trium
Member of DD Central
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Post by trium on Aug 16, 2024 14:29:52 GMT
Yesterday once again lenders had to stump up the fee for a borrower being late enough to trigger debt collector action, the agency apparently being paid for doing nothing.
These costs should be added to the borrower's debt as the situation is entirely the borrower's fault. In
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Post by Ace on Aug 16, 2024 22:25:53 GMT
Whilst I'm in complete agreement that the borrower should bear the costs incurred due to their failure to repay on time, the IMs for the more recent loans do make it clear that these costs will be borne by us lenders, I.e. they contain:
unlike the older IMs which do not contain this statement.
IMO Qardus should still attempt to recover such expenses from the borrower, and should include a clause in the IMs and the borrower's contracts to state that this will happen.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,055
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Post by dave4 on Aug 17, 2024 6:30:16 GMT
Whilst I'm in complete agreement that the borrower should bear the costs incurred due to their failure to repay on time, the IMs for the more recent loans do make it clear that these costs will be borne by us lenders, I.e. they contain: unlike the older IMs which do not contain this statement. IMO Qardus should still attempt to recover such expenses from the borrower, and should include a clause in the IMs and the borrower's contracts to state that this will happen. Q has always been quick and proactive to chase down late payments, which is a good thing, especially for q as platform isnt paying. Its just something to consider when investing that some or even all repayments could be late from a loan and returns will suffer.
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Greenwood2
Member of DD Central
Posts: 4,376
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Post by Greenwood2 on Aug 17, 2024 11:10:50 GMT
Whilst I'm in complete agreement that the borrower should bear the costs incurred due to their failure to repay on time, the IMs for the more recent loans do make it clear that these costs will be borne by us lenders, I.e. they contain: unlike the older IMs which do not contain this statement. IMO Qardus should still attempt to recover such expenses from the borrower, and should include a clause in the IMs and the borrower's contracts to state that this will happen. Q has always been quick and proactive to chase down late payments, which is a good thing, especially for q as platform isnt paying. Its just something to consider when investing that some or even all repayments could be late from a loan and returns will suffer. Even if lenders have to fund the debt collection up front (so Q are not out of pocket), I think eventually the borrower should pay the fee assuming they actually pay back the loan.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Aug 17, 2024 12:36:27 GMT
I suppose collections a little different to enforcement but bailiffs etc charge pretty big fees to collect debts so I assume they don't charge the creditor too.
For example
a £100 Debt
Sending a letter ( stage 1) £75
A visit £235 ( even if you are not in !)
Removing Goods £110
High Court Bailiffs for bigger debts
Sending a letter ( stage 1) £75
A visit £190 + 7.5% of any amount > £1,000 ( even if you are not in !)
If you don't make or don't keep an agreement £495
Removing Goods £525 + 7.5% of any amount > £1,000
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