A**1 car loans (ABL)

I asked for an update and was told:-

"The wholesale review is ongoing at this stage"

I then asked for when was the planned date for the review to be completed - no answer yet to that one.

I also reminded them that they said payments would continue during the review - they haven't why? - no answer yet to that one.

Received an email today:-


Hi 


Forgive my tardiness on this I have been away. The information request is expected to be completed by 15th April and there will be a few days to formulate the report by the third party business.



Best

D

See you was not confident enough to put the year

It feels wrong to like this post, but the radio silence from abl is shocking.

Mid Feb 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."

Anyone can have bad luck and that's why I rate a company on how they handle themsleves when things go wrong. The way this clients portfolio of loans is being managed gives true meaning to kicking it in to the long grass, Coupled with the removal of the SM, it will be a VERY long time before these get settled, if ever.

The way abl has or hasn't handled the AF and ACI situations has proven to me they are no longer deserving my business and I bet I'm and not the only one thinking this way. 

I'm still following my stated course in that report. ABLrate is still my largest platform (no longer through choice, as I would have liked to have exited the bulk of my standard and Inherited accounts). The XIRR is continuing to fall due to the many loans that are not currently paying. I've happily invested in this years loans to what I consider to be reputable borrowers, but would have been more reluctant if they were longer terms.

I'm extremely disappointed with the lack of information coming from ABLrate on the defaulted loans. Surely they could say something on some of them. You're right that I would struggle to call it a favourite in the current situation. Sorry if you feel that I've misled you. My postings are the honest opinions of a strictly amateur, but fairly experienced P2P investor. 

There's not just radio silence on this loan, it's many others. For example the gym one has not paid for two months, but there's not a single word from Ablrate.

All I've ever been hearing from borrowers for decades and decades is moaning and whinging with one excuse after another why they can't pay my loans. P2P platforms - most of who are in the pockets of borrowers and generally don't care the slightest about lenders - are even more vocal and enthusiastic in detailing one reason after another why they will not give me my money back. In the case of these A*I ones, for once in my life I was expecting some very sizeable bonus payments because the second-hand car market is booming as you state. 

But I reckon the borrowers are so busy sipping £3k bottles of champagne at their incredibly good fortunate during these times when second-hand car prices have gone through the roof that their inebriated state has resulted in them forgetting to make their regular payments over the last several months or to devote five minutes to getting an update their lenders nevermind the fantasy of them doling out a bonus payment.

Took longer than Sue Grey!