Wowwo Q&A
This is a thread where you can ask your questions and write your Feedback about the Wowwo situation.
Dear Investors,
On December 17, 2021, we informed you that we made the decision to suspend loans originated by Wowwo from the Primary and Secondary Markets on Mintos until further notice.
The suspension is a cautionary measure to protect investor’s interests that is driven by macroeconomic changes which impact Turkish Lira exchange rate towards Euro. Given that Wowwo issues loans in Turkish Lira, but places them on Mintos in Euro, the company needs to pay the exchange rate difference from its own resources when forwarding borrower payments if Turkish Lira value drops.
As the Turkish Lira continued to depreciate rapidly, which could create a challenging environment for the company to meet its obligations towards investors on Mintos in a timely manner. We suspended Wowwo from the Primary and Secondary Markets.
Since then we shared also an update with you:
January 28, 2022
Dear Investors,
On Thursday, 27 January 2022, we had a meeting with Wowwo to further discuss possible solutions to the case of Wowwo's borrowers' repayments not being transferred to investors on Mintos. In the meantime, the funds due by Wowwo to Mintos and investors are moved to funds in recovery. The API communication system between Wowwo and Mintos was disconnected by the Turkish lending company due to currency risk that materialized for Wowwo as Lira continued to lose value against Euro.
In the most recent meeting, we exchanged information and proposals with the management of Wowwo, and we are planning to have a follow-up meeting next week when we will further discuss proposed options which will in the meantime be evaluated by both parties.
Mintos negotiations team is fully focused on coming to a resolution that will disrupt investors the least, as the case is currently classified “Stage 3”. You can find more about what this means in the article here:
https://www.mintos.com/blog/how-we-deal-with-loan-originator-issues-and-recovery-of-investor-funds/
As soon as we reach conclusions of value for investors and that can be publicly shared without disrupting our negotiation position, we won’t hesitate to update you immediately. In any case, we will share a more detailed follow-up after the upcoming meeting with Wowwo.
Please share your questions, thoughts and Feedback about Wowwo here.
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Having this matter being handled in Turkey is like having the fox in the hennery guys! Mintos how did you allow a Turkish company to enter the platform? Your due diligence procedures suck!
Have you seen the "Turkey Overall Rule of Law Score Over Time, 2015 - 2022"?? WJP Rule of Law Index | Turkey Insights (worldjusticeproject.org)
You guys are amateurs - you let a criminal entity enter the platform and make a killing with your clients funds!
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Again no answers.
Lucja, can you please stop ignoring our rightful questions? Yet again, this is getting absolutely ridiculous..0 -
Dear Investors,
Thank you for your comments, and apologies for the delay in responding.
We are following your questions and would like to point out that we will try to answer them at the next AMA meeting, please also follow our updates, where we provide all the latest information.
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Dear Lucja,
Saying that we can follow your updates...
Is just following the fact that we have to follow your update...
But what is the update by saying that ??Having an issue like this one where you (as Mintos) is treated like nothing by a company which clearly on the way to steal your money... and by way of consequence OUR money is really inappropriate.
If there was mistakes made at a legal level in Mintos....
You have, sorry to be rude, to put your balls on the table, and take the appropriate decision to assume your warranty role.I hope we will have good informative news soon and not a limited follow us that is, sorry again, clearly useless.
Regards0 -
I have a practical proposal to Mintos - you could rename this section from "Wowwo Q&A" to "Wowwo Q & !A" which would stand for "Wowwo Questions and NO Answers". Then no one will expect to get Mintos answers.
At the end of the day - it is we, investors, who pay money to your lawyers who do not do their job!
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They simply moved the pending amount to recovery, finally admitting the obvious fact that companies that don’t pay their obligations are something to be prosecuted not waiting and do nothing. Btw, I am on few other platforms and I have never ever heard of pending payments - it is not the job of the investor how transactions between platform and loan originators are organized. Ironically, mintos is by far the best platform in terms of options for investing in loans, and site design, reports and news on the originators and actually is quite transparent , but it is not the owner of the originators. And that is the main difference: if LO goes broke , the investors lose money, but the platform is Ok. As they say in finance world : Mintos has no skin in the game.
I am here for time being because I hope that I’ll be able to get at least some of the money in recovery and I have no option of selling some of my long-term loans claims , but if you can get out I suggest forget about mintos0 -
Hi all!
I agree with previous comment, I would like to have a option to sell the 'funds in recovery' for people, who still trust the platform.
