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Zagga Rates of Default

Zagga Rates of Default

A loan will be considered 'in default' or a 'default event' to have occurred if loan payments have been missed for over 30 days where there is no approved departure from normal payments and there is no expectation of payment, or if other loan conditions have not been met.

Loans in default attract an additional 5%p.a. interest to the agreed Term Loan Agreement which is also compounded monthly.

Zagga’s overall default rate across all risk grades and loans thus far is 8.88%. Please see table below.

Of the 6 default loans 3 have been fully recovered including all costs charges ordinary interest and penalty interest to date. The remaining 3 loans currently under recovery are expected to be fully repaid.

 

Zagga Rate of default

Risk Grade Current Financial Year Last Financial Year Life of Zagga
A 0 0 0
B 0 0 0
C 10.95%(4) 2.91%(1) 11.44%(5)
D 3.75%(1) 0 3.75%(1)
E 0 0 0
F 0 0 0

Notes:

1. Numbers within parenthesis is the actual number of loans defaults

2. All loan percentage are based on gross loan amounts prior to any recovery

*as at 24/9/2020

Principal lost after recovery

Risk Grade Current Financial Year Last Financial Year Life of Zagga
A 0 0 0
B 0 0 0
C 0(2) 0(1) 0(3)
D 0 0 0
E 0 0 0
F 0 0 0

Notes:

1. Actual number of defaults that have gone through recovery (3 are still ongoing)

2. In addition to principal recovery, Zagga also recovered interest, penalty interest and costs

3. For further information, please contact info@zagga.co.nz

*as at 24/9/2020