Interest payment for loans/payments in recovery
Hello,
please let me know if interest is payed for loans/payments in recovery (same interest level then late payments).
Thank you.
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Hello,
interest is not payed for russian lending companies in recovery.
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Hello,
could you please answer my general question. I did not ask for Russian loans.
I need to know if Mintos is charging interest to the loan originator for payments in recovery?
Will investors receive interest payments for payments in recovery?
The interest rate is the same then for late payments, correct?Regards
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Firstly they try to recover the principal and then the interest until the day the company was suspended.
It will be better, if you do not count on additional interest during recovery process.
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I understand, if the loan originator has the possibility to pay interest Mintos will charge the originator and pay 1,2x original interest to the investor. Is this correct?
Until when - until suspended? This can not be correct. Please explain. Interest has to be payed until the investor receives the money.
Could you please send a link where the interest payment for loans in recovery is clearly defined?
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According to my personal calculations, they pay nothing. They claim 1,2x the interest rates after 9 days or so, but I receive absolutely zilch. Make up excuses for Russian lending companies on top of that. Not counting "funds in recovery" (which undoubtedly will make matters a lot worse); I make less than 7% pa while my interest rates are all supposedly above 10,5%. Ridiculous grace periods and pending payments system. Don't count on anything and you will not be disappointed.
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Dear Investors,
Note that in the case of the suspended lending companies, we do not have certainty on how much funds we will be able to recover. We aim to recover all due amount, including also interest, but we give higher priority to the regular payments (like borrower's repayments or rebuys). This means that these amounts can be repaid to the investors only if we receive them from the lending company, as happened e.g. in the case of Akulaku. When less than 100% of the initial exposure is recovered, no interest on pending payments is paid out, because we do not have enough funds to cover the higher priority categories. You can read more about the distribution of the recovered funds here: https://help.mintos.com/hc/en-us/articles/4419619274769-How-are-recovered-funds-distributed-to-investors-
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ah right, you asked about "recovery" not "pending", my mistake. They both pay nothing.
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Dear Annija,
could you please answer my question according to loans in recovery?
Please let me know if interest is paid to the investors if the originator has the possibility to pay interest, too?Best regards
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Dear JH,
this was answered in my previous comment.
Note that in the case of the suspended lending companies, we do not have certainty on how much funds we will be able to recover. We aim to recover all due amount, including also interest, but we give higher priority to the regular payments (like borrower's repayments or rebuys). This means that these amounts can be repaid to the investors only if we receive them from the lending company, as happened e.g. in the case of Akulaku. When less than 100% of the initial exposure is recovered, no interest on pending payments is paid out, because we do not have enough funds to cover the higher priority categories. You can read more about the distribution of the recovered funds here: https://help.mintos.com/hc/en-us/articles/4419619274769-How-are-recovered-funds-distributed-to-investors-
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Dear Anija,
thank you for your clarification.
Your answer means, that loans in recovery are legaly the same then loans which have pending payments.
There is no exception in your referenced clause. This means for all loans in recovery this rule is valid.
Mintos will recover all points stated in the clause if the originator is able to pay, including late payment interest. If an liquid originator refuses to pay any point of the clause Mintos will in the last extend put the originator to court.Correct?
Please confirm that there are no investor recovery costs for payments in recovery which belong to pending (late) payments. (example: russian loans)
Best regardsJH
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my money? where?
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Dear Annija,
the answer is still outstanding.
When will we get your valuable feedback?One word would be fine (yes/no).
Best regards
JH0 -
Dear JH,
Dear JH, they are note the same. Please note that Funds in recovery consist of loans where the lending companies have collected borrower repayments and failed to transfer them, and loans for which the lending companies have not observed the buyback obligation. This applies to defaulted and suspended lending companies. When funds are in recovery, Mintos hasn’t received and isn’t withholding any money in transit from lending companies that have funds in recovery as pending payments. The process of recovering funds is different for each lender. Here you will be able to find the latest updates about all lending companies with funds in recovery: https://www.mintos.com/en/funds-in-recovery-updates/
But Pending payments represent an amount paid by the borrower to the lending company. The status is only informative, providing more clarity to the investor of what the situation with the loan is. The funds, however, have not yet been transferred by the lending company to Mintos yet, which is why they appear as pending. Pending payments are a necessary feature, and you can find more information here: https://www.mintos.com/blog/pending-payments-everything-you-wanted-to-know/ and https://www.mintos.com/blog/investors-will-earn-interest-on-pending-payments/
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Dear Annija,
Mintos transferred funds with open payment from KVIKU to funds in recovery. Please explain the legal differences!
These points are still open!
