ganymede
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Post by ganymede on Oct 7, 2024 11:31:37 GMT
#171 PI 14 Apartments C* F* R* made an interest payment today. Or did it, as ABL is blocked from making withdrawals, interest that can't be accessed doesn't count. Was 39 days late, and loan repayment due 29 Dec 2024, again repayment only counts if it can be withdrawn. Administrators shouldn't make any deduction as interest / repayment are part of normal business, and interest paid to Ablrate should cover management fees.
Withdrawal should have been unlocked by now, if not the administrators should never have released the loan interest on the platform, this is falsifying client account records as no intent on making an interest payment to us as clients of ABL.
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brush
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Post by brush on Oct 7, 2024 12:01:36 GMT
Have 3 payments 171, 1000134 Bierkeller, 1000131 Bierkeller, all interest payments. Puzzled
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ganymede
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Post by ganymede on Oct 7, 2024 13:15:07 GMT
Have 3 payments 171, 1000134 Bierkeller, 1000131 Bierkeller, all interest payments. Puzzled My account I only invested in #171, not #131, #134. it doesn't matter what the payments are for, we can't make withdrawals.
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observer
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Post by observer on Oct 7, 2024 13:49:45 GMT
I tip my hat to the administrator and want a place close to the front of the queue to congratulate them in getting those repayments, particularly on 131 and 134.
I hope it is the start of regular repayments leading to full repayment of the whole loan.
Given the administration then it isn't going to translate to cash quickly making its way back to lenders, but it is better than the previous position of no repayments being made for so long.
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optimist
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Post by optimist on Oct 7, 2024 16:16:43 GMT
Possible but likely complicated Potential issues 1. Most borrowers are insolvent so cant be pursed for debts outside the insolvency process 2. Evidence to support the debt. P2P contracts are a master contract which defines a series of micro loans. Lenders dont have the loan contracts or any PG/CG etc 3. No enforcement rights over security, they are held by the security agent, so claims would probably be unsecured. 4. All company assets are covered by charges, CCJ rank behind these 5. Lenders dont actually have the right to pursue borrowers under the t&cs so could find themselves liable to Abl/other lenders if they undermined recovery efforts All valid points. And, let's be realistic: Getting much money back from some of the loans left on the ablrate book is very unlikely, no matter what action is taken. Individual lenders will need to make their own choice on whether to investigate taking their own action or not. The vast majority will decide to do nothing except wait for the administration process to conclude. That might be the best available option, even to those who do decide to investigate other options. And therein lies one of the beauties of P2P from the (higher risk) borrower's perspective: it is possible to borrow a significant sum in total, from a large enough number of unconnected lenders, that very few individual lenders end up out of pocket enough to make it worth their while to take their own action in the case of a default. Has anyone spoken to a lawyer or tried small claims?
I imagine that if going to court, one might Subpoena Quantuma to obtain the contract as evidence.
What's worth chasing that isn't tied up in admin?
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observer
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Post by observer on Oct 7, 2024 17:16:40 GMT
All valid points. And, let's be realistic: Getting much money back from some of the loans left on the ablrate book is very unlikely, no matter what action is taken. Individual lenders will need to make their own choice on whether to investigate taking their own action or not. The vast majority will decide to do nothing except wait for the administration process to conclude. That might be the best available option, even to those who do decide to investigate other options. And therein lies one of the beauties of P2P from the (higher risk) borrower's perspective: it is possible to borrow a significant sum in total, from a large enough number of unconnected lenders, that very few individual lenders end up out of pocket enough to make it worth their while to take their own action in the case of a default. Has anyone spoken to a lawyer or tried small claims?
I imagine that if going to court, one might Subpoena Quantuma to obtain the contract as evidence.
What's worth chasing that isn't tied up in admin?
I now think it is pretty much a non starter whilst the ablrate companies are in administration. Probably the best course of action for lenders that have a particular angle from which to approach recovery of a particular loan is to make sure the administrator is aware of that and the supporting evidence.
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