blender
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Post by blender on Dec 5, 2016 23:56:09 GMT
... Whether there are any conclusions to be drawn about movable assets that can go missing is an interesting question. That could affect things like pawn or car HP, say. Plenty of risks in property development but often buildings are of a type that doesn't go missing, though mistakes causing inadvertent demolition and just failure to complete are part of the potential picture for those. Not that property is immune from misappropriation, there are those scams where tenants have sold their landlord's property and similar can happen in commercial deals. Yes, but this will not be a new question. Many businesses need an asset register, and that will include mobile assets (like trucks and planes) and portable assets. In the case of portable containers, you would think that the market value of the asset/security would be reduced because of the cost of handling one or more remote sales. But for mobile or portable assets you do need systems to be able to locate them. If you cannot locate and secure an asset then it has no value as security. Of course, if the borrower is controlling the movements, then the method of keeping track probably requires the borrower's compliance. So if you are going to use portable containers as security, you need to be sure of your judgement of the individuals responsible for the borrower company. In The Archers the Grundys have a shipping container for storage on the field they rent. I don't know how they got it, but if someone else is missing it there is no way they will find it.
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Post by GSV3MIaC on Dec 6, 2016 12:58:50 GMT
Depends if Messrs Grundy managed to find/remove (or disable) the GPS tracker that a lot of containers now sport (and you thought it was just expensive motor cars?!). 8>.
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fp
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Post by fp on Dec 6, 2016 19:31:47 GMT
Depends if Messrs Grundy managed to find/remove (or disable) the GPS tracker that a lot of containers now sport (and you thought it was just expensive motor cars?!). 8>. This would be something added as an extra, something tells me that if they were bought new by someone who intended to make them vanish, then they wouldn't have gone to the expense of having them fitted in the first place
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blender
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Post by blender on Dec 6, 2016 19:42:55 GMT
Such a container would need both a GPS receiver and some sort of transponder which could be pinged by a service provider such as Inmarsat. You would not add that cost, I think, to containers for general resale.
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james
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Post by james on Dec 6, 2016 21:09:16 GMT
Such a container would need both a GPS receiver and some sort of transponder which could be pinged by a service provider such as Inmarsat. You would not add that cost, I think, to containers for general resale. At a cost of £200 in the UK including all tracking costs something like this wouldn't be good for every container but could perhaps make sense for a sample of them.
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blender
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Post by blender on Dec 6, 2016 22:17:59 GMT
Such a container would need both a GPS receiver and some sort of transponder which could be pinged by a service provider such as Inmarsat. You would not add that cost, I think, to containers for general resale. At a cost of £200 in the UK including all tracking costs something like this wouldn't be good for every container but could perhaps make sense for a sample of them. I am not sure that is for a container but rather for a trailer, which would carry a container. It includes one year's tracking. It's GPS plus terrestrial mobile I think, which would work only where there is mobile service, ie a problem at sea. But of course the GPS needs to see some satellites, min of three I recall, and so needs to see the sky. Put another container on top (which I think is done outside of the trailer use), and you are stuffed. That would of course be a problem for Inmarsat - which does cover much of the world but is more expensive, or was. Device can be defeated by placing a piece of aluminium foil over it.
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james
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Post by james on Dec 6, 2016 22:25:30 GMT
Sorry, you're right that that one is just for a year at the price I gave. I was reading about a few and some come with that sort of feature. I assume that for purchase and installation in China it'd be cheaper anyway. That one is for containers as well as other things.
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ptr120
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Post by ptr120 on Dec 12, 2016 15:42:07 GMT
Dear ablrate IIRC there was due to be a court hearing today. Would you be able to provide an update please?
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ptr120
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Post by ptr120 on Dec 16, 2016 9:31:25 GMT
Dear ablrate I'm dissapointed that you have not been able to reply to this polite enquiry which has been outstanding since Monday - even though you have been logged in to the forum since then. These defaults are a worry to some, and I suspect I'm not the only one who would like to know what happend in court last Monday. Please can we have a meaningful update?
