Nera Capital!!
What is happening with Nera Capital loans?. All contracts tell only interest payments till expiration. But today NC started principal repayment of all loans running for 3 months or less and also some 17% interest loans still running for 8 months. Are there no secured agreements between Mintos and Credittors? Seems like it and an ongoing issue creating most of the loan problems?
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Agli investitori colpiti dal default di Nera Capital e EDS. Ecco l'indirizzo email della Banca di Lettonia per segnalare reclami e irregolarità: info@bank.lv
Latvijas Banka
via K. Valdemara 2A, Riga, LV-1050
telefono: 67022300
e-mail: info@bank.lv
bank.lvCentro
per la Protezione dei Diritti dei Consumatori via Brivibas 55, Riga, LV-1010
telefono: 65452554
e-mail: ptac@ptac.gov.lv
ptac.gov.lvAssociazione Finanza Lettone Ombudsman Centro
Commerciale "VERDE" via Roberta Hirša 1, Riga, LV-1045
telefono: +371 287 18175
e-mail: ombuds@financelatvia.eu
financelatvia.eu/ombuds0 -
From my perspective I feel that we can be discussing a lot as investors about transparency and things that can be improved. I agree that the contracts that Mintos has drawn by not letting Nera Capital provide Full Parental Liability and not let the company co-sign could have been improved.
But nonetheless, to be frankly honest we all know that this is the risk of the game. I read that investors have been complaining for months, but you could have taken a loss of -10 to -30% months ago and have been re-investing your money from my perspective. That is also what I did.
And yes, I occurred a write-off of approximately 28% on my outstanding with Nera at the time being, but I do not need to worry about this case anymore.
Of course, Mintos can improve transparency on the contracts here since it was not clear from the start that the main Nera Capital Entity was not co-signing the credit agreement with Mintos(at least for me at the start). But in general I do not see why we are expecting to see a beneficial outcome from filing complaints with the Latvian Bank. Still what I would expect is that it is best to let Mintos focus on their core job to recover our money. Potentially mistakes are made in drawing up the contracts, but the problem is also primarily with the behavior of the Creditor I feel. Even if the Nera Capital Main entity would have been signing for liability, they could have started up a new Holding Entity to start conducting new financing activities with and simply not care about the activities of the first holding.
For me, what I have learnt primarily is to not do any business with Companies in Legal and start-ups in general, because they will always find ways to screw you over financially. Furthermore I also read complaints about how MFO fintechfinance is being handled, but from my perspective if you would have been monitoring your investments at Mintos appropriately you could have avoided this. I personally sold my MFO fintechfinance investments long ago and the part which was outstanding has long been re-paid, since I decided to stop investing at the moment that the rest of the group entities was covering for MFO fintechfinance.
From my perspective, if you are in a space of high risk investments you should at least put some effort into monitoring your portfolio and the portfolio decisions you take. Just pointing fingers to the platform offering investments from my perspective is also a bit too easy and everyone to some extent should also take responsibility for the management they do within their own credit portfolio. You know that these loans carry high risk in case of default, etc. So you should manage that risk actively.
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@ Wilhelmus, Afterwards it is always easy to talk. Secondly it will cost you two years of investment against 14% to end up zero. If that is your action, better put it on a deposito then you have 3% per year. Thirdly , I did not buy any MFOfinance after October last year but did not sell as Mintos constantly was active to arrange the repayment plan. My exposure btw is only a limited residue . But I try to look a bit beyond my own interest. These P2P platforms have come up in a move to democrate the money market which before was in the hands of the richy few. Never thought it would be abused as a way of exploiting individuals. Mintos’ management is guilty of this but claims the opposite in all of her communication.
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