Post by Lars Ivar Igesund on Nov 23, 2012 10:44:21 GMT 1
This year quite a few PRC loans (Susu groups and others) have defaulted. The information around this (or total lack of) is problematic for several reasons;
Payments are registered in the system for long periods of time prior to being transferred to our accounts. In several cases these payments have been registered prior to a loan being defaulted, but not transferred until after. The repayments are credited our account, but do not appear to be listed in any of the account summaries. Take Susu Loan-Emmanuel Group (https://www.myc4.com/Invest/Loans/View/8024) which defaulted the other day, but a repayment was transferred today. Was this the same repayment that was listed at 30th of August 2012 on the loan? If not, where is it then? Where is information about post-default repayments to a given loan?
If I remember correctly, PRC was one of the first providers to go into a default insurance agreement - when can we expect to see repayments from that?
I think both PRC and MyC4 needs to come forth and inform on PRC, Ghana, defaulted loans and extremely slow repayment transfers.