markr
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Post by markr on Jan 30, 2014 13:27:29 GMT
Just a heads-up that ReSoc are now offering 0.5% cashback (with certain qualifiers) and have a reasonable quantity of live loan offers.
I know some here aren't keen of ReSoc because of an iffy clause in the Ts&Cs, but if you are thinking of dipping a toe in, now might be a good time.
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shimself
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Post by shimself on Feb 4, 2014 20:04:52 GMT
snip I know some here aren't keen of ReSoc because of an iffy clause in the Ts&Cs, but if you are thinking of dipping a toe in, now might be a good time. Sorry if it's elsewhere, but what is this iffy clause please?
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markr
Member of DD Central
Posts: 766
Likes: 426
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Post by markr on Feb 5, 2014 9:01:36 GMT
Sorry if it's elsewhere, but what is this iffy clause please? I actually think it's been changed now. I think it was 21.2 which now says: 21.2 We may refer the missed repayment to a collections agency (‘the Collections Agency’) who will attempt to collect the money on behalf of the lenders, the cost of their services (‘Collection Agency Fee’) shall be added to the amount owed by the Borrower and will not reduce the amount available for distribution to lenders. I think it used to say (or imply) that the Collection Agency Fee would be passed on to the lender regardless of whether any recovery was made. My view was to assume that there would be no recoveries from bad debts and bid amounts and rates that reflected that. I stand to be corrected if the poster on the old forum who first pointed it out is still around to confirm, or maybe Nick can confirm that the wording of that clause has changed.
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Post by danraj on May 13, 2014 23:10:23 GMT
Hi Mark,
We actually changed the wording promptly after being asked to review it. Despite cooperating to the fair requests of the member, we didn't win their support and I was disappointed to find the outdated criticism shared on public forums after we'd made the edits. It feels like this person was out to 'throw mud' at us. I don't know the background but I was surprised at their displeasure of cooperation, presumably they had some agenda?!
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