[Platform] Mintos


  • Emergent

    From mintos

    According to the announcement of the Central Bank of Kosovo from December 6, 2019, the licenses for the business in this country have been revoked for loan originators IuteCredit and Monego.

    We are identifying all possible aspects and the nature of the impact of this situation for investors on Mintos.

    At this point, loan originators still haven’t received the decision documentation of the Central Bank of Kosovo regarding the two loan originators. In interests of our investors, we have suspended loans issued in Kosovo for both IuteCredit and Monego from the Primary and Secondary market on Mintos.

    We will be sharing updates with all affected investors as soon as we have more information. In the meantime, we thank you for your patience.
    You have received this email because you have signed up for Mintos, Skanstes 50, Riga, LV-1013, Latvia. If you want to unsubscribe, click here.

    Investing puts your capital at risk, and past performance does not guarantee future returns. When you invest on Mintos, you acquire loan and other debt receivables. Mintos does not provide investment or asset management services, or any services that are subject to any financial services license.



  • @jomni said in [Platform] Mintos:

    From mintos

    According to the announcement of the Central Bank of Kosovo from December 6, 2019, the licenses for the business in this country have been revoked for loan originators IuteCredit and Monego.

    We are identifying all possible aspects and the nature of the impact of this situation for investors on Mintos.

    At this point, loan originators still haven’t received the decision documentation of the Central Bank of Kosovo regarding the two loan originators. In interests of our investors, we have suspended loans issued in Kosovo for both IuteCredit and Monego from the Primary and Secondary market on Mintos.

    We will be sharing updates with all affected investors as soon as we have more information. In the meantime, we thank you for your patience.
    You have received this email because you have signed up for Mintos, Skanstes 50, Riga, LV-1013, Latvia. If you want to unsubscribe, click here.

    Investing puts your capital at risk, and past performance does not guarantee future returns. When you invest on Mintos, you acquire loan and other debt receivables. Mintos does not provide investment or asset management services, or any services that are subject to any financial services license.

    sounds scary. one bad news after another. first was departure of mongo now is suspension of loans. Is still worth staying on mintos?



  • @funfunding said in [Platform] Mintos:

    Hi Everyone,

    was checking out Mintos and came across a profile write-up on the loan originator "simbo.dk" CEO TOMS JURJEVS. The write-up mentioned that he was on Forbes 30 under 30 for a few years. Pretty impressive. I then went to google and couldn't find any info that he is on forbes! I thought maybe Forbes only maintained recent list on the net so I tried google "forbes 2013-2016" and info is still there!

    so fishy.... anyway below is an extract of the write-up (it was last updated on 02.07.2019). I also having doubts if Mintos really check their loan originator as they have declared.

    0_1573924603517_6348fc72-486a-42e2-96e0-444cf16d80b0-image.png

    anyone receives any news on this originator i highlighted as above? I didn't see it on the rating list of originator anymore


  • Emergent

    @funfunding said in [Platform] Mintos:

    @jomni said in [Platform] Mintos:

    From mintos

    According to the announcement of the Central Bank of Kosovo from December 6, 2019, the licenses for the business in this country have been revoked for loan originators IuteCredit and Monego.

    We are identifying all possible aspects and the nature of the impact of this situation for investors on Mintos.

    At this point, loan originators still haven’t received the decision documentation of the Central Bank of Kosovo regarding the two loan originators. In interests of our investors, we have suspended loans issued in Kosovo for both IuteCredit and Monego from the Primary and Secondary market on Mintos.

    We will be sharing updates with all affected investors as soon as we have more information. In the meantime, we thank you for your patience.
    You have received this email because you have signed up for Mintos, Skanstes 50, Riga, LV-1013, Latvia. If you want to unsubscribe, click here.

    Investing puts your capital at risk, and past performance does not guarantee future returns. When you invest on Mintos, you acquire loan and other debt receivables. Mintos does not provide investment or asset management services, or any services that are subject to any financial services license.

    sounds scary. one bad news after another. first was departure of mongo now is suspension of loans. Is still worth staying on mintos?

    Nothing to worry about so far. The Iutecredit group will be honouring all of their obligations coming from the Kosovo loans. The rest of the group is fine and have no problem with their regulators.


