kevinkelly
Member of DD Central
Posts: 96 
Likes: 37
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Post by kevinkelly on Mar 5, 2016 18:57:59 GMT
Anyone else feel the latest offer of providing interest free terms is laughable?
On principle alone, I'd much prefer to call in the loan even if it means I lose the capital!
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Post by oppsididitagain on Mar 9, 2016 17:01:03 GMT
I admire the borrower talking to the community and telling us he's in a spot of bother but think a repayment plan should be in place to clear the back-dated interest ASAP. ReBS needed to get tougher quicker, I think they have started to learn a lesson on untrustworthiness (is there such a word) and all the feeble excuses other lenders have used..
This company has however been very communicative and we need to respect that - I just don't believe £500 is all they can afford !
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Mar 9, 2016 17:04:13 GMT
.... I think they have started to learn a lesson on untrustworthiness (is there such a word) and all the feeble excuses other lenders borrowers have used.. This company has however been very communicative and we need to respect that - I just don't believe £500 is all they can afford ! Hi! 
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Post by oppsididitagain on Mar 10, 2016 9:47:17 GMT
Yes, Borrowers...Thanks for pointing that out
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Post by rebsrep on Mar 10, 2016 17:21:52 GMT
On this one we have trialled our lender voting process and the results of this I've pasted below. In short 92% voted to work with the Director on a repayment plan and 60% voted for Plan B.
"Alongside votes, we also received reasoned and knowledgeable feedback from a number of lenders on the poll and the options presented. We will be taking all of this feedback on board and discussing it internally to make sure that we can provide lenders with fullest range of options and the most information possible to make an informed decision.
The results of the lender poll were as follows.
Do you want to call in the Loan?
· Yes – 8%
· No – 92%
If no, which repayment proposal do you support:
· 6% - A) Agree to a capital only repayment plan, forgoing the interest accrued to date and due in the future
· 60% - B) Agree to a repayment plan that freezes the interest accrued and settles the capital outstanding and forgoes future interest.
· 34% - C) Allow the interest to accrue and give the business more time to recover/ turnaround, making repayments as and when it can. With a review in 3 months’ time as to further action.
As a result of this vote, a formal repayment plan in line with the majority of lenders’ votes has been sent to the Director to confirm and sign.
We expect this repayment schedule to be formalised and returned imminently, and will be in touch once we have received confirmation of this and evidence of the Standing Orders in place."
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