Funds in recovery update
For your convenience the latest updates on funds in recovery are shared on a monthly basis - on the first week of the upcoming month, and available via your investors profile. You will see a link if you have any funds in recovery. If you don’t - it will not be visible for you.
Please reach out to our IS team if you have any questions.
Hello Mr. Vitalijs
Please, explain in detail why Varks cannot apply more stringent measures to borrowers - because it is in the process of liquidation or because of the restrictions related to COVID-19. If the latter is the case, it means that the other financial companies and banks cannot charge their borrowers too.
It is logical to give more details about Mintos’ strategy/plans towards Varks and what will do to increase the recoveries. It's not serious every time to write in your monthly updates that the transferred amount „heavily relies on the borrowers’ repayments".
From your monthly updates investors can read that you are just waiting and doing nothing to accelerate the recoveries from Varks.0
Why isn't the recovery table in excel format, but only as an illegible png image? Why are historical tables not published in order to monitor the recovery trend?0
Hi Mario Kasabov more stringent measures for Varks borrowers could not be applied because of the recent state of the war in Armenia. While the situation in the country has now changed, the situation with many borrowers has not - the interruption of repayments has a longer-lasting effect. Some of the men who were summoned into the army have not gotten their jobs back to resume their repayment schedules. However, according to the management team of Varks (Finko Armenia) they are working to adjust the debt collection process to increase repayments where possible.0
Last week we got an email with the individual recovery status for the funds in recovery. It will be nice if it will also be possible to see this online when clicking on the link. Is this something planned as a next update?
Hi Jeroen Michel Smit,
thanks for a suggestion - please share this also in the Feature Requests topic on Community, so other investors can see and possibly vote on it as a vital function. We do plan to show funds in recovery on lending companies as well as the individual level on our marketplace yet it won't happen in the time of the next update - that would require a bit more time.0
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