Any update on Kviku?
Could you provide an update on the loan originator Kviku? I recently read a post that mentioned some confidentiality. In your January 16th blog post on Kviku, it was stated: "To protect the interests of investors, we cannot currently disclose more details about the recovery of outstanding amounts. However, we took action in November to accelerate the recovery." Can you provide more information on how this confidentiality protects current investors holding Kviku loans? I hope for increased transparency. Other Russian loan originators have already established repayment plans. What is the reason for Mintos' decision to keep this information confidential?"
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Indeed, it's been ca. 20 months since Kviku stopped paying.
Nonetheless, unfortunately legal procedures of this kind are usually measured in years, not months, so I am not counting on much news, and less recoveries, anytime soon. You just need to go to Trustpilot and see the opinions that people have on their loan service (96% 1-star reviews). These are professional scammers.
Regarding Mintos, I am getting less and less confident every week. Mintos is there to intermediate and to protect their customers (the investors, in case anyone had any doubts), but they are clearly not doing a good job in this case. Still not adding funds, and I won't until this is cleared out.
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To be clear, I'm not expecting the repayment tomorrow or in 2 months, but given the amount and situation, I would expect Mintos to, at least, communicate once every 3 months to give an update of the progress (or not), that is a bare minimum in my opinion.
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Hi Cyril. Mintos is in fact publishing monthly updates on the case, even though the message every month is that there are no updates.
You can log in and see them in the delayed payments section0 -
A bit too easy for me. So what, zero progress in 4 months? Not even a mail sent?
I would expect at least as summary of the action taken from Mintos to recover the funds.
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I would say no progress since February.
Cyril Migeon, the summary of the actions taken by Mintos would be an empty list.
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Putin signed a new decree that can impact the frozen assets from “unfriendly states” within Russia. This could impact the bonds / C type accounts that were introduced by the Russian government.
http://publication.pravo.gov.ru/document/0001202311080023
Just as a FYI for the Mintos team. :)
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No updates for 4 months already...
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Lucja (Mintos)
Pls more update than "no update since last time"
I hope you have send email or something in 4month and receive some answer
Just something like process on going or little progress or something
but is seeams that you are waiting since 4month1 -
Dear investors,
As mentioned several times in our replies as well as in our regular monthly updates, while we tend to be as transparent as possible, there are certain limitations when it comes to sharing too detailed information, as it may jeopardize our recovery attempts.
While we did not share much in the previous months, I can assure you that we are actively working on the Kviku case and aiming to finalize the case as quickly as possible.
As soon as there is a breakthrough in the case, we will inform all the affected investors accordingly.
Please bear in mind that you can always reach out to our support team and we will be happy to address all the questions on individual level.
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Dear Marek (Mintos).
With thousands of Euros at stake, many of us would appreciate a better communication from you than "No updates since last update". I think there are many many things that you can communicate about the progress of the case that won't give any "unfair advantage" to Kviku. This is not "Suits".
We expect you to keep us posted.
Thanks
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Marek (Mintos)
Sure !! at least you should change the message "no update" doesn't mean actively working on it.
And something like we are exchanging email. In talk with bank, owner etc etc
Just meta information to give feeling something active.
because no update for me doesn't mean actively working4 -
Hello !
Lucja (Mintos)
Can we have more information on kviku please ? You said a part of the debt is sold. But now what ?
What is the expected timeline for this part ?0 -
You people are all acting absolutely ridiculously in this thread. Loan lending is classed as a high-risk and sophisticated investment for a reason. You all have done the little quiz and appropriateness assessment when you were signing up for Mintos. These things (e.g. Kviku) are expected to happen, and you have to expect losses from time to time. Don't act like children and behave appropriately.
PS: not all people here-1 -
No problem with loss ! And yes it will happen again !
BUT Problem with communication and information !
Either it's lost and that's ok or it's sold and we should expect more info. I mean it's been 3 month that a agreement to sell the debt was sold ?
And has you pointed is a "sophisticated investment" so we need even more information to invest with trust
What does the agreement contain ? what is the expected timeline ? etc ? etc ?
When your bank lend you money you sign and contract that could be revised ! I only want information that I should have !
So yes I re-ask my question ! What is expected to happen for the sold part of the debt !?0 -
Stanley
These investments had a buyback guarantee and were deemed "low risk" by Mintos themselves, so its not unexpected that investors are pissed, but the problem is not the fact that we lost money. The problem is that for over 2.5 years there are barley any updates on the loans bought by investors.
The regular updates in the blogs stopped, generally Mintos has become completely silent on most overdue loans. For Kviku after 2.5 years we are being told we will receive 50-75% of our invested money back, but when? Unclear.
I would prefer them to just admit that the money is lost, then I can at least write them off on my taxes, now it's just money that is tied up forever but "not a loss *wink* *wink*", with no way of ever knowing when or even if I will receive some or none of it back.
