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Post by ladywhitenap on Dec 30, 2020 12:10:13 GMT
ablrateAs per title. For example loan 65 was due to pay on 24th Dec and today the admin note paraphrased is "Funds not received. We have been advised to expect payment to be made in the coming week" Yes ok it is a holiday period and maybe their cash flow is impacted but any self respecting business would have been in touch before the holiday to say they forecast a difficulty with payment and to ASK if they could be granted some help and pay in the first week of the new year instead of saying nothing until they were prodded today. Yes we are all experiencing difficult times whether it be in business or personally but at the moment it seems we lenders are always getting short shrift. Another element for the Ablrate new year resolutions list should be to be firmer with borrowers and let it be known they expect to be informed of issues and non-payment is not to be taken for granted. LW
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Balder
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Post by Balder on Dec 30, 2020 12:34:35 GMT
I agree. Hardly as if the loan book has hundreds of borrowers. ablrate could have been proactive in December and contacted all borrowers with payments due over the holiday and reminded them of their commitments. (I am assuming they didn't).
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sapphire
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Post by sapphire on Dec 30, 2020 12:41:04 GMT
Speaking of Ablrate New Year resolutions, I would suggest that one of these should be to Under promise and Over deliver to lenders, particularly as regards dates and timescales.
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brianlom1
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Post by brianlom1 on Dec 30, 2020 16:21:11 GMT
Interesting thread
My immediate reaction is if these are the only things we've got to moan about then we're in a very fortunate position
I only wish that CollateralUK, Lendy, FundingSecure, MoneyThing etc were in a similar state
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Balder
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Post by Balder on Dec 30, 2020 16:44:53 GMT
Interesting thread My immediate reaction is if these are the only things we've got to moan about then we're in a very fortunate position I only wish that CollateralUK, Lendy, FundingSecure, MoneyThing etc were in a similar state and what were the initial signs of them going wrong I wonder.
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brianlom1
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Post by brianlom1 on Dec 30, 2020 17:44:39 GMT
Interesting thread My immediate reaction is if these are the only things we've got to moan about then we're in a very fortunate position I only wish that CollateralUK, Lendy, FundingSecure, MoneyThing etc were in a similar state and what were the initial signs of them going wrong I wonder. Inflated property valuations, poor customer service/a refusal to respond to investor questions, retrospective change to Ts & Cs and, according to my interpretation of administrator reports, outright fraud in some cases - none of which we would associate with Abl I trust?
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blender
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Post by blender on Dec 30, 2020 19:13:55 GMT
and what were the initial signs of them going wrong I wonder. Inflated property valuations, poor customer service/a refusal to respond to investor questions, retrospective change to Ts & Cs and, according to my interpretation of administrator reports, outright fraud in some cases - none of which we would associate with Abl I trust? And poor regulation, especially with Coll. None of the above applies to Ablrate. However, some borrower 'interests' are too important to fail, which makes for a lack of clout when routine payments are missed. But I really cannot understand the weakness with 120 and 124 where the cheque has been in the post for six months or so. Not too big to default.
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Post by Badly Drawn Stickman on Dec 30, 2020 22:49:05 GMT
Tough crowd.
I would suggest pragmatic in very unusual times more than soft touch.
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Post by df on Dec 30, 2020 23:09:15 GMT
ablrate As per title. For example loan 65 was due to pay on 24th Dec and today the admin note paraphrased is "Funds not received. We have been advised to expect payment to be made in the coming week" Yes ok it is a holiday period and maybe their cash flow is impacted but any self respecting business would have been in touch before the holiday to say they forecast a difficulty with payment and to ASK if they could be granted some help and pay in the first week of the new year instead of saying nothing until they were prodded today. Yes we are all experiencing difficult times whether it be in business or personally but at the moment it seems we lenders are always getting short shrift. Another element for the Ablrate new year resolutions list should be to be firmer with borrowers and let it be known they expect to be informed of issues and non-payment is not to be taken for granted. LW VSL is 12% - high return comes with high risk. Late payments are not unusual even for much lower rate lending, I think in the bigger picture ABL handles late payments and other issues very well.
