The lender is entitled to cancel the loan agreement extraordinarily, if the borrower has fundamentally breached the obligations arising from the loan agreement.
A fundamental breach is deemed to be, inter alia, a situation where the borrower is wholly or partly in delay with at least three (3) consecutive payments and has not paid the debt in spite of having been granted a two-week additional term together with a warning that upon failure to pay the missing sums within the granted additional term the loan agreement will be cancelled and payment of the whole debt will be claimed.
Upon the cancellation of the loan agreement, all obligations arising from the loan agreement become immediately due and collectible, including the outstanding loan amount, unpaid interest that has become due by the time of cancellation, costs related to debt collection, accrued default interest, contractual penalty and any other obligations of the borrower resulting from the loan agreement.
The borrower is required to pay the whole debt within seven (7) days from receiving the notice of cancellation.
The lender hereby entitles the portal administrator to independently and by its own discretion to choose the suitable methods for collecting claims arising from the loan agreement, including the right to issue debt payment notices, reminders, warnings on cancellation of the loan agreement and cancellation notices of the loan agreement to the borrower, as well as to use debt collection services and assistance of third parties and turn to court in order to initiate an expedited proceeding of the payment order.
The portal administrator makes all reasonable efforts to recover the debt, but cannot guarantee the outcome of the debt collection procedure nor recovery of the debt, and is not responsible for possible loan losses of the lender.
If the portal administrator estimates that he has done everything reasonably possible to recover the debt or does not see the prospects to continue with the debt recovery, the portal administrator is then entitled to transfer unrecovered part of claims back to the lender. Claims can be transferred back to the lender also if the borrower disputes the claim in the expedited proceeding of payment order initiated by the portal administrator. The lender has then the possibility to choose at its own discretion a suitable way to recover the debt (including the commencement of a proceeding of an action), to give up a further debt recovery for rationality reasons, or to assign the claim to a third party. For transferring the claims back to the lender, the portal administrator sends a corresponding notice to the email addresses of the lender and the borrower or to their portal mailboxes. The claims are deemed to be reassigned to the lender by forwarding a respective notice to the lender.