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Post by randonneur on Jul 2, 2019 8:09:30 GMT
Just checking my transaction statement and note a late property loan was recently repaid, whilst always a relief to get my capital back, I note the only interest payment was for 1 month at 12%, disappointing that the lender is not penalised for being over a year late repaying. In other words, what incentive is there for these property developers to quickly pay back their outstanding loans?
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jul 2, 2019 20:14:39 GMT
One assumes that the company get a hit on credit rating for not making payments and for only making a partial settlement ( which is what it is )
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benaj
Member of DD Central
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Post by benaj on Jul 2, 2019 21:28:24 GMT
My last FC property loan was repaid very late, with full capital plus late interest.
However, it took a bit of time for FC releasing interest repayment, under 48 hours. By the time I rang FC up about it, the interest was already repaid.
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Post by capricorn on Jul 2, 2019 23:58:17 GMT
If the opening post is about loan 40669, the last tranche of a property loan that repaid on 13 June (about 16 months late), the history is that the loan was externally refinanced after it ran late but by an amount insufficient to repay the last tranche. As I understand it, the borrower was making monthly repayments which recently must have reached the value of the last tranche, hence it was repaid. I contacted FC and they said monthly repayments will now continue so as to repay the outstanding interest, they didn't say over what time period. We can but hope, especially as this must be an unsecured loan now. My guess is that it will dribble in.
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