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FAQ about Russian and Ukrainian lending companies on Mintos

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184 comments

  • balv

    Hi @...,

    If I understood correctly, the pending payments from Russian loans are blocked due to SWIFT ban. 

    Am I correct?

    Thanks for the updates. 

    0
  • ALEXANDER GROSS

    Hello Mintos team,

    I am in contact with the lenders from Russia and Belarus myself and it is clear that no further payments can be made to Mintos at the moment (because of the sanctions).

    I know the war and sanctions came as a surprise to all of us, but the risk of something like this happening has always been real and I am disappointed that there are no contingency plans in place.

    The affected lenders have a rating of 7 and 8 and I'm sure that the main failure at the moment is that the money cannot be transferred. The money is there, but cannot be transferred. It must be possible to solve this (even if someone drives there personally and gets the money)

    So please take care of your tasks now and make sure that the money can be transferred back to Mintos.

    There are more than enough options for this: Bitcoins, the Chinese system, banks of foreign lenders (e.g. KVIKU has a bank in Cyprus), Western Union, etc.

    We don't know what's to come, so I want every penny in my account as soon as possible. Me and I think everyone else also accept Bitcoins or various other means of payment.

    Please take care of it as soon as possible!

    Thanks

    Alex

    2
  • PHILIPP GERNOT SCHNEIDER

    hi there - i was waiting 7 days for a signal after i made my request for a phone call of your customer service. today i got my slot. 4 hours bevor the slot it is cancelled because your employee is ill? i asked for other teammates, the guy told me to start process new!!!!! again wait for 7 days?????????????? mintos, thats really a shame..... I WANT TO TALK TO YOU. NOW.

     

    Beschreibung: Event Name: 30 Minute call

    What is your phone number?: +49 1522 XXXXX

    Cancellation Reason: Hello Philipp,
    I hope you are doing well.
    Please accept my sincere apologies, I will need to cancel this call as I am not feeling well and I will need to take a sick day.
    Upon my return from sick leave, I will contact you by sending an email with the invitation for booking our call.
    Thank you for your patience and understanding.
    Kind Regards
     

    Powered by Calendly.com
    2
  • KEVIN DIETER KEHL

    I would like to clarify that Mintos' approach is in no way a "protective measure" for investors but only a measure to safeguard Mintos and its partners themselves. 

    Even if 5.9 in the Mintos Terms and Conditions is referred to again and again, this paragraph is not valid, as the implemented measures only served to secure Mintos and its partners and an enormous loss of customer funds was foreseeable.  Until now, various other options would have been available to significantly reduce the loss of customers, which partly amounts to far more than 65%. Mintos investors should have been shown these possibilities. But this has not happened in this "panic reaction" of Mintos!

    The customer must be compulsorily offered a payout in RUB. Since at this point in time, payments can still be made worldwide in RUB and RUB accounts can still be opened at banks. 

    I would like to clarify here that I personally do not agree with the procedure or the automatic EUR/RUB exchange and do not accept this.

    Greetings from Switzerland

    *To the community: It should be noted that Sberbank is not excluded from the SWIFT network and credit institutions and banks can "simply route" transactions through it. Thus, the credit institutions can also continue to function. considering the facts, Mintos' action regarding MUA 5.9 is pure arbitrariness.

    3
  • ŁUKASZ JÓZEF AMBRYSZEWSKI

    (Sberbank and Gazprombank havent' been banned yet.)
    @Mintos, maybe you can make Russian lenders to buyback the loans at least partially.

    2
  • PHILIPP GERNOT SCHNEIDER

    @Alexander Gross

    Can you contact me via email to talk about our informations?

    Schneider AT pgs-solutions.de

    Everyone else Iam happy too - Thanks

    1
  • JARMO VILLE VIIKKI

    If they use Gazprombank for natural gas and oil sales, it is probably the best option.

    Then prepare bitcoin payments as a backup.

    1
  • KEVIN DIETER KEHL

    By the way, TWINO still manages to organize payments of Russian loans - WITHOUT FORCIBLE CURRENCY CHANGE!

    1
  • ŁUKASZ JÓZEF AMBRYSZEWSKI

    Pending payments update was not published today. Nice. Too big amount to be publicly shown?

    1
  • Petra Christina Zaagman

    The last response from Mintos on this thread was 5 days ago. After the weekend when it seems they are not active, it will be 7. Am I the only one who thinks this isn't enough considering the importance of the points currently being raised by investors, particularly about Mintos' risk hedging? I am not satisfied about Mintos at all regarding their communication and procactiveness (or lack thereof) and as of today have stopped (re)investing. I am actively looking for other investment platforms. If anyone has any helpful suggestions, please contact me at petra.zaagman at ziggo.nl

    1
  • Radim

    @Petra check Mintos News/Blog, the last if from March 4, 2022, yesterday.

