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Post by ablrate on Jan 18, 2021 12:27:20 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. Hi Sometimes I do need to chip in. 1. We haven't telegraphed loans for this specific reason. It is an extra task that needs managing for lenders expectations and the variables in bringing loans to the platform are such that we would have to telling everyone everything about expected timings. For us, it doesn't work and all we get is aggro! So from now on we will give you notice when the loans are ready an consider a tech solution for this on the new website coming in the next few weeks (the shop front, not the platform). We appreciate that notice is a good thing, and we will see what is the best way to do this, but timing is not an exact science. 2. 'Unhealthy obsession with ASMX'. -liquidity is a vital part of this space. Our 'unhealthy obsession' is with giving the best return, with the best liquidity available to a lot of people. Zig Zigler once said 'You can get everything in life you want if you just help enough other people get what they want'. Lenders come to us because they want good yield at an acceptable risk adjusted return with liquidity when you need it. That is the Holy Grail and you are right, it is an obsession of our team and we make no apologies for that. Other platforms have had 'liquidity events', 'normalisation periods', so when liquidity was not available on those platforms people came to us for that liquidity. I appreciate it may not be important to you on an individual level, but liquidity is nothing short of crucial in this space and doesn't get much press... yet. The loan exchange has traded £1.7 million since we opened it, spreads have decreased and professional liquidity is coming.... you're welcome... 3. Late payments. There is no platform more aggressive than us in recovery or when managing loans. My team spend hours everyday managing loans on your behalf. This includes much more than just calling up and saying 'hey where is the payment' especially in these times. The fact is, however, you can be as aggressive as you like but if you are totally inflexible as a platform you can easily cause more problems than you solve. Late payments are not acceptable to us, but where they cannot be avoided we have to be flexible.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Jan 18, 2021 14:59:55 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. Hi Sometimes I do need to chip in. 1. We haven't telegraphed loans for this specific reason. It is an extra task that needs managing for lenders expectations and the variables in bringing loans to the platform are such that we would have to telling everyone everything about expected timings. For us, it doesn't work and all we get is aggro! So from now on we will give you notice when the loans are ready an consider a tech solution for this on the new website coming in the next few weeks (the shop front, not the platform). We appreciate that notice is a good thing, and we will see what is the best way to do this, but timing is not an exact science. 2. 'Unhealthy obsession with ASMX'. -liquidity is a vital part of this space. Our 'unhealthy obsession' is with giving the best return, with the best liquidity available to a lot of people. Zig Zigler once said 'You can get everything in life you want if you just help enough other people get what they want'. Lenders come to us because they want good yield at an acceptable risk adjusted return with liquidity when you need it. That is the Holy Grail and you are right, it is an obsession of our team and we make no apologies for that. Other platforms have had 'liquidity events', 'normalisation periods', so when liquidity was not available on those platforms people came to us for that liquidity. I appreciate it may not be important to you on an individual level, but liquidity is nothing short of crucial in this space and doesn't get much press... yet. The loan exchange has traded £1.7 million since we opened it, spreads have decreased and professional liquidity is coming.... you're welcome... 3. Late payments. There is no platform more aggressive than us in recovery or when managing loans. My team spend hours everyday managing loans on your behalf. This includes much more than just calling up and saying 'hey where is the payment' especially in these times. The fact is, however, you can be as aggressive as you like but if you are totally inflexible as a platform you can easily cause more problems than you solve. Late payments are not acceptable to us, but where they cannot be avoided we have to be flexible. ablrate - in terms of 'telegraphing' loans, could I suggest the Proplend 'pending loans' tab as an example that works well (https://www.proplend.com/dashboard-lender/loans/upcoming-loans). Basic details of upcoming loans are provided (description of project, LTV, interest rate, loan term, amount) but loans are listed in alphabetical order and there's no indication of timing.
