as shared in the latest Blog post, SHP Capital Holdings Limited (SHP), the direct owner of Fenchurch Legal, was forced into administration by a creditor due to an event of default occurring on one of its liabilities. Control of SHP has been passed to an appointed administrator whose primary goal is to use the assets of SHP to repay creditors. It is likely that a corporate restructure of SHP will take place. Please find all the information in our BLOG POST.
If you have any questions related to Fenchurch, feel free to share them here.
I looked at Fenchurch presentation available on Mintos for their financials. I see £16,3m of assets and £15,4m of liabilities. But in the blog there is mentioned "strong equity to assets 31%". This statement does not correspond to the financials mentioned above. What am I reading wrong? Thank you for reply.0
Si tengo un prestamo comprado de fenchurch por valor de 10 euro y me tiene qe devolver 11 euro dentro de 1 año pero yo lo vendo despues de 6 meses el comision quien se lo lleva por que yo puedo vender solo los 10 euros en mercado secundario el comision por tener el credito 6 meses lo he perdido ?0
Gracias por tu pregunta.
La única parte de tu inversión que se puede vender en el mercado secundario es el capital invertido, o sea 10 EUR en tu caso. Sin embargo, los intereses que se han acumulado hasta la fecha de la venta no se pierden de ninguna manera. Los vas a recibir cuando el prestatario abone su próximo pago. Explicamos la división de intereses en caso de venta de inversiones en el mercado secundario también en nuestro Centro de ayuda: https://help.mintos.com/hc/es/articles/360001361917--C%C3%B3mo-se-divide-el-inter%C3%A9s-entre-el-vendedor-y-el-comprador-de-un-pr%C3%A9stamo-en-el-mercado-secundario-
Si tienes otras preguntas, no dudes en contactarnos.0
Hi Lukas, thank you for your comment. We are currently looking into this. We will get back to you as soon as possible. We appreciate your understanding and patience!0
LUKÁS CUPAL, thank you for waiting.
Please note that part of liabilities has been subordinated in favor of Mintos, therefore equity and subordinated loans is 31% from balance sheet.0
I just learned that Fenchuch was placed under “Recovery”. Why is that? Did you not agree a winding down plan with them?
Is there a new development, that we do not know about? Usualy when a company end up here it means we are one step closer to write off.1
Lucja (Mintos) could you provide any update on Fenchurch Legal?1
Jonas Kai Rappold
On 26 August 2022, Mintos and UK-based litigation financier Fenchurch mutually agreed to wind down cooperation due to potentially increased reputational risk for Mintos and also the lending company, resulting from the ongoing liquidation of Fenchurch’s former parent company.
According to the proposed payment schedule, Fenchurch will have to transfer borrowers’ repayments as soon as they are received, at the latest by the end of August 2023. You can read more about it in our recovery updates section: https://www.mintos.com/en/funds-in-recovery-updates/
As per the latest update, Fenchurch made a payment of €148k in January. The residual €85k payment to meet the new repayment schedule is expected to be received during the second week of February.-2
do you even read what you write (copy/paste)? You wrote your message after the second week of February, and you're not even able to update if Fenchurch really paid the "residual 85k"...1
Hi Lucija, thanks for the update. I've noticed that the interest return received on Fenchurch delayed repayments is in line with original rate. Can you please confirm whether 1.4x extra return on delayed payments is being applied? Thanks.0
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