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Interest on funds in recovery (current Wowwo situation)?

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3 comments

  • Annija (Mintos)
    Community manager

    Hi Flo,

    Please note that only current pending payments from Wowwo were moved to funds in recovery. These funds include also the interest that accrued until the moment the payments became pending.

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  • Flo

    Annija (Mintos) thx for writing - so you saying that no interest is paid on funds that are in recovery? If yes please give a reason why no interest is accumulated.

    I ask because it's not as if Wowwo has gone bankrupt or is unable to pay at the moment (at least according to the statment made by Mintos on December 17th: "There is currently no indication that the borrowers’ ability to repay their loans has been impacted.")  they just chose to not pay because at the moment it would cause them extra cost which should normally be treated as a delayed payment and therefore trigger delayed interest.

    Besides this please elaborate on an example so we know how Mintos is treating the situation:

    loan id: 42300264-01

    According to payment plan Wowwo has received payment for the recent rate on December 1st 2021 but has not forwarded the payment to investors on Mintos so far. Even if you won't pay delayed interest on the funds which are currently in recovery what is with the delayed interest that should have accumulated until the day the company got suspended?

    Thx and looking forward to your answer!

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  • Annija (Mintos)
    Community manager

    Hello Flo,

    Each situation is different, in general when funds are in Recovery we firstly try to recover the principal and then the interest until the day the company was suspended.

    Regarding the Wowwo case, since we’re in the process of negotiations, we hope you understand that sharing any vague promises does not work in the interest of the possible upcoming solutions to this case. We will share any firmly grounded information on the new developments with Wowwo as soon as we reach a mutual agreement with this company.

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