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Post by ablrate on May 20, 2020 12:57:04 GMT
Hi ablrate a few questions on this loan: The interest rate is still showing as 10% when I believe it is in fact 13%. Please can this be updated? According to the admin notes it looks like the last repayment of capital due to parts sales was in July last year. Can we have an update on sales please? (most maintenance in Q3 / 4 would suggest we should have had something since then. Are 90% of parts sales, or 80% of parts sales revenue mandated to us? Both figures are mentioned in the addendum and I'm a bit confused as to what currently applies here. Please can you also confirm that the insurance cover is still in place? A previous update stated that it was in place until April 2020. Finally, chances of full repayment by October, vs. another extension? 1. Yes, will take a look and fix that. 2. Hmm.. That isn't correct as there have been sale since then. 3. There will be no extension. Sales are happening and we have a good relationship with the consignee. Our deal is that it is either repaid in October or we take control of the assets (we have a side agreement that allows us to do this, rather the repossessing) and sell the assets for whatever is outstanding. There is approximately $1 million of asset value and $250 outstanding. Presently 90% of any sales are being sent to us for pay down of the loan.
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ptr120
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Post by ptr120 on Jul 4, 2020 6:41:29 GMT
ablrate the interest rate here is still showing as 10% which is misleading as it is 13%. Please can you change this error which has been present for some time, and has previously been pointed out?
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Post by ablrate on Jul 6, 2020 13:49:14 GMT
ablrate the interest rate here is still showing as 10% which is misleading as it is 13%. Please can you change this error which has been present for some time, and has previously been pointed out? done
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ptr120
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Post by ptr120 on Oct 12, 2020 16:14:46 GMT
ablrate I might be wrong but I'd thought this was due to repay today. We seem to have received the quarterly interest together with a small capital repayment and an extension to 12/12 but no admin note. Could we please have an update
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Post by ablrate on Oct 13, 2020 14:54:08 GMT
ablrate I might be wrong but I'd thought this was due to repay today. We seem to have received the quarterly interest together with a small capital repayment and an extension to 12/12 but no admin note. Could we please have an update We are not able to posts admin notes as of yet due to the migration of data, so this is on the to do list. They have not paid, we will not agree to another extension as this needs to be drawn to a close, so we have paid out what is on account and begun the recovery process. Practically, we have taken over the assets which now involves 100% of the sales coming to us (the sales are ongoing), the addition of admin fees and default interest. We are giving them a settlement option and we will also be seeking offers on the entire consignment. Should they not give us a suitable settlement timetable we will also be chasing the PGs.
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Post by muttley916 on Nov 28, 2020 18:26:15 GMT
Any update on this? Last admin note said expect something in 10 days ablrate
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james100
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Post by james100 on Dec 3, 2020 14:33:39 GMT
Any update on this? Last admin note said expect something in 10 days ablrate update on site
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ptr120
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Post by ptr120 on Dec 3, 2020 14:36:28 GMT
Update just posted. Recovery firm in Hong Kong and legal representation in Switzerland engaged. As the assets are in the US the international nature of this recovery is going to be drawn out and time consuming.
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Post by ablrate on Dec 3, 2020 16:53:57 GMT
Update just posted. Recovery firm in Hong Kong and legal representation in Switzerland engaged. As the assets are in the US the international nature of this recovery is going to be drawn out and time consuming. The assets are under our control (as part of an assignment agreement), there will be no long and drawn out process to control the assets and the sales of those assets. We are taking action against the company as that is the correct procedure, but in the meantime assets will be sold as normal through consignee we have been dealing with for a number of years.
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ptr120
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Post by ptr120 on Dec 4, 2020 8:46:26 GMT
Reassuring ablrate but I'm still concerned that there will be a long drawn-out process. Afterall, this one has already been extended multiple times. I do hope I'm proved wrong, so how about a friendly wager? An interim distribution by 12 January, and full repayment including capital and penalty interest by 12 April? If that happens, I'll buy you a chocolate bar - if it doesn't, you buy me one? Some may recall a time when chocolate bars were a currency of 'fun' on the forum page for another platform.
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ptr120
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Post by ptr120 on Jan 12, 2021 17:04:56 GMT
Hi ablrate, I may be missing something, but how does lack of invoices/paperwork from the borrower prevent the broker from paying us monies (to cover an interest payment) that they are holding on our behalf? By the way, I know that you didn't formally take me up on the wager I posted above, but as today is 12 Jan, I wonder if that means I've also accrued half a chocolate bar?
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ptr120
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Post by ptr120 on Jan 22, 2021 12:27:23 GMT
Hi ablrate I think you might have missed this loan in the last video update. Are you able to advise why missing paperwork is preventing payment, and if said paperwork has been found down the back of a sofa / in an old shipping container / left behind in a Welsh pub?
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ptr120
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Post by ptr120 on Apr 22, 2021 12:33:33 GMT
Hi ablrateIt see that 12 April has come and gone which would suggest that I was right and you were wrong; and this will indeed be a long, drawn-out recovery. It seems as if the pesky missing paperwork preventing the broker from paying monies held on account have also failed to materialise. Given that it is now more than three months since your last update on this loan, one would seem rather overdue. Oh, and can I have the chocolate bar you owe me too?
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Nomad
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Post by Nomad on Apr 25, 2021 10:52:49 GMT
Hi ablrate It see that 12 April has come and gone which would suggest that I was right and you were wrong; and this will indeed be a long, drawn-out recovery. It seems as if the pesky missing paperwork preventing the broker from paying monies held on account have also failed to materialise. Given that it is now more than three months since your last update on this loan, one would seem rather overdue. Oh, and can I have the chocolate bar you owe me too? I am getting seriously unhappy with ablrate whose communication has declined markedly this year...
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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 Apr 25, 2021 10:58:59 GMT
Hi ablrate It see that 12 April has come and gone which would suggest that I was right and you were wrong; and this will indeed be a long, drawn-out recovery. It seems as if the pesky missing paperwork preventing the broker from paying monies held on account have also failed to materialise. Given that it is now more than three months since your last update on this loan, one would seem rather overdue. Oh, and can I have the chocolate bar you owe me too? I am getting seriously unhappy with ablrate whose communication has declined markedly this year... I fear the 'missionary' work has perhaps become a distraction
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