ID Finance Mexico
What's the status with ID Finance Mexico? I have the exactly same pending amount for months now... in "Pending payments updates" I can see, that "ID Finance Mexico continued making payments this week"... for couple of weeks.
This is really getting critical. The updates are not satisfactory at all. Pending payments are now 40% of my portfolio...2
In the same situation.
They promise a full recovery today... Wait and see...1
Here is the update... just pushing it to June (for now).
ID Finance Mexico continued making payments this week and €150k were paid. Pending payment interest will be paid in full on the pending amounts. The company will accelerate the payment schedule after it finalizes onboarding new investors - the funds will be received in late May/early June. The proceeds will go directly into settling pending payments in ID Finance Mexico.1
So... 20 May becomes late May/ early June....
One month becomes... Six weeks...
I´ll be straight up... Until ID finance repay MX I dont care how good ID finance ES or IDF Kazakstahn are doing.... All three are now on my "I wont touch them" list... ( I have 2,5K IDF Euro, 5K IDF KZT, 1K IDF Rouble, 1,5K ID ES) all because of 0,5K€ ID MX....
...Dont Pay, dont invest....
You promise to pay, I promise to invest... when you pay!!!2
I would like to hear an official statement. Real news not some bs from "Pending payments updates". Doing this way Mintos is losing credibility.1
Again no information...
Just a timing that ID will reconduct over and over without any limit...1
They are indeed paying back. I can see that in what I get back. Problem I see in the reports is as for multiple companies now, is they are not paying back the amount they should. If every month you see in the reports they payback 150000 and still it increases, then they should have payed back not 150000 but 250000 clearly. So what's the reason the company can't or won't payback the amount that is needed for that week. And also why does mintos let it drag on for so long without consequences. At least I would say a downgrade to 6 or 5 as they clearly have problems with payback0
This is absurd... they should be kicked out the marketplace not only downgraded.2
Let's see the big update of today .. Will it be pushed to July now or not yet?
From Mintos, no words about the prolongation of this situation...2
next week ...... in the next few days...... next month ..... at the end of May ...... In June in July in September in December
We are tired of always reading the same answers. We want solutions now1
Please see the latest update here: https://www.mintos.com/blog/wp-content/uploads/2022/05/Pending-Payments-report_2022_27_05.pdf
First a significant drop in funding volumes from Mintos due to the geopolitical events and then the short-term nature of the product caused pending payments which accumulation of ID Finance Mexico's pending payments during the last few months. Although the lending company's business generates profits and client
portfolio quality has not been deteriorated, significant repayment volumes were not previously planned by the company. Due to those unexpected developments, now it takes some time to refinance the pending volumes with the help of the external funding.
Further decrease in the company's business volumes would only endanger business operations. ID Finance Mexico believes that keeping operations at the current profitable level is also the best option for investors, while the pending payments will be repaid in full through regular payments and refinancing.
Mintos and ID Finance Mexico have concluded the new pending payment repayment schedule. It will include daily payments: during June - €30 000 on Monday, Tuesday and Thursday, €50 000 on Wednesday and Friday: refinancing from the external funds ($1.3 million in early June and $2 million in late August. Also, any
additional external funding that ID Finance Mexico or the Group might attract will be directed towards the pending payments. To avoid a similar situation in the future, it was agreed that Mintos will work towards setting up ID Finance Mexico in a new structure that would include Forward Flow and Trust security as of Q3 2022. Until then, ID Finance Mexico will not place new loans on Mintos, and all available loans will be removed from the platform. Investors will receive full principal, interest, and interest on pending payments.0
We can also check the updates you provide in the respective page, but what we would really appreciate would be the decrease in the pending amounts.
I've set 50% of my portfolio value not to be invested ~1 month ago and I was able to withdraw only ~10% of that as the pending payments kept increasing in the last months - main slice from ID Finance Mexico. The pending payment interest is also questionable.
When will we really see our money?1
Each Friday we update the Pending Payments report and it consists of the most up-to-date information. Friday's update also answers the questions about when and what amounts will be repaid to Mintos investors. As well as, internet on pending payments will be covered in full https://www.mintos.com/blog/wp-content/uploads/2022/06/Pending-Payments-report-of_2022_03_06.pdf-2
Llevais semanas poniendo lo mismo en los reportes, y los montos pendientes siguen y siguen aumentando. Desde luego credibilidad os queda ya poca.0
The problem here is that you provide an answer with expectations you don't fulfill.. Initially it was in May, then late May/early June and we are now in the middle of June and I've received ridiculous 2% of the total pending payments amount due by ID Finance Mexico ...2
From my side the pending payment decrease.
It's an improvment regarding the last weeks. Hope it will continue and go to zero0
Meses llevo yo sin recibir un solo céntimo, ya está bien de tanta tomadura de pelo.0
One more ridiculous update. So they could transfer 950k€ but have issues with daily transfers? How could they do it before to pay investors?
