KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Aug 1, 2023 21:34:29 GMT
Much to my surprise, Huddle seems to have had a much better run-down of its platform than most.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Mar 3, 2023 22:59:43 GMT
I contacted Huddle today about a long defaulted loan and was told they expect settlement with full capital repayment as a minimum in the coming weeks (loan 1000092)
🤞
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Jul 18, 2022 13:08:49 GMT
I fully support Ablrate's decision; as we've learned from MoneyThing, an orderly wind down with existing staff managing the loan book is infinitely preferrable to calling in administrators.
I feel the writing's been on the wall for a while now and I regret that the business model (despite its faults) is unviable going forward.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on May 21, 2022 17:40:50 GMT
Implosion, I'm not so sure
The capacity of Ukraine to take this punishment and spend $5B a month for the pleasure of being bombed with capital of $40B is only 8 months
Germany is aiming to fix oil/gas use in 8 months.
It is going to be a close call
Of course world-wide (for the poor) starvation may have kicked in by then
The West will not allow Ukraine to fail for lack of funds, Russia on the other hand has no backers
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Ablrate (ABL) in Administration
AF Loans (ABL)
May 20, 2022 9:21:45 GMT
Post by KoR_Wraith on May 20, 2022 9:21:45 GMT
A selfish stance it may be (especially in comparison to those who funded the last batch of F******er loans), but as I've accumulated mainly older AF loans that have amortisised down to very low LTVs I'm particularly frustrated with the current situation. I hadn't considered the security rusting away without income/asset arrestation due to problems with the wider group.
Yet another lesson learned from the minefield that is P2P investing!
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on May 20, 2022 8:44:43 GMT
According to the Facebook page for Ve*** Whi*****ch, with effect from 6-May-22, most of the team have left and Da*** and Da*** Kav***** are taking direct control, some of the comments following that post seem somewhat uncomplimentary.
Not sure if this impacts the value of the asset for these loans.
"uncomplimentary" is an understatement - someone has now set up a website dedicated to discussing the shortcomings of the directors - complete with video explainer. Most disconcerting. Oh dear oh dear. If half of what is said on the website is true then this could be trouble.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Feb 10, 2022 12:08:11 GMT
Surely global warming is a good thing ! if the average temperature in the UK in the winter rises by 1 degree then I will use less gas to heat my house, in the summer surely more people will stay in the UK for holidays. Also we will be able to grow more grapes / exotic crops result of those less emissions less air miles I'd say it's all a win As crazy as it sounds, there are people of the Lance Foreman variety that genuiniely believe and promote this line of thought.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Feb 7, 2022 23:43:50 GMT
Income is too easy to fiddle for those with the means.
I think of council tax as more of a wealth tax, in which case house value is fair game.
No, rich households don't necessarily use more services but neither do they use the NHS more or invade other countries more. Unfortunately progressive taxation is generally the price for living in a not totally broken society.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Feb 7, 2022 22:36:53 GMT
My house is Band G due to the street's unfortunate popularity back in 1991. Since then the street has steeply declined in value to the point that were my house to be built now it would fall into Band E. Current system is idiotic.
I'd personally favour a straight property tax - eg. 1% the value of your property annually. Fairest way to do it, none of this 1991 banding nonsense.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Dec 23, 2021 13:48:52 GMT
I don't know about the rest of you but I'm quite glad keitha isn't personally involved in international legislation , makes Priti Patel's ambitions seem light touch! In all seriousness though, the 'cost' of 'illegal' immigrants to the UK is near insigificant when seen in context with other government spending. That's not to say that there aren't concentrated problems in particular local areas, but as a country there is very little need for yet more restrictions in this domain. I'd like to see less focus on regular people seeking a better life and more focus on making Amazon/Facebook/Jacob Rees-Mogg pay the same rates of tax as their truly domiciled comparatives.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Dec 9, 2021 12:17:39 GMT
On the plus side, interest payments continue to be made (although withheld by administrator for time being...) and the restaurant has hundreds of glowing reviews. Cautiously optimistic.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Dec 5, 2021 9:22:54 GMT
As far as I am concerned the update is a complete negative disaster. At least if there had been some actual additional security I might have been slightly reassured. I’m now exiting ABLrate completely. Have seen this story too many times in P2P already. Completely understand what you're feeling and I was tempted to take the same action. However, upon reviewing my tradable holdings, the underlying risk profile for many of my loans is extremely favourable even in default. Whilst the primary deficiency in Lendy/FS (and to a much lesser degree MT) was completely unrealistic valuations of development projects, I don't feel this to be the case with Ablrate (at least not with the loans I've selected). Additionally, Lendy & FS had massive corporate governance issues and outright fraud at the highest levels. Call me foolish but I trust Ablrate not to be tarred by that particular brush.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Dec 4, 2021 17:41:58 GMT
This group has some significant sellable assets (eg. the operational S**mer Power site is valued at ~£2 million in the recent update); in light of the current cash crunch I would have hoped the group would consider selling off some of the family silver in order to support debt repayments and reduce further leveraging.
Better a considered asset reduction than an administrator forced sale...
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Dec 3, 2021 14:32:13 GMT
For what it's worth, Huddle confirmed in an email follow up that the settlement was split between legal fees and lenders, with Huddle itself not receiving any reimbursement.
I feel the pursuit of the security would likely have resulted in a better return for lenders in this instance, I wonder why it was decided otherwise. The lack of transparency in such cases across the P2P landscape is disappointing.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Dec 1, 2021 9:23:34 GMT
"UPDATE: The trial of this matter was listed to commence on 3 November 2021 for three days. Prior to the trial, a last minute offer of settlement was received from the defendants; however, this did not provide any certainty of payments, and the decision was therefore made to continue to trial. On the first day of the trial, settlement was negotiated and reached with the defendants, which was subsequently approved by the Court. This settlement necessitates a lump sum payment of £646,300 being due by late January 2022. If payment is not received by the relevant date, the defendants will incur various penalties. Counsel advice was sought with regard to settlement, and it was agreed that this would provide the best outcome for investors in the circumstances, due in particular to the defence that had been raised by the defendants surrounding the existence of a commission payment that was not fully disclosed during the lend."At first glance this is a good outcome, the £646k settlement should cover lenders' initial £503k of invested capital, a markedly better situation than most defaulted loans. However, this was one of FundingSecure's seemingly safer loans, £503k lent against a £1.2 million residential home with a full valuation document. The last interest payment was over 3 years ago and so the total amount oustanding to lenders on this loan is in excess of £750k. It would seem likely that a forced sale of the property would recover far in excess of the £646k settlement, especially with house prices rising significantly since the £1.2 milllion valuation was noted, which makes it infuriating that such an action has been advised against due to an undisclosed commission payment that FundingSecure was presumably aware of at time of loan draw down.
|
|