ID Finance Spain and Mexico Update
The listed amount includes pending payments that have been restructured and extended. ID Finance Spain and Mexico have to cover the restructured amounts (€18 million total) by 31 December 2022 at the latest. To make sure you are receiving adequate interest for the period, interest for the restructured pending payments has been increased from 1.2x to 1.4x the base interest rate of the investment starting from 22 July 2022 (this amounts to an average interest rate of 17.6% per annum).
Hello! Is there an update on this? 31st December is past and gone.
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Hi Lucja (Mintos),
Thank you for the clarification, but if they are paid separately, how do you keep track of that, and where can we check that?
The principal amount disappeared from the "pending payments" amount, meaning I can withdraw or reinvest this amount, so it seems to be hard do track if they are handled separately.
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am I exaggerating? I only got interest for 3 months from ID Finance and 4 cents in total from IDF Eurasia. In addition, my US has deducted income tax from €47000 that I have blocked for recovery for over a year, and Mintos creative accounting in my country is just a financial crime. I'm downright furious.
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Lucja (Mintos), any feedback to my previous question?
Thank you for the clarification, but if they are paid separately, how do you keep track of that, and where can we check that?
The principal amount disappeared from the "pending payments" amount, meaning I can withdraw or reinvest this amount, so it seems to be hard do track if they are handled separately.
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Hi Bruno,
Thank you for your patience. Regarding your question and pending payment interest, each investor can check what amounts have been received as interest from pending payments by visiting the account statement's page from the Mintos account and at the filter option for "Payment Type" choosing - Interest received from pending payments.-1 -
Hi Lucja (Mintos),
Please note that I'm not referring to paid pending payment interest.
I'm asking, how do you track open pending payment interest, given that the principal amount was already paid, and how can your investors track the same.
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Bruno
I'm sorry, I misunderstood you. Unfortunately, currently there is no report or place on the platform where investors can track due pending payment interest.-2 -
That's nice,
we are the "best platform for investing money". With us you will invest your money, we will be missing our promises, not keeping deadlines, and as bonus you will have no ability to know how much money you need to earn in pending payments...
This is completely bad joke. !@#$!@#$
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Lucja (Mintos),
You didn't answer my question completely, but I will add, once more, the missing portion:
- How do you, Mintos, track open pending payment interest, given that the principal amount was already paid?
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Lucja (Mintos)
Your update on ID finance still says:
The company has to fully repay the restructured pending payments for ID Finance Spain by 31 March 2023, and for Mexico by 31 July 2023
ID Finance Spain still has ~8million remaining payment. Do you really think they are going to settle by next week?
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Lucja (Mintos), I'm still waiting for an answer.
Today I got some money from IDF Eurasia, but I'm still curious on:
- How do you, Mintos, track open pending payment interest, given that the principal amount was already paid?
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Lucja (Mintos),
It has been more than 1 week since I've raised the question the first time, which I then had to repeat several times. I will repeat it once more:
- How do you, Mintos, track open pending payment interest, given that the principal amount was already paid?
In addition to that, and once more, ID Finance did not fulfil the plan, and here we are, fooled again, with a new plan ...
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Mintos why are you hiding the truth from us? you already know that this will not happen. It 3.april and I still did not received approx 75% of my sucessfuly finished investment back. Not mentioning interest! And one month ago ID Finance have still rating aroun 6.5! This is complete SCAM!
Please respond onestly. Or what it will be better to tell people truth about mintos, will you like this If I share this info on:?
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Dear Bruno,
Thank you for your patience. Interest on late pending payments is paid at the moment when it is received from the lending company. We process it in batches and pay it separately from the regular interest. What should be noted when Mintos does the calculations for the settlement amount and sends it to the lending company we don't know if the payment will be delayed or not, therefore the interest on late pending payments is not included when you receive the payment for the loan.
IVAN POSPÍŠIL The screenshot you posted is no longer valid. You should now see other information in your account that has been updated. In addition, every investor who has investments with ID Finance should have received an email where we explained the current situation in detail.-2 -
Lucja (Mintos),
I want to know how much ID Finance owes me in pending payment interest. How can I know that?
In addition, now that "Pending Payments" moved to the Overdue page, we lost the weekly updates. Can you confirm that?
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Bruno, I am complaining about that very fact in the creditstar thread where I pointed out that they do not oblige to the restructuring agreement (again)...
I can only imagine that they do not want to provide this information any longer to impose intransparency and get rid of our (more than rightful) questions.
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Bruno
There is no need for weekly updates anymore because now investors can access data on their accounts anytime. The sums on the overdue summary change when the funds from the restructured companies are received and processed.In addition, we keep monthly updates for restructured companies. Also, every lending company that has payments pending for 8 days or more will be listed as temporarily overdue and will be provided with weekly comments. And as always, if there are essential developments for any specific case, the affected investors will be informed.
We do not display interest on pending payments on the individual level at the moment, but your feedback has been noted.
