which default last week or so. Now, if you open Installment plan & Actual Repayments, the lower table has two pending payments, one "Pending Fx" and one "Pending Verification", first with date in first half of July, second from early August.
What does these Pending statuses mean? Why aren't the payments completed?
It seems to me that if these had gone through, then the loan wouldn't have defaulted at this point in time?
Since this is a PRC loan - can I expect to see repayments from the risk sharing fund?
Post by clausrudbeck47 on Sept 5, 2012 9:00:57 GMT 1
Regarding payment statuses have a look here:
Pending Validation Upon receipt of a repayment (cash or cheque) from the Business, the Administrator enters the amount in the MYC4 system. The repayment amount is now listed on the Business’s loan details page as Pending Validation.
Pending Grouping The Administrator validates the repayments that have already been entered in the MYC4 system (i.e. confirms that the amount entered corresponds to the cash in hand or that the cheque has cleared with the bank). Once validated, the repayment amount is listed on the Business’s loan details page as Pending Grouping.
Pending Verification On an agreed day of the week, the Administrator groups all validated repayments in the MYC4 system in order to create a batch of repayments to be transferred to MYC4. The Administrator has now indicated that they are ready to transfer the funds to MYC4. The actual money transfer should normally take between 3-7 days. During this process, the repayments in the batch will be listed as Pending Verification on the Business’s loan details page.
Pending Fx After MYC4 verifies receipt of the transferred funds, the repayments need to be converted from local currency (e.g. UGX, KES) to Euro before crediting Investors’ accounts. The received repayments are therefore listed as Pending Fx on the Business’s loan details pages while foreign exchange is traded.
Processed When the transferred funds have been converted to Euro, the MYC4 system detects that the batched repayments have received an exchange rate and updates the repayment status on the Business’s loan details page to Processed. The respective Investors’ accounts are now credited and emails are sent to Investors informing them that a repayment has been received.