p2pfan
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Full-Time Investor
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Post by p2pfan on Dec 25, 2023 21:56:48 GMT
Given the complexity of some of the loans - eg AF - and the possibility of other Administrations - I don't expect this Administration to be finalised for at least 5 years. You are living in cloud cuckoo land if you predict "at least 5 years". Given the extreme apathy of Ablrate and their borrowers to get our money returned to us plus the fraudulent way Administrators and their cohorts work in this country, at least seven years is more realistic. This entire year, just like last year, I wasn't given back a single red cent by a single P2P or non-P2P administration I am a victim of while the Administrators with their noses in the trough billed hundreds of thousands of pounds.
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iRobot
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Post by iRobot on Dec 26, 2023 12:27:40 GMT
I wonder if the administrator will be considering bids to buy the business? [/snip] I'd imagine Quantumo have an obligation to consider all options, including sale of the loanbook. The cynic in me thinks that would be any Administrator's least preferred option. Far too clean. Far too quick. How can they possibly keep things ticking over for years and years, all the while claiming fees and expenses for themselves and their partner organisations (valuers, insurers and don't forget the lawyers), if they sell the loan book after a measly 6-months or so? The easy get-out for an Administrator would be to say ' We've received an offer of ten-pence-in-the pound which we have rejected as we feel we can achieve a better outcome by pursuing alternative routes.' And they may be correct - but you'd need to ask: 'Better for whom?'
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mah
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Post by mah on Dec 28, 2023 17:52:28 GMT
I wonder what will happen with my outstanding Ombudsman complaint against them which is now well outside the stated timescales and hasn't been adjudicated on yet? I can't help but think that they have dragged their heels because thek knew this was coming. Oh, what can poor FOS do when the Co has gone into Admin ! I bet FOS is cursing themselves for missing out on this great opportunity to serve one of their valued customer !
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mah
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Post by mah on Dec 28, 2023 17:54:27 GMT
Yup, while getting himself to Dubai. I knew this was going to happen and have said so, I suppose most of us knew really. So yea, we were being fed a load of bull all along, this was part of the plan. Same here. I told so including posting on trustpilot about the impending Administration - to which AblRate angrily reacted.
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mah
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Post by mah on Dec 28, 2023 18:21:53 GMT
And the recognition that yet again a wind down plan isn't worth the paper it was printed on. It makes loads of assumptions (like the money inflow remains same, blah, blah), which everyone incl FOS/FCA know are loads of BS. And, once it goes into Admin, no one is responsible for those promises. The company and FOS raise their hands, IPs don't give a toss and Insolvency Services say 'nothing to do with us - contact the Admins'. Same thing happened to me when I complained to FOS re MoneyThing quoting their Winddown plan and numerous other promises re Winddown - and remember, they went into Windown about 1 year before going into Admin (during which FOS/FCA had ample time and opportunity to do something, if they really wanted to).
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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 Dec 28, 2023 18:27:08 GMT
I read a review dated March 22 which pretty much hits the nail on the head, but I've not seen a recent negative review on Trustpilot. Did Abl request it be pulled?
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mah
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Post by mah on Dec 28, 2023 19:13:40 GMT
Not sure if AblRate requested it or if Trustpilot pulled it themselves (if at all pulled) - it was there the last I checked it 4-5 months ago. Trustpilot is proving equally un-trustworthy nowadays - they don't like any negative reviews and most of their recent reviews are +ve. They have disallowed a couple of negative reviews (one for mycommunity bank) from my partner despite providing to them the proof of investment and all the correspondence that was complained about in the review. They simply remove -ve reviews requesting a case to be lodged in case one disagrees. After lodging the case, someone came back asking for proof of ID, proof of investment and the proof of the correspondence - all of which were provided. Then it all went silent despite several followups. For the 2nd case, no one even bothered to respond to the lodged case. So, they seem to be favouring their clients who pay them the money, like the FOS !
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Post by scepticalinvestor on Dec 29, 2023 10:56:15 GMT
Not sure if AblRate requested it or if Trustpilot pulled it themselves (if at all pulled) - it was there the last I checked it 4-5 months ago. Trustpilot is proving equally un-trustworthy nowadays - they don't like any negative reviews and most of their recent reviews are +ve. They have disallowed a couple of negative reviews (one for mycommunity bank) from my partner despite providing to them the proof of investment and all the correspondence that was complained about in the review. They simply remove -ve reviews requesting a case to be lodged in case one disagrees. After lodging the case, someone came back asking for proof of ID, proof of investment and the proof of the correspondence - all of which were provided. Then it all went silent despite several followups. For the 2nd case, no one even bothered to respond to the lodged case. So, they seem to be favouring their clients who pay them the money, like the FOS !
