Despite all precautionary actions, as well as recovery measures taken to protect our Investors; which includes, but not limited to, constant reminder communication with the Issuer by our collections team, licensed debt recovery agent following up with the said Issuer, legal notices sent by solicitors, as well as listing the Issuer’s name as in default on Experian (Credit Reporting Agency); the Issuer may not make good on their payments.
microLEAP will then classify said Investment Note as in ‘Default’.
Once an Investment Note has been classified as ‘Default’, microLEAP will outsource the collection of monthly payments to a licensed Debt Recovery Agent, who will demand and seek to recover the total outstanding balance through proper channels.
In the event the Issuer agrees to pay in full / partially, or is willing to restructure the outstanding amount due, we will ensure the payments will be transferred accordingly to the respective Investor Trust Account’s Available Balance.
We would like to emphasise that all P2P Investments comes with some element of default risk, so we duly recommend all Investors to diversify your Investment Portfolio in order to mitigate this risk.
We have already seen positive signs of Issuers restarting payments through this method, though this may take some time.
Please go to the Homepage under ‘Statistics’ to see microLEAP’s current Default Rate