JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Feb 10, 2015 9:05:25 GMT
Seconded. At the moment, every loan has to be fully examined separately to see what is on offer. It would also be great to see the amount you have already invested in each loan stated on the top page, rather than having to open each loan page to find that out. I just noticed that both primary and secondary markets allow you to filter in or out loans you have already made. Useful to check that auto invest has not missed anything you would have wanted a part of. Edit: That filter does not seem to be working for the secondary market, so maybe it is just being set up now.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Feb 10, 2015 16:06:01 GMT
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debeast
(o)(o)
Posts: 238
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Post by debeast on Feb 11, 2015 12:43:22 GMT
Thanks JamesFrance I'm not 100% sure what that means for us as lenders though. and thanks wiseclerk !! In summary: UK gov says - No Mintos says - You're wrong Any thoughts or should we just wait for the dust to settle /beastie
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Post by martins on Feb 11, 2015 13:08:20 GMT
To update, there is currently no regulatory framework specific to peer-to-peer lending in Latvia (as opposed to e.g. UK). Mintos is operating in accordance with all current regulations of the Republic of Latvia. For consumer lending we have obtained a license from Consumer Rights Protection Centre (CRPC), which enforces the protection of consumer (in our case, borrower) rights and interests. On the other hand, investors are investing in loans in accordance with assignment agreements regulated by the Civil Law of Latvia. There is currently no specific peer-to-peer licensing in Latvia. As a forerunner of peer-to-peer lending we are now calling up the respective authorities to form a working group to develop a regulatory framework for peer-to-peer lending in Latvia. In the coming days Mintos will send an invitation letter to the Prime Minister's Office, Ministry of Economics, Ministry of Finance, the Financial and Capital Market Commission, the Bank of Latvia, the State Revenue Service, and others. In the light of evaluating potential risks for borrowers CRPC, has asked us for additional information about the peer-to-peer lending process. We have an ongoing discussion with CRPC and will continue to engage with the regulatory bodies. We are preparing information CRPC has requested for and will do explanatory work where necessary. In the very unlikely scenario that CRPC would suspend our license for consumer lending we would not be able to fund new loans. For current loans each investor for every investment in loan has an assignment agreement with the respective borrower. Investors would not be affected in any case with monthly payments serviced as usual. To further strengthen investor confidence in the platform we are stepping in secondary market to provide additional liquidity for investments trading at par while we are having discussions with regulatory bodies. To add, we are building an international business and Latvia is the first country we are originating loans within. We are in the process of setting up operations to originate loans in other countries and will open them one by one. In the last days we have had a bunch of coverage in media with support from eminent finance people in Latvia. We are currently setting up Media section in our website where we will share the latest news. Here are several links. Hopefully Google Translate can help with translation. nra.lv/latvija/134189-latvija-pelnit-drikst-tikai-bagatnieki.htmwww.delfi.lv/news/comment/comment/klavs-vasks-ptac-pieprasijums-partraukt-as-mintos-darbu-ir-parsteidzigs.d?id=45553910www.irir.lv/2015/2/9/par-savstarpejo-aizdevumu-platformuwww.db.lv/viedokli/rungainis-uzraugiem-latvija-ir-arhaiska-izpratne-par-savstarpejiem-aizdevumiem-427382www.db.lv/finanses/endzins-finansu-pieejamibas-nodrosinasanai-latvija-attistami-jauni-finansu-pakalpojumi-427238
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Feb 11, 2015 17:21:15 GMT
It's good to see you have the support of the financial press. I am sure the Latvian authorities will realise that they should not stand in the way of progress. Probably just a failure to understand what is now an established industry in other EU countries and the US.
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debeast
(o)(o)
Posts: 238
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Post by debeast on Feb 12, 2015 10:30:48 GMT
Thank you mintos thats good to know. I'll put my money where my mouth is then and transfer some more over!
thanks for the comprehensive update
/beastie
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Post by martins on Feb 17, 2015 17:46:17 GMT
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Post by martins on Mar 21, 2015 11:45:53 GMT
Starting from yesterday we also provide loans secured by vehicle. These loans are provided in cooperation with Mogo (http://mogofinance.com), market leader in car loans with operations in Latvia, Lithuania, Estonia, and Georgia. Mogo originates loans as well as appraises value of the vehicle. All vehicles have compulsory insurance, more expensive cars also have voluntary vehicle insurance. In case the borrower delays the payments by more than 30 days, Mogo has the buyback rights that will be exercised as stipulated in section 10 of Assignment Agreement (the agreements are populated for each investment in the Confirm Investments view). We are looking to expand cooperation with Mogo further and will send newsletter to all registered investors shortly. Check out the available loans at mintos.lv/en/invest/available-loans/
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Post by roedvin on Mar 21, 2015 14:23:06 GMT
In my opinion collateral by car with an LTV of more than 40% is not really realistic.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Mar 21, 2015 14:44:35 GMT
The interest rates seem a little low, but presumably the valuation is based on a basic auction figure. Not sure how this would work if the car suffered an engine failure which could cost more than the value for older cars.
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Post by roedvin on Mar 21, 2015 15:05:22 GMT
Interest rates are lower than up to date, but not too low. The security is too low in most cases.
And yeah, James, you are right: What happens in case of major fixing costs and especially, when that guy (or gal) crashes the car into debris?
Car loans like they have had until now in Latvia secured against real estate is really not any problem for me. In those cases only the interest rate or loan duration would keep me away from bidding.
@ Mintos: Don't make the same mistake like Bondora did........turning too fast on a big wheel.
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Post by martins on Mar 24, 2015 8:37:26 GMT
Today we repurchased loan 2014-1005 that is in recovery so that investors don’t have to wait until resolution that might include repossession of collateral.
We exercised our rights as stipulated in General Terms and Conditions of Assignment Agreement: 9.2. Mintos has the right, but not an obligation to use its repurchase rights in any of the following events: 9.2.1. the Borrowers delays the payments arising from the Loan Agreement by more than 60 (sixty) days.
We expect to exercise these rights in similar manner also in the future.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Mar 24, 2015 15:38:13 GMT
martins could you please clarify what happens to overdue interest if you automatically repurchase a loan?
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Post by roedvin on Mar 24, 2015 15:58:44 GMT
martins could you please clarify what happens to overdue interest if you automatically repurchase a loan? They pay you the late payment fees as well as the regular interest up to the day, when they rebuy the loan. I was involved in the a.m. loan and got the money today. From that moment on they will have the late payment fees for themselves. In my opinion a win-win-situation. We don't loose money and they earn for the risk, they carry. I love that! And by the way, James: It is not an automatic process but only an option what they draw. And as long as they draw that option, I love them.
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Post by martins on Mar 25, 2015 14:01:12 GMT
martins could you please clarify what happens to overdue interest if you automatically repurchase a loan? According to Assignment Agreement: 9.5. If the Mintos has decided to use its repurchase rights, the repurchase price of the Claim paid by Mintos to the Assignee for re-transfer is equal to the total amount of the remaining principal amount of the Claim and accumulated and outstanding Interest specified in the Portal. Late payment fee in this case is not distributed to investors as we have not received it from the borrower.
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