I would propose a very good price 🙂. Even the owners of the company can have a very good deal on this.
And I would like to forget about the Mintos forever. I do not like to continue to 'boiling' in these durty sh..
It is useless waste of time and energy.
Kind regards,
Alex0 -
Exactly ONE year ago I said that Mintos is shit and the platform is one big joke.. This platform has not any support for the customers, here are working some people that their experiences and knowledge in finances and etc are euqal to 0.... Let me ask a question (and I know that nobody from their team will answer to me ): Why I must wait to get MY money let say from WOWWO? Did I sign such a contract with them, which allows them just to not pay and vanish with more than ... mln euros??? It's definitely Mintos FAULT! Mintos exactly knows how much they have fucked up the situation with WOWWO..... The proper approach from Mitnos should be to repay all the debts of Wowwo to his customers and try to return the amount for them selves if they win in the court.... But nothing from this will happen and also if they win something in the court, I'm pretty sure that the amount will be around 50% of our investments and mintos will say that this is a Big win for us.... Once again to all Mintos representative you are just a JOKE...
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Class action lawsuit became a thing in EU a few years ago. Does anyone know if there is one pending against Mintos? If not, does anyone want to start one?
This should be an easy win.
The wowwo problem is a mintos/platform problem and not my problem1 -
I agree. Mintos was clearly negligent. Very very disappointed with this lack of foresight.
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Dear MOFI,
If this would be an easy win, somebody would already processed with this.
I think, after one more year almost all of us will be happy to get back 10÷ of investments, but.. Mintos does not care of reputation and investors. Who and why will pay it? No reason.
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Class action lawsuits were not possble in EU when this whole mess started. There is a discussion earlier in the tread.
It is possble today
Doing an individual lawsuit is not worth the trouble
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Lead it. Everybody would be just happy. I even agree to spend some additional money on the jurist, if needed.
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Gerardo Celso Guerreiro Mestre and Pi
To improve transparency around overdue payments, we launched a new Overdue page on 6 March 2023. The new page shows you a breakdown of your payments that are in recovery and the recovered amounts. It replaces the current “In Recovery” page on your Mintos account and is accessed the same way. From the Overdue page, you have now access to background information, an explanation of the new, more detailed case statuses, as well as reports. You can access this page from the overview section of your account, by clicking on the amount next to overdue payments.We moved lending companies that have restructured pending payments – currently Creditstar, ID Finance, and IDF Eurasia. Temporary cases will include payments that are delayed more than 7 days within the usual settlement process but are not considered ongoing cases. Common reasons for such short delays could be a held-up bank transfer or a payment review by the commercial bank. Please note that pending payments of up to 7 days, are in a separate section. When it comes to Jet Finance it is an active lending company, but Wowwo is an ongoing recovery case.
More information about overdue payments and buyback obligations:
1. https://www.mintos.com/en/about-overdue/
2. https://www.mintos.com/blog/mintos-to-launch-new-overdue-page/
3. https://help.mintos.com/hc/en-us/articles/4407185703185-What-is-a-buyback-obligation-and-how-does-it-work-for-investments-in-Notes-0 -
Lucja (Mintos)
First of all, https://www.mintos.com/en/overdue/ looks very good and intuitive with lot of information in it.
It would be great to see time estimation of adding expected recovery and time recovery. not just "Under evaluation" (I saw some of them are under that status for few days)
That overdue page looks so good I would also like to see it in pending payments page. So I do not have to go https://www.mintos.com/en/pending-payments-updates/ and download latest update and so on...
Me personally is enough to see few things. What and when should be next payment, real payment based on bank payment proof and how much is my share from it.
It is very diffucult to predict whether it will be paid or was paid and stuck on bank approvements or it will go to overdue page.
Last thing I am curious about is Wowwo case. It looks like Wowwo is doing fine. So will be considered inflation with repayments ? EU average was 9.2 for 2022. I think it will be same for 2023/2024 and maybe even for 2025. So for payments which should be repaid before prediction 2023-2025 will this be also considered ?0 -
As always, mintos does not care at all.
Let's not loose focus: None of our questions to the court decision have been answered here as of today. Bravo.
Can mintos please send an email to our rightful questions and details about subsequent actions taken or being planned instead of just referring to any AMA that is scheduled *any* time in the future?
