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Distribution of received repayments from suspended/defaulted companies

Opmerkingen

9 opmerkingen

  • DAN-IONUT-TUDOR PORDEA

    I asked the same question to Mintos over and over.There is no transparency or equity from them regarding the repayments. You might not get any money back and they will simply tell you that the borrowers did not pay back your particular loans. They basically can tell that to everyone (no one gets any money) and meanwhile they can say they recovered some money.

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  • PAVEL MACH

    Yes, same here, no money received since CS suspension more than one year ago. I have there 3581 Eur (I memorized the number as it is the same very long time). IMO everybody should get proportionally the same money as CS progresivelly repays. Otherwise it is as you say .. they can just make artifical numbers and nobody get any wiser. I don't believe that not even one loan, where I have investment, has not been repaid in such a very long time. I still think that the long negotiation is just a scam favoring only Capital Service and very bad for investors.

    -1
  • DAN-IONUT-TUDOR PORDEA

    I really hope there will be a change from Mintos regarding this unfair way of distribution recovered funds to investors or at least if they insist on keeping it this way to make available a list with the investments recovered and the pending investments so far not only the amount but a complete list with the contract numbers and so on otherwise I will have no choice but to seek justice elsewhere.

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  • Annija (Mintos)

    Thank you for your feedback, it is very much appreciated. We are currently working to have more transparency on recoveries made from defaulted and suspended lending companies.

    We do understand that some investors might not have received any funds or have received small amounts from the recoveries, however, funds that have been recovered have always been amortized to the investors according to the payments waterfall clause stipulated in the General Terms and Conditions User Agreement. We can assure that recoveries have been made and we inform about them investors regularly with our monthly recovery updates, as well as with individual updates via email.

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  • DAN-IONUT-TUDOR PORDEA

    Actually you cannot assure us because you have no proof to backup what you say.The recovery update which you provide itself is not a proof that you make any payments.Individual updates are not visible to everyone so this is not an argument. The waterfall clause is ilegal unless you can provide full transparency to investors on the transfers in my opinion and the recovered funds should be splitted equally to investors. But time will tell if I am right or not.

    -1
  • PAVEL MACH

    Agree. It's all about the TRANSPARENCY. At least give us the info not just about the amount of money paid to the investros each month, but about the money recovered by individual companies. For example, gives us the following info... during the monthly report, Capital service received from the borrowers "NUMBER1 EUR" since the last update, and they paid to the investors "NUMBER2 EUR" since the last update. So investors have better picture how the recovery of money is going and we see how much companies are actually keeping for themselves!!! It is still not totally transparent, but at least this is something. You give us only incomplete info!. But I'm afraid that info on NUMBER1 both Mintos and especially CS do not want to share. Can you answer me this, Mintos?

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  • Annija (Mintos)

    Hi DAN-IONUT-TUDOR PORDEA, 

    If you are making the comment about us not transferring funds to investors from amounts recovered - that is a false statement. Individual updates about each investor recovered funds are something we are not allowed to share and we wouldn't do so as it would be in breach of the data privacy protection. The mentioned waterfall clause is not illegal - that is a highly incorrect statement. We understand that it might be opposite to what you would like to have in place, however, the repayments are tied to borrowers' repayments and loan maturity. If possibly you were referring to updates on your individual recovered amounts, that is an option and to receive them all you need to do is subscribe to marketing emails, which will enable us to share with you a monthly update email where we will share your individual recovery status from each lending company where you have funds in recovery.

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  • HCH

    Would it be possible to share a live-updated progress report showing the percentage-wise progress as Mintos works through each step of the waterfall for loan originators in recovery?

    Visually it could be presented in a table with:

    Step ...: ...
    Step X: Y EUR in total investor exposure, Z% paid back, V EUR your exposure, W% of your exposure paid back
    Step ...: ...

    Each step would have a short description if you click an "i"-icon and the percentages could be shown as progress bars with text on them. When a step is fully completed the line changes colour to show that it was completed.

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  • Annija (Mintos)

    Hi HCH,

    Thank you for the feedback we will take your suggestions into account for future development plans. So far we offer individual updates on the recoveries by email as well as detail monthly updates can be found here: https://www.mintos.com/en/funds-in-recovery-updates/
    The new updates will be available at the end of the week.
     
     
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