hubert
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Post by hubert on Jul 18, 2022 13:29:51 GMT
IFISA transfer. Fee covered for one transfer each year. £100 fee for all others. Surely that needs changing ablrate . Are we able to repatriate this tax years IFISA withdrawals to enable a transfer.
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blueblazer
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Post by blueblazer on Jul 18, 2022 14:14:56 GMT
Disappointing but not unexpected with the loan book as it is.
Have to hope that payments and settlements will continue for the loans that are repaying and that recoveries / plans can be put into place for those that aren't.
What about those who bought shares in the ABL fundraiser. Presume that gets lost as well.
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jontyab
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Post by jontyab on Jul 18, 2022 14:48:44 GMT
This doesn't really change my position or outlook on Ablrate - I welcome a lower cost wind-down as my remaining loans all appear to have very long tails.
About my only gripe is letting an unused chunk of flexible isa balance lapse this last april. Didn't feel worth the hassle to deposit cash to 'save' it with a transfer, but I would have done so if it were free!
I'm coming out positive even with a 100% loss on remaining capital - so overall pretty pleased and frankly glad to put another platform out of mind. Maybe in a years time I'll have a surprise balance.
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travolta
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Post by travolta on Jul 18, 2022 15:19:41 GMT
I'd prefer the expression 'wind up' , in the hope that they can put on a spurt of energy to recoup my collection of failing loans.
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jonno
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nil satis nisi optimum
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Post by jonno on Jul 18, 2022 15:34:15 GMT
I'd prefer the expression 'wind up' , in the hope that they can put on a spurt of energy to recoup my collection of failing loans. To be fair, if they said they were going to recoup all your loans any time soon it really would be a "wind up".
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jo
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Post by jo on Jul 18, 2022 15:54:44 GMT
Least surprising news of the year and a timely reminder to platforms that the first loss is always the smallest.
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optimist
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Post by optimist on Jul 18, 2022 16:41:40 GMT
Reckon F****** was key and not a small loss No, a post can't literally be Hitler if you mean literally literally.
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nyneil
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Post by nyneil on Jul 19, 2022 10:40:43 GMT
Least surprising news of the year and a timely reminder to platforms that the first loss is always the smallest. My only surprise is that it's an 'orderly' wind down; I was expecting another administration. DBW and his team are doggedly tenacious, and creative, when it comes to trying to turn around bad loans - unfortunately they've had a lot of opportunity and experience in this area but, if cash holds out, I'm moderately optimistic. Good luck guys.
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blender
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Post by blender on Jul 19, 2022 13:16:48 GMT
Reckon F****** was key and not a small loss No, a post can't literally be Hitler if you mean literally literally.
I will be pleased if my Abl capital is returned literally decimated, i.e. reduced by 10%.
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benaj
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Post by benaj on Jul 19, 2022 13:31:14 GMT
Least surprising news of the year and a timely reminder to platforms that the first loss is always the smallest. My only surprise is that it's an 'orderly' wind down; I was expecting another administration. DBW and his team are doggedly tenacious, and creative, when it comes to trying to turn around bad loans - unfortunately they've had a lot of opportunity and experience in this area but, if cash holds out, I'm moderately optimistic. Good luck guys. Creative? Definitely. Good outcomes? 🤔 Stats reflects real performance? 🔍 www.ablrate.com/lending-statistics/It’s interesting to read So how many loans have not been “defaulted”? Where are the figures for “restructured”?
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optimist
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Post by optimist on Jul 19, 2022 19:16:24 GMT
Reckon F****** was key and not a small loss No, a post can't literally be Hitler if you mean literally literally.
I will be pleased if my Abl capital is returned literally decimated, i.e. reduced by 10%. I've made more than 10% so that would be a win Unless you mean 10% plus losing all gains in which case ATM, I also agree
Expecting maybe 60% and lots of told you so-s from friends
Guess you didn't jump before they threw the switch... know I didn't Thought Abl was a goodn. Might go back to property
RBS have a system where they have a running total of what they expect you will recover.
This could be a good method of expectation management
Sad times
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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 Jul 19, 2022 20:16:40 GMT
Sad times indeed.
It was frustrating seeing the end coming only to be told everything is fine, don't worry - jam tomorrow.
They probably could have survived the wrong pub decisions et al but the Yorkshire businessman did it for them. Whilst on paper they seemed to be different entities, when they all stopped paying at the same time and then led us a merry dance for 10 months, confidence in the platform eroded. I'm sure abl came to the same conclusion that I along with others have, that is, there will be no payments from the group for some considerable time, if ever at all.
So that is why I think DBW has done the right thing at the right time. No money coming in for the foreseeable and likelihood of filling any new loans, very slim. I'm sure he knows better than any of us that the addendums were a load of old tosh, but in the interest of abl he got in behind and backed them. Now let’s hope AF does the right thing by DBW.
As mentioned in a previous post, I managed to sell my other loans, this is the split of what I have left and whilst I don't have a huge amount compared to others invested, it's still enough to sting when lost.
10.4% in 100/110 89.3% in 76/87/92/99/111/113/118/119/142/149/151/152/158/160/161/162/164/165 0.3% in 94
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blender
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Post by blender on Jul 19, 2022 21:48:08 GMT
I will be pleased if my Abl capital is returned literally decimated, i.e. reduced by 10%. I've made more than 10% so that would be a win Unless you mean 10% plus losing all gains in which case ATM, I also agree
Expecting maybe 60% and lots of told you so-s from friends
Guess you didn't jump before they threw the switch... know I didn't Thought Abl was a goodn. Might go back to property
RBS have a system where they have a running total of what they expect you will recover.
This could be a good method of expectation management
Sad times
I did jump out totally at the start of COVID, but Abl did not throw the switch. So later I jumped back in a bit and then they threw the switch. An update is required to the motto. On the sums, I have been with ABL for about 8 years and the current value of my account is about half of my total interest received. I have never, so far, had any loss of capital except through trading (jumping). That will change but even so my overall Abl return will be good, even if I lose all I have with Mr F. I was jumping after the first failure to pay, but not fast enough. It does hurt.
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optimist
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Post by optimist on Jul 24, 2022 12:12:16 GMT
Sounds as though you did the right thing I might have to change my name to Optimissed, gonna lose more than my profits I expect,
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Post by overthehill on Jul 28, 2022 14:55:46 GMT
Best case scenario, any improvement ? can definitely be worse ! 10000 invested from day 1 to today for 5 years at 13% and no capital losses 6500 in interest Next 2 years, 50% capital loss , no more interest. 1500 profit over 7 years. 2.14% pa return
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