ingwer
Member of DD Central
Posts: 121 
Likes: 47
|
Post by ingwer on Dec 5, 2017 17:52:58 GMT
"...apparently there's a cash-hungry event occurring imminently " - or do you mean 25th ? I am so slow sometimes :-)
|
|
ingwer
Member of DD Central
Posts: 121
Likes: 47
|
Post by ingwer on Dec 28, 2017 13:50:10 GMT
Extended for another 3 months.
|
|
mouse
Posts: 55
Likes: 29
|
Post by mouse on Dec 29, 2017 10:29:38 GMT
Extended for another 3 months. Can we assume the borrower has paid the extra 3 mnths interest up front for this extension ?
|
|
|
|
Post by Collateral Rep on Dec 29, 2017 10:59:24 GMT
Hi mouse, Loans are only ever extended providing interest has been paid on or before the extension period start date. Many thanks, Gordon |
|
|
|
Post by oxford101 on Dec 29, 2017 11:17:43 GMT
Hi Gordon.
I'm becoming a little confused - when will this loan now complete?
|
|
|
|
Post by Collateral Rep on Dec 29, 2017 11:28:52 GMT
Hi oxford101, The loan will be extended a further three months from the current end date. Many thanks, Gordon |
|
|
|
Post by steelspanner on Dec 29, 2017 11:30:01 GMT
The way I read it , its 3 months from 07/01/18
|
|
Brainer
Member of DD Central
Posts: 186
Likes: 323
|
Post by Brainer on Dec 29, 2017 14:02:02 GMT
Just to be crystal clear: has the borrower already paid for the 3 month extension, or just indicated they intend to extend by 3 months on the due date?
I suppose that question also holds for all loans set as 'Renewal' in the round-up email. Does 'Renewal' mean renewal interest paid or just that the borrower indicates they intend to renew?
|
|
|
|
Post by sebulon on Jan 1, 2018 9:50:41 GMT
Just to be crystal clear: has the borrower already paid for the 3 month extension, or just indicated they intend to extend by 3 months on the due date? I suppose that question also holds for all loans set as 'Renewal' in the round-up email. Does 'Renewal' mean renewal interest paid or just that the borrower indicates they intend to renew? I also would like to read the answer to these good questions.
|
|
|
|
Post by Collateral Rep on Jan 1, 2018 11:57:25 GMT
Morning,
As we say in the emails and on the posts regarding Existing Loan Updates - Note that this is the current indication from the borrowers but is of course subject to change.
Also as stated in an earlier post - Loans are only ever extended providing interest has been paid on or before the extension period start date.
Many thanks,
Gordon
|
|
|
|
Post by elephantrosie on Jan 1, 2018 13:50:31 GMT
just to clarify, he has paid all 3 months loan in advance?
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Jan 2, 2018 5:15:58 GMT
just to clarify, he has paid all 3 months loan in advance? It hasn’t been extended yet but will run into -ve days should payment be late; it will only be extended by the number of months' interest paid in advance ie 3m last time and indicated again this time - for the avoidance of doubt “Loans are only ever extended providing interest has been paid".
|
|
ingwer
Member of DD Central
Posts: 121
Likes: 47
|
Post by ingwer on Jan 9, 2018 10:39:01 GMT
Hi collateral . Any news on the loan extension? On a more general note, I was wondering if there are immediate penalties for a borrower for missing the due date. Or is there a period of grace ? Edit: underlined. |
|
|
|
Post by Collateral Rep on Jan 9, 2018 10:51:44 GMT
Hi ingwer, We have been in regular contact with the borrower and are expecting payment for the extension shortly. As for penalties, as long as we're in constant contact with the borrower and are satisfied with explanations etc. we would rather have a good working relationship and give a little grace. Many thanks, Gordon |
|
IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
|
Post by IFISAcava on Jan 9, 2018 14:37:32 GMT
Hi ingwer , We have been in regular contact with the borrower and are expecting payment for the extension shortly. As for penalties, as long as we're in constant contact with the borrower and are satisfied with explanations etc. we would rather have a good working relationship and give a little grace. Many thanks, Gordon Hi Gordon, would a Bank or a Credit card company give any of us 'a little grace' if we failed to meet our obligations to them on or before due date? Collateral are not alone in graciously extending payment obligation periods to Our Borrower clients and some platforms appear blase about these things to the eternal detriment of their lenders, 'a little grace' can by evidenced in more than a few instances to extend to years... We as p2p lenders generally are the ones that are called upon to fill these loans with our funds and Our collective role as 'Banker' should never be subordinated in ingratiation. Our Borrowers should be meeting their obligations on or before due date. Yes, e.g. I have had late payment fees rescinded for prior good behaviour. I'm with Collateral - sending the boys in after a couple of days isn't really going to help in the long term. A non-abused short grace period is very different to being years overdue, and indeed the former may prevent the latter if sensibly used.
|
|