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Post by ladywhitenap on Jan 9, 2021 10:56:50 GMT
I think many of us are sympathetic/tolerant/accepting of the businesses affected by Covid converting their repayment plans but what is the position for non payment for other reasons? I'm thinking particularly of the borrower with banking problems. some are trickling through now but nevertheless are late. I feel we should at least be getting extra interest and this should be claimed by the borrower from their bankers.
Thoughts?
LW
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p2pfan
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Post by p2pfan on Jan 13, 2021 10:48:48 GMT
The majority of other P2P platforms have been a soft touch on borrowers and that's why I've wound down my loans through them. I became fed up of hearing excuses (start from well before the Coronavirus) of lenders not paying and the platforms constantly being biased in the favour of borrowers versus the rights of lenders.
Becoming lax with receiving interest payments is one of the few insights we get into the inner-workings of AblRate. Yes, they have been a particularly impressive platform, thusfar, but so were those other platforms named above and other well-known European platforms until they started going downhill and eventually went bust.
Therefore, AblRate becoming substandard on a few fronts (for example, they stated in November that loans would go live in December, some of which still haven't even though we're into mid-January) and their particularly unhealthy obsession with ASMX which is obviously distracting them from core tasks within their business (previously the obsession was with "CBILS" and you couldn't watch a single video for months without it being the main, passionate subject talked about - odd for a P2P platform) is the reason why I also am stepping back from lending via the platform as a precaution. I'm not saying I'm hugely worried about AblRate or that I'm pausing my investments with them, but they do need to up their game on these persistent late and non-payments.
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woodie
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Post by woodie on Jan 17, 2021 12:51:58 GMT
Please can anybody help, I've lost 30 bob and can't find them anywhere.
Oh its ok, they are with the £360* that everybody else invested in Loan 150 has lost.
*assuming only 2 days late and reinvestment onto the ABL Platform
Breaking News: I have it on good authority that Shipping Containers were not found on the upper slopes of the Jungfrau
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blender
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Post by blender on Jan 18, 2021 0:11:27 GMT
Please can anybody help, I've lost 30 bob and can't find them anywhere. Oh its ok, they are with the £360* that everybody else invested in Loan 150 has lost. *assuming only 2 days late and reinvestment onto the ABL Platform Breaking News: I have it on good authority that Shipping Containers were not found on the upper slopes of the Jungfrau You sure about that?
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withnell
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Post by withnell on Jan 18, 2021 8:40:17 GMT
Please can anybody help, I've lost 30 bob and can't find them anywhere. Oh its ok, they are with the £360* that everybody else invested in Loan 150 has lost. *assuming only 2 days late and reinvestment onto the ABL Platform Breaking News: I have it on good authority that Shipping Containers were not found on the upper slopes of the Jungfrau I have some regular standing orders on my current accounts, and every time they fall on a weekend day they are paid the following Monday. I have a personal loan that collects by Direct Debit, always the following working day for a weekend payment Your interest on the entire balance is c. £15 per day, but the actual loss you would suffer from a 2 day delay is the interest on the repayment, so c. 32p Total loan £500,000; Repayment £5,417; 2 days = 5417*.13/365*2 = £3.86 Your share of this = £3.86 * 30 / 360 = £0.32
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Post by Badly Drawn Stickman on Jan 18, 2021 9:49:31 GMT
Please can anybody help, I've lost 30 bob and can't find them anywhere. Oh its ok, they are with the £360* that everybody else invested in Loan 150 has lost. *assuming only 2 days late and reinvestment onto the ABL Platform Breaking News: I have it on good authority that Shipping Containers were not found on the upper slopes of the Jungfrau I have some regular standing orders on my current accounts, and every time they fall on a weekend day they are paid the following Monday. I have a personal loan that collects by Direct Debit, always the following working day for a weekend payment Your interest on the entire balance is c. £15 per day, but the actual loss you would suffer from a 2 day delay is the interest on the repayment, so c. 32p Total loan £500,000; Repayment £5,417; 2 days = 5417*.13/365*2 = £3.86 Your share of this = £3.86 * 30 / 360 = £0.32 Whilst not really considering weekend payments that important in the big scheme of things........ I seem to recall a while back there being a discussion about direct debit and Ablrate, and them not being used due to limits and that payments are essentially manual, that may have changed since. If not a Friday payment would have been perfectly possible
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