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Pending payment are exploding

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41 comments

  • Jan Kohout

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  • Drive ApS

    ???

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  • Angus

    Hi Drive aps,

    Im not seeing anything too different to other years... below Ive added my thoughts on two possible explanations. Bear in mind that transfers are not done daily between the LOs and Mintos. 

    Creditstar - For the past months they´ve offered some of the higher interest rates with new loans therefore the "netting off" process has shown pretty much instantaneous payments (Netting off - where new loans income pays the interest of already issued loans and then weekly Mintos and the LO settle the balance in whichever direction) . Currently there are some other LOs offering higher rates so it could be that the weekly balancing of accounts sees Creditstar having to transfer to Mintos, hence the pending payments increase.

    ID Finance Mexico - Payments from the LO´s in Mexico tend to take longer to hit the investors accounts than other LOs, Im not sure why but historically it tends to be this way. I see that this LO is now offering loans at the top of the interest rates so probably when they are fully invested there will be funds for the netting off process again. 

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  • Flo

    Currently I see pending payments for a lot of different LO. Also it's interesting that no pending payments report was released last Friday.... https://www.mintos.com/en/pending-payments-updates/

    Whats up Mintos?????

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  • Lucja (Mintos)

    Hi Flo, pending payments update was published this Monday instead of Friday as usual, due to internal error in the process. We apologize for any inconvenience caused.

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  • Drive ApS

    What kind of an answer is this? Are you serious? Pending payments ARE exploding. In my account from permanentet some EUR 2-400 to now above EUR 5.000 or some 10% of the invested capital. That is on top of the some EUR 6.000 in recovery, that hardly ever is collected.

    Your arguments that the business i growing and that the loan companies invest all the cash in new loans is absolutly irrelevant. My loans are to be repaid on time!

    Also settling once a week is just not good enough. Most other international financial institutions settle on a daily basis. Of cource. How else can they pay on time?

    Even an argument of interest being paid for pending payments is irrelevant. Just check how little an amount is actually added to my account.

    Credit Star (Finland and Estonia) has not settled for weeks now.

    ID Finance Mexico were to pay on 8. March. They did not.

    We saw something similar as a prelute to the crash in the pandemic.

    My conclusion: there is something very wrong here, that needs your undivided attention.

    Please also start communicating openly and honest about the issues.

    I have also written to you by e-mail and asked for senior management to get involved. So fare without any reaction.

    3
  • Cyril F

    Same here @drive aps says it all

    whats up with Credit star ??

    Why mintos never ever answer any qiestion?

    If you have problem you have to share them!

    One more time we accept risk but not being fooled!

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  • Edwin

    10% in pending. That a lot. Luckely for me only about 2%.it did increase as it was half that. But for me it is mainly due to creditstar and idf and those are explained in the last 2 weekly pending payment updates. However I would like to know why creditstar is a few weeks behind. For me this is a very big red flag. So I don't invest in that one anymore. I would even in normal secondary market situations sell large part of it, just to be safer. FYI Mexico is also explained why they are behind, but I only have the ID finance Spain and not Mexico.

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  • MARIN RUMENOV YORDANOV

    HI, guys.

    I am turning to you because the mintos team has proved 
    that they have no interest in answering questions from their investors.
    What is going on with pending payments,
    can anybody simply explain it, or does anybody know somtehing about them?
    -1
  • Annija (Mintos)
    Community manager

    Hi Drive ApS, Jan Kohout, Flo, Cyril F, MARIN RUMENOV YORDANOV, Edwin, please see the latest pending payments update here https://www.mintos.com/blog/wp-content/uploads/2022/03/Pending-Payments-report_2022-11.03.2022.pdf  

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  • Sven

    Nice report, but nothing have changed since this comment. The pending payments of Credistar, ID Finance and ID Eurasia have not reduced until now. Nearly 10 % of my Credistar loans are in pending payments. When will we get the money?

