It has come to the attention of NS Loans Service that this customer cannot maintain the requirements of the loan agreement. Originally, the plan was such that the debtor (Thunderbird) would pay between $1m and $1.5m per week under a ramping interest model that would allow an opportunity to put a large dent in the principle before interest started accruing quickly. This would require 18 weeks to pay off. There was an error in the original loan calculation wherein interest started at 1% instead of 5% prior to the ramp up. This error was in the favor of the debtor, and so was left uncorrected. The debtor was unable to maintain this level of payment, and has instead averaged 750k per week, placing the average payment under the current level of interest accrual. At the current rate, payback of the loan is not possible, and defaulting on the loan is imminent.
Because of that, NS Loans Service has agreed to restructure the loan to something that the debtor is more able to handle. Under the original model, if payments were consistent at 1.5m per week, the total amount repaid would have been $22,764,604 over the life of the loan, or $5.8m interest against $17m principle. The new model if agreed to by all parties will instead be a fixed interest of $6m with no further interest applied against the total remaining balance. All payments made thus far ($3.5m) will be credited to this balance, leaving a total remaining balance of $19.5m. A minimum weekly payment of $750k is required, though there is no maximum. Failure to send the minimum payment by noon server time on every 7th day from the start of the original loan will result in "The CB Monty Feature" being applied to the debtor.
Please direct all questions to Miandrital.
