Sep 24, 2021
How else can one adjust the amount to choose a new schedule. On the options, I have selected Kshs.860/- which is the lowest amount provided, and I wish to reduce this amount - however the drawdown has no further options and there is no option to type a new figure. Is this a fixed instalments option? Would appreciate some helpful input.
Sep 25, 2021
Unfortunately yes that your minimum amount you can choose as its based on your loan amount,alternatively,i do advise people to still choose that and be making what you can rather than not making payment at all
Anthony Maina likes this.
Sep 27, 2021
Hi Daniel, trust you are well and keeping safe. Many thanks for your reponse to my questions. I really had no clue the instalments given are aligned to loan amounts, hence I kept looking out for a smaller instalment. Apparently emails for follow-up all stated:....
""If you are unable to make the past due payment immediately, you may use the 'Adjust Installment Amount' page of your member account at the Zidisha website to reduce the past due repayment to an amount you can easily pay.
If you do not adjust the installment or we do not receive the past due amount by listing Date, action will be taken including listing your name with the CRB, preventing further access to loans or credit from lending institutions.""
I will keep paying whatever I can afford and hope things will get better soon.
Many thanks, much appreciated
Peter Ojok, Joseph Sam, Mukichi Getrude and Anthony Maina like this.
Sep 27, 2021
Are the automated emails still stating what you quoted above? If so, it probably was just an oversight, because even if you can't pay the full amount of an installment due at any given time, as long as you send in something, Zidisha won't report you to any Credit-Reporting Bureau in your country, anymore.
You can read the announcement that the Director made on May 13, 2021, about that, here: www.zidisha.org/forum-threa... "...we have observed many members taking advantage of [the generously flexible installment-adjustment policy] by taking out loans and immediately adjusting the installment as low as possible. They then repay almost nothing until the minimum holding period to qualify for a credit limit increase is reached, at which point they repay the entire remaining amount in order to raise a new, larger loan. This has become so prevalent in recent months that the majority of uses of the adjust installment option now consist of these attempts to game the system, rather than legitimate financial hardship. We are also concerned that this creates an incentive for members to borrow elsewhere in order to repay Zidisha loans, then use the next Zidisha loan to repay their debt. In order to protect our community from these misuses of the adjust installment option, we have made the following changes... [the specifics of which you can read about, Purity, at the above-referenced link]... We have tried to make the minimum weekly payment amounts as affordable as possible. At the same time, we understand that members may be unable to make the scheduled payments due to financial setbacks. If a member cannot afford to pay the full amount due, we ask that they pay just what they can afford instead of skipping payments. As long as a member continues to make weekly payments (of any amount), we will consider the member to be servicing their loan and not report the account to outside parties..."
I encourage you and others to read her entire post, and to visit the "Announcements" section of the forum, on a regular basis, to find out whatever may be new.
Sep 30, 2021
Hi Laurie, yes the emails state so. All the same I do try to 'pay another amount' and trying as much as possible to catch up and clear.
Thank you, all the best.
Sep 30, 2021
Hmm, maybe the Director will reword that email soon. Thank you for the information, Purity, and thank you for your efforts. All the best to you, too. :)
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