Balder
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Post by Balder on Jun 17, 2022 16:29:05 GMT
Ooooo its nice there, has good internet to, you will have no bother updates, even a video update no bother, even from the poolside. Is Mr F joining you?. . Nice of you to make contact will this be a regular annual event.
No offence but I think your wit maybe is a little harsh. That said, an ablrate update wouldn't go amiss.
Being ex-military I am sure David can take it, mind you maybe not he was RAF!
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Jun 17, 2022 16:34:16 GMT
Ooooo its nice there, has good internet to, you will have no bother updates, even a video update no bother, even from the poolside. Is Mr F joining you?. . Nice of you to make contact will this be a regular annual event.
No offence but I think your wit maybe is a little harsh. That said, an ablrate update wouldn't go amiss.
There have been loan updated posted today (promising an update on monday), which im sure will be prompt, informative, and hopefully good news, and which bit is perceptually harsh ??. ive always found Dubai's internet access excellent, im sure Mr F could do with a short break, its been a stressful couple of years, and im sure he has been putting the hours in.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Jun 17, 2022 16:40:09 GMT
No offence but I think your wit maybe is a little harsh. That said, an ablrate update wouldn't go amiss.
Being ex-military I am sure David can take it, mind you maybe not he was RAF! He may not see this for another year or so. busy busy, busy...
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Jun 17, 2022 16:43:40 GMT
Being ex-military I am sure David can take it, mind you maybe not he was RAF! He may not see this for another year or so. busy bee and all that.
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hubert
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Post by hubert on Jun 17, 2022 16:49:46 GMT
It looks to me like somebody is about to hand over the keys to a train that's heading for the buffers, there's a more attractive train to be caught in Dubai. Bye bye money. It is very possible to do two things at once - and haven't you even considered the possibility that there will be benefits for Ablrate lenders? Rumours of my demise and that of our platform are greatly exaggerated. It would have been appreciated to have had a few reassuring words, such as the above, somewhat earlier. It appears, you are not conscious of how this is affecting people. Some are no doubt extremely worried on the prospects for the platform & maybe their life savings, to the extent it could be affecting their health & breakdown of family relationships. It is also possible some may have been relying on the interest & amortisation to repay depts etc & with nothing from AF for 9 months may have put them in a precarious position, even being taken to court. The ramifications for some may be extensive.
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Post by ablrate on Jun 18, 2022 9:34:15 GMT
It is very possible to do two things at once - and haven't you even considered the possibility that there will be benefits for Ablrate lenders? Rumours of my demise and that of our platform are greatly exaggerated. It would have been appreciated to have had a few reassuring words, such as the above, somewhat earlier. It appears, you are not conscious of how this is affecting people. Some are no doubt extremely worried on the prospects for the platform & maybe their life savings, to the extent it could be affecting their health & breakdown of family relationships. It is also possible some may have been relying on the interest & amortisation to repay depts etc & with nothing from AF for 9 months may have put them in a precarious position, even being taken to court. The ramifications for some may be extensive. We are fully aware of the ramifications of loans being in default. Many of our lenders are friends, some have become friends and others are family. I also have lots of money personally invested in these loans. We have shown in the past that we are very aggressive on recoveries and that hasn't changed. The fact remains, however, that this market is risky, we have never said it isn't and there needs to be individual responsibility for investing. If there is no individual responsibility then the authorities will eventually have savings accounts as the only alternatives for investors and you will be banned from everything else. It is pretty much the way everything is going anyway. Recent history has not been kind to the investment industry, and it will be a rough few years, but we are still here and our lenders are extremely important to us. We cannot win every situation, but the rates we charge borrowers are reflective of the risk and designed to offset the inevitable defaults. To think that we don't care, or can't be bothered about recoveries couldn't be further from the truth. As I have said many times on here before, we take defaults personally, but stamping our feet and screaming until we are sick and shouting about how bad borrowers are, is not a recovery strategy, nor is immediately calling the lawyers as that strategy is the starting gun on a minimum 24 month process in most cases with expenses that are born by lenders through administration costs. That leaves us with working with the borrowers, often times on things we are unable to discuss with lenders because it is commercially sensitive. On Monday we will be issuing an addendum on the F loans where we can be more open as we have material information to give you. We are doing similar work on other loans in the background and while there can never be any guarantees that we will be successful, we will carry on until there is no further chance of recovery, we are not in the business of signing CVA's at random and moving on to the next thing, if you have been on the platform for any length of time you will know that. We can appreciate how frustrating it is for lenders when borrowers don't operate within their terms with you and we know there are consequences, which is why we are aggressive with borrowers while being pragmatic about the recovery process.
