Memento Mintos 2

Exactly one year ago, I wrote the first version of Memento Mintos. Rereading it now, I see that the situation in the loans section has only gotten worse since then. There are hardly any new listings, and with a diversified portfolio (26 lenders), 80% of my notes are constantly in pending status—and mostly overdue. 
The three pillars Mintos uses to entice investors to buy notes have all been debunked.
1.  60-day buyback obligation. Apparently, this is a worthless gimmick—just look at the list of defaulting creditors in the statistics, and you’ll see it means nothing.
2. Mintos Risk Score. Mintos claims this indicates higher (low score) and lower risk (high score) for loans, thereby offering investors some degree of certainty in their risk selection. Following the default of Planet 42 (MRS 7.4) and the major issues with Nera Capital (7.6), this also appears misleading. If you read the fine print for NC, you’ll see a risk level of 5 on a scale of 7, which doesn’t seem to align with the favorable risk score of 7.6
3. 20,000 deposit guarantee scheme. This suggests that you can determine for yourself how much risk you take and how high you let your portfolio grow. In fact, this only applies to the amount  you temporarily hold (especially with automated algorithmic investing) in your cash account. 

All three are important factors in the Latvian National Bank’s licensing process. In my country, there are no licenses for financial institutions that imply security in this way but fail to provide it. The same applies to the Latvian National Bank: licenses come with a certain degree of fiduciary duty.
Apparently, our discussion about Nera is being closely followed by the P2P analysts at P2Pempire ( https://www.youtube.com/watch?v=8a2o-zKz3wQ& t=827s), and they believe that Mintos is a passive multi-asset platform and not a risk manager; however, that does not exempt them from their duty of care nor from the use of sham structures that purport to provide security but do not actually do so. I am still considering filing a claim with the national bank and am waiting to see how the Nera case unfolds. Meanwhile, it is incomprehensible that Mintos has not changed its business model: no collateral, no due diligence, no stricter legal agreements, no annual reports from creditors, etc. And put the risk solemnly  with the investors. Like Nera Capital who refuse to pay any compensation out of the 300 million turn over each year.  I can do nothing but urge everyone to withdraw their money from loans. It won't bring your default back but maybe Mintos will start to run a bit harder. A comment on the Nera case from the management would be in place as well.