IDF Eurasia - update on repayment plan ?
since several weeks there is no detailled information by when IDF will repay the restructured amount of ~ 18m EUR. You are just stating every week that they are repaying ~ 1m EUR per week - but this is solely for overdue other payments. When will you provide any update by when these 18m EUR restructured payment has to be covered?
Thank you upfront.
Dear Oliver Dieffenbacher,
IDF Eurasia repayments have decreased the company's pending payments, which currently stand at approximately €14m. With IDF paying €1m per week, this amount will continue to decrease. We are in negotiations with the company about increasing the repayments amount even more.
We expect to have an updated schedule in a few weeks. In the meantime, we appreciate your patience.0
Dear Lucja (Mintos),
thank you for your fast reply. I am happy to read that pending payments have already been decreased a bit and you are working on an updated schedule.
However, may you please update your weekly recovery update accordingly as there seem to be a mismatch between your comment and last weeks' updates every Friday. Since long time IDF open amount is stated to be 15,8m EUR (from 17,5m EUR originally), based on your comment ~14m EUR ?
Any news on this?0
At this moment the situation seems to be getting worse and worse for our IDF Eurasia investments. The agreed payment schedule of 1 million a week is not being fully complied to and neither the last year's agreement between Mintos and IDF Eurasia was honored. Since IDF Eurasia does not fullfill any of their duties towards investors I would recommend Mintos to start handling this situation professionally. If we take a look towards the latest financials we have available IDF Eurasia should be financially in top shape and the fact that IDF Eurasia wants to maintain their growth rate without offering interest rates of 17.5%+ like CreditStar is unacceptable to me.
Where CreditStar shows their intention to improve future financing by offering competitive rates and improving their pending payments outstanding by showing repayments steadily and a decrease in pending payments, IDF Eurasia does not seem to care and the information shown in de pending payment reports does not seem to add up, my pending payments from IDF Eurasia have been increasing since the last 8 months and I would like to see improvement in this. Also, if IDF Eurasia is in such a big need of re-financing, why do they offer new loans with periods ranging from 5 to 25 days. Everything here seems that there strategy is wrong and they are willing to profit from the 7-day interest free pending payment period as much as possible. My advice would be that Mintos demands longer periods like a minimum of 6 months and also higher and competitive interest rates like 18% for new loans so IDF Eurasia is at least positioned as a competitive LO for investors, whereas now it only seems to be using investors from Mintos as a cash-cow.
By the way, if this situation does not improve within the coming 2 months I think it is time that we as investors stand together and also start applying legal pressure towards Mintos to improve this situation.My aim is to start an initiative for this if this situation is not improving by the end of february. Everything what we see from Mintos at this point is not what we should expect from a professional licensed investment platform. Mintos accepts not honoring agreements without any consequences, does not report accurately if I read back on what the customer care specialist is telling and in addition to that Mintos agrees to IDF Eurasia offering loans with a period of less than one month and non-competitive interest rates compared to the financial pressing situation that IDF Eurasia finds itself in.
My expectation would be that if IDF Eurasia would start increasing the interest rate towards 18%, longer term loans(6+ months) and starts a campaign on Mintos which would offer for example 1% extra bonus on 12+ month loans this situation could be resolved within few months, but the aim is to keep using investors as a cash-cow and keep ever-increasing pending payments with non-competitive interest rates and terms for new loans. It is no wonder they do not attract funding this way, even if your financial situation is excellent their strategy would still seem that they are using the interest-free pending payment term of 7 days to their maximum advantage, which personally makes me losing trust in IDF Eurasia.2
Oliver Dieffenbacher Matthias Dirk Jan Aarten
The pending payment amount changes each day based on repayments/repurchases, investments, and the amount of money we receive from the lending company, so it is normal that it fluctuates. We will update the figures in the next update.0
Dear Lucja (Mintos),
thank you for your reply. It is obvious that the pending amount is changing every day, fully agree with you. But then it is even worse that your reporting seem not to be done in a proper and professional way in my eyes - if pending payment amount of IDF has been kept exactly at the same EUR amount since > 2 months ! To be honest, I do not see any extra benefit for investors if such reports are being issued - better that you save your time, leave your office on Fridays earlier to enjoy your weekend and not issue them any more :-(1
Mintos do your job regarding pending payments: "The moment the settlement is late or pending payments are increasing, our team is in contact with the lending company to investigate why. We also impose a penalty fee for late settlements that is shared with investors – which means investors receive interest on pending payments. Last but not least, lending companies understand very well that investors vote with their wallets and will do whatever they can to keep their trust."
