Debt collection messages and changes to interface

Changes to the interface

Primary Market

As of tomorrow we start showing Bondora Rating for the eligible loans on the Primary Market for informational purposes. As far as the interfaces changes are concerned, you will be able to see the following improvements:

  • Bondora Rating, Expected Loss and Expected Return will be added to all eligible loans;
  • Bondora Rating, Expected Loss and Expected Return filters will be added to the search tool;
  • Borrower username and loan purpose will be replaced with a clickable loan contract number.

We will also be cancelling issued (not yet withdrawn) loans, in case the borrowers haven’t completed the entire verification process and if return calculated based on Bondora Rating would be negative.

Secondary Market

Bondora Rating will be shown for some eligible loans on the Secondary Market for informational purposes. The re-evaluation process will continue throughout several weeks, meaning that with every release you will see more loans with the new rating.

Borrower username and loan purpose will be replaced with a clickable loan contract number, like on the Primary Market.

Explaining debt collection messages

Some of you have asked us to clarify our debt collection process and what happens when a defaulted loan is passed on to court.

In this case there are two possible scenarios:

  1. Upon passing a defaulted loan to court, the borrower in question is contacted by the court and asked to give consent/object the debt claim;
  2. If the borrower accepts the claim, the court goes ahead with drafting a decision. If you receive a message that a “decision has been made and declared”, it means that it has been ruled in investor’s favor. The collection process is then passed on to bailiffs;
  3. If the borrower objects the debt claim (you receive a message “claim was contested by the borrower”), the case goes to civil court, which assesses the evidence and announces a decision; in case of a positive decision, the process goes to step 2.