Customer support

Find answers to common questions or get in touch with us

Are there any additional costs that could apply to my loan?

1 ) If borrowers are late in their repayments, we may apply an administration fee of up to 15% of the arrears, as provided for in clause 8.2 of the Terms and Conditions for Borrowers.

2) As per clause 5.3 of the Loan conditions, borrowers whose loans are placed into default, or who are more than 90 days late may be charged an additional collections charge up to the amount set out in the table below (but also capped at 15%) of the outstanding loan amount at the time of default. These charges will be in addition to what is owed to investors.

The collections charges will be deducted from recovery payments, but will be capped at 20% of any recovery payment.  

Also, it is our current policy that if we receive settlement in full within four months of the default date then the collections charges will be waived in full.

This Collections Charge Schedule is relevant to all loans originated on or after 6th June 2016 to date

Total Loan Amount outstanding at default date

Maximum charge

£1.00 - £25,000.00

£2,500.00

£25,000.01 - £50,000.00

£5,000.00

£50,000.01 - £100,000.00

£7,500.00

£100,000.01 - £250,000.00

£10,000.00

£250,001.00 - £500,000.00

£12,500.00

£500,000.01 +

£15,000.00

3) Clause 5.3 of the Loan Conditions also sets out the third party costs that may be added to the debt if they are incurred.

We have set out below the third party costs for any measures that we may take to recover debts from borrowers who are in arrears and/or have been defaulted.  These costs are based on the third party fees (excluding VAT) plus disbursements such as court fees, personal service, advertisements and searches (without limitation).  

We may incur these costs without giving notice to borrowers/guarantors, although we will usually try to give notice before incurring them (except where tracing is required).  

Where we do incur these costs, we may seek to be reimbursed by the borrower and/or any guarantors.  These costs may be updated from time to time, without notice.  

 

Third party services

Cost

Desk-top tracing

£125

Pre-litigation asset tracing

£500

Service of statutory demand

£195

Winding up petition

£2,828

Bankruptcy petition

£1,892

Taking additional security

Variable

Court action for money judgment

Variable

Enforcement of judgements

Variable

Application for charging order

Variable

Application for order for sale

Variable

Appointment of administrators

Variable

Have more questions? Submit a request

0 Comments

Article is closed for comments.