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Dineo Credito

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12 comments

  • Dorin

    Dear Mintos, you gave us info that Dineo Credito company does not intend to issue NOTES and from July 01st their loans will no longer be available on your platform. Ok. Got it.

    Now, What is the situation of our investments in Dineo Credito loans ?

    Why now their debts on payments to investors fell into the "In Recovery" category? What are the DineoCredito company problems , or Mintos problems with it ?

    Inform the investor community !

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  • I Katsarov

    Same question. And should we expect each pending payment to be moved in recovery next week?! IDF EURASIA, Creditstar, ID Finance (last two rated with 7 by you until recently), ExpressCredit, Dineo Credito, ... All of them had cashback campaigns in the past months and now "they are facing challenging market situation". Mintos has a referral campaign at the moment. Do you even monitor your LOs or only take their worst practices?! To become a regulated marketplace doesn't seem to be "more safe" for us investors.

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  • Winfried

    Same overhere, in the meanwhile I have more money in recovery than profit. Getting less enthusiastic about Mintos. Starting to pull back money from the platform.

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  • PJM

    Yes... The same for me - I log on this morning and notice ´In recovery´ has gone up again. Dineo Credito has gone from a 5 to SW? No nothing from Mintos. Steadily pulling my money out. Sick of it. I invest through a platform hoping that they have the resources to do some ´due diligence´ that I can´t do myself. I take the blame entirely for my losses - but that does not mean Iĺl continue to use or recommend this platform.

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  • Annija (Mintos)
    Community manager

    Dear Investors,

    Please see the latest update here: https://www.mintos.com/blog/wp-content/uploads/2022/07/Pending-Payments-report_29072022.pdf

    Dineo decided not to transition to the Notes setup. As a result, we’ll wind down cooperation with the lending company. We expect that the company will cover the amounts due to investors in full by the end of the year. For any pending payments, the increased interest rate (1.2x the base interest rate of the investment) will be applied retroactively from the start of July. In the next update, payments due from Dineo will be removed from the pending payments report and reclassified as funds in recovery.

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  • OneMore

    This answer is not satisfying.

    Dineo Credito not transitioning to the Notes setup does not explain why they definitely stopped payments precisely on July 1st for existing claims. 

    There is no logical link between both things. If Dineo Credito were to gracefully stop working with Mintos, there is no reason to place the claims in recovery.

    So what is happening with Dineo Credito? 

    Are they defaulting on Mintos?

    More transparency is needed.

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  • Johan Erwin van Donselaar

    Awful situation. It al went wrong since July 1. Apparently  this was the start for the LO's to stop settling.

    I never invested into loans with a rating below 7. Absolute nonsense. Diversification is also useless with 14 companies in delay.

     

     

     

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  • Annija (Mintos)
    Community manager

    Dear Investors,

    The company is not able to settle its liabilities immediately with the investors, therefore Dineo was suspended and their remaining pending payments were restructured. We expect that they will be fully recovered by the end of the year, and investors will receive all pending payment interest.

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  • Fjvera

    As of today 09/15/2022 Dineo Credito is not returning the payments it owes to MINTOS investors.

    "Dineo Credito not transitioning to the Notes setup", ok perfect, but MINTOS has to require Dineo Credito to start repaying the payments it owes immediately.

    Investors are tired of seeing our money withheld.

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  • I Katsarov

    August 4 2022 Mintos: "For any pending payments, the increased interest rate (1.2x the base interest rate of the investment) will be applied retroactively from the start of July. In the next update, payments due from Dineo will be removed from the pending payments report and reclassified as funds in recovery."

    Did you moved Dineo to recovery in order to not apply pending payments interest?

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  • Lucja (Mintos)
    Community moderator

    Dear Investors,

    Thank you for your comments.

    As we have already informed in the updates as to the recovered funds, Dineo decided not to transition to the Notes setup. As a result, we’ll wind down cooperation with the lending company. We expect that the company will cover the amounts due to investors in full by the end of the year, and investors will receive all pending payment interest.

    We agreed on a repayment plan with Dineo. According to the plan, the company has to make the first payment in October, and it has to pay pending payments interest. Dineo also paid €428 in pending payment interest in August.

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  • Fjvera

    "We agreed on a repayment plan with Dineo. According to the plan, the company has to make the first payment in October, and it has to pay pending payments interest. Dineo also paid €428 in pending payment interest in August."

    Thank you for the informatión Lucja(Mintos).

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