  • Emergent

    @funfunding said in [Platform] Mintos:

    @funfunding said in [Platform] Mintos:

    Hi Everyone,

    was checking out Mintos and came across a profile write-up on the loan originator "simbo.dk" CEO TOMS JURJEVS. The write-up mentioned that he was on Forbes 30 under 30 for a few years. Pretty impressive. I then went to google and couldn't find any info that he is on forbes! I thought maybe Forbes only maintained recent list on the net so I tried google "forbes 2013-2016" and info is still there!

    so fishy.... anyway below is an extract of the write-up (it was last updated on 02.07.2019). I also having doubts if Mintos really check their loan originator as they have declared.

    0_1573924603517_6348fc72-486a-42e2-96e0-444cf16d80b0-image.png

    anyone receives any news on this originator i highlighted as above? I didn't see it on the rating list of originator anymore

    Simbo is called Sun Finance in Mintos. Not a highly rated one.


  • Emergent

    From Mintos...

    Since December 6, 2019 IuteCredit Group has transferred a total of EUR 161 415.43 of borrowers’ payments to Mintos. These payments are being accordingly credited to the Mintos investors’ accounts.

    Today IuteCredit Group has made an additional early payment to Mintos in the amount of EUR 500 000. This amount will be distributed to cover the upcoming payments due to investors with the active investments in loans issued by IuteCredit Kosovo. This early payment was made along with the ongoing outstanding repayments for the Mintos investors.

    This payment is a token of trust for the upcoming payments on behalf of IuteCredit Group. Each time a borrower makes a repayment to the loan originator, Mintos receives information about the repayment. After the loan originator transfers repayment to Mintos, it is credited to investors accounts.

    In the case of the early payment from IuteCredit Group, Mintos will be able to credit investors’ accounts right after receiving the information about borrower’s repayment for the specific IuteCredit issued loan.

    Background on IuteCredit Group

    As we have notified you earlier, the end of 2019 has brought IuteCredit Group unexpected events related to IuteCredit Group’s business operations in Kosovo. While the company will be maintaining its efforts to restore the business activities in Kosovo as its preference, IuteCredit Group management also informed us it cannot preclude the option to file international and domestic lawsuit against the decision of the Central Bank of Kosovo.

    In order to ensure to Mintos investors that Kosovo events remain on a relative scale - a non-material occurrence for the IuteCredit Group, the company shared it decided to write-down the portfolio of IuteCredit Kosovo to EUR 4.9 million (30 September, 2019: EUR 9.3 million). The decision is made due to reasons of commercial prudence, since the collection of receivables remain uncertain.

    According to IuteCredit Group, to write-down the Kosovo portfolio is in the best interests of all parties as it is conservative yet adequate under the given circumstances. The Kosovo event will remain on a relative scale for the IuteCredit Group, and the company can put more focus on its daily tasks, that include the profitable growth of the group. Existing country operations are moving forward according to the plan and will also reflect on the growth results in 2019, followed by the annual financial statements and reports.



  • I am withdrawing half of my funds from Mintos.



  • @qm could you share what prompted you to do so?



  • @funfunding several loan originators are having trouble and the response from Mintos is not being as professional and I might have expected from them, the undisputed p2p market leader.

    So since I was anyways overinvested there, and lately have been pouring funds in place like Cashwagon, I have taken the opportunity to trim my stakes there.



  • @qm said in [Platform] Mintos:

    @funfunding several loan originators are having trouble and the response from Mintos is not being as professional and I might have expected from them, the undisputed p2p market leader.

    So since I was anyways overinvested there, and lately have been pouring funds in place like Cashwagon, I have taken the opportunity to trim my stakes there.

    so we have pretty balanced views from @QM and @jomni. Anyone who has invested with Mintos can share your views if you be continuing to invest with Mintos and your reasons?

    My personal view as an outsider is it seems that there be will lesser good quality loans with the exit of Mogo and with the increase in troubled loan originators. If this continues, possibly the yield will go south in the long run and possibly goes into negative territory.


  • Emergent

    @funfunding I’m still with Mintos. Getting 10% to 11% yield. Better than FS!!! The originators that die are usually the low rated ones. So just stick with the ones with good ratings. Not that they won’t die but the chances are less. If you don’t trust mintos raring then use a 3rd partly like explorep2p.



  • @jomni @antoniomc27 ran into my first delinquent loan on Mintos... With buyback guarantee, do I get back both principal and interest accrued? Or just principal?





  • @statscollection Thanks! Super helpful.



  • @statscollection I wish there's a filter for this in auto invest to allow us to only select those with these extra criteria (interest income on delayed payments, penalty income). Makes a big difference in our strategy towards buyback guarantee investments.



  • @cheerycards

    You can create an auto-invest filter by using this link.
    https://thesmartinvestor.eu/mintos-helper/
    The criteria is quite extensive.


 

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