I received 0.88 Euro from Eurasia in the last 2 months for 4K+ Euro invested, so I lost trust in Mintos and I stopped all strategies until decrease of pending payments. I will withdraw uninvested money at every 1K gathered. You have to move fast, if you need my money.0
Any update on increasing the repayments >1mio?1
My understanding is that the pending amounts for IDF Eurasia, ID Finance and Creditstar at some moment in time have been converted to respective loans (restructured). Any loan must have a repayment schedule that shows monthly payments that will bring the outstanding loan amount to 0 at maturity. It is very easy to track the loan status - exactly in the same way as the platform shows the loans that we invest in.
I think that it is absolutely crucial that Mintos provides this sort of information on these 3 companies to investors and keep it up to date instead of publishing unreadable nonsense comments on them every Friday.
I guess that it was promised here a month ago - and I still cannot see it.
When it will become available?3
Though your solutions are shitty, we are missing an update with exact time frames alike ID Finance and Creditstar. Specifically the latter has good business running - they simply use us as a financing source.. I also do not understand how they still are allowed on this platform with evidence of not paying while making profits.
On August 19 2022 mintos wrote:
IDF Eurasia has committed to paying €11m by 31 October 2022 (€2m in August, €4m in September, and €5m in October) at a minimum to reduce the outstanding amounts.
Can mintos please elaborate on why this has not happened? The restructured amount should have decreased significantly, which your reports do not reflect. Only recently some money is supposed to be paid, yet I have not seen any penny.
Can mintos please also elaborate on measures taken to speed up the process?
Can mintos please release detailed information about the currently planned schedule?
Also, can mintos please explain where I find the transaction details for interest on the pending payments and specifically the rates incl. changes? As of today, this is completely intransparent - trust me bro is insufficient.
This has been going on for far too long. Your "negotiations" have failed repeatedly. We want updates and progress NOW. Stop playing us mintos!1
Lucja any news on the upscale of repayments?0
Thank you for your questions and patience.
The agreement with IDF Eurasia is to transfer a minimum of 1M EUR per week.
We are in negotiations to increase the weekly payments and repay the pending payments faster.
IDF Eurasia is slightly behind its commitment to transfer a minimum of €1m per week on average, but is committed to paying the residual part in the upcoming weeks to get back on schedule. Any proceeds from the ongoing bond sale will be used to accelerate the payments. IDF Eurasia transferred €2.49m last week.
The information that we provide in Pending Payments updates is the most accurate. We believe that weekly updates are frequent enough, and we share all information that we currently have. We notice your questions and aim to address them in the following update. If anything changes to what we have already communicated, it will be reflected in the updates as well. We are thankful for your understanding.0
Lucja, please stop ignoring our questions on purpose - this is getting ridiculous. Mintos fucked up big time already - this only looses you more trust.
Can you please detail the plan to reducing restructured loans? Transferring 1M might suffice to not increase pending payments any further, however, it still does not solve the repayments deterministically, does it? Where is your plan about payments like provided for Creditstar & ID Finance? If there is none, why would you assume this was acceptable for your investors?
Since beginning of January, IDF has only repaid about 1.6M in restructured amounts (assuming your reports were true). That makes only about 200k per week...
Can you please also not ignore my request to detail where to find detailed accounting information about increased interest on pending payments? Do we have to file a regulatory complaint first?
