Brendan Burgess
Founder
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For more information: Tanager changes the way it calculates arrears and halts some legal cases
I have read two of the letters sent to customers of Tanager.
First of all, they make this appear to be a change in policy. "We have chosen to make this change" It is not a change in policy. It is the correction of an error.
Secondly, they are backdating it to when Tanager bought the loans from BoSI which was in December 2013.
In most cases the arrears arose long before December 2013. So Tanager should be correcting it to when the mistake was first made.
I gather from some of the court cases I have seen where they are still pursuing the legal action, that the arrears have been reduced by about 30%. But if that is only since December 2013, the full correction should be a lot higher.
Brendan
I have read two of the letters sent to customers of Tanager.
First of all, they make this appear to be a change in policy. "We have chosen to make this change" It is not a change in policy. It is the correction of an error.
Secondly, they are backdating it to when Tanager bought the loans from BoSI which was in December 2013.
In most cases the arrears arose long before December 2013. So Tanager should be correcting it to when the mistake was first made.
I gather from some of the court cases I have seen where they are still pursuing the legal action, that the arrears have been reduced by about 30%. But if that is only since December 2013, the full correction should be a lot higher.
Brendan
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