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Post by Ace on Feb 3, 2024 19:25:30 GMT
Me too. I'd expect this from AC, not Q
The borrower is liable for these kind of charges as his actions triggered them. Are you sure it won't be added/refunded when the loan is settled.
Yes. The precedent was set by the long defaulted loan. Debt collectors were sent in to collect payments the first time they defaulted. The cost of the debt collectors were payed by lenders (deducted from our profit payment). I recall corresponding with Q about it and being told that the cost wouldn't be reclaimed, but can't find any evidence now, perhaps it was via phone.
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firedog
Member of DD Central
Posts: 312
Likes: 392
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Post by firedog on Feb 3, 2024 21:01:46 GMT
So any of the borrowers I've loaned money to can pick up the phone to negotiate a payment holiday and extend the repayment schedule – and I pay for that negotiation?
Must be nice for them.
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Post by overthehill on Feb 4, 2024 13:32:42 GMT
So any of the borrowers I've loaned money to can pick up the phone to negotiate a payment holiday and extend the repayment schedule – and I pay for that negotiation? Must be nice for them. The optimist would say it is better than not repaying the loan. I'm exiting Q, I'm finished with unsecured business lending. ablrate was a wake up call.
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Post by Penny Pincher on Feb 6, 2024 13:22:31 GMT
The Borrower has negotiated with Q that a reduced payment will be made this month and the next 2 (roughly half capital and no profit). Missed payments (presumably capital and profit) will be added to the end of the term (presumably with no compensatory profit payment for the extended term, but can't be sure of this). Lenders will pay for for the negotiation! This bit doesn't feel right go me. Surely, the fee should be added to the accumulated underpayments and added to the end of the term. What do others think? I would have happily accepted splitting the negotiation costs (whatever they are) three ways. Considering the profit rate for this particular loan, I can just about accept the lender taking the hit alone. However, I would be seething if this were one of the lower profit loans.
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