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Dear Investors,
As we receive many questions, the most efficient way is to answer them in one place collectively. That's the purpose of AMA. The next one we aim to publish within this week. We want to remind you that we monitor your questions on a daily basis, and we aim to address all of them - be it on AMA, on the Community, or the regular updates on emails, blog posts, etc. Sometimes it might take more time for complex topics, that's why we always appreciate your understanding and patience.0 -
I clearly understand that going to court against Wowwo could be pretty tricky, but there is one thing that bothers me in relation to that experience besides losing several hundred EUR of my investments.
I think that Mintos "epic fail" even in the Latvian court is a very bad signal to the other loan originators. It shows, that it is not a big problem to get tens of millions EUR investors' money through Mintos and just safely walk away... Dangerous signal - for us!
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Any news on this topic? I have not recieved any information.
Its been a while now
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MOFI
The latest update regarding Wowwo is from 08.06 and is as follows:At the end of May, we had a working session in Istanbul with the lawyers we selected to represent us in court from a top litigation firm in Turkey. The lawyers are now are finalizing all the options which can be used in the local courts. Once this is done, we will choose the best option possible and proceed with litigation. We will be as transparent as we can and disclose information to investors on Mintos regularly, but given that this will be a complex litigation process, we may not be able to report everything.
All the updates are available in your account in the overdue section.
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The Wowwo saga is the reason why I moved most of my investment out of Mintos.
I cannot trust Mintos to put the required ammount of pressure/legal action on these types of companies.
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There is more than a 1 and a half from the begining of this saga and you still can't return OUR money that WE LOSED because of your amateur contracts.... I have said it before, I'll write it again ALL of mintos representatives are JOKES!
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Basically with case and with the no any repayments from Russians companies you proved that you are stealing money from us instead to protect us. Our ONLY mission is to collect (=steal) as much money as you can
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Hi, I have noticed that wowwo seems to be reducing a lot its operations. As of today there are only 14 cars for sale in their platform. Are they or have they discontinued their operations or changed it? How is this affecting our claim?
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Hello Grenadro!
Are you still holding a hope to get some money back :)
It is not a "waiting_game", it looks like a "win_win" game between Mitos and Woowo. Maybe Wowwo is a daughter enterprise of Minto's.
Investors are needed just to get some fun.
The owner of Mintos doing this not because they are bad people. They are doing this because they can :) Why not?
If I could get 20m euros from "some people" who have "extra money", maybe I would do the same :)
Like a Robin Hood. Later, maybe I can help later for somebody who really needs help.
Forgive and forget, Grenardio!-1 -
Finally we are getting started with the litigation in Turkey beginning of 2024. I have done a contribution of 10% and wish you all the best. Don't let these Turkish animals get away with it. Good luck!
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Matthias Dirk Jan Aarten,
I'm extremely frustrated with Wowwo too, but I consciously avoid racism. Resorting to it not only escalates the conflict but also undermines our position. Let's address our grievances while maintaining everyone's respect and dignity.
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Court proceedings is said to take a few years. There will be nothing left in wowwo and they will declare bankruptcy while starting over under another name and another legal entity. Amount recovered = zero. Good luck to the rest of you who still believe you will get something back
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Yep, guys.
Finito la comedia.
Last Minto's message between the lines says, - no chance.
Because of:
1. long time to wait,
2. they do not invest their own money,
3. we invited the layers from the top 5000 :)
4. we think Wowwo has money to repay, but maybe not..And at the end of the day, let me guess, Mintos will say, - in Wowwo's case, we have done everything very well. It was the investor's decision (fault) to not participate in the court :)
Or, no, no.. If will be just a small amount of money collected, the claim will be really small (like 200 euros) and, the result will be, - Because of our smart approach, Wowwo repaid 100% of the claim! We won! :) In Excel - Recovered 100%
But in case a lot of money is collected, the result will be, - after 3 years would be no Wowwo, no Mintos Both exists with different name maybe.
Actually, the proposed action was needed right after the start of the problem, not now. In the beginning, I'm and many other investors were really motivated to give more money, just to show, that we worth something, and Wowws's action was illegal. Now this action is useless. After all the previous actions of Mintos, can say for sure, - that both Wowwo and Mintos are interested in delaying the case until there is no one to sue. And everything is legal.
I'm sorry if my black humor is not funny to somebody, but life is life. All the people want to live very well without doing some work. We investors are no exception.
Good luck everyone!
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How far they look the very early days when Wowwo offered to pay Mintos 75% and I was like YES YES ABSOLUTELY YES (and I got downvoted to oblivion because of course we need to recover 100%)
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