P2P: Ablrate

PeakOwl

Biggles wrote: »

Just out of curiosity, Owly, what didn't you like about Paisley (the loan, not the place).

I'm not in it, but always ready to learn about due diligence in this area.

Quite a few things didn't sit right with me about the loan, but primarily it was the borrowers. How can I say it tactfully, they appear to have rather a colourful history..In fact there's even a thread from these very forums about one of the borrower's recent ventures, makes for interesting (and sad) reading, post 11 in particular...

http://forums.moneysavingexpert.com/showthread.php?t=5515642

Drp8713

Abl seem to have sorted out the double payment issue from yesterday. Hopefully the delayed payment from yesterday and the two due today come through on time!

bigadaj

PeakOwl wrote: »

Quite a few things didn't sit right with me about the loan, but primarily it was the borrowers. How can I say it tactfully, they appear to have rather a colourful history..In fact there's even a thread from these very forums about one of the borrower's recent ventures, makes for interesting (and sad) reading, post 11 in particular...

http://forums.moneysavingexpert.com/showthread.php?t=5515642

I've put £1 into Paisley to get the inside track.

It will be an interesting test for Moneything and see how they respond should things go pear shaped.

The other issue with this and property loans in general is that many of the valuation reports appear optimistic to say the least, so the true ltv for the security could be at par or even greater.

taylornj

Drp8713 wrote: »

Abl seem to have sorted out the double payment issue from yesterday. Hopefully the delayed payment from yesterday and the two due today come through on time!

Yes they did a correction to the funds, but as it was an interest payment they needed to correct the interest to date, and interest for tax statements. Abl are still working on this.

I did receive all the payments due from yesterday and today.

justme111

bigadaj wrote: »

I've put £1 into Paisley to get the inside track.

It will be an interesting test for Moneything and see how they respond should things go pear shaped.

Birkenhead one in administration will be a sooner test I am afraid ...

jamesd

MoneyThing will have some issues alright, given that according to the Administrator "in an agreement dated 11 November 2016, the Company acknowledged that an event of default had occurred under its original loan agreement dated 23 September 2016". An additional instalment loan was sought by Broadoak at MoneyThing after 11 November 2016 without a mention of a default to prospective lenders. Bidding on the MoneyThing loans started:

21 Sep 16 original
28 Sep 16 additional 1
22 Oct 16 additional 2
22 Nov 16 additional 3

On 15 May 2017 the builder gave notice that they would suspend work.

That last instalment and every secondary market trade since 11 November at the latest seems to have happened with information key to a lending decision not being disclosed. Almost all of my holding in this loan was acquired after the default and after the builder gave notice.

Probably no surprise that I feel I've been duped into a holding I wouldn't have considered if I'd known the true situation.

justme111

I am very surprised it is not mentioned at p2p forum in Birkenhead discussion.