Forward flow - Zenka
What´s up with Forward flow loans. I have one in my portfolio from Zenka.
Last time I received any money (interest) was on 4th of June. This loan has had several payment dates since with no payment received yet it does not show up as late. It´s very "current" in my portfolio. So, does this mean Zenka can keep postponing payments till the next 9 months go by and still be nicely current with no need to repurchase anything.
In any case, if this is the case, I do not recommend to invest into forward flow loans. Maybe I am unfamiliar with them and its all normal but to me it seems a bit of a ripoff investing on 30th of April and only receiving 7 cents until now and loan being all "current" in my portfolio.
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Hi Agnes,
I have FF loans but not in Zenka. All of my FF loans are performing perfectly according the schedule.
About 12mths ago I had around 1K€ in this LO but they almost all went late, then extended and were finally bought back around Christmas time. Not what I had expected and since then Ive not invested in them. I did look at the FF product but didnt like seeing that some were late on the secondary market. Theyve good "headline" interest rates though....
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Hi AGNES MARIPUU, could you please provide us with the loan ID so we can take a look into it?
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Hello Annija. Its 40181308-01.
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So, yesterday (6th of August) was a payment date for that Zenka Forward flow loan (0,02 eur). Nothing was paid (still last transaction 2 months ago or more) and that loan is not in grace period or 1-15 days over. It is "current" even though in reality it is 60+ days past since the last transaction (and probably very close to being 60 days over from the last unpaid payment date).
So, for 10 eur invested on 30th of April with 12% interest I have only received 7 cents while the actual interest should be at around 3,6 euros for that time.
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I also wrote to your bot just now: I have Zenka Forward flow loan 40181308-01 in my portfolio (purchased on 30th of April, 10 eur investment). The last time any payment was made was 4th of June and in total I have received only 7 cents from this loan even though the payment dates should be pretty constant. Last payment date was supposed to be yesterday (6th of August, 2 cents). Nothing, 0 euros received. However, this loan is not shown as late or under grace period or 1-15 days over. It is current with next payment date set at 13th of August. Meanwhile the interest rate is 12%, which means I should have gotten somewehere around 3,60 eur interest by now but the total amount received is 7 cents (and no changes since beginning of June). Something is very off with this loan or your programs ability to read it and present correctly. Please fix.
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Hi AGNES MARIPUU,
We are investigating this and we will get back to you soon.
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Hi AGNES MARIPUU,
It was a technical error on our side, all the payments have been amortized. Now everything is on schedule. Apologies for the caused inconvenience.
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