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Post by p2plender on Mar 16, 2014 11:01:10 GMT
if a borrower you have lent to has missed a payment? Does the prov fund step in straight away and make the payment so you don't notice or is a missed payment flagged up somewhere in yor account? Thanks.
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Post by westonkevRS on Mar 16, 2014 15:58:05 GMT
Yes, the provision fund makes the payment. And on default (including things like payment arrangements or charge off to Recoveries) the fund steps in to pay 100% of capital. The lender shouldn't need to know when a payment was missed or the difference between an early redemption or default.
This happens instantly and in every case, there are no special rules, delays or conditions.
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duck
Member of DD Central
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Post by duck on Mar 16, 2014 16:23:37 GMT
.... and as a lender (for a fair length of time) with RS I have to say the system works very efficiently.  |
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Post by p2plender on Mar 16, 2014 18:04:45 GMT
ok thanks Kev.
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