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Post by muttley916 on Nov 29, 2023 21:12:42 GMT
Makes quite interesting but also sad reading.
Looks like very little hope for a retail investor.
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Post by smokeyone on Nov 30, 2023 17:46:33 GMT
I am new to the forum and trust I'll be forgiven for asking about any Abirate contact details anyone might have.
I recently received a letter from them asking me to withdraw a cash balance - however when it comes to verifying my bank details the message says there is a problem and to please call 014191 410 400 - tried calling the number and a message says they cannot accept calls from this location.
Have also tried emailing but they are returned as undeliverable.
Any suggestions please - next a letter in the post!
Thanks
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Post by smokeyone on Nov 30, 2023 22:54:09 GMT
Thank you very much for your help - I'll give your emails a try.... The email address that bounces is info@abirate.com
Thanks again
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Post by Ace on Nov 30, 2023 22:58:33 GMT
Thank you very much for your help - I'll give your emails a try.... The email address that bounces is info@abirate.com
Thanks again
Did you mean to type info@ab lrate.com. I.e. the third letter of Ablrate is an l (el) as opposed to i?
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Post by smokeyone on Dec 1, 2023 2:37:55 GMT
Whoops sorry - my mistake ----- Did you mean to type info@ablrate.com. I.e. the third letter of Ablrate is an l (el) as opposed to i?
The auto response from the Emma email says ------ This email is no longer monitored, please direct any queries to customerservices@ablrate.com or call 01491 410400.
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Post by Ace on Dec 18, 2023 11:54:57 GMT
Repayment of the last PeaOne loan has been delayed to 29/3/24. Interest for the extension period will be paid upfront.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Dec 18, 2023 14:00:55 GMT
Repayment of the last PeaOne loan has been delayed to 29/3/24. Interest for the extension period will be paid upfront. Anyone have any input on p1 investment directly?
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on Dec 18, 2023 14:42:17 GMT
Repayment of the last PeaOne loan has been delayed to 29/3/24. Interest for the extension period will be paid upfront. This is incredibly worrying indeed. As we've seen with numerous other Ablrate loans, there will be extension after extension after extension, followed by all those involved scattering to the four winds. No news or update on all the other in-default Ablrate loans either. Stupid, stupid me for investing with Ablrate :-(
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Post by jamiee on Dec 18, 2023 17:22:13 GMT
A disappointing and vague response received today:
As we intimated in an update to lenders we have been under regulator restrictions regarding communications with lenders. The FCA have said we may update on individual loans but to do so without the full picture would be, in our opinion, meaningless and not transparent. We have been working with administrators and various lawyers who had to submit paperwork to the FCA. This was approved by the FCA on Friday the result of which is there should be an approved announcement soon.
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Post by Badly Drawn Stickman on Dec 18, 2023 17:39:27 GMT
A disappointing and vague response received today: As we intimated in an update to lenders we have been under regulator restrictions regarding communications with lenders. The FCA have said we may update on individual loans but to do so without the full picture would be, in our opinion, meaningless and not transparent. We have been working with administrators and various lawyers who had to submit paperwork to the FCA. This was approved by the FCA on Friday the result of which is there should be an approved announcement soon.More melted ice cream and flat coke (diet obviously) than Amaze and Surprise I would suggest. Dave is not going to say anything until he is ready and I have a feeling we will not like it much when we do hear.
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blueblazer
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Post by blueblazer on Dec 18, 2023 22:06:22 GMT
If there is any chance of getting anything back, I would have thought that PeaOne was by far the best (only) hope.
Will have to wait and see but the extra three months interest followed by repayment would be a satisfactory conclusion for this loan.
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dh1
Member of DD Central
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Post by dh1 on Dec 19, 2023 10:47:19 GMT
I too received the "regulator restrictions" email helpfully mentioned by jamiee below.
The administrators reference mentioned in it probably (you have to guess with Ablrate communications as they are very short on facts) refers to the various disasters - sorry, borrowers - who Ablrate has invested our cash into who are in fact in administration.
As an aside, it would be quicker to list those that aren't in administration.
There is no suggestion that Ablrate itself is in or even close to, Administration and I think it would be wrong to conclude that it was at this stage.
What's new is that the FCA has been specifically confirmed as the regulator involved and that is useful to know. What's also helpful is that whatever the "restrictions" are - we have no way of knowing at the moment - they specifically do not include stopping Ablrate updating us on individual loans.
Ablrate say they won't do this as it would be "... meaningless and not transparent ...".
That position is the nub of it; it is the typical Ablrate response.
My own view is that is a somewhat patronising stance which delivers the exact opposite of transparency. It is also flawed in that most of the outstanding loans are probably NOT involved in whatever the FCA wrangle is, so updates could be provided as Ablrate itself has specifically said.
My take on updates is that they should explicitly say exactly who is doing exactly what now and in the immediate future; along with explicit timelines and commitments to meet them. What money is coming back to us and when is too much to hope for!
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Post by overthehill on Dec 19, 2023 11:31:43 GMT
I too received the "regulator restrictions" email helpfully mentioned by jamiee below.
The administrators reference mentioned in it probably (you have to guess with Ablrate communications as they are very short on facts) refers to the various disasters - sorry, borrowers - who Ablrate has invested our cash into who are in fact in administration.
As an aside, it would be quicker to list those that aren't in administration.
There is no suggestion that Ablrate itself is in or even close to, Administration and I think it would be wrong to conclude that it was at this stage.
What's new is that the FCA has been specifically confirmed as the regulator involved and that is useful to know. What's also helpful is that whatever the "restrictions" are - we have no way of knowing at the moment - they specifically do not include stopping Ablrate updating us on individual loans.
Ablrate say they won't do this as it would be "... meaningless and not transparent ...".
That position is the nub of it; it is the typical Ablrate response.
My own view is that is a somewhat patronising stance which delivers the exact opposite of transparency. It is also flawed in that most of the outstanding loans are probably NOT involved in whatever the FCA wrangle is, so updates could be provided as Ablrate itself has specifically said.
My take on updates is that they should explicitly say exactly who is doing exactly what now and in the immediate future; along with explicit timelines and commitments to meet them. What money is coming back to us and when is too much to hope for!
I never received any email so it must be dependent on which loans you are in.
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dh1
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Post by dh1 on Dec 19, 2023 17:18:48 GMT
overthehill - the email came after I emailed Ablrate to prod them into some sort of action; I suspect jamiee did the same.
Given the Ablrate stance, I encourage other lenders to ask them what's going on periodically. I wouldn't want Ablrate to get the idea that lenders aren't that bothered by the Ablrate next day/week/month/year promises....
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Post by jamiee on Dec 19, 2023 20:28:46 GMT
Yes, I emailed to ask for an update. I did reply to the message I received from ablrate (which I posted on here yesterday) as a further nudge and this was today's response:
Announcements are out of our hands. We would be happy to explain why but we are not allowed to do so. We have done what we need to do in order for lenders to get the best outcomes and we have been pushing for communications to be made with ledners as soon as possible, but again, its not within our autorisatin at present.
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