Funds received from lending companies during the recovery process are distributed according to section 21.2 of the Terms and Conditions of Mintos in the following order:
- Contractual fees that are due from the lending company to Mintos
- If Mintos (or a third party assigned by Mintos) has taken over servicing of the loans from the lending company, servicing fee or fees for enforcing contractual rights in and out of court
- Reimbursement of reasonable costs incurred to protect investors’ interests, including legal fees or costs for other actions aimed at recovering investors’ funds
- Payments due to investors in the following order: borrower repayments on principal and interest (based on information received via API or manually from the lending company) and repurchase prices, from oldest to newest due, and buyback prices, from oldest to newest due. If no information on borrower repayments is available, all payments due to investors are allocated from oldest to newest due.
- Payments of late interest on pending payments due to investors
- Payments of any late interest or penalty fee due to Mintos
If due to requirements of law we would be required to apply a different order, we will do so.