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Post by dodgeydave on Mar 10, 2015 12:48:01 GMT
So after 14 days late. Rebs now decide to send in debt collectors . No rush then. Yet again the borrower has lied. When is this debt going to be taken seriously
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Post by ladywhitenap on Mar 10, 2015 13:13:19 GMT
I completely agree with your frustration Dodgydave but as I tried to say in my previous post, there is little that REBS can do with a borrower who stretches the credit period and then pays up in full. There is no cumulative sanction that can be applied under the current rules to a persistent abuser.
LW
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Post by GSV3MIaC on Mar 10, 2015 17:38:16 GMT
Be time to change the rules then? Usually the rules have a rule saying the rules can be changed whenever the ref feels like it (unless a court would judge the new rules to be unreasonable?).
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Post by ladywhitenap on Mar 10, 2015 17:46:00 GMT
Possibly difficult to impose retrospectively once a loan agreement has been signed with a particular borrower.
I heartily agree rules for new borrowers need a to be tightened.
There have been replies from Rebs that this will under discussion in the future but countered by their concerns that stringent rules might put off borrowers. I further counter with the suggestion that we don't want the type of borrower who is afraid of rules to punish defaulters!
LW
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