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Lucja (Mintos),
That's bullshit. Without weekly updates, how do we know if "restructured" cases are fulfilling their obligations? This is just another way to hide they are not paying as planned. Plus, you were criticized for poor transparency and communication, and you now stopped weekly updates... good job.
Once more, you didn't answer my question: I want to know how much ID Finance owes me in pending payment interest.
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Hi Bruno,
I am sorry to see the pain you are going through.
Mintos has run a bonus campaign to incentivize investments in ID Finance when the company was already not attending its payments. Mintos has played against its customers (investors) in a way I find very unethical, though legal.
In November 2022 I sent a question to receive an extraction of the list of my payments including the loan ID (so it can be used in a court), and as of today (April 2023) I have not received anything, just emails saying they are facing technical difficulties and they will provide later. This is totally playing with me. You say you move millions and billions of euros, and for six months you are unable to provide a list with my investments? This is the worst joke ever.
Bruno, I can tell you will not get a satisfactory answer from Mintos. The only satisfaction will be the day you recover your last penny and close the account. I can tell you I had a sizeable balance in Mintos. Then the pending payments kicked in. What I did is to sell all ID Finance, and later all the others loans, in the secondary market, passing the s*** to a Mintos-lover so s/he can enjoy the same joy I do.
From that sizeable position one year ago, now I have less than 70 EUR, and as soon as I get last penny back I will close my account, and invest the money in a serious and respectful company which not surprisingly are in the life known locations: Germany, France, UK, etc. No more funny companies like Mintos for me. No way.
Mintos has no interest in defending investors' interest. When a company does not pay, they give them an extension, and then another extension, and then another.
And there is no real tracking available to you of the payments done per individual loan, so the famous 1.4x or 1.6x multiplier they say they do is immpossible to check.
I wish you all the best, and in the meantime, I would suggest you to pass the s***. Release and run.
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Hi Mint_Swindled,
I am following the same approach. I'm not adding a cent to my Mintos account, and everything I get, I withdraw.
Unfortunately, I woke up to this issue too late, and was not able to sell anything (after the migration to Claims, you can't sell anything in the secondary market).
I still have ~7k in Mintos, but in the last month, ID Finance Mexico paid ~50% of what they owed me (principal amounts) - still waiting for that pending payment interest which I doubt will ever be paid. I also had pending payments from Creditstar Finland and IDF EURASIA, but these are now residual (pending payment interest still pending as well).
What is of higher concern for me now are the "Ongoing cases", from Russia + Fenchurch with approx. ~5.7k€. To be honest, I highly doubt I will get everything here (specially the ~3.6k from Kviku - a great example of Mintos poor transparency/communication).
But yes, as a summary, I'm also taking my money out of here as soon as I get it.
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New update here. I've requested a file with the due pending payment interest, and either I'm very wrong or Mintos is making a fool out of me.
For a (current) due amount of ~1300€, due for ~1 year, they declare a due pending payment interest of ~30€. Well, based on their e-mails during the last years:
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To make sure you are receiving adequate interest for the period, interest for the restructured pending payments has been increased from 1.2x to 1.4x the base interest rate of the investment starting from 22 July 2022. On average, investors will receive 17.6% interest on the restructured pending payments, which is significantly above the current average market rate of 14.5%.
Lucja (Mintos) , do you care to explain how do you calculate these ~30€?
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I am very sorry to hear you have been waiting for ~1 year, and payments are yet not done :/
That's an important warning for anyone considering to invest in this monkey business...
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Bruno
The numbers are still updated once the funds come in from restructured lending companies, so you will be able to see if the companies are fulfilling their obligations because the amounts are visible.
Regarding the pending payment interest you write about, please contact our support, so that we check and clarify this for you.-1 -
Lucja (Mintos),
Where can I see those updated numbers as soon as the funds come in?
Regarding the pending payment interest - I got those numbers from your support team, and I've answered back last week with the questions I posted above. I'm still waiting.
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Bruno
You can see those updated numbers in the overdue page. There are sums that you are expecting and when you click on "restructured" status, you will see the update with the whole numbers for the company.0 -
Lucja (Mintos),
This platform is a joke. I would love to see the sums of the due pending payment interest there as well.
I've contacted your support 12 days ago regarding the pending payment interest due by ID Finance (and others) to me, but so far nothing..
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And that's the reason that I can happily announce that money from pending payments after 9++ month are on my account and now they are transferred to my wallet and after that Good bye mintos and thank you for "nice" experience.
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The best I got, after 15 days waiting for an answer was:
"This is to inform that I am awaiting further information from the responsible department."
Absolutely brilliant!
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Saw this on the latest blogpost about ID Finance Spain:
The company has no payments that have been pending longer than the normal settlement period of 8 days.
ref: https://www.mintos.com/blog/take-advantage-of-up-to-3-cashback-with-notes-for-id-finance-spain/
so my question to ID Finance Spain people, is it true?
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In my case it is true. Already couple of months there are no problems with ID Finance Spain...
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Jakub Niewczas
Thank you for your questions, Yes, it is true.0
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