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Post by ablrate on Jun 18, 2022 11:24:32 GMT
No offence but I think your wit maybe is a little harsh. That said, an ablrate update wouldn't go amiss.
Being ex-military I am sure David can take it, mind you maybe not he was RAF! now, now I will not have civilians labelling my brothers in arms soft... that is the Army's job.
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Post by ablrate on Jun 18, 2022 12:52:58 GMT
I had a quick look at Ablrate's most recently filed accounts. As micro-entity accounts it doesn't need to disclose much. As a company seeking the trust of lenders, I thought it might choose to disclose more. But it doesn't. The full accounts were rejected as the accountant made an error on a date (i.e left off a '1' in 2021), The FD filed the account online in short form to make the deadline, he will be resubmitting. If you are interested 20-21 was £1.5mn in revenue and £97k in profit.
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Post by ablrate on Jun 20, 2022 8:27:46 GMT
The full accounts were rejected as the accountant made an error on a date (i.e left off a '1' in 2021), The FD filed the account online in short form to make the deadline, he will be resubmitting. If you are interested 20-21 was £1.5mn in revenue and £97k in profit. Looking forward to the full accounts. How long does it take to add a ‘1’ and resubmit? I don't know whether he has submitted yet and whether that will be manually (as we usually do) or online. If it has been done manually Companies House are never in a rush.
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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 Jun 20, 2022 16:55:56 GMT
Well ablrate, if that AF addendum took all day to compose, you might as well have taken the day off and enjoyed the weather. You think after 10ths this is a good position or outcome for investors? Shares being transfered, new companies set up, you're being played. The saying "fool me once" springs to mind.
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hubert
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Post by hubert on Jun 20, 2022 17:25:23 GMT
Am I right in thinking, after all the talk of enhanced security from 9 months ago, (when we were eventually given 75% equity in F*rep**er, which would not be released until all other AF loans have been repaid), we have ended up relinquishing it.
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Post by westcountry on Jun 20, 2022 18:05:19 GMT
<snip> We can appreciate how frustrating it is for lenders when borrowers don't operate within their terms with you and we know there are consequences, which is why we are aggressive with borrowers while being pragmatic about the recovery process. According to today's AF loans update, AF has just been given back the 75.2% shareholding in F***po*** Ltd (which wasn't going to be returned to him "until all loans have been settled" as per your 202112 update), and the fact that AF hasn't made a single loan payment for over 9 months (and doesn't seem inclined to make any in the future) is accepted without comment. How exactly is this ABLRate being "aggressive with borrowers", please, ablrate ? Actions speak louder than words.
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Post by westcountry on Jun 20, 2022 18:10:56 GMT
<snip> We can appreciate how frustrating it is for lenders when borrowers don't operate within their terms with you and we know there are consequences, which is why we are aggressive with borrowers while being pragmatic about the recovery process. Further to ABLRate being "aggressive with borrowers", how come the operator of the Cardiff pub (loans 67, 68 and 129) was able to operate the pub for 11 months to May 2022, before doing a bunk - yet not pay a single penny in interest or capital repayments?
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Post by overthehill on Jun 20, 2022 18:11:29 GMT
Great news. Right. Where? Oh getting back the SM so everyone can sell all their loans to an influx of dimwit investors who have been on an uninhabited island for the last year. Sounds good.
Can't even service the interest. What about the rest of the loans also sitting in the tall grass, no update for 4 months. All the money has found its homes, just not ours. It would be terrible if something had to be sold to service the interest on default loans.
Looking forward to the new loans which need funded.
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Post by ablrate on Jun 22, 2022 9:20:22 GMT
Twenty five thousand pounds And here is a thought. What if this "Therefore we have been working with the Company looking at alternative ways that the debt could be traded, if the Loan Exchange is not online in the short term. We will be updating lenders as progress is made on this, but the borrower is seeking to have its debt tradable as soon as possible and, of course, we are willing to facilitate whatever is required to make that happen where security and commitments remain as they are." manifests as AF (or the as yet unidentified new financier) bidding for the debt at, say, 9p in the pound... "bidding for the debt at, say, 9p in the pound..." Yeah - not going to happen.
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