blender
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Post by blender on Nov 8, 2021 22:07:11 GMT
Recent loan launches are not doing anything like as well. There's three new loans available now and Ablrate are desperately struggling to get them filled. For instance, 169 that launched several weeks ago and is for a mere £250k is still only 70% filled. We all know platforms where such a loan would have filled in less than 20 seconds. This AF fiasco, combined with the frequency of issues with other borrowers, has put a lot of people off Ablrate. The new loan that launches tomorrow is also likely to fall flat and plod along very slowly like Thomas the Tank Engine for the same reason. The sooner AB/AF resolve this catastrophic situation, the better it will be for other borrowers on AB. I'm afraid I have to disagree. Not about the loan but the characterisation of Thomas as a slow train, true he is no Gordon but a hard working train with a reasonable speed for the jobs he undertakes. Just had a quick look and 3% had filled after 40 minutes. Diesel 10 would be proud. Yes, Thomas is an 0-6-0 side tank, and based on the LB&SC engines built at Brighton. When very small I used to live near the line and watch them shunting, which is what they were for as well as some short distance goods. Not fast and no coal capacity. I think they are similar to the Ablrate platform in that they spent as much time going backwards as going forwards.
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GreenZero
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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 Nov 15, 2021 11:55:43 GMT
In respect of 137/ 149/ 151/ 152/ 154/ 155 Are we in for some good news this week on the above loans? In the Admin Note on 22/10, it stated a time frame of 2-3 weeks to closure the transaction, going on to say "Upon the closing payments will be resumed and outstanding interest either settled or capitalised."Let's hope....
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criston
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Post by criston on Nov 17, 2021 17:24:40 GMT
In respect of 137/ 149/ 151/ 152/ 154/ 155 Are we in for some good news this week on the above loans? In the Admin Note on 22/10, it stated a time frame of 2-3 weeks to closure the transaction, going on to say "Upon the closing payments will be resumed and outstanding interest either settled or capitalised."Let's hope.... 4 weeks at the end of this week since that timeframe was mentioned. After a spate of short but reasonable updates on other loans, I thought things were looking up, but that word 'contempt' springs to mind again on these loans.
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ptr120
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Post by ptr120 on Nov 17, 2021 17:37:57 GMT
The platform needs to get at least some of these back to servicing the interest PDQ.
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Post by ladywhitenap on Nov 17, 2021 17:45:02 GMT
The platform needs to get at least some of these back to servicing the interest PDQ. I don't disagree but these words from earlier in this thread "details of the strategy and the proposed funding by the end of November." stick in my mind. LW
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criston
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Post by criston on Nov 17, 2021 17:47:15 GMT
The platform needs to get at least some of these back to servicing the interest PDQ. I don't disagree but these words from earlier in this thread "details of the strategy and the proposed funding by the end of November." stick in my mind. LW That was on everything except Bellweing loans.
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Post by ladywhitenap on Nov 17, 2021 17:51:00 GMT
I don't disagree but these words from earlier in this thread "details of the strategy and the proposed funding by the end of November." stick in my mind. LW That was on everything except Bellweing loans. Thanks, that would explain when I looked at a typical AF admin not I could not find it! I had settled upon a Bellweing loan Doh! LW
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dh1
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Post by dh1 on Nov 22, 2021 7:26:09 GMT
Having taken another look at these loans and bearing in mind the Ablrate track record of handling payment failures - for whatever reason - I rather suspect that we are going to be waiting for a very long time to receive any interest/other payments. There are also hints (see above) in the rather sparse updates that capitalisation of interest is possible; that is a very unwelcome scenario and in my view to be avoided at all costs as it increases debt and keeps me away from my money.
Realistically, I don't forsee any real Ablrate movement on any of the loans until well into 2022 and possibly 2023. It is Monday morning....
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Post by Badly Drawn Stickman on Nov 22, 2021 21:28:13 GMT
Having taken another look at these loans and bearing in mind the Ablrate track record of handling payment failures - for whatever reason - I rather suspect that we are going to be waiting for a very long time to receive any interest/other payments. There are also hints (see above) in the rather sparse updates that capitalisation of interest is possible; that is a very unwelcome scenario and in my view to be avoided at all costs as it increases debt and keeps me away from my money.
