The CEO of GetTransfer.com Outlines Repayment Solutions
Background: The COVID Impact
The COVID-19 pandemic created significant financial disruption across the transportation industry, and GetTransfer was no exception. To address the resulting debt obligations, a structured repayment programme was introduced to help drivers settle overdue balances.
The programme has shown consistent results. On average, drivers complete their repayment plan within four weeks, with half resolving outstanding amounts in three. These plans continue to assist partners dealing with debts that accumulated during COVID and the 2022 economic downturn.
What Happened at Board Level
Internal governance issues emerged during and after the pandemic. Several members of the Board of Directors between 2020 and 2024 did not fulfil their responsibilities, which disrupted operations and created delays in addressing driver debt settlements.
The management team and minority shareholders were themselves affected by these decisions. A restructured Board is being put in place in 2025 with a mandate to prevent similar failures going forward.
The debt repayment programme was created by the management team specifically in response to the operational gap left by the previous Board's inaction. It has already helped a significant number of drivers resolve outstanding balances, and further refinements to the programme are ongoing.
The Accelerated Debt Repayment Plan (ADRP)
The ADRP was designed to be workable within the constraints of active driving schedules. Its core terms:
- Fixed monthly payments tied to activity levels - A minimum of 5 trips per month required; completing more than 10 trips per month shortens the repayment schedule - 80% of commission from future rides applied to the outstanding balance - An upfront payment of 10% of the total debt upon joining the plan
The programme operates from a dedicated financial source, separate from standard operating funds. This ensures payments are processed independently of broader business fluctuations.
For drivers with moderate or substantial outstanding amounts, the structure scales accordingly. The intent is to give every partner a clear path to resolution without requiring large lump-sum payments.
Equity as Part of the Resolution
As part of the broader restructuring, the company is offering shares corresponding to outstanding debt and accrued interest to affected partners. Details of this arrangement will be communicated directly to those eligible.
This approach — converting outstanding obligations into equity — has precedent among large companies navigating financial difficulty. General Motors, Lufthansa, Tesla and Netflix have all used debt-to-equity conversions at different points to stabilise their financial position and continue operations. The principle is the same: rather than writing off obligations or leaving them unresolved, they are converted into a stake in future performance.
Once the debt restructuring is complete, commission rates will be reduced as a further benefit to partners.
Next Steps
If you have an outstanding balance and have not yet selected a repayment plan, contact the restructuring team at restructuring@gettransfer.com. The team will help identify the most suitable option based on your situation.
Updates on the programme — including any changes to terms — will be posted to partner accounts as they become available.
