nyneil
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Post by nyneil on Oct 1, 2021 14:51:40 GMT
Hi connectivelending when a loan reaches the end of it's six months term, how much leeway do borrowers have to either: settle, pay the interest for a rollover or ask for the item to be sold? |
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Post by connectivelending on Oct 6, 2021 19:35:23 GMT
@myneil
We would look on a case by case basis. Some will try and get the funds together and we would also decide based on the asset value. If there is good equity another month, for example, will earn another month’s interest.
If a borrower stops communicating we will send a 14 day notice letter and then move to sale.
As we have said before the value of the asset is by far the most important factor. If there is plenty of equity then there should be no reason to worry as you will carry on earning.
Kind regards
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jonno
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nil satis nisi optimum
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Post by jonno on Oct 7, 2021 9:54:50 GMT
@myneil We would look on a case by case basis. Some will try and get the funds together and we would also decide based on the asset value. If there is good equity another month, for example, will earn another month’s interest. If a borrower stops communicating we will send a 14 day notice letter and then move to sale. As we have said before the value of the asset is by far the most important factor. If there is plenty of equity then there should be no reason to worry as you will carry on earning. Kind regards Thanks for that, but please appreciate that many of us on here have been stung by the "inadequacy" (being kind) of those very valuations upon which we must rely.
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Post by connectivelending on Oct 7, 2021 18:04:48 GMT
@myneil We would look on a case by case basis. Some will try and get the funds together and we would also decide based on the asset value. If there is good equity another month, for example, will earn another month’s interest. If a borrower stops communicating we will send a 14 day notice letter and then move to sale. As we have said before the value of the asset is by far the most important factor. If there is plenty of equity then there should be no reason to worry as you will carry on earning. Kind regards Thanks for that, but please appreciate that many of us on here have been stung by the "inadequacy" (being kind) of those very valuations upon which we must rely. We hear you. Hopefully time will show you that we will be working in your best interests. Kind regards
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