You are reading a single comment by @MrDrem and its replies.
Click here to read the full conversation.
London Fixed Gear and Single-Speed is a community of predominantly fixed gear and single-speed cyclists in and around London, UK.
This site is supported almost exclusively by donations. Please consider donating a small amount regularly.
@MrDrem
My understanding was that it was designed so that a reasonable % of the loans are eventually written off, but provide an ongoing income for a good period in between, and the increased fees helped to balance that.
Selling off the loan books once most of the easy to collect bits, and people who are just going to pay back have done so is also a part of the plan (see the sales for the 2 tranches so far) as far as I can see.