Please let me know if I am not doing this right:
Loan is in default. 4 days past due and no payment. Was in contact with the borrower through PM, a few times and granted a 1 day extension, and a few hour extension, but there has been no contact for over 24 hours, so I am calling the loan in.
Seems like nice borrower. good communication and I will lend to him again with proper collateral, but payment not received and account taken as payment in full.
Please lock thread.
If the account was the collateral you may take now control of it.