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alibaba
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Post by alibaba on Jan 18, 2021 15:50:21 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. Hi Sometimes I do need to chip in. 1. We haven't telegraphed loans for this specific reason. It is an extra task that needs managing for lenders expectations and the variables in bringing loans to the platform are such that we would have to telling everyone everything about expected timings. For us, it doesn't work and all we get is aggro! So from now on we will give you notice when the loans are ready an consider a tech solution for this on the new website coming in the next few weeks (the shop front, not the platform). We appreciate that notice is a good thing, and we will see what is the best way to do this, but timing is not an exact science. 2. 'Unhealthy obsession with ASMX'. -liquidity is a vital part of this space. Our 'unhealthy obsession' is with giving the best return, with the best liquidity available to a lot of people. Zig Zigler once said 'You can get everything in life you want if you just help enough other people get what they want'. Lenders come to us because they want good yield at an acceptable risk adjusted return with liquidity when you need it. That is the Holy Grail and you are right, it is an obsession of our team and we make no apologies for that. Other platforms have had 'liquidity events', 'normalisation periods', so when liquidity was not available on those platforms people came to us for that liquidity. I appreciate it may not be important to you on an individual level, but liquidity is nothing short of crucial in this space and doesn't get much press... yet. The loan exchange has traded £1.7 million since we opened it, spreads have decreased and professional liquidity is coming.... you're welcome... 3. Late payments. There is no platform more aggressive than us in recovery or when managing loans. My team spend hours everyday managing loans on your behalf. This includes much more than just calling up and saying 'hey where is the payment' especially in these times. The fact is, however, you can be as aggressive as you like but if you are totally inflexible as a platform you can easily cause more problems than you solve. Late payments are not acceptable to us, but where they cannot be avoided we have to be flexible. I have been considering in investing in Ablrate for sometime now, having read this reply I will definitely be investing.
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blender
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Post by blender on Jan 18, 2021 16:20:55 GMT
Sometimes I do need to chip in. 1. We haven't telegraphed loans for this specific reason. It is an extra task that needs managing for lenders expectations and the variables in bringing loans to the platform are such that we would have to telling everyone everything about expected timings. For us, it doesn't work and all we get is aggro! So from now on we will give you notice when the loans are ready an consider a tech solution for this on the new website coming in the next few weeks (the shop front, not the platform). We appreciate that notice is a good thing, and we will see what is the best way to do this, but timing is not an exact science. 2. 'Unhealthy obsession with ASMX'. -liquidity is a vital part of this space. Our 'unhealthy obsession' is with giving the best return, with the best liquidity available to a lot of people. Zig Zigler once said 'You can get everything in life you want if you just help enough other people get what they want'. Lenders come to us because they want good yield at an acceptable risk adjusted return with liquidity when you need it. That is the Holy Grail and you are right, it is an obsession of our team and we make no apologies for that. Other platforms have had 'liquidity events', 'normalisation periods', so when liquidity was not available on those platforms people came to us for that liquidity. I appreciate it may not be important to you on an individual level, but liquidity is nothing short of crucial in this space and doesn't get much press... yet. The loan exchange has traded £1.7 million since we opened it, spreads have decreased and professional liquidity is coming.... you're welcome... 3. Late payments. There is no platform more aggressive than us in recovery or when managing loans. My team spend hours everyday managing loans on your behalf. This includes much more than just calling up and saying 'hey where is the payment' especially in these times. The fact is, however, you can be as aggressive as you like but if you are totally inflexible as a platform you can easily cause more problems than you solve. Late payments are not acceptable to us, but where they cannot be avoided we have to be flexible. Chipping in is welcome and I agree with 1 and 3. On 2 you create a straw man by equating ASMX with liquidity. We all want liquidity. Ablrate has had a good SM since the early days, and in 2020 the fact that this platform provides true, unmediated, p2p meant that Ablrate had better liquidity than, for example certain 'quick access' and term accounts elsewhere which were designed to look and feel like savings accounts - though never promoted as such. I am grateful for that and I guess so are others. The issue is that ASMX is thought to distract resources while currently giving the just same liquidity that the old and simpler SM gave. The benefits may come in the future. We hope so.
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Post by Badly Drawn Stickman on Jan 18, 2021 17:13:04 GMT
Liquidity is a relative thing.
If the answer was 26 out of 61 on the 'beige pages'
Could you guess the question?
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blender
Member of DD Central
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Post by blender on Jan 19, 2021 9:17:49 GMT
Liquidity is a relative thing. If the answer was 26 out of 61 on the 'beige pages' Could you guess the question? Quite so. By 'better liquidity' I mean the difference between being locked in and being able to sell at a discount. But I have always thought Ablrate liquidity good, in prevailing circumstances, without ASMX. Especially with no charges.
I always thought the answer to the question was '42'.
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Post by Badly Drawn Stickman on Jan 19, 2021 10:45:11 GMT
Liquidity is a relative thing. If the answer was 26 out of 61 on the 'beige pages' Could you guess the question? Quite so. By 'better liquidity' I mean the difference between being locked in and being able to sell at a discount. But I have always thought Ablrate liquidity good, in prevailing circumstances, without ASMX. Especially with no charges.
I always thought the answer to the question was '42'.