I fully agree with you that they make it difficult but I did manage to persevere and get a Property Partner review of mine reinstated on appeal. PP took it down first saying I wasn't a customer (which I disproved) and then again saying I was defaming them by lying on the review. It was a long convoluted manual process and took a few months to come back online.
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dh1
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Post by dh1 on Dec 31, 2023 19:11:29 GMT
Given the complexity of some of the loans - eg AF - and the possibility of other Administrations - I don't expect this Administration to be finalised for at least 5 years. You are living in cloud cuckoo land if you predict "at least 5 years". Given the extreme apathy of Ablrate and their borrowers to get our money returned to us plus the fraudulent way Administrators and their cohorts work in this country, at least seven years is more realistic. This entire year, just like last year, I wasn't given back a single red cent by a single P2P or non-P2P administration I am a victim of while the Administrators with their noses in the trough billed hundreds of thousands of pounds. I'm delighted that we are living in exactly the same cloud cuckoo land as far as timescales are concerned at least. Useful term that "at least"...
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r1200gs
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Post by r1200gs on Jan 2, 2024 10:43:38 GMT
Not sure if AblRate requested it or if Trustpilot pulled it themselves (if at all pulled) - it was there the last I checked it 4-5 months ago. Trustpilot is proving equally un-trustworthy nowadays - they don't like any negative reviews and most of their recent reviews are +ve. They have disallowed a couple of negative reviews (one for mycommunity bank) from my partner despite providing to them the proof of investment and all the correspondence that was complained about in the review. They simply remove -ve reviews requesting a case to be lodged in case one disagrees. After lodging the case, someone came back asking for proof of ID, proof of investment and the proof of the correspondence - all of which were provided. Then it all went silent despite several followups. For the 2nd case, no one even bothered to respond to the lodged case. So, they seem to be favouring their clients who pay them the money, like the FOS !
Slightly off topic I know, but would you mind telling me what the issue was with My Community Bank? Pure fluke that I know somebody considering dealing with them.
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mah
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Post by mah on Jan 5, 2024 19:10:19 GMT
It was a 1 year Fixed Savings or Bond. When it matured, there were issues transferring the Principal + Interest. The emails said "we are having so many requests that we can't cope, please bear with us and somwone will deal with it".
The phones rang and rang - no one picked up. So, the money stayed there for almost 3 weeks (if I remember correctly) - with no access and without earning any interest. Finally, it was transferred to the Nominated Account after 3 weeks when someone finally picked up the phone and put it in a priority list. So, quite easy to put the money in, but withdrawals are/were a pain and no apologies at all. Also, the emails were sent to MyCommunityBank, however the replies/ack came from MyCommunityFinance. Now I found out that it was Trust Pilot who pulled the reviews, not the bank itself (as they are/were overwhelmed and couldn't be even bothered).
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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 Jan 5, 2024 20:55:20 GMT
My Community Bank (Brent Shrine Credit Union Ltd) is authorised and regulated by the PRA, a much more serious regulator than the FCA. I would be very surprised if the PRA would allow that situation to persist for long after it became aware of it. The PRA, you mean the regulator whose chairman is a regulatory joke thanks to his previous role, during which he was also a part of the PRA's board, as is his successor now.
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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
Posts: 11,315
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Post by ilmoro on Jan 5, 2024 22:16:54 GMT
The PRA, you mean the regulator whose chairman is a regulatory joke thanks to his previous role, during which he was also a part of the PRA's board, as is his successor now. I only know of one PRA Rhetorical. Im not sure any regulator involving Andrew Bailey in its senior management and then head can be labelled 'serious' ...
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mah
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Post by mah on Jan 7, 2024 15:11:48 GMT
My Community Bank (Brent Shrine Credit Union Ltd) is authorised and regulated by the PRA, a much more serious regulator than the FCA. I would be very surprised if the PRA would allow that situation to persist for long after it became aware of it. Was PRA at all aware of it - I'm not sure.
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Post by Ace on Jan 9, 2024 17:10:18 GMT
The caseboard entries for the two administration applications have been updated today to show "Last case activity 08 Jan 2024" I'm confused. Although the Last Case Activity date has updated, the only entry on the timeline is the case being filled on 20th Dec. Am I missing something?
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