I just can't beleive this is still happening
Mar 14, 2017 19:30:29 GMT
lynnanthony, j, and 1 more like this
Post by baz657 on Mar 14, 2017 19:30:29 GMT
Bit of Q&A from loan #405
First the question
Seems a fair question.
Now the answer
Whilst it goes on to state that the payment has now been made (18 days late!!!), surely it shouldn't be up to the borrower to set up the repayment method? Am I wrong in thinking that as a minimum AC should get a completed standing order signed at the same time as loan documents?
First the question
This loan is one of several which are late for their first payment. Is there anything in your admin that makes this commonplace or normal ? When does a late payment trigger a monitoring event ?
Seems a fair question.
Now the answer
Whilst there are a number of late first payments this is down to misunderstandings on behalf of borrowers who believe that funds will be claimed automatically like a bank would.
Where we are in contact with the borrower and working through a resolution to ensure the payment is made we do not deem it necessary to mark a monitoring event.
Where we are in contact with the borrower and working through a resolution to ensure the payment is made we do not deem it necessary to mark a monitoring event.
Whilst it goes on to state that the payment has now been made (18 days late!!!), surely it shouldn't be up to the borrower to set up the repayment method? Am I wrong in thinking that as a minimum AC should get a completed standing order signed at the same time as loan documents?