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  • Edwin

    For me all of creditstar pending payment have been payed.
    IDF still waiting, only a little bit came like a few euros, so they can pay, but just don't or it just takes time? Also 70% is late, so what's up with that. Technical glitch or are customers not paying anymore.

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  • Sven

    It's sort of weird. I wrote a comment here a week ago. Two hours after my comment I got a payment, which reduced the pending payment of my creditstar. This payment paid nearly half the pending payment of the creditstar loans. But since that moment nothing has changed. ID Eurasia and ID Finance have paid nothing of the pending payments for a month. The pending payments of creditstar did not reduce in the last week. No comment here from any person of mintos. Is this a joke?

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  • Lucja (Mintos)

    Hello Sven,

    Thank you for your comments.

    Please check out the latest updates about funds in pending payment status: https://www.mintos.com/en/pending-payments-updates/

    Creditstar continues to make weekly payments to reduce pending payments. The remaining pending payments are expected to be resolved in the next weeks. Pending payment interest will be paid in full on the pending amounts.

    IDF Eurasia has successfully released the funds necessary for the planned payments during this week. A €1.1m payment has been made on 8 April and another €1m payment will be done early next week. The initial schedule was moved slightly forward as banks in Kazakhstan are processing payments manually, and they take a few working days more than before. IDF Eurasia will update its payment plan to cover pending payments in full and continue making weekly payments from both entities. Investors will also receive pending payment of interest in full. 

    ID Finance made a payment last week. Pending payment, interest will be paid in full on the pending amounts. ID Finance will
    accelerate the payment schedule over the coming weeks after finalizing the onboarding of new investors as well as decreasing issuance to release liquidity.

    Thank you for your patience and understanding.

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  • MMM

    Hello all

    Pending payments of ID Finance continue to increase more and more.

    It was said here that ID FINANCE had made payments two weeks ago, I think this was a lie, because the outstanding amount of this company has continued to increase.

    1
  • KJ

    Hi All

    I am starting to get nervous to be honest, almost 20% of my funds are pending now and I notice an increasing trend over the past 2 months. I is nice to read in the above that payments are made but I need to see a tangible change first. Should I change my strategies or move towards an exit strategy?

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  • MMM

    my recommendation is to stop investing and wait for all funds to be returned This way we will avoid the loss of all the capital

     

     

     

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  • Edwin

    It should go down.IDF and creditstar are for me now on normal levels and Mexico ID finance is now also going down. Maybe also look at your diversification. Looks like your are to heavily invested in some LOs. I never came above 3% and now it's about 1.5%. FYI I only do manual investments, not via the mintos automatic ones. That also helps.

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  • Marian Stanchev

    What is going on with ID Finance? Lots of pending payments from months without development. Comments from the pending payments report are useless. Generaly speaking such overdues easily leads to a default procedure in the real world, not just general comments from the sort of we will pay soon... What is exactly Mintos doing for that matter, are you degrading ID Finance score at least?

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  • Mario Kasabov

    Dear Annija (Mintos),

    The same comment above applies to IDF Kazakhstan. You are writing since March that "IDF Eurasia will update its payment plan to cover the remaining pending payments in full and will continue making weekly payments from both entities".

    Tell investors' about IDF Eurasia's liquidity problems and difficulties they are facing:

    - IDF Kazakhstan is owing to the creditors (Mintos investors) Є3.4 mln pending payments and at same time on 29 April transferred only Є320k.

    - Another sign of liquidity problems is that IDF Eurasia increased its interest rate on Mintos platform from 12%/13% to 15% (don't  tell me that this is due to competitors and average interest rates have increased).

    Publish a comment from IDF Kazakhstan representatives (Boris Batin) to explain why pending payments are increasing and when they will pay Mintos investors.

    Also, write an article what kind of precautionary measures you are taking if Russia attacks/invades Transnistria and Modova - give investors information how Eleving group will exercise its Group guarantee and comments from the CEO of the Group.

