jw01
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Post by jw01 on Jun 27, 2019 12:15:44 GMT
I have just found out by chance via the forum that UK investors can no longer deposit funds. I was aware (from the forum!) that they were not taking any new UK investors, but not that existing investors were also affected. The suggestion is that this is temporary while they build a new model for the UK but, as far as I am aware, there has been no communication from Mintos regarding either new or existing UK investors. Has anybody contacted them about this and got any useful feedback, like how long "temporary" is and why investors are being kept in the dark?
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Nomad
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Post by Nomad on Jun 27, 2019 12:25:07 GMT
I have just found out by chance via the forum that UK investors can no longer deposit funds. I was aware (from the forum!) that they were not taking any new UK investors, but not that existing investors were also affected. The suggestion is that this is temporary while they build a new model for the UK but, as far as I am aware, there has been no communication from Mintos regarding either new or existing UK investors. Has anybody contacted them about this and got any useful feedback, like how long "temporary" is and why investors are being kept in the dark? I deposited funds from the UK on Tuesday.
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Post by nesako on Jun 27, 2019 13:43:27 GMT
This is sad news to me, as I had most of my EUR investments on Mintos and spent a while optimising auto invest rules...
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benaj
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Post by benaj on Jun 27, 2019 13:43:38 GMT
Just received the email. Q: How does this affect you? 1. Won't be able to make new investment on Mintos 2. Continue to receive repayment 3. able to access account / sell / withdraw Update to be followed once Mintos work out possible way for UK residents
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benaj
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Post by benaj on Jun 27, 2019 13:46:04 GMT
This is sad news to me, as I had most of my EUR investments on Mintos and spent a while optimising auto invest rules... May not be as bad, as GBP is so weak, may be a good time to exit by converting EUR to GBP.
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Post by nesako on Jun 27, 2019 13:47:58 GMT
This is sad news to me, as I had most of my EUR investments on Mintos and spent a while optimising auto invest rules... May not be as bad, as GBP is so weak, may be a good time to exit by converting EUR to GBP. If we get a no deal Brexit, the pound will drop to EUR levels, so I may be able to swap 1-2-1... not that I want it to happen...
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carolus
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Post by carolus on Jun 27, 2019 13:48:21 GMT
Unfortunate, but pretty much inevitable once they stopped accepting new UK investors. I assume it's related to their failure to get FCA authorisation. Possibly too that "guarantees" are offered on various loans, and breaching the UK rules about lending to other lending organisations (which effectively is the model).
Expect we'll see the other similar platforms follow suit sooner or later.
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benaj
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Post by benaj on Jun 27, 2019 13:57:30 GMT
It seems Mintos may have blocked UK investor registration:
and it seems strange no announcement on Mintos blog about this and news about withdrawing investment from UK investors.
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Post by casper on Jun 27, 2019 14:00:47 GMT
Just received the following from mintos :
Mintos is currently developing a new business model for the UK market. As a result, we've decided to temporarily stop new investments in loans from the UK residents starting from 27.06.2019.
How does this affect you?
You won’t be able to make new investments in loans on Mintos. You will continue receiving repayments from borrowers according to payment schedule for your existing loans. You will be able to access your account, sell your loans on the Secondary Market, and withdraw your money from Mintos at any time.
We will update you immediately once we've worked out the best possible way to offer our services to you and other UK residents.
We appreciate you as an investor, and we apologize for the inconvenience. If you have any questions, feel free to contact our Investor Service team at support@mintos.com.
Kind regards, Your Mintos team
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benaj
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Post by benaj on Jun 27, 2019 14:48:06 GMT
"Investments not allowed" from now on the SM for UK investors. Effectively, GBP loans cannot be sold any UK investors.
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theta
Posts: 38
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Post by theta on Jun 27, 2019 17:31:15 GMT
"You won’t be able to make new investments in loans on Mintos."
This means not only no new deposits but also no reinvestment of loan repayments?
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ptr120
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Post by ptr120 on Jun 27, 2019 18:02:17 GMT
This means I can't reinvest loan repayments.
This is very frustrating. Although I am a British citizen I am not a UK resident and I am being differentiated against compared to fellow German residents which I suspect is against EU law.
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Post by dbe on Jun 27, 2019 18:20:08 GMT
My two cents
a) VERY very short notice! b) The note could have done with an indication of their time frame: days, weeks, months? I mean how long, Mintos? I don't mind to let my foreign currencies accumulate with you for a short while @0%, but I need to know soon what your plans are
I'm trying to see to upside of what Mintos have just done, but struggle. It's not a great way to treat paying customers.
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Post by buzzablinio on Jun 27, 2019 22:09:54 GMT
"You won’t be able to make new investments in loans on Mintos." This means not only no new deposits but also no reinvestment of loan repayments? My question too - so disappointed with this development, Mintos was a great platform but now looks like I'm going to lose access to it as a UK citizen. If existing investment continues to be reinvested I can live with that but suspect it'll just slowly pool earning sweet fa as it does so. Shame.
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andy2001
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Post by andy2001 on Jun 28, 2019 6:19:22 GMT
This means I can't reinvest loan repayments. This is very frustrating. Although I am a British citizen I am not a UK resident and I am being differentiated against compared to fellow German residents which I suspect is against EU law. If the email sent is correct you should okay. As it only said "UK residents" But if you try to invest on their website it says citizen also. So one of the claims is wrong.
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