SeedIn has produced a SeedIn Collections SOP, where we have a set of procedures to follow at every stage of payment by the borrower.The basic policy outline is that;
- Borrowers will be updated within 7 days* prior to his actual payment date.
- On the actual payment date, borrowers will be prompted that payment will be due today.
- In the event that borrowers did not pay after the initial reminders, the borrower will be reminded to pay up for over the next 10 days*.
- If all fails, we will proceed with a string of necessary actions to ensure payment from the borrowers is made.
- By the 61st day* of non-payment, the borrower’s facility with SeedIn will be deemed as an official default and SeedIn shall gather the investors to update them on the intended string of actions to take.
*All days mentioned are calendar days.