Post by Stonk on Sept 24, 2019 8:59:34 GMT
Exhibit A:
I have numerous loans which have stopped making payments, with no notes being added, other than the eventual notice of the default, and no apparent serious attempt to take any action whatsoever. Some of these are for £100K to £350K; some of them only made a handful of payments.
Exhibit B:
I have another loan which stopped making payments in November 2018. FC were on it like a hawk: notes were promptly added to the account, and it was defaulted in January 2019. Yesterday it was progressed to the Legal Team who intend to bankrupt the guarantor. This was a £15K loan, of which 29 out of 36 payments were made, leaving roughly £3,500 still owing.
I have another loan which stopped making payments in November 2018. FC were on it like a hawk: notes were promptly added to the account, and it was defaulted in January 2019. Yesterday it was progressed to the Legal Team who intend to bankrupt the guarantor. This was a £15K loan, of which 29 out of 36 payments were made, leaving roughly £3,500 still owing.
This does not seem like a sensible allocation of resources.
I would actually be happy to forgive the second borrower the remaining amount (especially as they paid a hefty 17.7% for two and a half years) if it meant FC diverted that resource to one of the more piss-taking borrowers owing 100 times more money.