ganymede
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Post by ganymede on Oct 5, 2022 12:31:22 GMT
Update from ablrate repayments of #166, #174 expected today have been delayed until mid next week.
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Post by Badly Drawn Stickman on Oct 12, 2022 15:35:42 GMT
Update from ablrate repayments of #166, #174 expected today have been delayed until mid next week.
Todays update suggests a slightly longer spoon is needed to get the last bit of jam out of the jar. I will predict next week (on the theory if I predict something the opposite happens and it will come this week).
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p2pfan
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Post by p2pfan on Oct 12, 2022 16:42:05 GMT
Update from ablrate repayments of #166, #174 expected today have been delayed until mid next week.
Todays update suggests a slightly longer spoon is needed to get the last bit of jam out of the jar. I will predict next week (on the theory if I predict something the opposite happens and it will come this week). The repayment of this loan has been pushed back a few times now. I find it interesting that such repeated delays, as far as I am aware, do not happen with the salary payments of the staff working on these P2P platforms. With all the farcical repayment situations we've all experienced over many years now, I now have 0% faith any loan on Ablrate will return my money until it is in my bank account. Let's hope this one is not delayed yet again and they finally pay us back this week.
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p2pfan
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Post by p2pfan on Mar 11, 2024 15:34:17 GMT
I hadn't noticed this before on 170. Admin notes on the ablrate site "Lender Update: Please note that the loan has been repaid by the borrower in full. Redemption was 31 January 2024, and interest was paid up to this date. The money was paid to our solicitors and will shortly be transferred to the trust account. Once received in the trust account the loan will be updated accordingly and funds will become available for withdrawal requests to be made. However, as previously advised, the Joint Administrators are not yet ready to begin paying withdrawal requests. A further update in this respect will be issued in due course. Posted On 15/02/2024 15:58" I didn't take much interest in the update because my assumption was that this money due back to us will be stolen by the administrators in the form of their fees? Or is there anything concrete in the way Ablrate was structured to stop the administrators getting their grubby hands on these funds?
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grumpsimus
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Post by grumpsimus on Mar 11, 2024 16:03:06 GMT
I hadn't noticed this before on 170. Admin notes on the ablrate site "Lender Update: Please note that the loan has been repaid by the borrower in full. Redemption was 31 January 2024, and interest was paid up to this date. The money was paid to our solicitors and will shortly be transferred to the trust account. Once received in the trust account the loan will be updated accordingly and funds will become available for withdrawal requests to be made. However, as previously advised, the Joint Administrators are not yet ready to begin paying withdrawal requests. A further update in this respect will be issued in due course. Posted On 15/02/2024 15:58" I didn't take much interest in the update because my assumption was that this money due back to us will be stolen by the administrators in the form of their fees? Or is there anything concrete in the way Ablrate was structured to stop the administrators getting their grubby hands on these funds? The funds used for loans definately belong to the lenders. However, the danger is that the administrators say that there is not enough money to complete the administration and propose that they take a percentage of any funds returned to lenders. This has to be agreed by the Court, with more costs paid by lenders.
This was done in the ThinCats (BLN) administration. The administrators take 25% of funds paid to lenders. At the end of the administration any surplus from this 25% is meant to be returned to lenders, we have already been warned that this is unlikely to happen.
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Post by Ace on Mar 11, 2024 16:25:41 GMT
I believe that the ABLrate administrator's initial report is due out today. So, hopefully, there will be some info on how they are intending to keep distribute our cash.
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mickj
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Post by mickj on Mar 27, 2024 15:25:13 GMT
Email today, 27th March 2024 at 10.56
No.1000170 - 'ORO II Waddon Road'. final payment & small amount of interest now in my Ablrate account.
Withdraw now showing in my account and email confirming same, it will be nice to see this virtual money in my bank.
I have two other small payments 'pending' - one from 22nd March & one from 21st December 2023.
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p2pfan
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Post by p2pfan on Mar 27, 2024 17:31:07 GMT
Email today, 27th March 2024 at 10.56 No.1000170 - 'ORO II Waddon Road'. final payment & small amount of interest now in my Ablrate account. Withdraw now showing in my account and email confirming same, it will be nice to see this virtual money in my bank. I have two other small payments 'pending' - one from 22nd March & one from 21st December 2023. Pig's will fly but you or I will never see this money. It will all be stolen by the administrators and their buddies in the form of their 'fees'. Evidence: look online at ten thousand other UK administrators.
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Post by oppsididitagain on Mar 28, 2024 11:41:26 GMT
Email today, 27th March 2024 at 10.56 No.1000170 - 'ORO II Waddon Road'. final payment & small amount of interest now in my Ablrate account. Withdraw now showing in my account and email confirming same, it will be nice to see this virtual money in my bank. I have two other small payments 'pending' - one from 22nd March & one from 21st December 2023. surely if its cleared money in your ABL AC. then 'its yours'. so to speak and you can withdraw it at anytime ?
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Post by scepticalinvestor on Mar 28, 2024 17:50:10 GMT
Email today, 27th March 2024 at 10.56 No.1000170 - 'ORO II Waddon Road'. final payment & small amount of interest now in my Ablrate account. Withdraw now showing in my account and email confirming same, it will be nice to see this virtual money in my bank. I have two other small payments 'pending' - one from 22nd March & one from 21st December 2023. surely if its cleared money in your ABL AC. then 'its yours'. so to speak and you can withdraw it at anytime ? From another thread, this is the administrator’s response "The Platform was updated to reflect the fact the Oparo loan had been received in full. This was done in order to update balances available to individual lenders within that loan. However, the position has not altered from that given in the proposals in respect of processing withdrawal requests, namely, the position in respect of withdrawals is that as the Court needs to approve the apportionment of administration costs between Trust Assets, it will only be appropriate to distribute Trust Assets to lenders (i.e. process withdrawal requests) once there is greater visibility as to overall recoveries. This is because the level of recoveries over time will directly impact what portion of the Joint Administrators’ costs and expenses each lender will bear. I realise that some lenders are nervous about having made withdrawal requests that have not been processed, as making a withdrawal request reduces the balance available to them. I am working on an update to the Platform that will allow us to switch withdrawal requests off temporarily, and reverse pending withdrawal requests so lender balances are put back to the position they would have been before the withdrawal request was made. This will enable lenders to see an accurate record of funds available to them when they log in. The Administrators are planning to issue updates via the Platform next week. I hope to include then an explanation of the changes made to the Platform, details of the outcome in respect of the proposals, and to reiterate the point regarding the processing of withdrawals. An updated FAQ will follow in due course."
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mickj
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Post by mickj on Mar 28, 2024 18:03:47 GMT
Thanks @scepticalinvestor so they need to take my money to fund the administration. Don't know what to say.
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grumpsimus
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Post by grumpsimus on Mar 28, 2024 22:32:39 GMT
Thanks @scepticalinvestor so they need to take my money to fund the administration. Don't know what to say. Where did you think the money to fund the administration was going to come from? Ablrate have no money, they are insolvent with no source of income.
The only possible source of income is from the loans which legally belong to the lenders. That is why they have to get approval from the Court to take any part of the recoveries from the loans. In effect we are paying the administrators to recover some part of the loans for the lenders.
We may think that the administrators fees are too high, but nobody is going to do this work for nothing. If you can think of any other way to fund these recoveries, it would interesting know what it is.
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