Inclined to Agree
No matter how many times i read through Harmoneys blurb on this PP product I just can not see it is offering the lender much in the way of anything at all! ...
HM gather their commission & fees up front ... basically just by hard selling their product ... the loan is increased by that amount, so more notes to fill it, and lets the Lender take all the risk ...(unsure how each note receives their % of PP fee that's been added onto the loan amount!). which as i see it ... this all is still unsecured borrowers, that can just walk away from their commitment and by what I'm guessing is it only scars their credit history for two years ... then they can wipe that and do it all again! (I've never really borrowed much over the years so possibly don't understand how that credit history really works) maybe someone can elaborate upon that aspect.
I ask fellow lenders ... what advantages lenders are there with PP?