Greenwood2
Member of DD Central
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Post by Greenwood2 on Mar 20, 2024 16:02:02 GMT
How long on average before SOMO updates an overdue loan ? Often a month or so leeway. I don't think it's a precise science it seems to depend on the attitude of the borrower and whether they communicate with SOMO. The latest update I have was a loan due 31st Jan, first update 8th of Mar, latest update 17th Mar. The update before that was for a loan due 9th of Jan, 1st update 14 Feb and they have possession 17 Mar, quick going on that one! And before that due 5th Oct first update 7th Nov. No idea how typical those are without going through all the updates, just a snapshot. Edit: Crossed with above which seems to be the definitive answer.
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Post by zaff on Mar 24, 2024 11:49:18 GMT
Do Somo ever extend or rewrite when a loan becomes due and can investors exit ? Or do all loans remain as overdue or default until repaid ? I'm in a loan that is seeking its second 6 month extension. During the first extension it was labelled as overdue until the extension was agreed. A higher rate was agreed for the extension. My only option to exit was via the SM, which wouldn't be possible until the extension is agreed. Here are the anonymised comments provided by Somo in blue: One month later: A further 7 weeks later: The increased interest rate was paid from the date of that message. No extra or default interest was paid for the 11 weeks that it took to agree the extension. 3 and a bit months later (i.e. 6 months after the first message above): Yet another month later: That last message was 2 weeks ago. The loan remains untradeable as the second extension still hasn't been agreed. Interest continues to be paid at the increased rate that was agreed for the previous extension. May I ask what happens when loan is repaid in full after all? Can you still get full interest like simply extending your return date without a loss from profit.
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Post by Ace on Mar 24, 2024 12:50:56 GMT
I'm in a loan that is seeking its second 6 month extension. During the first extension it was labelled as overdue until the extension was agreed. A higher rate was agreed for the extension. My only option to exit was via the SM, which wouldn't be possible until the extension is agreed. Here are the anonymised comments provided by Somo in blue: One month later: A further 7 weeks later: The increased interest rate was paid from the date of that message. No extra or default interest was paid for the 11 weeks that it took to agree the extension. 3 and a bit months later (i.e. 6 months after the first message above): Yet another month later: That last message was 2 weeks ago. The loan remains untradeable as the second extension still hasn't been agreed. Interest continues to be paid at the increased rate that was agreed for the previous extension. May I ask what happens when loan is repaid in full after all? Can you still get full interest like simply extending your return date without a loss from profit. If/when the loan repays in full, then full capital and interest up to the date of repayment would be paid.
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Post by overthehill on Mar 24, 2024 13:25:27 GMT
I looked at a few overdue loans and more than one stated that the loan was being given an extension and existing lenders would be given the option to remain, increase or exit.
Is this policy the norm now or is it still arbitrary ?
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Greenwood2
Member of DD Central
Posts: 4,247
Likes: 2,692
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Post by Greenwood2 on Mar 24, 2024 14:34:59 GMT
I looked at a few overdue loans and more than one stated that the loan was being given an extension and existing lenders would be given the option to remain, increase or exit.
Is this policy the norm now or is it still arbitrary ?
I haven't seen any where this has not been offered recently. In the good old days loans were like hen's teeth so you usually didn't want to exit if one was extended, but I thought you always could exit though you might have had to ask if you wanted to. The rate is also often increased now so there is a bit of an incentive to stay in.
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Post by zaff on Mar 24, 2024 16:19:32 GMT
May I ask what happens when loan is repaid in full after all? Can you still get full interest like simply extending your return date without a loss from profit. If/when the loan repays in full, then full capital and interest up to the date of repayment would be paid. Does it apply to the partial payments received?
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Post by Ace on Mar 24, 2024 20:59:32 GMT
If/when the loan repays in full, then full capital and interest up to the date of repayment would be paid. Does it apply to the partial payments received? Does what apply?
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Nomad
Member of DD Central
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Post by Nomad on May 1, 2024 14:01:49 GMT
M*fa***l loan repaid in full - another great outcome from SOMO.
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