Funding Circle Loan: payment plan?

[Anonanon123]

Hi All

Has anyone on here been unable to pay their Funding Circle loan? Was you able to setup a payment plan?

 

[Mark T Jones]

Funding Circle are generally amenable to sensible payment plan suggestions - their model doesn't favour write-offs.

 

[Lisa Thomas]

Is there a PG in place?

 

[Anonanon123]

Is there a PG in place?

Yes

 

[Mark T Jones]

Is there a PG in place?

Always is with FC

 

[Gordon - Commercial Finance]

You could refinance it into a longer term with another lender, but I gather from your other posts on the forum that your company is insolvent so probably not a good plan.

 

[Anonanon123]

You could refinance it into a longer term with another lender, but I gather from your other posts on the forum that your company is insolvent so probably not a good plan.

Yes, i thought about this option but not sure anyone would to lend to us.

 

[Lisa Thomas]

Always is with FC

I've spoken to a few Directors who say they definitely hadn't given guarantees.

Then again that's not to say they really hadn't, perhaps they just didn't know that they had...

 

[Mark T Jones]

I've spoken to a few Directors who say they definitely hadn't given guarantees.

Then again that's not to say they really hadn't, perhaps they just didn't know that they had...

I suspect they have forgotten.

Unfortunately pretty much all unsecured lenders need PGs for small businesses. A key reason being that it is far too easy to pocket the cash and phoenix. (Behaviour that some members of this forum seem to advocate)

 

[Anonanon123]

Having reviewed the agreement I can't actually see any mention of myself or the other director being a guarantor...

 

[Ian J]

Having reviewed the agreement I can't actually see any mention of myself or the other director being a guarantor...

If it's anything like Factoring Agreements a personal guarantee is likely to be a separate document

 

[Gordon - Commercial Finance]

If it's anything like Factoring Agreements a personal guarantee is likely to be a separate document

Yes it is likely to be a separate document, and if you don't have a copy of it then you can be assured the lender will have one.

 

[Mark T Jones]

If it's anything like Factoring Agreements a personal guarantee is likely to be a separate document

It is.

 

[LMS]

Funding Circle are generally amenable to sensible payment plan suggestions - their model doesn't favour write-offs.

Mark could you advise what kind of percentage of the outstanding loan do they usually accept.

 

[Mark T Jones]

Th

Mark could you advise what kind of percentage of the outstanding loan do they usually accept.

they are unlikely to accept partial settlement but will look at staged payments

Any arrangements will revolve around your personal circumstances