Rebuildingsociety has seen a small increase in the number of late repayments since the end of furlough and is working with borrowers to manage the transition away from the scheme.
The peer-to-peer business lending platform said that it has contacted borrowers who had reported that they utilised the Coronavirus Job Retention Scheme to help them make sure they were prepared for its end and ask if they foresaw any issues.
Rebuildingsociety said where appropriate, with borrowers who said that they are experiencing cashflow difficulties, the platform is putting them in contact with its network of consultants and credit controllers to assist.
“We’ve already seen a small rise in the number of late repayments since the end of furlough,” Rebuildingsociety said in a blog post on its website.
“Whilst a rise in the number of late repayments will obviously be cause for concern for affected lenders, we are working hard to manage the transition from the furlough scheme for our borrowers.
“As well as the usual late repayment process…we want to support borrowers as early as possible to try to ensure any payment issues are temporary.
“We contacted borrowers who had reported to us that they utilised the furlough scheme. We wanted to ensure that they were prepared for the scheme to end and ask if they foresaw any issues.
“Where appropriate, with borrowers who told us that they are experiencing cashflow difficulties, we are putting them in contact with our network of consultants and credit controllers to assist.
“We’re also continuing to communicate with our borrowers regularly to encourage them to get in touch before a payment is due if there is an issue.
“As well as these Covid-specific communication and support functions, our late payment collection work continues to be managed by an experienced debt collection company who have a dedicated team handling our account.”