DebtMart (debtmart.wmtransfer.com) is an automated service for trading promissory notes on un-repaid loans which are granted based on trust limits in the Debt service.The DebtMart exchange offers the following capabilities to WebMoney members:
- registering and record-keeping of promissory notes on unreturned loans as well as transactions with them;
- posting promissory notes for sale for a certain percentage of their total cost;
- making it possible for any WebMoney member to buy any promissory note that is posted for sale;
- a chance for the buyer to offer their own price for promissory notes that are posted for sale;
- an automatic transaction when the seller's and buyer's offering prices match;
- an unlimited number of purchase-and-sale transaction for every promissory note;
- registration of collection agencies on the exchange;
- posting offers to buy promissory notes based on specific criteria for collection agencies registered in the service;
- submitting promissory notes for review by collection agencies;
- receiving documents on promissory notes and debtors for debt recovery;
- login to the Budget automation tool service.
Sale of a promissory note¶
To sell a promissory note you must register it on the Exchange. For that you must transform an overdue debt in the Debt service to a debtor's promissory note (a Paymer check) and transfer it to the exchange by pressing "Send to DebtMart" (see the step-by-step instructions).
When registering a promissory note on the Exchange the Paymer check details are automatically replaced with the new ones and are no longer accessible to its owner until documents on this promissory note are received.
To post a promissory note for sale, enter the receipts WM purse number in the settings section and specify the percentage of the debt amount for which you are willing to sell it to a potential buyer. The Exchange has public requests to buy promissory notes posted by collection agencies. If your bond satisfies the requirements of such a request you can send it for review to one or several collectors.
During the review process of the request the collection agency has access to the debtor's personal information to make a decision of whether or not to buy the bond.
Detailed information about how to post a promissory note for sale and the conditions of making a transaction are available in the special instructions.
Buying a promissory note¶
Any WebMoney member can buy any promissory note posted for sale at the specified price. It is possible to bargain with the seller of the promissory note. The service lets the buyer offer their own price. If the seller lowers the selling price to the level of the return offer, the transaction will be carried out automatically.
After buying the debt the new owner receives access to the debtor's personal information specified in their passport.
For details on how to make purchases on the DebtMart service read the separate instructions.
Receiving documents for submission to court¶The Exchange allows users to receive the following documents to start a court case on a promissory note:
- The issuer's obligation — a document signed by the debtor when receiving funds through the Debt service;
- Obligation on the submitted check — a document showing which share of the total debtor's obligation belongs to the debt owner. It is signed by the WMID of the Paymer service;
- electronic copies of the debtor's passport and their request to receive a passport (if those documents are present in the Verification Centre).
Note that the operation for receiving documents cannot be revoked. Once it is carried out the debt ceases to be circulated on the Exchange and it cannot be re-registered or resold.
The detailed description of how to receive documents on debts on the Exchange can be accessed in the instructions.
Registering collectors¶WebMoney users can register on the Exchange as a collection agency. A collector's status on the Exchange provides additional opportunities to buy debts:
- posting public requests to buy debts;
- access to personal data of the debtors whose debts have been submitted for review;
- purchasing debts that have been submitted for review.
However the collectors are unable to sell debts.
To register on the Exchange as a collector contact the service administrator by email at: firstname.lastname@example.org.
How to transfer debts from the Debt Service to the exchange
Registering debts in Debt Mart
Selling a debt on Debt Mart
Buying a debt on Debt Mart
Receiving documents on a debt on DebtMart
Verifying the authenticity of documents on debts
Posting public requests to buy debts
Using Paymer checks for loan repayment