The answer is variable in fairness and 42 may well get its day, I just felt it a touch rich to tell us we are 'welcome' for the liquidity, when half (rounding to suit my argument) of the loans are suspended from trading for various reasons. I think some people are having false memory syndrome about the old SM it was not really very good, the new one is crying out for improvement for sure but that may happen eventually. I certainly have no intention of paying for the privilege of using it. I am more concerned that we are repairing a car with a bent spoon and the 'liquidity providers' are being given a fully equipped workshop. (I predict some chipping) Edit..... Looks like I am not in the 'In crowd' Private video Sign in if you've been granted access to this video
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blender
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Post by blender on Jan 19, 2021 11:24:29 GMT
My 'prevailing circumstances' allows for the general economic conditions and its affects on the loans. My point is that with Ablrate you can trade the loans if they are performing and if there are other buyers and sellers. The platform does not get in the way of that mini-market. But if you take, for example, FC, who used to have an SM, they had already heavily restricted liquidity because of the cash needs of the platform, and then just removed the SM after COVID, with a sigh of relief. Zero liquidity. Assetz liquidity froze on the access accounts, but not the MLA, but at least they have redeemed themselves, imo, by introducing an SM. But these things are relative and absolutely a matter of opinion.
Yes I agree about charges, especially when the 'liquidity providers' will also expect a margin - unless you have to be a proven philanthropist to apply.
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Post by ladywhitenap on Jan 19, 2021 12:08:34 GMT
I did not know quite where to put this comment as it lies somewhere between "push the button" and "soft touch" threads. Mods feel free to move as you see fit. ablrate Thanks for the update video. You have my full support on the pragmatic approach taken with COVID affected borrowers. 120/124 is annoying that it is taking a long time for the borrow to do what they promised but I can live with it. The big bugbear is the "38/73/89 et al" borrower. To me the situation is simple. Either banks have got their analysis wrong and should not have red flagged the accounts in which case the brakes should be taken off, the banks should pay compensation to us via the borrower for late payment. Alternatively, the banks are correct and there is an issue in which case we need to know the detail and how and when it will be resolved and a view taken whether to pay a penalty to us or extend the term or something else. LW EDIT: moved to "soft touch".
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Post by Badly Drawn Stickman on Jan 19, 2021 13:23:02 GMT
I did not know quite where to put this comment as it lies somewhere between "push the button" and "soft touch" threads. Mods feel free to move as you see fit. ablrate Thanks for the update video. You have my full support on the pragmatic approach taken with COVID affected borrowers. 120/124 is annoying that it is taking a long time for the borrow to do what they promised but I can live with it. The big bugbear is the "38/73/89 et al" borrower. To me the situation is simple. Either banks have got their analysis wrong and should not have red flagged the accounts in which case the brakes should be taken off, the banks should pay compensation to us via the borrower for late payment. Alternatively, the banks are correct and there is an issue in which case we need to know the detail and how and when it will be resolved and a view taken whether to pay a penalty to us or extend the term or something else. LW I was a bit pushed for time after cracking the code to view it so just sampled. It seems.... He is talking to the furniture about ASMX whilst smoking a cigar and sipping champagne. Scandalous simply scandalous.
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blender
Member of DD Central
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Post by blender on Jan 19, 2021 18:24:27 GMT
I did not know quite where to put this comment as it lies somewhere between "push the button" and "soft touch" threads. Mods feel free to move as you see fit. ablrate Thanks for the update video. You have my full support on the pragmatic approach taken with COVID affected borrowers. 120/124 is annoying that it is taking a long time for the borrow to do what they promised but I can live with it. The big bugbear is the "38/73/89 et al" borrower. To me the situation is simple. Either banks have got their analysis wrong and should not have red flagged the accounts in which case the brakes should be taken off, the banks should pay compensation to us via the borrower for late payment. Alternatively, the banks are correct and there is an issue in which case we need to know the detail and how and when it will be resolved and a view taken whether to pay a penalty to us or extend the term or something else. LW I thought the video was very helpful, though I did not listen to every word. I thought I heard that the bank flag was a past problem which had been resolved, but that now the problem is that available cash is struggling to keep up with repayments on those eight loans. We should give credit for paying back capital through amortisation - though the amortisation was an easier option than the bullet repayments on the due dates. However, the underlying motor trade in Covid is the problem, and that continues. I am glad not to be holding those eight loans. Of course we are happy that Ablrate is obsessed with liquidity (not ASMX) - or at least I am and that encourages me to invest. However, the rubbishing of the adequate SM (I'm too old for high speed) in favour of the spanking new ASMX sounds quite ungrateful to our old discarded friend. However, the logic of the argument seems to imply that we will be able to trade non-performing loans on ASMX - probably when they have taken their last available restructure. Then ASMX would provide the benefit of being able to escape all Ablrate loans at a risk-based market rate, rather than just half of them. Not that I have anything to sell at present - I'm buying new loans, when I can.
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