What will happen if a Money Clubber defaults?

What will happen if a Money Clubber defaults?

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.

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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.

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