The European P2P loan platform Mintos changes status to E-Cash, Dziesiatka
European peer-to-peer lending platform Mintos would have changed the status of E-Cash and Dziesiatka on its platform.
The Mintos team writes in a blog post:
“In addition to recovering funds from E-Cash and Dziesiatka, we are changing the status of the two loan companies on Mintos.”
As Noted by the company, their previous status was “Score Withdrawn – Suspended” and their status is now “Score Withdrawn – Default. The change of status is “identical for the two loan companies,” confirmed the P2P lending platform.
For E-Cash, Mintos changed the status because “the current estimated cash flows are not sufficient to cover the entire exposure”. The company added that, along with continuing negotiations, it was defaulting the lending company “in order to speed up the process of recovering funds for investors on Mintos.”
For Dziesiatka, they change status because the company “broke the agreement by stopping reimbursements”. The original restructuring deal had been negotiated and active, with the lending company “honoring it by making monthly repayments to investors on Mintos.”
At present, a new restructuring agreement “has not been reached with Dziesiatka, and Mintos will continue the litigation to recover funds from investors,” the update notes.
As recently covered, AS DelfinGroup has issued bonds by private placement, and the proceeds of the issuance will refinance the liabilities by repurchasing loans on Mintos. As reported, Fenchurch Legal, a UK-based litigation finance provider, has now joined the European P2P lending platform Mintos.
As reported earlier this month, the Mintos team released their latest Risk Score updates.
As the Mintos team noted, this most recent update is based on key developments and data analyzed during the first quarter of 2021. Mintos writes in a blog post that if you are new to the platform – form or if you want a more complete overview of historical changes in the Mintos Risk Score, then you can access their spreadsheets – which contain the breakdown of quarterly information (via the Updates page).
Here is an overview of the main changes in Mintos risk scores as well as sub-scores based on the first quarter of 2021:
“The world is living better in the pandemic, vaccination is advancing globally, and restrictions on movement and activity are increasingly relaxed. Default rates have now returned to pre-COVID-19 levels, and the non-performing loan ratio continues to decline, signaling lower risk for investors. “