Forgiving loans

Discussion in 'Zidisha | Fostering Peer2Peer Entrepreneurship' started by fcjapan, Jun 3, 2013.  |  Print Topic

  1. fcjapan

    fcjapan Gold Member

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    Got my first email asking to forgive a loan.

    Interesting part was that although Zidisha asked, Zidisha itself did not seem to have forgiven its share of the percent.

    Seems a bit hypocritical...
     
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  2. Dangjr213

    Dangjr213 Gold Member

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    Interesting...
     
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  3. IDGflygirl
    Original Member

    IDGflygirl Gold Member

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    Not pleased to read about this development.:( Was any explanation given as to the circumstances for this request?
     
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  4. fcjapan

    fcjapan Gold Member

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    Yes, it was very clearly explained. The explanation/sad story made the request valid IMO and I forgave my portion as I don`t mind and it comes right at a time with a related issue in my own life.
    Then I noticed that it looked like Zidisha is still charging it's share, the 5% borrower transaction fee. Though I recall now that this fee might deducted before disbursing the loan, though I also guess if I loan is extended this fee is levied for any successive time.

    The borrower himself is cool and even with a major setback, is still talking about trying to find other ways to repay.
    So I guess one of the volunteers felt for him and felt his case deserved special consideration for lenders to forgive.
    The forgiveness part is totally optional, lenders can click "no" or just ignore the request.

    Not sure I would consider forgiving again in the future if Zidisha itself continues to collect (or has already collected).
    But then, I am always a sucker for a sob story.
     
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  5. IDGflygirl
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    IDGflygirl Gold Member

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    Very interesting -- thanks for sharing the 'process'. For Zidisha, I guess they can't set a precedent of allowing a borrower off the hook completely, since they have real expenses to cover. I agree that it would make sense to deduct their fee from the disbursement, but I guess that's not how the program is designed.
     
  6. zphelj

    zphelj Gold Member

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    Thanks for sharing, I did not even know this was possible. I like the idea of evaluating it on a case by case basis as you have done.
     
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  7. HiIslands
    Original Member

    HiIslands Silver Member

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    Thanks for this information. It provides a unique and helpful perspective.

    You are a very compassionate person and a credit to Milepoint!
     

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