mouth.
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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
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Post by GreenZero on Mar 2, 2022 17:27:10 GMT
Does anybody have any insights into what's actually going on with these loans and when we can expect to get paid? I've had no joy in getting any meaningful info from AblRate. I'm sweating as have a whopping sum loaned to them. Alongside all the issues with the AF loans and several others, it leaves a bad taste in one's mouth. When I asked what was going on back in mid February I was told - "We have engaged a third party to review the loans so that we can provide a comprehensive update to lenders and we hope to have that soon"Abl meaning of "soon" is different to mine, although it was only their hope afterall.
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Post by Badly Drawn Stickman on Mar 3, 2022 13:24:21 GMT
Possibly worth considering that with Ablrate a third party could just be the left hand as opposed to the right.
Why these are not paying may well be explained by a post in DDc posted by the poster with the porcine headwear. If the cause is greater than that the third party would logically be some form of default manager.
The core problem is the one Ablrate seem unwilling or unable to master, simply keeping its Lenders in the loop.
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Might explain why there has been repayment issues