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The Kopers said the loans were authorized in writing by the elder Mr. Crouch, with clear repayment terms.
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Wonga said a clear cost of repayment would be calculated for approved applicants before they committed.
Virgin's bidding group, which includes the billionaire investor Wilbur L. Ross, proposed to immediately repay £11 billion of loans as part of "a clear path toward repayment in full" and to bring Northern Rock under the Virgin brand by combining it with Virgin Money.
A clear deadline for repayment is set though not strictly respected, as failure to respect the deadline does not necessarily result in severe sanctions but translates into harassment by the lender against the borrower to identify means to repay the debt, including sale of assets.
"We will take stronger action to trace borrowers including those overseas, act to recover loan repayments where it is clear borrowers are seeking to avoid repayment, consider the use of sanctions against borrowers who breach loan repayment terms and, if necessary, prosecute," he said.
If you sign up for one of these deals it is vital that you pay more than the minimum monthly repayment and clear the balance before the deal ends.
Before agreeing to any loan terms, students should have a clear understanding of the repayment terms of those loans.
Rather than rushing to spend their extra money, over-extended mortgage borrowers have taken advantage of lower rates to accelerate repayments and clear their debts.
Without a clear standard on affordable repayments and independent oversight of firms, the new fee structure may in fact add to the problems some of our clients face".
That judge ruled that the plaintiff was right in demanding repayment for clearing away and cutting up the neighbor's tree but that any compensation was offset by the value of the firewood he had kept.
Loans repayments first clear your late fees, then interest and then principal.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com