ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 14, 2022 12:33:17 GMT
Not sure why it's not practical, just needs a different colour for loans that are in default but not in recovery. Or better still an itemised loss report.
Anyway, somewhat ironic that the discussion is about loans being written off too early. The normal complaint is platforms are too slow.
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hubert
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Post by hubert on Sept 14, 2022 15:57:02 GMT
With very few loans paying now, Ablrate are being starved of fees.
Shoe & beer loans are now at it.
Presumably Ablrate costs are not being covered.
Their choice must be to throw the towel in, or aim for the collection of closing fees & accumulating monthly fees from recoveries. Hope it is the latter.
The deal they put together with AF power, even though we are at the back of the queue as far as charges are concerned, perhaps proves they intend to stay the course. Ablrate knew the first charge we originally held, may have been worthless as our funds appeared to have been used for; who knows. Not sure how cutting the price link between gas & renewable type electricity will affect the earnings.
With one man appearing to be pulling all the strings, lets hope he can last the course.
Could do with stronger rhetoric though.
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hubert
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Post by hubert on Sept 20, 2022 7:06:02 GMT
If & when recoveries are made on defaulted loans & there is enough surplus, after the various vultures have taken their fees, I note there is a default rate of 6% on top of the normal interest.
Is this for lenders or Ablrate ?
Does the default rate apply from the time the borrower stopped making payments, or from the date the borrower is notified of default proceedings?
As for the power loans, if they ever get to be traded on a listed exchange, I presume market rate applies rather than capital + interest + fees + default interest. Currently capital owed, plus 25% after one year & rising. AF must be rubbing his hands once again.
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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 Sept 20, 2022 8:37:12 GMT
As I see it, there are quite a few Abl loans who have enjoyed significant interest free periods due to defaults.
AF has enjoyed over 12mths payment holiday on his significant loans without financial penalty AC missed many payments only to have them added on to the end.
Without penalty or consequence for non payment there is no deterrent so it's not surprising this has been exploited.
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Post by overthehill on Nov 9, 2022 10:04:38 GMT
Excluding all property development loans and refinances of existing loans, how many of ablrate's historical loans have repaid all capital and interest against how many are past and present train wrecks ?
Is the ratio > 0 ?
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GreenZero
Member of DD Central
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 9, 2022 10:25:44 GMT
What really grinds my gears...
Those borrowers who boast about how much in loans and interest they've previously repaid. Abl is also guilty of this.
As when you look in to it, the money used to repay their loans was otained by taking out larger loans through Abl. So basically, they paid us back with our own money and then gloated about how good have been to us.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 9, 2022 11:43:41 GMT
Excluding all property development loans and refinances of existing loans, how many of ablrate's historical loans have repaid all capital and interest against how many are past and present train wrecks ?
Is the ratio > 0 ?
Yes Several planes, crates, bottles, SME loans, waste equipment, invoices, leases, fishing, yacht. Unfortunately as Abl full loan book has never been visible exact numbers are impossible but you can get some idea from the list in DD p2pindependentforum.com/thread/11433/ablrate-loan-bookAnd here p2pindependentforum.com/post/240960/thread as youre not DD enabled
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p2pfan
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Full-Time Investor
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Post by p2pfan on Nov 9, 2022 13:00:57 GMT
In the time I have been lending through ABL, I can only recall a couple of borrowers I have lent to that have always/usually paid their monthly interest and returned capital on time, which were iM*st and PeaOne.
Almost every other loan I've lent to has ended up becoming a complete and utter farce, with either excuse after excuse or radio silence over their issues with paying monthly interest and repaying borrowed capital.
One out of countless examples is V**can. For years and years now, all I've heard is one feeble excuse after another why they can't pay their interest and return my borrowed money, with their loans constantly being kicked into the long grass while their Directors continue to reward themselves with guaranteed fat cat payments.
Even the very few that used to be reliable payers like the Lar**** shoes business have turned out to be catastrophes too.
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Post by overthehill on Nov 9, 2022 13:51:21 GMT
If I had a lot of money in these stagnant loans I would be taking action to appoint administrators. Why would you trust ablrate to do a better a job now and for any less money ?
I got rid of 2/3rds of my exposure after the final AF loan where investors were misled and information withheld. If that one itself doesn't end up in court I'd be amazed.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 9, 2022 13:54:21 GMT
If I had a lot of money in these stagnant loans I would be taking action to appoint administrators. Why would you trust ablrate to do a better a job now and for any less money ?
I got rid of 2/3rds of my exposure after the final AF loan where investors were misled and information withheld. If that one itself doesn't end up in court I'd be amazed.
Except lenders dont have any power to appoint administrators as that lies with Ablrate as the agent who can instruct the security agent to enforce under the charges
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blender
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Post by blender on Nov 9, 2022 15:01:13 GMT
Tbf the workhouse redevelopment bridges for £2.6M, 80 & 98, were paid back in full in 1019. There were extensions of course, but these were at 15% and I made a lot of cash from them. (I still want my Mr F money back)
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victors
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Post by victors on Nov 9, 2022 15:16:59 GMT
I always thought the Jersey bridging loan at 10% was the most solid loan on the Abl loan book.
No repayments for months now, so why don't Abl just go and sell it.
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benaj
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Post by benaj on Mar 15, 2023 9:57:00 GMT
Assuming no further recovery for my poor selection, £450 black for 71 months experience, XIRR 4.47%. I could have been a lot worse, like -80%
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dh1
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Post by dh1 on Jun 26, 2023 13:54:21 GMT
Well, today's email "Ablrate Update - IFISA Changes to Terms June 2023" confirms that Ablrate is still winding down and helpfully reminds us of IFISA transfer rules, etc.
Sadly, as loans aren't paying anything at the moment and there doesn't seem to be any danger at all that they (eg AF) will in the forseeable future...
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TitoPuente
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Post by TitoPuente on Oct 11, 2023 10:29:27 GMT
Last quarterly update was on 10 July, so we are due a new one.
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