Kviku isn't the only loan originator where this happened on Mintos and the protections that were supposedly in place were obviously worth jack shit.
Again, I'm fine with accepting a loss - take the L and write it off. But it is not a loss, we have to wait YEARs for nothing to happen. Just tell us officially the money is gone and that's it.
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Exactly ! I am a bit less angry about buyback guarantee wich apply to loan that default not company that default.
But Yes I agree with you we barely know nothing ! Everymonth we have no update or something partial or something they should keep secret. But every time no expected schedule...
For wowwo it's even more unbelievable ! +3Years and we still get update like the court is reviewing our argument. As a french citizen I know justice is slow but how on earth is it difficult to prove that mintos lend money and don't get it back.
Just the lack of information affect trust we can have.
So please mintos do you best and give us update
For kiviku what is the expected scheduled for the sold debt and what was signed ?1 -
Dear investors,
As communicated earlier, the agreement for the biggest part of the debt from Kviku was signed. At the moment, there are additional processes in motion which will allow the transfer of the funds towards Mintos and our investors. The discount and other details will be specified once the funds have been received.
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Hi @Marek, the news we get from the “Updates” section of the Mintos App for Overdue > Kviku are indeed worrisome.
It seems to indicate that the Russian courts even deny that Kviku received the money? Quote :
The decision from the Russian court from last instance about the forward flow remained negative, stating the false claim that money was not received by Kviku. There are currently no other updates about the sold part of the debt.
That looks bad, is Mintos suggesting we won’t recover any funds as a result of this ruling?
Information would be greatly appreciated.
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I don't understand anything anymore. Is it possible that there's no proof that Kviku received the money?
1. So where is the money?
2. How much of our money was converted into interest-free bonds (according to the Russian decree)? Why aren't you talking about this?
3. I'm starting to suspect again that Mintos has no control over what's happening. Has Mintos tried seeking support from European Union institutions?3 -
… (waits for an update) …
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Dear investors,
The previously communicated fact that we have signed an agreement with a third party which is buying the biggest part of the debt remains unchanged. As for the unfavourable ruling from the Russian court, similar claims have been made by Kviku previously as well. We however continue in our recovery efforts and we will keep you informed about the next steps via our regular monthly updates.
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Hi Marek,
This is not a claim by Kviku, but a ruling from the Russian court. As such, that raises some questions that need clarification from you:- if the court ruled that the money was not received by Kviku in the first place, I doubt your agreement with this third party to buy the debt (that does not exist in the first place according to the Russian court) can hold (if there’s no debt, I cannot buy it, can I?).
- You say “A third party IS buying”… is? When? (“Is” means now or in the close future), we need a clear, unambiguous deadline for that “is buying”.its a lot of money we are talking about, it’s been years already, and honestly, we are losing our patience on the way Mintos is dealing with this.
Thanks
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Dear Ignacio,
The third party buying the debt was provided with all existing evidence and documentation confirming the actual existence and validity of the debt. Based on this information, they were fully informed and prepared to proceed. The agreement has been signed and the deal is considered in place. However, no payment has been made yet. As mentioned previously, additional processes are currently underway to enable the transfer of funds to Mintos in accordance with the agreed terms. For confidentiality reasons and in order not to jeopardize the arrangement, we cannot disclose the specific conditions. As for the timeline, this has not been specified. However, my assumption (which can of course differ) is that the whole process should get finalized within Q4 2025/Q1 2026.
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Hi Marek,
Well, with my little knowledge about international law and business, I beg to differ. You can show all the evidence you want to me, but if a court says the debt I am buying does not exist... I will most probably call the agreement off, because I won't be able to enforce it later.
> For confidentiality reasons and in order not to jeopardize the arrangement, we cannot disclose the specific conditions
We don't want to know all the specific conditions or details, but we do need some information, as to when will that payment happen and when we are expected to recover some of our money after years of waiting. It is weird that you bring us an "assumption". We don't need assumptions from individuals at this point, we need an authoritative answer from Mintos.
Looking forward to your reply.
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I hope every potential investor considering starting to invest in Mintos can read this thread and check the level of commitment and support from Mintos.
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Dear Ignacio,
As mentioned previously, the third party acquiring the debt has received comprehensive documentation and verification confirming the debt’s existence and validity. On this basis, they have proceeded with the agreement, which has been duly signed and remains active.We fully understand the desire for more specific timing. However, given that this transaction involves international procedures and assets originating from a sanctioned country, certain regulatory and operational steps are beyond our direct control. These external factors make it impossible to commit to a fixed timeline at this stage.
That said, we are in regular contact with all involved parties and continue to follow developments closely. Our current expectation is that the process should be finalized within Q4 2025 or Q1 2026, as previously mentioned.
Should there be any material updates, we will share them through our standard communication channels.
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