Please answer all points which are mentioned.“There is no exception in your referenced clause. This means for all loans in recovery this rule is valid.
Mintos will recover all points stated in the clause if the originator is able to pay, including late payment interest. If an liquid originator refuses to pay any point of the clause Mintos will in the last extend put the originator to court.Correct?
Please confirm that there are no investor recovery costs for payments in recovery which belong to pending (late) payments. (example: russian loans)“
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Hello @...,
In your new report with funds in recovery(from 7.July) posted here : https://www.mintos.com/en/funds-in-recovery-updates/
I do not see in suspended section mentioned LO: Creditter, Mikro Kapital, SOS Credit
These LO was also affected by Russia Ukraine confict(they are from Russia and Ukraine).
that means that money was obtained from them? or is there another reason?
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Dear Ondrej Bobek, news regarding Russia-Ukraine you can find here https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/
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Dear Annija,
I read the no-news from 8th July.
But that doesn't answer my question at all, you are write something about that loans being reclassified.
I wonder where the credit companies have gone: Creditter, Mikro Kapital, SOS Credit
becouse I do not see them in suspended section and in pending payments report too.
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Dear Annija,
I have the same problem then Ondrej.
A lot of text but no value. I need clear answers for all of my questions.
When will I receive your clear answers.
Best regardsJH
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Dear Annija,
Mintos transferred funds with open payment from KVIKU to funds in recovery. Please explain the legal differences!
These points are still open!
Please answer all points which are mentioned.“There is no exception in your referenced clause. This means for all loans in recovery this rule is valid.
Mintos will recover all points stated in the clause if the originator is able to pay, including late payment interest. If an liquid originator refuses to pay any point of the clause Mintos will in the last extend put the originator to court.Correct?
Please confirm that there are no investor recovery costs for payments in recovery which belong to pending (late) payments. (example: russian loans)“
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If loans are in recovery, which party gets the bank interest for mlney which is laying at the bank account in Russia?
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@JH
At this point, we expect that there may be some losses on recoveries from Russia. This has been communicated already, for example in this article: https://www.mintos.com/blog/mintos-insight-july-2022/ (Under Loan investments on Mintos). Costs may only come from the sum that can be recovered, no additional costs can be possible.
We do not have info on any bank interest and even if there is any bank interest paid to KVIKU.
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At least the interest of the bank accounts in russia have to be transferred to the investors. The average interest for bank accounts in russia was 8%-10% (until today). Please confirm!
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@JH Note that the way how and where each Russian company keeps the funds may differ. We do not know with certainty the conditions of their bank accounts, but most probably there is no additional interest earned, as it would imply the bank using these funds while they should stay untouched.
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Lucja (Mintos) inflation is high in Russia, every sensible business does its best to protect itself from it.
How do you think the bank would use the funds? We're talking about regular and savings accounts that can be accessed instantly.
The bank earns interest on its deposits with the Central Bank of the Russian Federation without any risk.
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Dear Lucija,
there is a simple way to get a clear answer for my/our question.
Ask the originators directly this question and post the values here.
I am interested how much bank interest Kviku received for late payments at their account (since February 2022)?If you are interested in short term interest rates of Russian banks please let me know. Taking care about this information would help answering our questions, too.
I expect your qualified answer soon.
Best regards
JH
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Answer is still outstanding
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Lucja (Mintos)
you confirmed this:
"The lending companies are either holding repayments from borrowers for loans that investors on Mintos have invested in as cash, or using them to issue new loans, until they are able to transfer the money to Mintos. This depends on the lending company, and in many cases in our understanding would be a combination of both."
If they using them to issue new loans they make a big profit from our money.
stop communicating like the biggest assholes and answer how they will compensate us for part of the profit they get from our money.
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Dear Lucja,
I still wait for your answer!
Best regards
JH
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Dear Investors,
Thank you for your patience. We would like to emphasize that we understand your concerns, and it's fair to have such questions, but at the same time, we draw attention to what the current situation actually is. There is a huge principal stuck in Russia, which cannot be paid out due to sanctions and various restrictions. Our main focus is to make sure that we are able to recover it for investors. This is what we are mainly working on in any difficult cases: first to recover the principal amount, then the rest of the funds if possible. If we were to simultaneously inquire and enforce on them additional interest, it could decrease the chances to recover existing investment.
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Dear Lucja,
your arguments are not logical.
You wrote in official statements that Kviku is willing to fulfil there contracts with Mintos and the Investors. One part is the 100% buyback guaranty in the currency which is shown in the contract. Is this buyback guaranty questioned by Kviku? Please post here an official statement from Kviku about fulfilling the contracts with their investors?Best regards
JH
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