Fenchurch Legal - what is the situation ?
Please, give info about statment of our investments in "Fenchurch Legal" loans. What Mintos is doing and intend to do for recovering the investors money ? The duration, how long ?
The same questions for "Dineo Credito"
Will be very apreciated short and clear ansewrs. No refferences to posts with a lot of words and figures, please.
Thanks in advance
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Hello Dorin,
Thank you for your questions.
Please note that all the latest information is available in the recovery updates: https://www.mintos.com/en/funds-in-recovery-updates/
According to the updates, Fenchurch will have to transfer borrowers’ repayments as soon as they are received, at the latest by the end of August 2023. In principle, an agreement has already been reached, and we are working on formalizing necessary transactional documents. Many Fenchurch loans are taking longer than expected to settle as national lockdowns, covid restrictions, and other imposed government regulations in the UK have had a significant impact on the legal cases that Fenchurch has been funding for the past 24 months. Before Covid-19, court cases took on average 9-12 months, while they now take 12-18 months (and some take even longer). As a result, some investors might see that some loans are taking longer to be repaid. Fenchurch is currently pursuing refinancing options. If the refinancing is successful, Fenchurch would be able to buy back outstanding investments, and investors might receive their money earlier.
To ensure investors are receiving adequate compensation for investments that will be paid back later than initially scheduled, interest on any delayed repayments will be increased to 1.4x the base interest rate (investors will receive 13% on average).
When it comes to Dineo, they decided not to transition to the Notes setup. As a result, we’ll wind down cooperation with the lending company. We expect that the company will cover the amounts due to investors in full by the end of the year, and investors will receive all pending payment interest. We agreed on a repayment plan with Dineo. According to the plan, the company has to make the first payment in October, and it has to pay pending payments interest. Dineo also paid €428 in pending payment interest in August.
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Hi, Lucja !
Thanks for feedback.
Could You confirm that we, the investors, are receiving and will receive regularly (every month) from "Fenchurch" and "DineoCredito" payments of interests, increased to 1.4x, and we'll receive the principals not later the December 2022 from "Dineo" , August 2023 for "Fenchurch" ?
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As mentioned in the update, this is what we agreed on with each company and what we expect to happen. We keep working closely with both lenders to assure the realization of our mutual agreements.
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