What to expect with Wowwwo curent loan ?
So now Wowwo has been suspended. Can you explain what will happen?
You said in your email that currently borrower are still paying. So why some pending payement has move to in recovery ? what will happen?
Same for current loan ?
Same for loan that will be 60d+ late ? what will happen with buyback guarantee? I cant see no answer anywhere?
Feel free to post your Q&A regarding Wowwo and follow the latest updates in this thread:
Yes @Mintos, it would be great if you could disclosure the latest info you have. I did not receive either the payments corresponding to this last week.2
why are certain Wowwo loans marked as "in recovery"?
Either the lending company is in default, then all loans should be in recovery, or Mintos should have triggered the buyback guarantee for these few ones? Please explain, I am confused...2
I invest on Mintos as I see them as an additional safety net in case of an LO issue (bankruptcy, payment issues, delays etc) so that they could ask in my interest should there be any such issue.
Now seeing how weak position they are in with Wowwo, I am losing my confidence and trust in Mintos that they are able to manage and keep my investments safe.
I will wait a bit and if that is the case, that will be a final goodbye from the platform. But fingers crossed for now, let's see if they can get back all the money + interest.0
@Azeg, that's the same question I have. If there are contracts, payments clauses, 60-day buy back guarantees, why isn't Mintos enforcing them? They should be starting legal action the second any contract term isn't met. Lead by example, otherwise other LOs will stop paying as soon as they don't feel it's convenient.0
the situation is insane please give more details
Even if we loose money, we know the risk but be quick lira can still decline !!0
Hello Cyril F, Ibon Nanclares Gutierrez, Massimo Gregorio Muzzi, Azeg,
Please note that pending payments from Wowwo have moved to funds in recovery. This is the standard procedure for lending companies with a "suspended" status. Currently, outstanding investments remain as they are, the amortization processes haven't been frozen.
Please note that the buyback obligation reduces your risk of investing, but it cannot eliminate it. The buyback obligation is offered by the lending companies and protects your investments from the default of a borrower. However, if there are problems with the buyback obligation initiator, i.e. the lending company itself, they may not be able to honor the buyback obligation, either in the short term or for a longer period of time. (https://help.mintos.com/hc/en-us/articles/115002852689-What-is-a-buyback-obligation-and-how-does-it-work-)
About Updates regarding Wowwo:
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.0
Sorry but I dont understand anything!
If amortization process is still going why move to in recovery ?
What do you mean by still going ?
Are you still receiving payement from Wowwo ?
If yes fine otherwise you should move all outstanding tonin recovery.
I am talking as a mintos investor and shareholder and I am worrying about your communication clear a negative sign1
Thank you Annija. My comment was previous to the information you shared regarding Wow stopping to pay outstanding loans. At this stage, I am satisfied with the information you provided I think that overall, the recovery team is doing a great job defending the interest of Mintos investors. Please, send my greetings to them :)
Just some feedback from my side. I do think that the criteria to decide which loans should be paid back first is neither transparent, nor clear, nor fair; it feels a little like a lottery and I seems that it could be improved in a way that investors would be more satisfied.0
Hello Cyril F,
thank you for your reply.
Like we commented previously, pending payments are always being moved to funds in recovery when a lending company is suspended on Mintos - even if the interest is still accrued. If there will be a moment that loans from Wowwo will reach 60 late days, they will be moved to funds in recovery as well.
We are still not receiving payments from Wowwo, however as we will continue negotiations with Wowwo to find a solution to this case, we do not move the outstanding investments to funds in recovery.
I've seen these statistics (snapshot below), which are supposedly based on the data published by you, where the total of principal repaid has been growing since the date Wowwo was suspended.
Is this information correct? Have there been any Wowwo loans repaid recently?0
I don't understant how this company can still be alive but not paying ?
Please give more info/update!!!!!
Why is it so difficult to make them apply there signed contract ? We need info or at least get money back even with loss
We are loosing money and WORST TIME!!!!!!!!!!!!0
Since we haven't received payments from Wowwo yet and we haven't published information about us receiving payments since the suspension, we assume that the author of these statistics took the information about the growing amount of funds in recovery from the lending company and positioned it as "Principal repaid". Please note that funds in recovery from Wowwo consist of borrowers' repayments as well as rebuys after 60 late days.0
thanks a lot for today's update.
I quote your message:
"the lending company had suggested that instead of transfering due amounts in Euro, it would transfer borrower’s repayments in Turkish Lira at the current exchange rates, which would lead to a loss for investors in Wowwo loans on Mintos"
if Wowwo transfers Turkish Lira at current exchange rates and Mintos (or we) immediately converts them in EUR, we would not lose any money (other than the commission for the exchange): where is the problem?
The problem would be if they use the exchange rate at the time of when we invested, this is of course not acceptable.0
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