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Post by overthehill on Mar 20, 2024 11:54:05 GMT
Couldn't find what they are talking about in the few loans I checked, I'm assuming it is a single document. Off to cracking start but it's not hard to imagine that it could be part of the plan.
I recommend this line of work to anyone : under worked, over paid, infinite supply of work and very little competition. For the loans I have access to, I can see: ABLRate ADM Order ABLRate BA Order AM03 & ABLRate Proposals AM03 & Aviation Proposals Aviation ADM Order Aviation BA Order I presume these are the docs being referred to. Quantuma has used a ' 000. Quantuma Letter / 001.Quantuma FAQ / 002.Quantuma etc' notation to previously added docs and it would have seemed logical to continue that practice. (As previously mentioned, IPs and communication skills are not commonly seen together.)
Getting less emails than my loan count is starting to make sense, I gave up too early.
Interesting how only some of my AF loans deserved an email and administrator documents. Keep it up boys.
Can the FCA not start doing administrations ?
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iRobot
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Post by iRobot on Mar 20, 2024 11:55:06 GMT
Totally snowed under with work and need someone to help make this easy for me, please: 1. Proof of Debt form - is this just my current account balance & ok to put details as 'refer to account #xxxx records' 2. Vote by Correspondence form - Decisions = 1) against, and 2) against 3. Notice of Objections form - Proposed decisions 1) object, and 2) object What's the verdict on requesting a physical meeting of creditors (Notice of Objections form)? Anything else I need to add? 1. I wouldn't take shortcuts - any excuse to exclude a document ('incomplete information') might be seized upon 2. Your choice - but I wouldn't disagree with you 3. Again, your choice but seems you'll be obliged to vote 'objected to' the Proposal approval if you've voted against and or objected elsewhere, and, if I were a lender, I would object that a CC wasn't established.
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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 Mar 20, 2024 13:10:10 GMT
Had not picked up on the admin notes until the email this morning and have not looked yet as just about to go to hospital appointment (made more sense to come here first with the bit of time i had!) but notice people mentioning a proof of debt form.Should they not know what each person has invested & expected repayments/interest etc without a claim form or am i missing something? The proof of debt form is a requirement for a creditor claim which is needed to vote on the proposals. It needs to be completed as lenders are not currently recognised as creditors so there is no automatic read across from sums on the platform & creditor claim so lenders have to indicate the debt (capital & interest)
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Post by muttley916 on Mar 20, 2024 15:14:40 GMT
Had not picked up on the admin notes until the email this morning and have not looked yet as just about to go to hospital appointment (made more sense to come here first with the bit of time i had!) but notice people mentioning a proof of debt form.Should they not know what each person has invested & expected repayments/interest etc without a claim form or am i missing something? The proof of debt form is a requirement for a creditor claim which is needed to vote on the proposals. It needs to be completed as lenders are not currently recognised as creditors so there is no automatic read across from sums on the platform & creditor claim so lenders have to indicate the debt (capital & interest) So would you extract your outstanding loans (many) to a csv and then cut and paste the details? How on earth do I work out the interest? Any help appreciated
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macq
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Post by macq on Mar 20, 2024 16:03:53 GMT
Had not picked up on the admin notes until the email this morning and have not looked yet as just about to go to hospital appointment (made more sense to come here first with the bit of time i had!) but notice people mentioning a proof of debt form.Should they not know what each person has invested & expected repayments/interest etc without a claim form or am i missing something? The proof of debt form is a requirement for a creditor claim which is needed to vote on the proposals. It needs to be completed as lenders are not currently recognised as creditors so there is no automatic read across from sums on the platform & creditor claim so lenders have to indicate the debt (capital & interest) thanks - think i now realise why i went back to equity & bond funds But just to clarify are you saying if people don't read the email or just plain ignore due to apathy they are not eligible for any future payouts (wishful i know)? Or simply they will not have a say in the decision making?
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tony9239
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Post by tony9239 on Mar 20, 2024 16:15:40 GMT
Totally snowed under with work and need someone to help make this easy for me, please: 1. Proof of Debt form - is this just my current account balance & ok to put details as 'refer to account #xxxx records' 2. Vote by Correspondence form - Decisions = 1) against, and 2) against 3. Notice of Objections form - Proposed decisions 1) object, and 2) object What's the verdict on requesting a physical meeting of creditors (Notice of Objections form)? Anything else I need to add? 1. I wouldn't take shortcuts - any excuse to exclude a document ('incomplete information') might be seized upon 2. Your choice - but I wouldn't disagree with you 3. Again, your choice but seems you'll be obliged to vote 'objected to' the Proposal approval if you've voted against and or objected elsewhere, and, if I were a lender, I would object that a CC wasn't established. It is interesting to note that on the Notice of Objections form it states: "if you agree with the proposed decisions set out above, you do not need to do anything". So, all those who do not vote/can't be bothered/can't work through all this obfuscating from Quantuma will be taken as in favour of: 1. That the Joint Administrators’ Proposals be approved; 2. That a Creditors’ Committee will not be established. This may help to explain why Quantuma have made such a balls up of communicating these proposals and the vote (the deadline for which is midnight on Monday 25/3).
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giraffe
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Post by giraffe on Mar 20, 2024 16:48:41 GMT
The proof of debt form is a requirement for a creditor claim which is needed to vote on the proposals. It needs to be completed as lenders are not currently recognised as creditors so there is no automatic read across from sums on the platform & creditor claim so lenders have to indicate the debt (capital & interest) So would you extract your outstanding loans (many) to a csv and then cut and paste the details? How on earth do I work out the interest? Any help appreciated I've put in the value given on my online account, and then taken and attached a screenshot of my loans. In Section 4 I put this value and 'plus interest accrued and due in future', and in Section 5 said that the value does not include uncapitalised interest. For Section 6, I've put "Investment in ABLrate loans through platform". Haven't sent it off yet, so if anyone knows if this isn't the right approach to the form, let me know!
