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.
-
Lucja (Mintos)
Why there are no listed loans from ID Finance Spain? A few months ago you increased their risk score and now you delist their loans.
0 -
ID Finance secured a large credit line from a local bank (12 million) in Nov23. I can only assume they're re-purchasing to issue loans at lower rates? A guess but their loans were giving 14.5%, which was on the high side of most other LO loans.
0 -
Again no real update - it just states a new deadline end of 2024 which will most probably not adhered to.
Best effort payments of 150k pm are absolutely insufficient.
Mintos, make them pay. Throw ID Spain off the platform if they don't. Engage jurisdiction and sue them to hell.
At least make a concrete plan instead of vague promises. We all are f'ing sick of your games.1 -
Guys,
Mintos is ID Spain.
This platform belongs to the lending companies.
Mintos is here to defend lenders' interests, not yours. And fooling you if necessary to achieve it.
Only you can defend your own interests.
You need to organize and sue Mintos and the lending companies directly.
Nothing else will work, unless you wait to the end of the times for them to find useful to repay you.
They have the money. They received the money from the borrowers, and built new offices with it.
If they didn't pay back is simply because they didn't feel like.0 -
They lie like they do on Trustpilot with purchase recommandation
Here is there real review
0 -
> Why there are no listed loans from ID Finance Spain?
IVAYLO PETKOV KATSAROV: Today I see 100 ID Finance Spain loans in the primary market, from 11% to 9%, with 300282.79 € available for investment in total.
0 -
Dear Investors,
As it was shared via email on 29th January 2023, the company is unable to pay the remaining amount in December due to the company’s slower-than-expected growth. Therefore, we have agreed on an updated repayment schedule. To compensate investors, the interest of 1.4x the base interest rate on the outstanding restructured payments remains unchanged. On average, investors will receive 15.9% interest on the restructured pending payments, which is significantly above the current average market rate of 11.5%.While we understand your dissatisfaction with the rescheduling of ID Finance MX Overdue payments, the Lending Company is being cooperative and is showing signs of resolving the case as soon as possible. The latest update, available in your Mintos account, under the Overdue page, is as of 11.01.2024. and is as follows: ID Finance Mexico's debt obligations have been renegotiated to provide a more manageable repayment plan together with increased interest. A significant down payment of €500k will be made in January 2024, and the remaining debt is expected to be fully repaid by the end of 2024 with gradual monthly payments.
Please also note that according to Mintos Terms and Conditions Part III paragraph 4.7, the Lending Company is entitled to perform all the necessary and allowed actions to facilitate timely and full recovery of the Claim without the involvement of the Investor. Mintos will perform the actions it finds reasonably necessary and possible to facilitate timely and full recovery of payments from the Lending Company or other party servicing the Claim without engaging the Investors who are the Assignees for a particular Claim.
0 -
@Mintos Does this have any impact on ID Finance SPAIN?
0 -
Dear Lucia,
how could anything have been "shared on 29th January 2024"?
That date still lies in the future.1 -
Lucja (Mintos) I must remind you that all of this started as a "technical error", and our money was reinvested. 2 years later, we still don't have our money.
What is exactly the plan? They pay 500k now, then 150k per month, and then we reach December 2024 and the deadline will be missed and changed again?
You have been saying that "the Lending Company is being cooperative and is showing signs of resolving the case as soon as possible" in the past years/months, but we reach the deadline and they always miss it. I wonder how it would be if they were not cooperative ...
1 -
Mintos Investor No, this does not impact ID Finance Spain, as far as we are concerned.
Kamill Ariston Chudoba Yes, it should be 2023, sorry for the confusion, and thank you for spotting this.
Bruno Thank you for your questions, we noticed them and will reply soon.0 -
Lucja (Mintos),
Can you please define "soon"?
0 -
Bruno
Thank you for your patience. First, I'd like to acknowledge the frustration that arose from the overdue payments, especially if they are not resolved promptly. Second, when it comes to settling the debts with our Lending Companies, we always look for the best possible option that would yield the best results for our investors. Getting to ID Finance Mexico, indeed the repayment schedule has been amended several times, but at the same time, the Lending Company is paying increased interest on the overdue payments which results in investors making more than is industry average. Saying this, cooperating with ID Finance Mexico restructuring the repayment plan, even several times, gives us the best option for the investors. This allows you and many others to make more money in the end. Any other options would have left the investors in a worse position. To conclude, we are always open to hearing any alternative scenarios from our investors, and where possible we will act on them.1 -
ID Finance Mexico made a substantial €650k payment in January. This payment adhered to the established repayment plan and brought the remaining principal part of the debt down by almost 20%, to €2.74 million.
Had anyone received any money after this update was posted? If it brings down the debt by almost 20% I would assume some of this to end up in my account. According to the numbers ID Finance have recovered around 60%, but my number is stuck under 40%. Even with the recovery being distributed for the oldest loans first It still seems like a very big difference. Could someone from Mintos please elaborate on this?
0 -
Joakim
Good point. Although IDF has reduced debt by 20%, my outstanding remains the same. In fact it is 100% outstanding. So, don't know on what basis these repayments are distributed.
0 -
Joakim, Srini,
Me niether. My IDF outstanding is still the 100%. Some months ago I asked Mintos about this particular case. Answer was that repayments are distributed from older to newer. A bit difficult to believe after last news on the 7th Feb. Hope Mintos can clarify.0 -
Hello dear investors,
Allow me to elaborate further on the topic of repayment of the funds from ID Finance Mexico. The repayment of the funds follows certain repayment order, which means that the loans are being repaid from oldest to newest due. This means that even if there are bigger repayments being made by the lending company, it does not necessarily mean that you will receive a part of it within a given month- as mentioned, the funds are being repaid from oldest to newest due, not proportionally. The important fact remains- all the affected investors will receive their repayment latest at the end of the repayment period and additionally, all the affected investors will also receive increased pending payment interest for the whole period, until the payments get settled.
0 -
The newest loans from IDF I have received payment from is with due date around March/April 2022 so if you have any loans with due date earlier than this it should have been payed back. Please check your pending payment loans from IDF and tell me if you are in a similar situation.
1 -
Why ID Finance Mexico's loans disappeared from Overdue section? They are not also moved to resolved cases. I can't see them neither in Current nor in Finished investments.
0 -
IVAYLO PETKOV KATSAROV The reason ID Finance is not visible on the statistics page is that they have no outstanding notes on the platform, however, resolved cases should be visible in the finished investments. Please get in touch with the support team to clarify this. Thank you!
0
Please sign in to leave a comment.
Comments
140 comments