If the borrower has not been able to regularise the payment within the 7 days after the due date the project is being transferred to our recovery partner.
Why does October rely on an external partner ?
- Objective advice,
- Efficient methods,
- Mutualisation of clients.
Terms and conditions of repayments
- If October manages to recover the payments due to lenders, then recovery fees do not apply on the amount recovered.
- If our recovery partner manages to recover the payments due to lenders, then recovery fees do apply on the amount recovered (12% pre-tax, 14.4% after tax).
- When the amount recovered does not cover the total payment, October does not collect its monthly management fees.
When a borrower does a repayment through the intervention of our partner, there is a latent period before the reimbursements. On the 10th of each month our partner transfers the amounts recovered free of charge collected the month before. October sends the repayments to lenders after the reception of the transfer.
When a borrower regularises his / her situation per bank transfer or credit card directly through October we arrange the payments in the days following the reception of the cash.
When a borrower regularises his / her situation per bank cheque directly through October, there is a 3-week waiting time after the cheque's collection before repayments to lenders (period during which the borrower's bank can reject the transfer for insufficient funds).