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Only part of wowwo loans in recovery?

Comments

8 comments

  • Annija (Mintos)
    Community manager

    Hello Petra Christina Zaagman,

    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.

    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.

    Thank you for your understanding.

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  • Petra Christina Zaagman

    Hi Annija,

    Thanks for your reply. When can investors expect a new update? As you've probably seen in other posts regarding Wowwo, part of the frustration of many investors is the perceived lack of communication. I appreciate Mintos keeping communication to what's real and concrete, but we'd like to at least know when we can expect an update, when Mintos and Wowwo are resuming their negotiations, etc. The idea of being kept in the dark does not sit well with investors, myself included. I hope Mintos can maintain clear communication with us as investors.

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  • Cyril F

    We need real explanation.

    We understand the risk but you can't say Wowwo is fine but not paying.

    We need real details, whats was the refused agreement ?

    Maybe some investornare fine with that.

    I prefer not receive interest for example but now instead of waiting year without interest and maybe without capital

    the more you wait the more lira can fall

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  • Annija (Mintos)
    Community manager

    Hello Cyril F,

    We will certainly share with you more information once we can, thinking of the best interest of our investors. As already mentioned, while negotiations are happening, we cannot disclose too many details as they could negatively affect the outcomes. Stay assured that we won't remain silent. Thank you in advance for your trust.

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  • JEROEN MICHEL SMIT

    Any news on this?

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  • Annija (Mintos)
    Community manager

    Hi JEROEN MICHEL SMIT,

    We are now in discussions with the management of Wowwo and assessing options for ensuring the best outcome for investors.

    Please see also our blog article "How we deal with Loan Originator issues and recovery of investor funds" Blog: https://www.mintos.com/blog/how-we-deal-with-loan-originator-issues-and-recovery-of-investor-funds/

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  • Onni

    Hi,

    Simple question. Is Wowwo still making payments, or are all payments stopped and all loans slowly moving into recovery status?

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  • Annija (Mintos)
    Community manager

    Hi Onni,

    For now, Wowwo has not made any payments, therefore the loans move to recovery.

    We are now in discussions with the management of Wowwo and assessing options for ensuring the best outcome for investors.

    At this stage of the process, information is still limited that we can share with the investors.

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