ID Finance Spain and Mexico Update
The listed amount includes pending payments that have been restructured and extended. ID Finance Spain and Mexico have to cover the restructured amounts (€18 million total) by 31 December 2022 at the latest. To make sure you are receiving adequate interest for the period, interest for the restructured pending payments has been increased from 1.2x to 1.4x the base interest rate of the investment starting from 22 July 2022 (this amounts to an average interest rate of 17.6% per annum).
Hello! Is there an update on this? 31st December is past and gone.
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Hi Stanley
Yes, the update has been provided, please check it here: https://www.mintos.com/en/pending-payments-updates/.0 -
Hello Lucja. Can you tell me if ID Finance intends to pay the outstanding pending interest? If yes then when ? I have only received one payment from them in the last 7 months and that was 10% per month. Similar to IDF Eurasia where they charged me pending interest of 0.7% per month. Is this a technical error or are they still playing us like this
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Welcome to the world of the unanswered questions and customer service.
Welcome to Mintos.
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Christopher, all affected investors have been informed about it via email on 23rd December, including the payment schedule. If you haven't received the message, please let us know.
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Hello Lucja. I saw the new repayment schedule. The problem is that for the last 7 months I received only one interest payment from these LOs. ID Eurasia has calculated that I am owed pending interest of 0.72% per month and ID Finance 10%. Nor have they repurchased a single loan. For 7 months I only got 82 cents. What's that supposed to be?
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Hi,
Is ID finance keeping the agreed repayment plan? Iyt is not clear to me that they whether or not they have paid on 15/1/23.
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The amount of restructured pending payments paid is the same as before so I guess they didn't payed anything. Mintos, please confirm.
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Dear Investors,
Lending companies are paying, and they are now at the agreed level they should be. We await if they execute the payment that is supposed to happen on Wednesday. If so, we should include it in the report.
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Dear Mintos,
according to the details that were shared with investors on the planned repayment there should be a payment made on February 31st... to my knowledge February only has 28 days(29 every four years).
Was this seriously just overlooked and never corrected and what does this mean for Mintos investors?
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Hi Kamill Ariston Chudoba,
Thank you for your comment.
This is a matter of mistake and applies to information sent by email, which is why we couldn’t correct it once we sent the email out. We meant 28 February, and we're sorry for the confusion.0 -
Hi Kamill Ariston Chudoba,
It just means that they probably didn't even look at it, and threw random dates and values just to keep us looking at the carrot.
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Meanwhile, on ID Finance Twitter:
We are happy to announce that #IDFinance has closed its best year ever with a record global #revenue of €170M, mainly driven by the Spanish #lending business with a revenue of €119M.
How can Mintos accept and allow that a profitable company doesn't comply with their obligations?
Lucja (Mintos) ?
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Bruno, 99% of my pending ID Finance Spain loans have been repaid at once last week so it seems like they are actually sticking to the schedule. It should be your turn next.
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Bruno, btw, revenue has nothing to do with profit (you might have huge revenue but be in net negative profit, and often companies are, especially in finance)
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I'm aware of that, but they have also reported profits of more than 10M - it's not on that tweet.
Did they pay you the promised pending payment interest as well?
I'm exposed to the Mexican instance only, which "will" start to pay by the end of March only. My question here is that, during their best year, they didn't fulfill their obligations with us, and Mintos didn't protect us either. If you remember, 1 year ago we started to complaint, and the best we got (in July) was a statement that ID Finance has to pay until the end of 2022. Reached the end of 2022, it was pushed to end of July again.
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Bruno, I mean, If we indeed get the 1.4x the original interest rate I would say (partly) the protection has worked and I would be satisfied with my compensation. I see your question though.
How can I verify I have received the correct pending interest?
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It worked indeed (for you so far), but personally, it is quite frustrating to have your money stuck their with some deadlines completely ignored by Mintos.
You can check that on the top right corner of the overview page - click on the image icon > Statement > filter by date and payment type "Interest received from Pending Payments". Then, I guess you'll have to do your math to confirm that they did pay what was planned.
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This very strange. Some investors gets 99% of their pending payment back last week. And I did not get any payment at all. That does not make any sence.
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Within 9 months they were unable to pay around 300eur for finished loans ID finance spain on my account. Lucja (Mintos) are you sure that Mintos will not again fail that all money will be returned until 31.march 2023?
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Lucja (Mintos) - I've received yesterday, from ID Finance Mexico, 281.23€ ("Principal received from loan repurchase"), plus 5.33 ("Interest received from loan repurchase").
I haven't received the portion of "Pending payment interest". When can we expect this? As it's not being paid together with the principal amount, is interest on pending payment still counting?
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Noticed that too. It's a bit odd.
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I received this weird response on top of that.
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Ridiculous. Lucja (Mintos), can you explain?
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Lucja (Mintos) any update here?
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Anybody from Mintos can reply? Or we are at a dead end?
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They probably left Mintos, it's running on its own now.
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Dear Investors,
Thank you all for your comments, and sincere apologies for the delay in responding. We are currently looking into this, and will get back to you as soon as possible.1 -
What else can you see here? ID Finance and IDF Eurasia once again defaulted on their commitments. What will Mintos do now? Will they extend their payment deadline for another year?-1 -
Stanley Bruno IVAN POSPÍŠIL
The interest on pending payment is still counting and is paid separately from the pending payment and regular interest. The payments are done in batches, and you should receive them as soon as they're processed.1 -
Christopher with due respect, you're quite jumping ahead, last time I checked (the last week), they were in accordance with the restructured schedule
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