    0
  • MARIN RUMENOV YORDANOV

    @Petra Christina Zaagman

    I took this step 2 months ago ... As you can see, there are no answers to the questions placed by other investors ... Definitely mintos are not the pro-active side .... In general, their attitude towards their clients is completely absurd ... .
    It is clear that investing in such platforms is risky, but from my experience with this platform, I can safely confirm that it does not work for the interest of its customers ....
    0
  • ŁUKASZ JÓZEF AMBRYSZEWSKI

    It looks PeerBerry's Russian partner lending companies are much more cautious than Mintos ones.

    2
  • ALEXANDER GROSS

    Now I am angry. Why is Mintos not able to react in the same way? Mintos is the biggest Platform and I think this should be the minimum Mintos does for their investors.

    I stopped reinvesting the money.

    Russia, Ukraine, Kazachstan, many other examples... And I always loose money. Enough id enough. I want my money back!

    2
  • Paweł Andrzej Lechowicz

    The case is serious. Many people do not agree to automatic currency conversion.
    If companies cannot send RUB, the better option is to convert to cryptocurrency or send it via binance at this point, not in a month when Rub is worth nothing.

    1
  • Annija (Mintos)
    Community manager

    Please read the latest updates in our Blog, where we are posting news every day, where also the reasoning behind RUB Exchange is explained: https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/

     

    -1
  • Annija (Mintos)
    Community manager

    Hi ŁUKASZ JÓZEF AMBRYSZEWSKI, the pending payments update is planned today.

    0
  • ALEXANDER GROSS

    I would actually be satisfied with your statement that you are working flat out on a solution. But: in the current case it is also about time. With every day of war the sanctions are getting heavier, the Russians are getting weaker economically and the chances of getting money back are decreasing. Why don't you ask e.g. Kviku and Mokka to make the repayments from your banks outside Russia?! Why not have the money sent via Bitcoin (this is becoming more and more expensive and therefore there is not much time left for that either). The same applies to investments in Belarus. There is no more time. Everyone here is happy to give up 10% of their feedback if they receive it immediately! there are so many options and as you can see from your competition, you can do a lot better.

    1
  • Lucja (Mintos)
    Community moderator

    Dear investors, we kindly invite you to our a special AMA session to discuss topics related to the impact of the war in Ukraine and sanctions for Russia on Mintos, the state of relations with lending companies from Russia and Ukraine, and the effects on investors on Mintos.

    AMA will be hosted by Martins Valters, Mintos Co-founder, COO/CFO on Monday, 7 March 2022 at 16:00 CET

    Please check more information here:
    https://help.mintos.com/hc/en-us/community/posts/4603758562705-Live-Mintos-AMA-dedicated-to-the-current-state-of-the-market 

    0
  • ŁUKASZ JÓZEF AMBRYSZEWSKI

    "investments that you make are very much correlated also to revenue that we make"
    Mintos COO/CFO Martins Valters during today's AMA session.

    Folks, what don't you understand. The more money we get into, the more money they earn. So why would they ban lenders like Wowo, Kviku, Revo Technology? To cut Mintos revenue? They don't take provision for withdrawing money but for depositing it into loans by us. They also take provision for Secondary market transactions (0.85%). Look how many Russian loans are available there now.

    2
  • PHILIPP GERNOT SCHNEIDER

    so what to do now lukasz? what are you doing with your invests?

    0
  • balv

    In my case, I have stopped the automatic investments and I'm selling all my loans in Mintos (with no success so far).

    I was naive regarding the risks with this platform and now I'm done with Mintos.

    I'll wait patiently until receive the invested money and withdraw the money time to time.

    0
  • ALESSANDRO NIGRA

    I also overlooked at the specific country risk (and Mintos assigned almost 30% of my funds to lenders from Russia), but now it is important not to over-react or to panic sell. I am very disappointed that the so-called "Conservative" strategy is in fact very risky, given this 7 out of 10 threshold risk is quite arbitrary (so we get lower interests but when things go banana we go banana too :-)).

    To be fair, this Russia situation is something that came partially as a surprise (at least with this very disruptive scale). However, you should have reacted protecting the Conservative customers by selling these loans that are not more compatible with a Conservative strategy (and not just the new Conservative ones). Wowwo and other situations were fairly more predictable but still damaging the overall performance. I am not gonna panic sell now and instead will see the evolution of this in the medium/long run as I want to trust Mintos. In the end you are the biggest P2P player in Europe and it is important to see what happens when the storm is over. But it is now important that you show your ability to tackle these open situations effectively to retain most of your customers.

    1
  • PHILIPP GERNOT SCHNEIDER

    if i sell my loan in russia on secondary market - what does it cost to me? do i get invested money 1 to 1 without earning interests? thanks for infos

    0
  • balv

    I know it seems that I'm overreacting (maybe I'm) but I'm not putting all the blame on Mintos.

    I'm trying to sell my portfolio because I concluded that this kind of investment is not the correct one for my profile due to the lack of protection of our money.

