easyMoney maintains regular contact with our borrowers and we are regularly in touch with them about the progress of their developments.
In the event that one of our borrowers misses a payment then easyMoney will speak to the borrower to find out why and work with them to resolve the issue and ensure the payment is paid as soon as possible.
During this time your loan will be classified as ‘In Collection’ on your portfolio screen.
If the delay results in a non-payment of interest then easyMoney may, at our discretion, continue to pay investors their interest out of our own funds.
Good to know
Despite all of the preparation, selling a property asset sometimes incurs a delay and in such circumstances the borrower may require some flexibility when repaying a loan.
In this event, easyMoney will review the facts and may, at our absolute discretion, extend the duration of the loan. Alternatively, we may, at our discretion, enter in to a new loan agreement provided sufficient security is available from the borrower.
In the event that neither of the above options is agreed and the borrower has missed two monthly payments, we will declare the loan as being in default and may enter our formal recovery process as part of our late payments and default policy.