Pending payments of Creditstar, Id Finance and IDF Eurasia
I've been following your weekly report for a while, and you always mention that the lending companies have transferred money on a weekly basis, but the "Paid since the last report" amount is always 0, and the "Restructured total paid amount" is very low (only IDF has transferred ~10%).
All 3 lending companies are currently in the restructuring plan and are supposed to cover everything by December 31. How are you expecting that they'll transfer many millions of euros when they weren't able to do that in the last few months?
It seems we're going to have to deal with 3 default, isn't it?
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Pending payment weekly reports are certainly confusing. For IDF Eurasia, "Restructured pending payments - paid in total" in the weekly report seems like it has stayed exactly the same for several weeks now, yet my IDF Eurasia pending payments amount has been reduced significantly these last few weeks.
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Hi AM. Did you also receive outstanding interest from IDF Eurasia when repurchasing the loan for the entire period of delay? I have only received 4 cents of interest from them for the last 8 months and they have not repurchased any of their loans as well as ID Finance Spain. I doubt that after such a time they will pay all the interest due and it will be good if they give us at least the base amount of the loan.
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Hello Christopher. I am not sure what kind of interest have I earned and for what reason. It is very difficult to track this information per loan originator (unless I am missing something basic). What I know is that I had bought 25 IDF Eurasia claims with short term maturity date during the summer. After that time, pending payments never stopped to grow until like 2 months ago (or less?). Then they slowly diminished after Mintos announced that pending payments have been restructured. Slowly but steady, from 170€, I now have 22€ as pending payments from IDF Eurasia. Strangely enough numbers in the pending payment PDF report never changed. Hope this helps. Maybe our different situations are due to different currencies? I only purchased Euro denominated claims.
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For me it went down from. 700 to now about 400. I see regular pending payments from them, today about 8 euros. Since. August it is about 30. So pending payments are being payed. Is it enough, that I don't know, but it looks like it. In app you cannot track it, in browser you can. Go to account statement and select interest received from pending payments. Select the period and it will list them. Sometimes. It shows nothing, then you need to refresh page, little bug I think. In description the loan orinator is shown.
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Thanks for the quick reply AM. I wonder if these LOs charge overdue interest to MINTOS investors for delays. I have a total of more than 37,000 euros frozen in these companies and the last loan was bought back from me in March and only the base amount of the loan without any interest other than that 4 cents. I am a private investor, I cannot deduct any costs and losses, and for the last 3 years I had to pay over 5,700 euros in income tax for interest, which I do not have physical access to, because it also went to the "recovery" column
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Thanks for the advice Edwino, but I don't have any entries in my account statements about the interest received on these LOs other than 4 cents for the last 8 months. I already checked it because recently I also found some loans with extensions of 8 * 60 days, and LOs cannot exceed 6 * 30 days
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I'm in the opposite situation, my pending payments with those companies are growing every day, and like Christopher I had to pay income tax for money that now it's in recovery :(
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Dzisiaj otrzymałem pierwsze odsetki od restrukturyzowanych płatności oczekujących od ID Finance Spain w wysokości 11% rocznie, które powinno brzmieć: „IDF Eurasia zobowiązał się do zapłaty co najmniej 11 mln EUR do 31 października 2022 r. w celu zmniejszenia wartości zaległych kwot. Aby zapewnić Państwu otrzymać odpowiednie odsetki za ten okres, oprocentowanie restrukturyzowanych płatności oczekujących zostało podwyższone z 1,2x do 1,4x bazowego oprocentowania inwestycji począwszy od 27 lipca 2022 r. (co odpowiada średniemu oprocentowaniu 17,6% w skali roku). jak LO obliczyłeś zaległe odsetki . 11% is not the 17.6% that Mintos promised us as compensation for delays and non-payment from LO . Maybe one of the moderators can clarify thi
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New weekly report, and still no payments since the last report, with the same remaining amounts as the previous weeks/months.
How are you expecting these companies to cover 8, 15, 7, 10 millions of euros in the next 4 weeks when it seems that they weren't able to send anything (or almost anything) in the last months to decrease such amounts (but likely just sending enough to not go over and getting suspended)?
Will we start the 2023 with 40M in default?
Lucja (Mintos) Anna (Mintos) Undis (Mintos) a reply would be appreciated
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Marc Martell
We understand your concern, and thank you for your comment. The information that we provide in Pending Payments updates is the most accurate. We believe that weekly updates are frequent enough, and we share all information that we currently have. We notice your questions and aim to address them in the following update. If anything changes to what we have already communicated, it will be reflected in the updates as well. We are thankful for your understanding.
Christopher
Please contact us directly via the application form: https://help.mintos.com/hc/en-us/requests/new, so that we can check your account and clarify your concerns.0 -
Hi Lucja,
Same situation for me. The pending payments for these three defaulters (ID Finance, IDF Eurasia and Creditstar) has remained the same for about a year now. When will we even get our money back? And as some of them above have said, there is no repayments shown in the weekly status!
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Lucja (Mintos), the new weekly report is out, it says that they transferred 747k, 500k, and 600k, but still the "Paid since last report" is still 0 and the remaining amounts haven't changed by a cent. The notes are not saying anything else more than a copy-paste from the previous months.
So, just to be clear, when will they start transferring more money than the bare minimum to not go over the restructured amounts (and getting disabled as default)? Or will they do a single transfer of 10M to cover everything? Or will we just have to deal with other 3 defaults in 3 weeks from now?
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Fully agree with Marc above. It appears that there are no new payments coming in and hence nothing is being refunded to investors. However ,the commentary from Mintos reads the following:
For both Creditstar and ID Finance, there is no reduction in outstanding payment but yet commentary from Mintos says everything will be paid by 31st Dec 2022.
