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There's a difference between service payments and servicing / a debt servicer. IIUC, "service payment" comes from the fact that you are paying for a service -
by onlyrealcuzzo 4y ago
There's a difference between service payments and servicing / a debt servicer.
IIUC, "service payment" comes from the fact that you are paying for a service - someone is providing you with debt as a service... The debt servicer.
- kgwgk 4y agoDefinitely there is a difference between paying and collecting payments! I was aware of "servicing a loan" as "paying the interests". But I've found that the "administrative" meaning also goes back many decades.
- zaroth 4y agoYeah it’s a bug for sure. ‘Loan service processor’ got shortened to ‘loan servicer’ which definitely steps on the toes of ‘debt service’. Someone should open a ticket.