An example scenario of when this would apply:
The Student is prompted by Lendorse to share their Tax Return by the due date, which they do. Their Tax Return shows that they did not declare a source of income in their Monthly Income Reports, with a difference of EUR 23k. As they have responded by the due date, but have failed to declare income of > EUR 10001, the Student will be charged a penalty fee of EUR 1000, in accordance with the below table.
Reductions to the fees can be made according to:
- The response time of the Student as mapped in the below table
- The Portfolio Manager on a discretionary basis
- The Hardship Committee