IDF Eurasia - "In the past 6 weeks, IDF Eurasia has fulfilled its commitment to transfer a minimum of €1m per week" and still total payment is only 1.6 million!
Mintos, at least ensure your status update matches with the data. This is reflecting so poorly on you. Seems like you are trying to dupe investors!
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Dear Investors,
Thank you for your comments.
Each company sends enough funds that cover at least the weekly increase of pending payments. The sum they send is included in the comments. In the table, however, we only see funds that exceed the weekly increase of pending payments and actually decrease the restructured sum.
We are in the process of discussing the possibilities of increasing weekly repayments with IDF and should reach an agreement in the following weeks. The environment in Kazakhstan is not the best for bond issuance at the moment, but IDF raised funds from bonds (few m USD) in October and will raise some more in December/January.0 -
Lucja (Mintos), which is exactly my point, if they've just been transferring amounts to cover the weekly overages, how is it expected from them to cover the entire amount in 2 weeks? What will happen on January 1 when those companies won't have transferred 42.3M? Will they be marked as default and thus also loosing the pending payment interests and having to wait extra years to get that money back?
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I should say that Lucja's answer is somewhat unclear - and possibly misleading.
I am carefully tracking my claims exposure (portfolio = outstanding claims + pending) for Creditstar Finland and IDF Eurasia since 28.07.2022.
My current IDF portfolio is 62% of what it was in the end of July and Creditstar portfolio is 37% of what it was. So I make a logical assumption that these companies are making payments thus effectively decreasing the restructured loan balance.
So from my point of view, the table, published in the daily reviews of pending payments in the restructured loans section is invalid.
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Witaj Łucja. Użyłem linku, który podałeś, ale w odpowiedzi nie otrzymałem żadnych konkretów, tylko infografiki dla kogoś, kto właśnie myśli o inwestowaniu na Mintos. Nie interesują mnie żadne obietnice, tylko jasna odpowiedź na zadane pytania. Zauważyłem też, że Finko Armenia co miesiąc spłaca zaległości sojowe. Odzyskałem od nich mniej niż 40% długu, a od listopada 2021 nie otrzymałem ani centa. Wcześniej dostawałem 3 - 15 euro miesięcznie. Czy powinienem zapomnieć o pozostałych pieniądzach, czy jest szansa na odzyskanie pozostałych 60% pozostałej kwoty. Potrzebuję tylko prostej odpowiedzi TAK lub NIE.
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Dear Investors,
Thank you for your comments. We'll share a more detailed update next week.-1 -
Lucja (Mintos) finally some good news and [hopefully] actionable plan for ID Finance and Creditstar. Any update about IDF Eurasia? Should we expect them to also start lowering their pending payments? As today's report also shows €0 paid since the last report.
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Good news about ID Finance and Creditstar? You must be kidding.
They re-postponed ID Finance Mexico to July 2023, and Creditstar to May 2023.
For ID Finance they didn't even add any benefit for the investors for not fulfilling again the deadline.
Lucja (Mintos), please be so kind to answer me the following questions:
1. Did you check with the investors if they agree with this new restructure?
2. When we reach July, what will be the new deadline? 31st December 2023?
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Bruno, the good news is that they're forced to repay 250k every two weeks with their operational money, while they continue to be active and pay for the pending payment interest. The alternative might have been suspend them, and mark these loans as defaults, where they wouldn't have to pay for the late interest, and the entire legal process could have taken more than a few months. So, yes, it's not the ideal solution, but still a good news IMHO ;)
I agree that ID Finance should have also paid an extra 1% for this delay.
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That is true for ID Finance Spain, which I'm not exposed to.
ID Finance Mexico "will" start paying in the end of March only. I wrote "will" because they were also supposed to pay until the end of this year, and as you see, here we are.
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Jeśli ID Finance i IDF Eurasia będą chciały spłacić swoje długi, to jak to będzie wyglądać? Czy od razu spłacą całe zaległości za 12 miesięcy, czy rozłożą na raty na kolejne lata? Te LO nie są nawet w stanie pokryć zobowiązań z tytułu samych odsetek i nie jest to pierwszy raz, kiedy ID Finace nie jest w stanie wywiązać się ze swoich zobowiązań. w 2020 roku zamrozili mi ponad 37 000 euro na ponad 6 miesięcy i nie dostałem ani centa za ten okres, a teraz mam łącznie 42 000 euro skonfiskowanych i dostałem tylko 69 centów za ostatnie 8 miesięcy. Mintos może w jakiś sposób „zagwarantować” nam, że tym razem otrzymamy zaległe odsetki od tych LO? Po tym, co się dzieje, kolejne obietnice nie mają już żadnej wartości.
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Dear Investors,
Thank you for your questions.
The payment schedule, which is actually a schedule of how pending payments will be decreased, was already provided. Investors are currently receiving interest on pending payments from IDF Spain and IDF Kazakhstan, and will also receive them from the Mexican entity (it is being calculated and accrued) once they make the payments.
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Cześć Lucyno. Mintos ustalił kolejny harmonogram spłat, a poprzednie nadal nie zostały zrealizowane. Kto ma otrzymać te zaległe odsetki? nas? Poniżej znajduje się wyciąg z mojego konta inwestora za cały rok 2022. Obecnie mam ponad 42 000 EUR zamrożonych płatności oczekujących na Mintos i jak widać, zarobiłem na to. Jesteś przedstawicielem Mintos i co możesz mi uczciwie doradzić w tej sytuacji? Czy czekać na swoje pieniądze w kolejnych latach, czy przenieść je na inną platformę, gdy tylko nadarzy się okazja
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