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Post by jevgenijs on Nov 20, 2015 13:12:54 GMT
Hello, everyone! Starting from today, we have introduced an improvement to TWINO BuyBack Guarantee program; and thus, we will buy back delinquent loans after 30 days of non-payment (as opposed to 60 days). The new BuyBack Guarantee terms are effective as of today and all loans with payment delay exceeding 30 days we be bought out tonight. Following investor requests, we have also published the financial statements of Finabay Group, the parent company of TWINO, as well as platform statistics: FINANCIALS: www.twino.eu/en/about.htmlSTATISTICS: www.twino.eu/en/statistics.htmlFinally, we have introduced sorting, filtering and exporting to "My Investments" section. I hope the above changes will give additional confidence to our existing and potential investors and looking forward to their feedback. Should you have any questions, please do not hesitate to contact TWINO support at info[at]twino.eu or me personally at jevgenijs[at]twino.eu. Sincerely, Jevgenijs |
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Post by Deleted on Nov 20, 2015 14:29:03 GMT
Thank you for the 30 days buy back period.
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Post by jevgenijs on Nov 20, 2015 14:47:56 GMT
Thank you for the trust!
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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 Nov 20, 2015 19:09:04 GMT
jevgenijs I would like to welcome you to the forum. I noticed that you had joined a few days ago and have been hoping to see you joining in discussions here. You have probably noticed that platforms which are responsive to forum members concerns have had a good reaction from forum members by building up trust and gaining investment. I think most posters here have a good early experience with Twino and wish you well for 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 Nov 21, 2015 7:16:06 GMT
Hello, everyone! Starting from today, we have introduced an improvement to TWINO BuyBack Guarantee program; and thus, we will buy back delinquent loans after 30 days of non-payment (as opposed to 60 days). The new BuyBack Guarantee terms are effective as of today and all loans with payment delay exceeding 30 days we be bought out tonight. This has put hundreds of euros into my cash balance, so I am hoping that new loans will be added today, as the ones added yesterday have already gone.
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Post by webbski9 on Nov 21, 2015 9:38:00 GMT
Thank you TWINO,all those improvements are extremely welcome.
You have set down the benchmark for all Euro denominated p2p companies.VERY well done.
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Post by gmaxkenny on Nov 21, 2015 10:43:34 GMT
Nice one Twino. Perhaps a reduction of loan extensions from 6 months to say 3 months might also be considered.
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shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on Nov 21, 2015 11:38:37 GMT
Thanks for the financial info Some questions please, some of which you have already seen by email Finabay When will the 2014 be audited, it seems rather late? The fixed assets are 340-640-and back to 340 what is happening? The loan portflio gross figure - mdoes this include forecast interest and charges, or is it just the principal? I don't know any industry averages, but having bad debt provision of about 33% of the loan book seems huge, is it always like this? Of these provisions how many are written off, how many are loans already in trouble and how many are just forecast? I don't think we can see what proportion of loans are actually written off and how long it takes. We discussed this by email you said you would see what was possible. Are you aware of any government moves to cap loan interest rates and otherwise act to cut back on your core business (payday loans), this certainly happened in UK and I think elsewhere? The financial info excludes DEN CZE RUS. Are these independent businesses, if one ran into trouble would it impact on the territories in the accounts Twino When does a loan turn from being extended to being delinquent? What triggers the decision to declare it delinquent? You said you are moving away from payday loans, but this morning of all the loans on offer only four ran for over 12 months. How do you see this evolving? Thanks Steve
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Post by jevgenijs on Nov 22, 2015 23:06:04 GMT
Hello, JamesFrance! Thanks for the warm (re)welcome! I totally get the skepticism of me being an alumni of Bondora, but hope to regain the trust by my actions as the CEO of TWiNO. If I don't respond in this forum, feel free to send me an email to jevgenijs[at]twino.eu, or, even better, visit us in Riga! |
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Post by jevgenijs on Nov 22, 2015 23:07:59 GMT
Thank you TWINO,all those improvements are extremely welcome. You have set down the benchmark for all Euro denominated p2p companies.VERY well done. thank you, such support means a lot to me personally, and the team behind TWINO!
