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Post by extremis on Sept 23, 2016 22:09:40 GMT
I have noticed that several Mogo's loans without buyback guarantee are in Default status and Debt Collection has been initiated though they are less than 60 days late. Some have just passed the 30 days and are already declared in Default by Mogo. Anyone knows why does this happen? Is Mogo's case an exception to the rule that loans are considered in default after being late for more than 60 days?
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Post by buttchopf23 on Sept 24, 2016 8:08:04 GMT
well the 60day buyback rule must not have anything to do with their debt collection process. we just didn't see what happend behind the scenes as we had the buyback.
now that we as investors took the risk, we see whats going on.
i think its up to the loan originators when they declare a default.
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Post by piotrr on Sept 26, 2016 8:23:07 GMT
The question was about the loans without buyback guarantee.
Does anybody know how debt collection works in that case ? Will Mogo try to sell the collateral (the car) ? When will it happen ?
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Post by extremis on Sept 30, 2016 8:51:17 GMT
And now we have debt collection for a loan that is just 5 days late! That's ridiculous imho. With the buyback guarantee i would not mind even if debt collection started the next day. But now that we, investors, take the risk, it is paramount we know every little detail of Mogo's strategy on debt collection.
But Mogo has not made any effort to communicate their debt collection plan. Worse still, they have reduced loan interest rates; basically what we get nowadays is loans without buyback guarantee roughly at the same rate loans with buyback were issued a few months ago and with dubious recovery strategy.
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Post by buttchopf23 on Sept 30, 2016 9:19:38 GMT
Ask the support about the collection process
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Post by extremis on Sept 30, 2016 10:13:39 GMT
Ask the support about the collection process That is exactly what i am doing here. I know martins is reading the forum and i would really appreciate it if a Mintos or Mogo's representative could provide an official explanation for Mogo's collection process that is publicly available to anyone concerned.
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Post by martins on Sept 30, 2016 10:34:02 GMT
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Post by extremis on Sept 30, 2016 21:54:18 GMT
Thanks martins! I had read this, but somehow i forgot. |
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