My pending payment amount barely decreased...2
For Mintos, Pending Payments status is a method to hide a potential defaulted loan. For example, I had several loans in Pending Payments status for several months and then they suddenly got moved to 'In Recovery' category. So what they are posting in 'Updates' section this Friday is no longer true next Friday and so on. Remember they said that ID Finance Mexico will make payments in late May / early June and then suddenly something went wrong and they were providing generic updates. I understand that not everything depends on Mintos, but their attitude towards investors is ridiculous. So we can expect that one day the loans will be categorized as 'In Recovery' or ID Finance Mexico will be Defaulted and that's it, Mintos won't take any responsibility. They will keep posting in 'Updates' section something like: 'We tried to find a solution, but blah blah blah..'. No results. It's not a surprise now why the investors are withdrawing their funds out of this platform.
Investors would appreciate transparency and real actions, not promises that are no longer valid next week.2
I have to agree with Dan. According to Mintos' FAQ about Pending Payments:
As settlement happens on a weekly basis, our goal is to keep average pending payments below 8 days.
ID Finance Mexico is ruining these statistics - these Pending Payments are there for months now.
With the lack of transparency and real actions from Mintos', I will definitely take my money out of here before it's too late.1
We’re sharing more details about how the trust works and why in this case funds from such a stream could lead to obstacles in daily transfers. A trust serves as a dedicated bank account for creditor protection and functions with specific requirements that define how the money is released to all parties. In the case of ID Finance Mexico, the repayments for part of the loans go into a creditor's trust where these funds are kept and released to another creditor (not Mintos), and only after this is done the remainder of funds is released back to ID Finance Mexico.
The issue currently disrupting the process is due to manual management of accounts and funds, and following delays in the IT integration. Because of this, ID Finance Mexico is not receiving the funds on a daily basis, but approximately once every week. A certain part of funds that ID Finance Mexico could use for loan issuance and/or for faster repayment of pending payments to Mintos is repeatedly stuck in trust, and this is the reality until the process is fixed and the funds from the trust can be released on a daily basis. In order to keep a certain level of profitability or to remain breakeven, the company has to issue a certain amount of loans. So, if ID Finance Mexico would be issuing loans below the required amount, the profitability would drop and consequently, the company would risk an even slower pace of transfers of the due amounts in pending payments, or even eventually default on Mintos, which is not in any parties’ interest.
Alternatively, similar would developments could happen if the company would use all available funds to repay pending payments per the agreed schedule. While this wouldn’t be a problem if there was no disruption with the trust fund transactions, this way, there would be a weight on balanced management of the company’s funds for both new loans issuance, and periodical repayment of the pending payments on Mintos.
We’re in contact with the company and will continue pursuing the goal there are period transfers for the pending payments in amounts as high as possible until the issue with the trust accounts is solved.-1
I am sorry but this sounds like bullsh*t.
By definition, Pending Payments are:
Money that is currently in the process of being credited to your account. The borrower has made a payment, and we’re waiting for the lending company to transfer the money to us. We’ll credit the money to your account as soon as we have it. Pending payments can include both current and finished investments.
If the money was paid by the borrower, why is it directed to anywhere else than paying the investor?2
Thank you for your feedback.
In case the pending payments are not covered in time and restructured repayment schedule is not met with the Lending Company the loans can move to the recovery status.
At the weekly Pending Payments updates, we try to reflect the most accurate information that is available to us and is received from the Lending Companies in the ongoing communication.
There are times when a Lending Company's expectations of when and how they will repay the outstanding debt don't meet the reality due to different challenges that they need to face in order to clear the debt.-1
Read: they took your money, loaned it out, got paid back. Without asking you, they loaned your money out AGAIN and put the claim on Mintos. Since Mintos is quickly falling out of favour, those claims are not filled and they cannot give you your money back. You will also not receive interest on the new loan you never agreed to, since you don't own a claim. Maybe you will receive your money back when that new loan is repaid. Maybe not, they will see what they can get away with.2
That's a really good summary. I will take my money out of here ASAP (I'm assuming I will get it back).1
Honestly, I'm thinking of starting my own fraudulent lending company without financial discipline and applying to Mintos. Since Mintos refuses to put checks and balances into place, it's probably the easiest way to steal a couple of million. Might be the quickest way to ever see my money back.2
Would it be to have a small consideration from Mintos ?
Without customer your company can close the door so at less be respectfull and come with real information and no bullshit that you give every 2 weeks without any change ...1
I propose a name for your new loan company "Wowwo 2" I think it would be perfect and it would not raise any suspicions 😜😞2
funds are being directed to the investors. But the settlement process can take time, due to different (including technical) reasons. You can read more details on how this setup works here https://www.mintos.com/blog/pending-payments-everything-you-wanted-to-know/-3
This continues to sound like bullsh*t.
We are all aware that settlement exists and that it can take time, but 3 months?
Can you prove that the total amount in "Pending Payments" due by ID Finance Mexico is somewhere waiting for the "technical issues" with the settlement to be solved to be credited to the investors' accounts?
I don't think so.3
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