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Post by jevgenijs on Nov 22, 2015 23:25:38 GMT
Thanks for the financial info Some questions please, some of which you have already seen by email Finabay When will the 2014 be audited, it seems rather late? The fixed assets are 340-640-and back to 340 what is happening? The loan portflio gross figure - mdoes this include forecast interest and charges, or is it just the principal? I don't know any industry averages, but having bad debt provision of about 33% of the loan book seems huge, is it always like this? Of these provisions how many are written off, how many are loans already in trouble and how many are just forecast? I don't think we can see what proportion of loans are actually written off and how long it takes. We discussed this by email you said you would see what was possible. Are you aware of any government moves to cap loan interest rates and otherwise act to cut back on your core business (payday loans), this certainly happened in UK and I think elsewhere? The financial info excludes DEN CZE RUS. Are these independent businesses, if one ran into trouble would it impact on the territories in the accounts Twino When does a loan turn from being extended to being delinquent? What triggers the decision to declare it delinquent? You said you are moving away from payday loans, but this morning of all the loans on offer only four ran for over 12 months. How do you see this evolving? Thanks Steve Hello, shimself! It will take more than one post to respond to your questions, but let me start with those: "When will the 2014 be audited, it seems rather late?`" Can't wait to change "Unaudited" to "Audited" on the website myself. Coming any day now. "The loan portflio gross figure - mdoes this include forecast interest and charges, or is it just the principal?" That's the principal amount. Interest income is shown as deferred income. "I don't know any industry averages, but having bad debt provision of about 33% of the loan book seems huge, is it always like this?" This is provision, meaning, the amount we estimate. This figure is in line with the industry leader, 4Finance, but in practice (actual charge offs) is considerably lower. "Of these provisions how many are written off, how many are loans already in trouble and how many are just forecast?" "I don't think we can see what proportion of loans are actually written off and how long it takes. We discussed this by email you said you would see what was possible." Still working on this one, will come back once I have the data. "Are you aware of any government moves to cap loan interest rates and otherwise act to cut back on your core business (payday loans), this certainly happened in UK and I think elsewhere?" There are way more measures to hinder payday lending than the interest caps; however, our current businesses in PL, GE, DK and LV aren't at risk, at least under the current legal proposals. "The financial info excludes DEN CZE RUS. Are these independent businesses, if one ran into trouble would it impact on the territories in the accounts" DK is in the process of consolidation. RU, CZ are standalone businesses that have zero impact on the operations of TWINO. "When does a loan turn from being extended to being delinquent?" "What triggers the decision to declare it delinquent?" Extension requires payment of the interest. If the borrower cannot pay the interest, the loan turns to "Delayed". Our lenders allow extensions to 36 months; however, on TWINO we buy back the loan if the 7th extension is requested. "You said you are moving away from payday loans, but this morning of all the loans on offer only four ran for over 12 months. How do you see this evolving?" That's correct. There is a whole team (we're 230 people at Finabay) assigned at launching longer term personal loans products that will compete with the credit cards and consumer loans. However, validating the scoring model for 24-36 months loans product takes time; and thus, you might not see such loans on TWINO until we are confident that it is profitable.
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stevio
Member of DD Central
Posts: 2,065
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Post by stevio on Nov 23, 2015 18:44:20 GMT
Buyback sounds interesting, presume it is only on some loans and not all?
Do you have to invest in Euros?
Any user experiences so far?
Thanks
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shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on Nov 23, 2015 18:56:02 GMT
Buyback sounds interesting, presume it is only on some loans and not all? Do you have to invest in Euros? Any user experiences so far? Thanks Yes euros only I think everything has buyback - but of course you are relying on a single company to honour that Experience - I am really wanting to develop trust - operationswise I haven't anything bad to say, do read this forum and moneyisyourfriend and tell us all if you come up with anything
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Post by patright on Nov 24, 2015 15:20:55 GMT
Hello, JamesFrance ! Thanks for the warm (re)welcome! I totally get the skepticism of me being an alumni of Bondora, but hope to regain the trust by my actions as the CEO of TWiNO. If I don't respond in this forum, feel free to send me an email to jevgenijs[at]twino.eu, or, even better, visit us in Riga! Can you please elaborate on the fact that you understand the skepticism from being at Bondora previously? Since many people have money tied there lol
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Post by jevgenijs on Nov 24, 2015 17:19:06 GMT
Hello, patright! The skepticism had little to do with Bondora, but rather with me, a marketing professional, running a peer lending platform. Sincerely, Jevgenijs |
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