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  • Annija (Mintos)
    Community manager

    Dear Investors,

    thank you for the questions and feedback. As every Friday, tomorrow we will publish a weekly update on Pending Payments. As soon as it will be published we will share it also here for the community members to see.

    0
  • SERGIO PUJOL CALLE

    What about ID Finance Spain? it doesn't appear any update and this week I've had again pending payments of them.

    Regarding the pending payments of Russia, it would be a nice idea to share in the weekly document what actions you are taking in order to recover the investors money. If not, it seems you are doing nothing for it.

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  • Markus

    Same here, ID Finance Mexico pending payments of 6.500€ did not decrease for about 3 months!!

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  • Mario Kasabov

    Dear Annija (Mintos),

    Could Mintos clarify whether investors in IDF Eurasia loans in EUR will receive pending payment interest? From your last 2 pending payments updates (on May 6 and April 29) Mintos didn't mention anything about pending payment interest.

    If investors will not receive pending payment interest, explain why? I think that the pending payments problem with IDF Eurasia is not related to Russia sanctions and insurmountable obstacles to transfer money, rather than there is not enough money to pay Mintos investors because IDF prefers to grant new loans due to "increased seasonal demand".

     

     

     

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  • Annija (Mintos)
    Community manager

    SERGEJS MEITALOVS, please see the latest updates here https://www.mintos.com/en/pending-payments-updates/, from the update on the 13th of May:

    ID Finance Mexico continued making payments this week. Pending payment interest will be paid in full on the pending amounts. The company will accelerate the payment schedule after it finalizes onboarding new investors - expected date is 20 May. The proceeds will go directly into settling pending payments in ID
    Finance Mexico. 

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  • SERGEJS MEITALOVS

    Annija, hello.

    Now is 24th May.... What is your suggestion to us without "please check latest update" ? Real steps?

    1
  • Annija (Mintos)
    Community manager

    Hi SERGEJS MEITALOVS, unfortunately, the process takes longer than expected:

    ID Finance Mexico continued making payments this week and €150k were paid. Pending payment interest will be paid in full on the pending amounts. The company will accelerate the payment schedule after it finalizes onboarding new investors - the funds will be received in late May/early June. The proceeds will go directly into settling pending payments in ID Finance Mexico. 

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  • Mario Kasabov

    Hello @Annija,

    Mintos must be uncompromising towards IDF Eurasia, which most brazenly lies and misleads investors. From April 8 Mintos writes that IDF Eurasia "will update its payment plan to cover the remaining pending payments ”. It is now clear that IDF is looking for external financing to cover the debt to investors, i.e. investors will have to wait another month.

    @Annija, tell me which company (Mintos or IDF Eurasia) will cover my loss of profit relating to my pending amounts of €6000 - e.g. at the moment I can't invest my money with a cashback of at least 1%. In addition, you should charge investors’ interest for the first 10 days, because these days are not related to the transfer of money from a technical point of view.

    In addition, IDF Eurasia and ID Finance will have more and more pending payments because they have lost investors’ confidence and are not a reliable originator anymore - no prudent investor will invest in them.

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  • Annija (Mintos)
    Community manager

    Dear Mario Kasabov, 

    Please note that IDF Eurasia will cover pending payments as you can see in the last update https://www.mintos.com/blog/wp-content/uploads/2022/05/Pending-Payments-report_2022_27_05.pdf, additionally they will pay the interest on pending payments.

    We remind you that pending payments are also a source of additional interest earning for investors. You can find more here:  https://www.mintos.com/blog/investors-will-earn-interest-on-pending-payments/

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  • Claus

    @Annija Is there at least a timeline when pending payments in EUR will be paid by IDF Eurasia?

    Ever since the update on IDF Eurasia was released on May 6th https://www.mintos.com/blog/idf-eurasia-shares-update-on-pending-payments/ , the amount of pending payments only ever increased.

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