Memento Mintos
So now Mintos is starting to censor facts they don’t like to hear. They send me a message to check my investments and how they go along and I wrote a post they refused. I try it again: to look back at Mintos' performance and the return on my investments. Especially concerning non performing loans. These have uncomfortably increased over the last few months on Mintos. Never before I had 30% of my monthly interest returns on pending or overdue as in May. There seems to be a huge slowdown on all fronts.
Repayment dates are not being updated and newly purchased loans that used to have a first repayment date within 2 hours are now taking days to settle. Need Mintos computers an upgrade?
Some concrete examples of non performing loans in May:
DINERITO has been delayed because the local government did not make payments due to Christmas. This story sustained Mintos until March, No pressure from them at all. The backlog has not yet been cleared.
MFONLINEKAZ has payment problems and according to Mintos did not pay off a small part (50%!!!) last week but was supposed to do so this week. In reality, the overdue is back up to 100% from before the first repayment in may.
NERA KAPITAL has been a punctual payer for 7 months, but has also discovered if they hold their money for 10 days that Mintos has no problem at all with that.
CREDITSTAR, always a difficult payer has some persisting loans open longer than the 60 day buy back guarantee.
Just a few examples and with all of them, one might ask what is Mintos doing to properly manage their clients' money? The answer is as simple as it is disconcerting: NOTHING
P2P specialists point out that the 21% default of Mintos overall loans (highest of all P2P's) does not have that much to do with the war in Ukraine. Other P2P funds that had loans in Russia and Ukraine did not default.
Mintos refuses transparency. Financial statements of lenders are no longer posted, nor contracts of loans. Their own rating means nothing (Planet 42 default with a 7.4).
If you want to use Mintos properly, you have to invest a lot of time to reduce risk by searching for high interest rates yourself in combination with analyzing creditworthy companies. The only concern Mintos has with you as client is to advertise with bonds , ETF etc, for diversification, but the best way to diversify is to spread your money over different P2P organizations to limit Mintos' cash drag.
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Ugo, thank you for your commitment. You make a great contribution to the community. I really enjoy reading your posts. I get more information from you than from Mintos. Your contributions make me think. I also noticed the sharp increase in delays. I will probably reduce my investment here. It's just too uncertain for me.
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Mintos: could we maybe get a more detailed report at https://www.mintos.com/en/pending-payments/ ?
For each loan in a chosen period, show: company name, loan ID, when did it start being pending, how long it was pending, when did it stop being pending, how much (if anything) did they pay in interest on that pending payment, etc.
Not only to show what's pending now, but to detect which companies are recurringly delaying repayments.
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Danielsc , thanks for your concern as well. I asked my accountmanager many times to give more insight in the status quo of a loan (the extra pending or overdue interest), but never got a satisfied answer. They say look at the daily repayments in Transactions, but there they mention only the code of the loan. So if I have to find each code between my 700+ loans I can spend 24/7 on mintos. Like many times I find no serious option or help from the accountmanager. Mintos should at least organise the date order of the column of repayment dates, so you can see easily which loans are often late with repayments but they refuse to do so. I don't understand the refusal, they don't want you to monitor loans in order to pick only the best ones and leave the left overs for the algorithm?
Probably most of the investors are not at all interested in their investments and look at it twice a year and leave Mintos buy the loans for them. And: If creditors default it does not hurt Mintos at all. All risk remains with the investors, therefore you have to stay alert. But that's my opinion.
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Dear investors,
There can be different reasons behind any pending/overdue payments. If a settlement of these payments takes longer than usual, comments are being published regarding each case and the respective information can be found at the overdue page in your Mintos account. Allow me to assure you that there are resources being dedicated towards each and every situation that there is or historically was.
Please remember that you are always welcome to get in touch with us directly to discuss any questions or concerns. Additionally, I would like to ask you, to keep the communication on a professional and distinguished level.
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@Marek,
I would be happy to send you a screenshot of the questions not answered or evasively answered by the account manager. And then redefine what one means by professional communication. Almost all P2P specialists agree on mintos' lack of transparency as a weak link. Here in the community, too, clients have asked a lot of questions about this and suggested a lot of improvements that have absolutely not been acted upon. In the light of this wondering how distiguished you see the communication from your side.
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Dear Ugo,
I merely mean that accusations or a different from of not constructive criticism should be abstained from on this channel. While I do not have the insights into your personal communication with your own account manager, I have no doubts that any communication with us, as Mintos, has always been polite and meant in the best possible ways.
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