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ablender
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Post by ablender on Dec 16, 2016 18:22:08 GMT
Dear ablrate I'm dissapointed that you have not been able to reply to this polite enquiry which has been outstanding since Monday - even though you have been logged in to the forum since then. These defaults are a worry to some, and I suspect I'm not the only one who would like to know what happend in court last Monday. Please can we have a meaningful update? I've been patiently waiting for an update and some real response, not the usual guff we seem to get. I have not changed my opinion on the responsibility for this loan repayment despite some serious lobbying by some borrowers who jump in to protect ablrate at any cost, seemingly ignoring pertinent facts. Perhaps we will get an early Christmas present from ablrate with some meaningful news. I wonder what the FCA would make about the way this loan was conducted? Are you sure that borrowers are protecting ablrate?
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ablender
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Post by ablender on Dec 16, 2016 18:22:29 GMT
Dear ablrate I'm dissapointed that you have not been able to reply to this polite enquiry which has been outstanding since Monday - even though you have been logged in to the forum since then. These defaults are a worry to some, and I suspect I'm not the only one who would like to know what happend in court last Monday. Please can we have a meaningful update? I've been patiently waiting for an update and some real response, not the usual guff we seem to get. I have not changed my opinion on the responsibility for this loan repayment despite some serious lobbying by some borrowers who jump in to protect ablrate at any cost, seemingly ignoring pertinent facts. Perhaps we will get an early Christmas present from ablrate with some meaningful news. I wonder what the FCA would make about the way this loan was conducted? Are you sure that borrowers are protecting ablrate? Re FCA: If FCA were happy to approve LC, I doubt they would be interested in anything that we, lenders complain about.
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jfm
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Post by jfm on Jan 8, 2017 12:22:35 GMT
Jaydee - I got an email on 19/12 saying: ...The hearing was adjourned until the 17th January 2017...
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james
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Post by james on Jan 9, 2017 5:27:02 GMT
Please confirm that it is ablrate view that the C*** container loans which are involved are: 1. Defaulted 2. Irrecoverable without legal action 3. And hence can have their capital deducted from interest for the 2016-17 tax year if there is not recovery before 6 April 2017, per the process for P2P bad debt relief The relevance is that I and perhaps others are telling HMRC about expected taxable income for PAYE tax code adjustments for the current tax year as well as planning and making VCT buys and the amounts involved can significantly affect the values used. In particular they could lead to a VCT buy over the amount for which VCT relief will be given if the unadjusted interest is used and the person is aiming to achieve close to zero net income tax due. It's my view that while there will be recovery it will not substantially be within the current tax year due to the time it takes to work through the legal and other steps involved. So in my planning I currently anticipate reportable taxable interest income for the tax year to be lower by the amount of the defaulted balances.
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blender
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Post by blender on Jan 9, 2017 9:59:34 GMT
The FC tax return is updated in real time and you can download a report for any period. When a loan is defaulted and a loss declared then that loss goes straight to the tax statement as allowable against income tax (as a separate category from interest). Just as you require, James. I do moan about FC (not alone) but the staffing there allows these support functions to be done properly - and it is easily copied.
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Post by bracknellboy on Jan 9, 2017 10:51:13 GMT
The FC tax return is updated in real time and you can download a report for any period. When a loan is defaulted and a loss declared then that loss goes straight to the tax statement as allowable against income tax (as a separate category from interest). Just as you require, James. I do moan about FC (not alone) but the staffing there allows these support functions to be done properly - and it is easily copied. Yes, well I wish I had downloaded the FC tax statement BEFORE a session of DYOR at the weekend.....this involved taking my loan book as of 5/4/16; the FC whole loan book as of same date; for each of my defaulted loans checking 'comment history' on-line to determine when they could be construed as irrecoverable; for those falling into 15-16 tax year checking the FC whole loan book to ascertain any amount recovered in that period as a %age of the outstanding capital; applying that %age to my exposure to come up with a number for relief. Quite chuffed with myself. And then I downloaded the FC tax statement. Dohhhhhh. The good news is the 2 numbers were within 5% of each other. Interesting though: I wonder whether the FC statement includes subsequent recoveries i.e. post end of 15/16 tax year. If so that could explain the small difference.
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