blender
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Post by blender on Oct 2, 2019 23:29:34 GMT
It's still late. Unfortunately new fairer FC caught me for £100. They reported 18 Sept that we should get 30% recovery soon.
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blender
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Ablrate (ABL) in Administration
Tax Statement
Oct 2, 2019 23:26:09 GMT
Post by blender on Oct 2, 2019 23:26:09 GMT
ISA no need for any tax statements Quite right. The task is to remove them - as confusing at best.
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blender
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Ablrate (ABL) in Administration
Tax Statement
Oct 2, 2019 18:49:40 GMT
Post by blender on Oct 2, 2019 18:49:40 GMT
I did raise the question of tax statements on ISA accounts again recently and ablrate accepted it as a job to be done. Not done yet, but I would rather the time was spent of loan management, if there is a choice.
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blender
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Post by blender on Oct 2, 2019 8:32:58 GMT
There's a mess alright, but there's no messiah! Have faith, Ace! Consider the miracle of loan 129.
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blender
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Post by blender on Oct 1, 2019 23:33:01 GMT
'You don't need to follow me You don't need to follow anybody You've got to think for yourselves.' [Brian]
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blender
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Post by blender on Oct 1, 2019 22:07:27 GMT
That's right - I'm not the Messiah.
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blender
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Post by blender on Oct 1, 2019 11:50:26 GMT
On my old account, according to FC, the return is 10.8%.
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blender
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Post by blender on Oct 1, 2019 11:46:47 GMT
ablrate - clearly things haven't gone to plan, I'm sure you've been in regular contact with the borrower, could we have an update please? Suggested update: 'Still awaiting the real Messiah - expected soon'.
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blender
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Post by blender on Oct 1, 2019 10:12:57 GMT
One small reason if the purpose is to reinvest in FC after loan parts have been sold, if you don't need the cash. If you buy a new batch of loans then over the 120 day period the worst of those will fail and you will not be able to sell them. The ones you can sell after 120 days will be the better ones which are up to date with payments. When you re-invest what you have sold, you will get a fresh batch of loans including bad ones which you will not be able to sell after 120 days. And so with each sale your portfolio gets progressively worse, probably your initial capital will decline and the amount which you can withdraw each cycle will reduce. I think you would be better putting you cash in a savings account on 60 days notice. Assetz QAA gives a much better overall offer than FC, imo, but then liquidity is not guaranteed if they get into a similar mess.
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blender
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Post by blender on Sept 30, 2019 14:38:51 GMT
The Admin note on 24/9 said a weeks extension "as we prepare the documentation" At that stage I think the take up was in the region of 35%. Today, the last day of the extension, it is sitting at 42% So why would ABL be preparing paperwork I wonder with these relativiely low take up figures? Perhaps there is a white knight underwriter sitting in the wings on his charger after all? LW Maybe not an underwriter, maybe some equity funding? One of the unattractive features seems to be (unless I am mistaken) that there is just one source of cash for this project - loan 129- and it would be taking all the risk of the project. The main equity holder is capitalising an unsecured loss, not contributing any cash. I could see the project attracting equity funding on the basis of the loan amount committed, but odd for a volunteer underwriter.
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blender
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Post by blender on Sept 29, 2019 14:40:35 GMT
ablrate when you have a spare moment would you upload the latest filed accounts to end 2018 for this borrower, please. Looking at the end 2017 filed accounts, the numbers seem exactly the same as 2016, and very different from the 2017 comparatives given in the latest end 2018 filed accounts. This co at end 2018 had no assets other than debtors. Zero value of stock seems odd considering the first security was the stock of s/h cars. I am no accountant, and there is probably a simple explanation.
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blender
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Post by blender on Sept 27, 2019 11:29:45 GMT
I believe that they have decided to let it go past 120 days so that lenders know what will happen, rather than keep asking them what will happen and complaining about what might happen. 120 days is a disgrace and demonstrates a complete failure to provide acceptable liquidity.
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blender
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Post by blender on Sept 24, 2019 8:32:00 GMT
They woke us up early today to get us washed, dressed, and breakfasted before some good telly at 10.30am. The top-up only needs another £5k and should be complete before the funds return from the workhouse renovation project. Yes, they will hope that those funds might go to the other two loans - but that's like giving to the deserving poor. Note that the Welsh one has finished its countdown. I think that in the Home we will be more interested in a sweepstake on who will be the next Prime Minister.
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blender
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Post by blender on Sept 23, 2019 17:06:08 GMT
I must have gone to sleep in my comfy chair and no-one woke me up for the end of Countdown. It finished days ago, but it stops on zero and doesn't go negative - so you don't notice. Well, who cares?
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blender
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Post by blender on Sept 22, 2019 21:44:31 GMT
56502 will be May 2018, and so well after the black box started. It's also a C loan (presumably) and part of the underperforming cohort - subject to 50% failures. At least you helped to inflate the loan book and to allow the venture capitalists and founders to get out with their profits.
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