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Fenchurch-related questions

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14 comments

  • DRIVE APS

    I just learned that Fenchuch was placed under “Recovery”. Why is that? Did you not agree a winding down plan with them?

    Is there a new development, that we do not know about? Usualy when a company end up here it means we are one step closer to write off.

    1
  • Jonas Kai Rappold

    Lucja (Mintos) could you provide any update on Fenchurch Legal?

    1
  • Bruno

    Lucja (Mintos),

    do you even read what you write (copy/paste)? You wrote your message after the second week of February, and you're not even able to update if Fenchurch really paid the "residual 85k"...

    1
  • Slava

    Hi Lucija, thanks for the update. I've noticed that the interest return received on Fenchurch delayed repayments is in line with original rate. Can you please confirm whether 1.4x extra return on delayed payments is being applied? Thanks.

    1
  • Bruno

    This would not be confusing you if you post the monthly updates in the last working day of each month and not in the middle of the next month.

    1
  • LUKÁS CUPAL

    I looked at Fenchurch presentation available on Mintos for their financials. I see £16,3m of assets and £15,4m of liabilities. But in the blog there is mentioned "strong equity to assets 31%". This statement does not correspond to the financials mentioned above. What am I reading wrong? Thank you for reply.

    0
  • Adrian Mitran

    Si tengo un prestamo comprado de fenchurch por valor de 10 euro y me tiene qe devolver 11 euro dentro de 1 año pero yo lo vendo despues de 6 meses el comision quien se lo lleva por que yo puedo vender solo los 10 euros en mercado secundario el comision por tener el credito 6 meses lo he perdido ?

    0
  • Lucja (Mintos)
    Community moderator

    Hola Adrián,

    Gracias por tu pregunta.

    La única parte de tu inversión que se puede vender en el mercado secundario es el capital invertido, o sea 10 EUR en tu caso. Sin embargo, los intereses que se han acumulado hasta la fecha de la venta no se pierden de ninguna manera. Los vas a recibir cuando el prestatario abone su próximo pago. Explicamos la división de intereses en caso de venta de inversiones en el mercado secundario también en nuestro Centro de ayuda: https://help.mintos.com/hc/es/articles/360001361917--C%C3%B3mo-se-divide-el-inter%C3%A9s-entre-el-vendedor-y-el-comprador-de-un-pr%C3%A9stamo-en-el-mercado-secundario-

    Si tienes otras preguntas, no dudes en contactarnos.

    0
  • Lucja (Mintos)
    Community moderator

    Hi Lukas, thank you for your comment. We are currently looking into this. We will get back to you as soon as possible. We appreciate your understanding and patience!

    0
  • Lucja (Mintos)
    Community moderator

    LUKÁS CUPAL, thank you for waiting.

    Please note that part of liabilities has been subordinated in favor of Mintos, therefore equity and subordinated loans is 31% from balance sheet.

     

    0
  • Bruno

    Lucja (Mintos),

    Elmars (Mintos)

    Can you please explain why do you state in the last update that Fenchurch paid 85k, but the recovered amount increased only by 70k?

    0
  • Elmars (Mintos)

    Hello Bruno,

    Can you please explain why do you state in the last update that Fenchurch paid 85k, but the recovered amount increased only by 70k?

    I will check with my colleagues and get back as soon as possible.

    0
  • Lucja (Mintos)
    Community moderator

    Jonas Kai Rappold
     
    On 26 August 2022, Mintos and UK-based litigation financier Fenchurch mutually agreed to wind down cooperation due to potentially increased reputational risk for Mintos and also the lending company, resulting from the ongoing liquidation of Fenchurch’s former parent company.

    According to the proposed payment schedule, Fenchurch will have to transfer borrowers’ repayments as soon as they are received, at the latest by the end of August 2023. You can read more about it in our recovery updates section: https://www.mintos.com/en/funds-in-recovery-updates/

    As per the latest update, Fenchurch made a payment of €148k in January. The residual €85k payment to meet the new repayment schedule is expected to be received during the second week of February.

    -2
  • Elmars (Mintos)

    Hello Bruno,

    Thank you for your patience.

    I agree that this discrepancy might be confusing. Let me explain the idea behind it.

    We wrote at the beginning of the update that "[..] the August amount was paid in full and for September we received €85k [..]". Please note that in the table, we inform investors about the payments we received last month (in this case, September). So in September, we received the missing amount from August which is €70k - you see this amount in the table. Those €85k were received at the beginning of October and therefore this amount will appear in the table for October. In fact, between this and the previous update, we received €155k.

    I hope this makes it clearer.

    -2

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