    Right now we have money stuck in Wowwo, Russian loans, lot of pending payments with no feedback and the secondary market is overflowing with too many loans and just does not work...

    I know that, in some way, it's just the market as it is, but I lost the trust in the Mintos Risk Score and that is hard to regain.

    0
  • Mario Kasabov

    Dear @...

    I would like to express my outrage over Mintos' information given to investors related to IDF Kazakhstan and possible deterioration of its loan portfolio.

    First, let's start with the owners of IDF Kazakhstan who are both Russian-born. In addition, IDF Kazakhstan is part of IDF Eurasia, registered in Moscow. Investors haven't been given information by Mintos about possible issues related to Western sanctions on Russia and IDF Kazakhstan/IDF Eurasia.

    Second, Kazakhstan's main trading partner is Russia and there are a lot of joint undertakings. In the foreseeable future a high increase of unemployment is expected in Kazakhstan. You gave me updated information about UPDATED "Cautionary response to the unrest in Kazakhstan" but maybe forgot to write an article about possible negative effects on IDF Kazakhstan business due to Russia-Ukraine war. I must say, I find it a bit offhand of the Mintos.

    Third, I haven's seen information on Mintos about unaudited financial results for 2021 from IDF Kazakhstan, lack of updated presentations and so on. Could you tell me how can I make rational investment decisions?

    Fourth, what are you doing at the moment to protect investors from KZT depreciation and future deterioration of IDF Kazakhstan loan portfolio (increasing non-preforming loans), so that investors one day can receive their invested amounts in the lending company? I am writing because Mintos is always running after the events and try to explain me that all risks have materialized and can do nothing! Give information what part of IDF Kazakhstan's portfolio in euro is hedged?  

    Fifth, IDF Eurasia consists of IDF Kazakhstan and Russia. What are the expected negative effects on IDF Kazakhstan?

    @... may I ask when I will receive information about the issues outlined above? Why don't you organize a dedicated webinar with IDF Kazakhstan's co-founders - 90 mln. euros invested in that particular lending company and you remain silent? In addition, what about IDF Kazakhstan's pending payments - I find it ridiculous always to write me via pending payments updates that the financial company has KYC issues (I am sure when you transfer investors' funds from Mintos to IDF Kazakhstan they don't have KYC problems).

    Please feel free to send this post to IDF Kazakhstan's co-founders!   

     

     

    1
  • 3v03

    In the month preceding the Russian invasion, we've begged Mintos to stop increasing Russian loans in the Conservative strategy. Take a look at all Community topics from that preceding period. Mintos however chose to keep increasing their exposure. At a time when all Western countries already stated the sanctions and a SWIFT ban for Russia.

    I'll be waiting patiently what the resolution of Mintos will be the coming period. The Mintos management will also understand that they will encounter big class actions lawsuits, if the Conservative investors are not getting their investments back in full.
    They decided purposely and intentionally to increase exposure to high risk lending companies in their strategy named "Conservative". 
    That's not just the general risk of investing in P2P lending, that was gambling with investors money....

    0
  • Annija (Mintos)
    Community manager

    PHILIPP GERNOT SCHNEIDER, there is a small Secondary Market fee when selling loans on the Secondary Market. Please see more information here https://www.mintos.com/blog/introducing-a-fee-for-selling-loans-on-the-secondary-market/ 

    0
  • Oleksandr Hryshchenko

    Здравствуйте! Почему я не могу ни обменять свои тэнге на евро, ни вывести их со счёта? Разве Казахстан является стороной украино-российского конфликта?! Разве на казахские банки наложены какие-то санкции?! Если у вас какие-то сложности с обменом валют, то ПОЧЕМУ их должен оплачивать я, из собственного кармана? Разве я виновен в том, что такая финансовая организация, как Минтос НЕ СПОСОБНА диверсифицировать СВОИ риски?! Это плохая идея - решать СВОИ проблемы за счёт людей ДОВЕРИВШИХ вам собственные средства.

    Hello! Why can't I exchange my tenge for euros or withdraw them from my account? Is Kazakhstan a party to the Ukrainian-Russian conflict?! Are there any sanctions imposed on Kazakh banks?! If you have any difficulties with currency exchange, then WHY should I pay for them, out of my own pocket? Am I to blame for the fact that such a financial institution as Mintos is NOT CAPABLE of diversifying ITS risks?! It's a bad idea to solve YOUR problems at the expense of people who have TRUSTED you with their own money.
    0
  • Annija (Mintos)
    Community manager

    Hello Oleksandr Hryshchenko,

    please see the latest information here https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/

    The financial turmoil has had an impact also on the position of KZT and its exchange rate in servicer banks. As a result, currency exchange involving KZT might be interrupted. We are managing the situation in real-time, based on status in the markets and the availability of our exchange service provider.

    We will be enabling this function in short time windows during workdays when we have access provided by the servicer banks. At the moment, this mostly relates to KZT.

    0

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