A polite request
An SME borrower that defaulted on a p2p loan recently contacted me and requested that I remove several posts that I’ve written on the default. This particular loan has been restructured to a longer duration to allow the company to have an easier time repaying on each instalments. So far, the repayment on the restructured loan has been prompt. However, my blog posts on its previous default is causing some concerns among its staffs and customers. According to the borrower, its business and reputation are badly affected.
This puts me in a dilemma. This blog is intended for p2p investors, helping them understand the risks and rewards of p2p lending. And I always believe that the best education tool is using real loan examples. Irresponsible borrowers should be flagged out; this creates a social deterrence effect against any borrowers who try to pull a fast one on p2p lenders. On the other hand, I also do not wish to bring down any SMEs if they are doing their best to provide full restitution. If the SME’s business fail eventually because of my blog post, am I doing more harm than good? These are SMEs we are talking about, they are less resilient than large businesses. People’s livelihood is at stake.
After some consideration, I have decided I will replace the name of this particular borrower with something generic in my previous blog posts. The borrower has promised that it will repay its loan. I don’t know if it is true, but I will take its words for now. For p2p investors, the posts are still there, but the name of the company is replaced with something generic. Is this the right decision? I’m not sure, but I hope it is.
What do you think?
If you agree or disagree with my decision, write to me at email@example.com or post your comments below. I may not change my decision, but at least I will know what you think of this.