Monthly update June26

Nera Capital’s loan administration is still a nightmare, despite promises of improvement. Interest for April and May is still recorded as paid, and it is unclear why the interest rate is not being increased on loans that have not yet matured. Although only 7 million is listed as overdue, Mintos has included the full 61 million in its overdue overview – including loans that are still active. This clearly shows how they, too, regard the situation as hopeless, despite the detailed statement which contains no concrete indications whatsoever. The SRA has recently published a number of investigations, though it is unclear what effect this will have on law firms in the short term. https://www.sra.org.uk/home/hot-topics/high-volume-consumer-claims/

The situation regarding MFOfinance remains unclear. In any case, they have made no further repayments since mid-June, and the new plan, which has been in development since October, has still not been approved. Incidentally, interest and repayment balances are still being increased here as normal, whilst the entire debt (21 million) is listed in the overdue overview. No update from MFOKAZ or Planet 42. The message from Alivio Capital is clear. The outstanding amounts are lost. Legal proceedings would cost more than the outstanding amount. Is that really the result of two years of negotiations? It once again highlights Mintos’s weakness in defending investors’ interests. The only silver lining is that I have once again reduced my exposure to this unreliable platform by 4%.