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Post by Badly Drawn Stickman on Mar 20, 2024 17:47:01 GMT
Given all the switching and swapping since the loans were originated I have absolutely no clue how to answer these...
7. Particulars of any security held, the value of the security, and the date it was given
8. Details of any reservation of title in relation to goods to which the debt relates
9. Details of any document by reference to which the
debt can be substantiated. [The administrator may
call for any document or evidence to substantiate
the claim at his discretion.]
10. Give details of whether the whole or any part of the debt falls within any (and if so which) of the
categories of preferential debts under section 386
of, and schedule 6 to, the Insolvency Act 1986
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dh1
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Post by dh1 on Mar 20, 2024 19:14:25 GMT
Remember as well that there are TWO companies in play here, Ablrate Assets Ltd (In Administration) and Aviation And Tech Capital Ltd (in Administration). I've completed and submitted forms for both. The email recipient did as asked and acknowledged them pretty much immediately.
For the "proof of debt" questions, I've opted for the simple route "see Ablrate platform records" for pretty much every answer whilst specifying the amount owed precisely ("£ plus accrued interest"). In my inexpert view, that should be sufficient for the Administrators and it avoids making unintended technical errors.
Those who are expert may disagree, of course!
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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 Mar 20, 2024 19:29:24 GMT
The proof of debt form is a requirement for a creditor claim which is needed to vote on the proposals. It needs to be completed as lenders are not currently recognised as creditors so there is no automatic read across from sums on the platform & creditor claim so lenders have to indicate the debt (capital & interest) thanks - think i now realise why i went back to equity & bond funds But just to clarify are you saying if people don't read the email or just plain ignore due to apathy they are not eligible for any future payouts (wishful i know)? Or simply they will not have a say in the decision making? No. They will still be eligible for whatever is paid out for the individual loans for recoveries made for those loans. Filing a POD is purely to be eligible to vote on the specific decisions outlined at the moment. Down the line if lenders are held to be creditors and there is any money left in the general estate ie the companies assets not the individual loans, then a POD will be needed to receive a dividend.
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macq
Member of DD Central
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Post by macq on Mar 20, 2024 19:50:38 GMT
thanks - think i now realise why i went back to equity & bond funds But just to clarify are you saying if people don't read the email or just plain ignore due to apathy they are not eligible for any future payouts (wishful i know)? Or simply they will not have a say in the decision making? No. They will still be eligible for whatever is paid out for the individual loans for recoveries made for those loans. Filing a POD is purely to be eligible to vote on the specific decisions outlined at the moment. Down the line if lenders are held to be creditors and there is any money left in the general estate ie the companies assets not the individual loans, then a POD will be needed to receive a dividend. thanks appreciate the clarification
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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 Mar 20, 2024 21:48:08 GMT
Dug out my Lendy form ... think this was filled in following guidance from another lender. Forms are slightly different but questions are largely the same.
4 ‘I claim the the total value of my loans plus accrued interest and interesting accruing until full repayment. (Entered Capital outstanding) 5 Details of my account are available on the platform Lendy.co,uk. Full details can be provided once confirmed 6 "All accrued interest and any further accruing until full repayment" The amount of accrued interest on my Lendy account is available to the administration on the Lendy.co.uk platform records.’
7. "Lender on P2P platform Lendy.co.uk. Lendy owes me civil liabilities that spring from multiple breaches in agency and trust and mis-selling to the full value of my outstanding loans plus accrued interest’.
8 ‘the amount of my outstanding loans and the relevant security applying to each is available to the administration on the Lendy.co.uk platform. If required will provide this to the administration upon further confirmation.’
Circumstances slightly different as RSM had admitted lenders as contingent creditors and POD only required if standing for CC (unsuccessfully ... fortunately it turned out) Quantuma have to accept the arguments and the debt so its more speculative.
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Post by investor1925 on Mar 21, 2024 13:05:42 GMT
Given all the switching and swapping since the loans were originated I have absolutely no clue how to answer these... 7. Particulars of any security held, the value of the security, and the date it was given 8. Details of any reservation of title in relation to goods to which the debt relates 9. Details of any document by reference to which the debt can be substantiated. [The administrator may call for any document or evidence to substantiate the claim at his discretion.] 10. Give details of whether the whole or any part of the debt falls within any (and if so which) of the categories of preferential debts under section 386 of, and schedule 6 to, the Insolvency Act 1986 For 7 I've put See 8 below For 8 I've put The amount of my outstanding loans and the relevant security applying to each is available to the administration on the platform "platform.ablrate.com/" If required I will provide this to the administration upon further confirmation. For 9 I've put Details of my account are available on the platform platform.ablrate.com/ which indicates all the loans to which I have outstanding debt. For 11 I've put Any payment can be applied to the Ablrate platform and I can withdraw it from there. If the Ablrate platform is subsequently closed down I would prefer a cheque to the above address My only query is section 10, which I think refers to preferential creditors (I may be totally wrong) I assume our loans don't fall under this act, (but again I might be wrong)Anyone got any suggestions.?
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Post by investor1925 on Mar 21, 2024 13:06:48 GMT
Sorry Ilmoro, forgot to thank you for the text
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Joss
Posts: 18
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Post by Joss on Mar 21, 2024 17:59:51 GMT
Thanks to all those contributing to the think tank here. I don't normally post but take a lot from reading the discussions and info shared here. I have submitted my POD and accompanying docs and hope enough of us can force a Creditors Committee.
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