Realistically, I don't forsee any real Ablrate movement on any of the loans until well into 2022 and possibly 2023. It is Monday morning....
I am a little more optimistic (could be a character fault). I would think capitalisation of back interest could be taken as a given (best way to get them back to being tradeable). I would anticipate interest payments resuming from the start of next year at the latest, capital repayments may well be a longer term ambition. Justification for half a million pounds being handed over when the 'hammer was swinging' will be the real test of what form the platform takes going forward. Not sure hoping the question goes away is much of a plan despite it appearing to be the current one.
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criston
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Post by criston on Nov 26, 2021 13:25:55 GMT
ablrate Weekly update due from Ablrate by close today. One weekly update has been missed to date. And yes I do note what the last one said in terms of how far off things are, but we were told we would get weekly updates from the start. We were also told we would get AF updates. We were also told we would get enhanced security almost immediately, 7 weeks ago to give us peace of mind. Please advise. ablrate 11 weeks since we were told we would get enhanced security, immediately 5 weeks ago we were told it would be a further 2-3 weeks to complete legals on Bellweing loans. Please advise. Or admin note this afternoon will suffice, unless you wish me to take a stab at it.
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criston
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Post by criston on Nov 26, 2021 16:13:24 GMT
ablrate Weekly update due from Ablrate by close today. One weekly update has been missed to date. And yes I do note what the last one said in terms of how far off things are, but we were told we would get weekly updates from the start. We were also told we would get AF updates. We were also told we would get enhanced security almost immediately, 7 weeks ago to give us peace of mind. Please advise. ablrate 11 weeks since we were told we would get enhanced security, immediately 5 weeks ago we were told it would be a further 2-3 weeks to complete legals on Bellweing loans. Please advise. Or admin note this afternoon will suffice, unless you wish me to take a stab at it. Thanks fof the update. Just what I was about to say.
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GreenZero
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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 Nov 26, 2021 16:29:23 GMT
for those who haven't read the Admin Note, In summary 'Jam tomorrow.......'
Lets see what "early next week" means in Abl world.
edit. In relation to the other AF loans, why was a visit the battery sites necessary? Sounds more like a wine 'n' dine jolly to me and maybe a pat and the back and thank you for getting 165 out of the door!
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criston
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Post by criston on Nov 26, 2021 16:47:45 GMT
for those who haven't read the Admin Note, In summary 'Jam tomorrow.......' Lets see what "early next week" means in Abl world. edit. In relation to the other AF loans, why was a visit the battery sites necessary? Sounds more like a wine 'n' dine jolly to me and maybe a pat and the back and thank you for getting 165 out of the door! Perhaps it was for 'recharging' the securities. But don't assume they all read the same. The Bellweing loans are worded differently & appear more positive. Not all loans are covered yet, either.
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Post by overthehill on Nov 26, 2021 17:03:31 GMT
for those who haven't read the Admin Note, In summary 'Jam tomorrow.......' Lets see what "early next week" means in Abl world. edit. In relation to the other AF loans, why was a visit the battery sites necessary? Sounds more like a wine 'n' dine jolly to me and maybe a pat and the back and thank you for getting 165 out of the door! These are much better lyrics than "early next week"
We'll meet again, Don't know where Don't know when. But I know we'll meet again some sunny day.
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Post by Badly Drawn Stickman on Nov 26, 2021 17:09:27 GMT
for those who haven't read the Admin Note, In summary 'Jam tomorrow.......' Lets see what "early next week" means in Abl world. edit. In relation to the other AF loans, why was a visit the battery sites necessary? Sounds more like a wine 'n' dine jolly to me and maybe a pat and the back and thank you for getting 165 out of the door! Perhaps it was for 'recharging' the securities. But don't assume they all read the same. The Bellweing loans are worded differently & appear more positive. Not all loans are covered yet, either. True, yet oddly when you lend against portacabins hearing a visit to a battery storage site is needed seems somewhat curious.
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