Small Money Big Impact by Peter A. Fanconi & Patrick Scheurle

Author:Peter A. Fanconi & Patrick Scheurle
Language: eng
Format: epub
ISBN: 9781119338246
Publisher: Wiley
Published: 2017-02-06T00:00:00+00:00

An MFI will only react 7 to 15 days after detection of late payment, as there may be innocuous reasons, such as a burst tire on the way to the market, that may have led to a loss of income. If the debt is not cleared upon contract, and should the bilateral talks yield no results, a loan is restructured and interest may be lowered. After 120 days, the MFI writes off the defaulted loan, but will continue to attempt to collect the outstanding debt.

It can be safely concluded that MFIs and their loan officers are more than anxious to avoid their clients' over‐indebtedness, and for this reason supply a comprehensive package of measures that aims to find the best possible solution for both parties in the event of default. The role of a loan officer in the lending process is given further attention in the following.

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