Edit: No, there is too much we do NOT understand. Stop beating around the bush. We want tangible results.1
Please note that IDF Eurasia is an operating company and pending payments amount is fluctuating all the time, so there are new investments that go to pending payments' status every day. The 1 m Euro that IDF Eurasia pay each week is reducing the influx from the new pending payments, and whatever is left is reducing the overall pending payment sum. You can follow the daily dynamics of influx of the sums in the statistics page: https://www.mintos.com/en/statistics/loan-statistics/
At this point there is no such file currently available, calculation are done on monthly basis taking into account loans that have been paid in this particular period. Calculations are not done for loans that are not paid yet and are still pending.
Negotiations on strict plan are still ongoing, however they seem to be on final stages to agree on the terms, and we will gladly share it with investors as soon as possible.0
Dear Lucja (Mintos),
it might be you have not understood the comments of my investor fellows correctly.
One needs to separate between the 17,5m restructuring amount and all other IDF pending payments - as besides the restructured 17,5m, IDF is still issuing further bonds on Mintos (with higher interest rates than those that are in the "restructuring package" ...)
Why is it so difficult to have 2 columns in your weekly pending payment report? One focussing on the 17,5m "restructuring packaging" (thereof, if your analysis is correct, state 17/02 only 14,3m still open) and another column indicating those pending payments that were not included in the 17,5 "restructuring package".
My fingers are crossed that you keep your promise "Negotiations on strict plan are still ongoing, however they seem to be on final stages to agree on the terms, and we will gladly share it with investors as soon as possible".
However feedback from my side: Mintos as market leader of P2P invests is not winning awards for value-adding communication to investors, a pity!2
I have to agree with you. Communication is poor - they randomly change the channels - and when they do it, they are not clear about what they say, and usually they don't keep their own statements and timelines.
Personally, my experience with Mintos has been quite bad when compared with other payment platforms, and I'm not adding any additional cent here or reinvesting anything. Unfortunately, in the last month I've received only ~0.005% of my total account value, so the process of getting my money out of here will be slow and painful.1
Thank you for your feedback. To improve transparency around overdue payments, we’re launching soon a new page where you will be able to see the details of your recoveries. The new page will show you a breakdown of your payments that are in recovery and the recovered amounts. We will provide more details shortly.
The current amount of all IDF Eurasia pending payments is 14.3 m. All the company's pending payments are considered restructured amounts until there are no payments that have been pending for 8 days or more. So if we were to divide the sums, it would look as follows for last week: new pending payments €671 717 (pending up to 7 days) and old pending payments €13 657 492 (pending 8 days or more). This still doesn't show the full picture, as it doesn't necessarily mean that the next 1M will need to just cover 671k of new pending payments and the rest will be covering the old ones. It would be just a snapshot of what the situation between "new" and "old" pending payment is on Friday.0
Thank you Lucja for your reply :-) Transparency is key, so future approach will be very much appreciated from my side :-)0
Hello Lucy. ID Finance and IDF Eurasia once again failed to meet the repayment deadline. Not only did they not repurchase a single loan, but they did not have the funds for the first installment of pending interest. I just got my full 2 cents for February. How long do you want to keep doing this? These companies cannot even pay the usual interest1
Aaand again, according to mintos information, IDF has payed back less than 50k this week in restructured amounts. Takes only about 4.5 years at his rate.
This is still obviously absolutely unacceptable and has to stop!
Lucja, what measures do you take to speed up the process?
When will you be able to present a concrete payment plan?1
Same problem. For March I received 1 cent interest from IDF Eurasia. Literally 1 cent. What is Mintos counting on? A repeat of Finko Armenia or Kviku? Is this how you want to attract new investors?1
We are still missing answers. Mintos once again systematically ignores our questions.
Can mintos please also explain why my pending amounts with IDF are still increasing? According to the restructuring agreement, new emerging liabilities must be settled each week & no further increase is allowed.
Sort of boils down to in which order are pending and restructured payments settled? Where do I get detailed information about that?1
Thank you for your patience.
According to the agreement with IDF Eurasia, the company has to make minimal weekly payments, which they have been fulfilling. Pending payments in the IDF Eurasia case are being covered from the oldest due payments to the newest due, in this way also assuring that the total Pending Payment amount is lowered.0
IDF is really significantly decreasing the open amounts, well done Mintos !0
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