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Frequently Asked Questions

How could it happen that the interest rate for the loan usage had been zeroized?

The interest rate for the funds usage could have only been zeroized if the lender had made an attempt to perform an early loan repayment. According to paragraph 5.1 of The Rules interest charges are cancelled in this case.

5.1 The Lender has aright to demand the Loan repayment at any time. In this case the Debtor repays only the principal and the Lender refuses to cancel the interest charges. If the interest charges were partially paid before they are not calculated towards the principal amount during early termination.

There are funds on the purses nevertheless the loan cannot be repaid

If your receive messages like this:

That does not mean that the debtor's purse has been funded. Such a message means that an automatic repayment of one of the participant's loans took place and the funds have been transferred from a purse of a third-party participant who had opened a trust limit for your correspondent. Such a repayment is possible according to paragraph 6.2.2. of The Rules.
6.2.2 When there are no more title units left in the Debtor’s purse the user hereby authorizes the Service to arrange loan repayment as per the Loan Agreement by concluding agreements with other correspondents. Agreement is concluded automatically on behalf of the Debtor. The priority is given to those correspondents who have announced the lowest interest rate.

Check sum is insufficient

If you get an error message like this while trying to repay a loan:

This may happen if the repayment is performed at the expense of some other credit lines of the debtor which the terms (interest rate for funds usage as usual) does not allow you to use for a repayment.

The loan has not been repaid in proper time

If the debtor has not repaid you the borrowed loan you can suspend their WMID. To do this you need to find the overdue loan in the list and click on Block the debtor button.

After having suspended the WMID you can wait until the participant's purse is funded, repay the funds and the release the suspended account.

The sum of the issued check has been doubled

When a member borrows a loan

The amount specified in the promissory note doubles.

This requirement is described in paragraph 2.5. of The Rules.

2.5 The obligatory condition for concluding the Loan Agreement between the parties is that a Debtor, as a guarantee of fulfillment of their liabilities, should present to the Service a promissory note in the Paymer format that guarantees repayment of an amount equal to double the loan amount for the whole period of the Loan use. By presenting an offer to their Correspondent the customer fully agrees that the Service transfers the equivalent amount to another party in case the Debtor does not fulfill their obligations.

This is necessary to make the repaying of the loan at the expense of other limits opened to the debtor possible.

I have converted a loan to a Paymer check

The obligation-type check issued to you is a promissory note that corresponds to a common debtor's receipt which informs that the user agrees to pay the bearer the sum of the loan.
Being the owner of this note you can:
- sell the given note at the debt mart to another member or a collection agency: http://wiki.wmtransfer.com/wiki/show/Debt_Mart
- apply to the judicial authorities to collect the debt through the court: https://wiki.wmtransfer.com/wiki/show/Using_Paymer_checks_for_loan_repayment

My WMID has been suspended for non-repayment of a loan can I exchange WM to repay

If you had overdued the loan repayment and your WMID was blocked by the lender, then you can exchange title units using your WebMoney Keeper interface or WM Exchanger ( only button "Quck exchange").

You can learn more on title units exchanging in the Title units exchange manual.

To learn more about the service for granting and getting loans use the Debt service manual.

What the loan borrower application is for

It can increase the creditor’s trust and raise the loan limit in the service.
It contains the following data:
- member's Passport personal information; additional information about education, employment, availability of property etc, specified by the member.
The information should be confirmed by one or several of your correspondents.
Learn more here: https://wiki.wmtransfer.com/wiki/show/Loan_borrower_application

Can I change the terms of the loan

If a debtor has already used the limit opened for them by you the terms cannot be changed then.
The terms of an opened limit can be corrected but the debtor should accept the changes.

The opened limits disappeared

The trust limits opened for your WMID by other members of the System may be cancelled if your WMID has been suspended. You should write to your correspondents to open the limits for your WMID once again.

There are loans in my list which I have never borrowed

Please check these loans' details more thoroughly especially the purses' numbers.

These are the loans created on your behalf by the DEBT service to repay your debt to the lender whose funds had not been repaid in proper time. Please get to know paragraph 6.2.2 of The Rules.

6.2.2 When there are no more title units left in the Debtor’s purse the user hereby authorizes the Service to arrange loan repayment as per the Loan Agreement by concluding agreements with other correspondents. The agreement is concluded automatically on behalf of the Debtor. Priority is given to those correspondents who have announced the lowest interest rate.