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),
The next update is today, hopefully.
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The bulk payment is due in 1½ months so Mintos must have some kind of idea whether or not this will be met på ID finance.
Mintos why can't you just give us an update now and tell whether they are expected to pay the remaining amount or if they will postpone once again?You must have some information on this!
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Hi Joakim
Thank you for reaching out with your inquiries. We acknowledge your concerns, and we appreciate your patience. To address your questions, so far ID Finance Mexico has fulfilled all scheduled installments in accordance with the agreed repayment plan. We understand the importance of providing further details on the current strategy for settling the remaining exposure, and we assure you that more clarity and details will be shared in the upcoming report, as per our monthly communication updates.
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IDF will fail again.
The statement they adhere to *any* payment plan is just NOT true as seen over the last YEARS...
Why can't you provide us with answers right now?1 -
Simply coz Mintos is a Ponzi and need more time to steal money ;)
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Lucja (Mintos),
@...,
Elmars (Mintos),
Last day of November. ID Finance has less than one month to pay (last working day of December is the 29th).
When will they pay us (overdue amount + pending payment interest) ?
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I can't wait to know what new excuse (lie) you will find to excuse ID Finance from not honoring its debt =)
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Lucja (Mintos),
@...,
Elmars (Mintos)
where is the update?
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Who would have thought that they again fuck up.
"While the discussions on the repayment of the remaining amount are ongoing, it is likely that the remaining debt won't be repaid by the end of December 2023."
This is more than ridiculous. Why is their Spain business still allowed to operate on the platform? Why don't you use this lever? Sue them to hell. We are sick of it.1 -
4th deadline failed and Mintos acts normally. No additional compensation, nothing. Where is the support from ID Finance Spain you promised in July???
You are ridiculous
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Mintos could you please stop screwing around and provide us with a realistic repayment plan that doesn't involve ludicrous bulk payments that are never met!
I think everyone would be a lot more pleased with your effort if you provide something realistic, but with a longer timeline in stead of this crap.
I can give you a hand with calculations based on experience from the repayments in 2023. ID Finance Mexico has paid around 150.000EUR on average a month during the last 10 months of 2023. This will give a recovery of 1.800.000EUR in 2024 leaving around 1.800.000EUR to be recovered in 2025. This means that with the trend of 150.000EUR a month the total amount will be paid back at the end of 2025.
Here you go! That's a realistic repayment plan you can get for free. If larger payments are received you can easily adjust the plan and shorten the timeline.
I think your investors would appreciate this a lot more and perhaps you could regain some of the confidence you have lost.
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Dear Joakim
What you are asking for is totally impossible for Mintos. Why ?
Coz they d'ont care about the customer experience as simple as that.
They already receive their money. So our money is only secondair...0 -
The most fun part is that the debt is not increasing according to mintos. They do NOT disclose pending payment interest and hide it from us. Having invested like eur 100 two years ago, this adds up...
@mintos where can we see these figures? Why are you not showing them presumably on very purpose? Where is the promised transparency?1 -
Joakim - that would have been reasonable two years ago, not now. It's not acceptable at the moment. They kept saying in the last months that they trust ID Finance Mexico would fulfill the commitment this time, and they would receive support from ID Finance Spain, so I want my money by the end of December.
name - I've been asking Mintos monthly for the pending payment interest amount (owed to me) from ID Finance. I suggest you do the same, maybe that way they will provide this information in an easier way.
Lucja (Mintos),
Elmars (Mintos),
@...
we want clarity about this. we don't need the word "likely" there. You say they will likely fail, but you already mention a January payment, so this means they will fail. How much will they pay in December? And January? What is the penalty for them for another missed deadline?
When will they really pay everything? Why is not ID Finance Spain supporting as you said before?
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Lucja (Mintos)?
Elmars (Mintos)?
@...?
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Lucja (Mintos)?
Elmars (Mintos)?
@...?
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Lucja (Mintos)?
Elmars (Mintos)?
@...?
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Lucja (Mintos)?
Elmars (Mintos)?
@...?
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Bruno
In August, we communicated that ID Finance Spain would help in case there would be positive settlements (where Mintos needs to transfer funds to the lending company) or if they would receive additional funding. As there were no positive settlements since summer and the lending company didn't attract additional funding, they were not able to help accelerate the payment schedule for ID Finance Mexico. As soon as we will have more information about the repayment plans, we will inform investors either via email or on the Overdue page.
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So u admit u did nothing since at least August...
I'm not surprised. It's just a confirmation of your nullity...Keep stealing our money that's the only competence u have
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Lucja (Mintos),
In August, you also communicated that they would pay until the end of December 2023, and here we are again.
Even one or two months ago you stated that you were confident that they would meet the deadline, and here we are again.
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Lucja (Mintos),
what do you mean with "the lending company didn't attract additional funding" ?
Some news from ID Finance ES website:
- "ID Finance secures as 12M credit line from a listed European bank" from 21/11/2023
- "ID Finance Spain is well positioned for further driving growth after it successfully secured a €30 million investment from Kingsway Capital, a prominent UK-based asset manager. Similarly, the Mexican unit has fortified its financial position earlier this year with a $30 million debt facility agreement with US asset manager SR Alternative Credit." from 08/11/2023
You are just ridiculous and you simply don't care about your investors. You ask us to wait and refer to the monthly updates, but all you write there are lies and bulls**t.
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Bruno
This sentence referred to the fact ID Finance Mexico did not attract additional funding. Apologies if that was not clear enough. ID Finance Spain attracted this funding, however, the funder did not allow the use of the funding for any other purpose than the issuance of ID Finance ES. ID Finance did make many additional funding attempts, mostly involving bonds in ES, proceeds of which could go directly to ID Finance MX, however, those did not materialize.-1 -
sure sure ...
but they had funding to open a new and big (1500m2) office in Barcelona, but not to pay their creditors ...
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Lucja (Mintos),
One week to the end of the year. Where is our money?
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Lucja (Mintos),
Elmars (Mintos),
@...,
3 working days to the end of the year.
Where is our money?
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Lucja (Mintos),
Elmars (Mintos),
@...
(Less than) 2 working days to the end of the year.
Where is our money?
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Lucja (Mintos),
Elmars (Mintos),
@...,
Last working day of 2023. Where is our money?
Congratulations for another missed deadline !!!!! And thanks for the outstanding communication with customers (not).
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11/01 - 08:30 : Still no monthly update... More and more a joke...
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Although it is quite frustrating that they publish these updates near the middle of the following month, I am not expecting a real update for ID Finance Mexico (and to be honest, not for any of the other companies). They will probably copy paste what they sent via e-mail regarding ID Finance Mexico.
What I would like to know is if they paid anything in December. They promised a "big" payment in January (500k), but if they didn't pay anything in December, this "big" payment would translate in the usual 150k (December) + 150k (January) + 200k ("big" payment)...
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