As with any lending, there is a risk that a borrower doesn’t repay. At Money Club, we try to limit this risk to a minimum by ensuring that every Money Clubber registered with us is verified (Level 1 or Level 2) as per his net contribution in his Money Clubs. Though we do our best to manage the risk at every step, defaults may happen.
Enjoy Risk Free Saving And Borrowing On The Money Club Platform
In the worst case scenario, the Money Club will take the following actions:
- Initiate the recovery protocol – “Notices of default” with a 3-Level escalation will be sent to the defaulters email and physical address to allow the Money Clubber some time to respond and clear his dues. This may be supplemented with a physical visit.
- Penalty & Interest – The defaulter has to pay a penalty (subject to change) as well as interest @ 1% of the due amount per day starting from the date we start the recovery process.
- Make calls to your contact list – If no affirmative response is received from the defaulter then the debt recovery team will call the defaulters contacts to convince the defaulter to repay the amount.
- Issue a legal notice to the defaulter – If no response is received from the defaulter even after this, a legal notice will be sent asking to repay the debt before a certain date or else a legal case will be filed against him. Post that a civil suit will be filed against the defaulter in the court of competent jurisdiction and a court case will be initiated thereafter.
- Provide continued assistance – Money Club will continue to assist the aggrieved party on a best-efforts-basis to recover the funds from the defaulter.
Looking For The Safest Online P2P Savings Platform?
