Post by Rob on Mar 1, 2016 8:20:04 GMT
Twino are now buying back loans which are not delinquent. See the following example from my statement in Excel:
Processing date Booking date Type Description Loan number Amount
23/01/2016 00:02 23/01/2016 00:02 BUY_SHARES PRINCIPAL 03-76504 -15.54
14/02/2016 00:29 14/02/2016 00:18 SCHEDULE INTEREST 03-76504 0.14
29/02/2016 12:16 11/02/2016 00:00 REPAYMENT PRINCIPAL 03-76504 9.32
29/02/2016 13:00 29/02/2016 00:00 BUYBACK INTEREST 03-76504 0.04
29/02/2016 13:00 29/02/2016 00:00 BUYBACK PRINCIPAL 03-76504 6.22
If you look at the loan on the website:
Date Principal,€ Interest income Total, € Status
14.02.2016 45.60 5.59 51.19 Paid
14.03.2016 45.60 5.03 50.63 Paid
14.04.2016 45.60 4.47 50.07 Paid
14.05.2016 45.60 3.91 49.51 Paid
14.06.2016 45.60 3.35 48.95 Paid
14.07.2016 45.60 2.79 48.39 Paid
14.08.2016 45.60 2.23 47.83 Paid
14.09.2016 45.60 1.68 47.28
14.10.2016 45.60 1.12 46.72
14.11.2016 45.60 0.56 46.16
As can be seen, the loan is far from delinquent, it is actually ahead of schedule. Looking at the statement above, a payment was made by the borrower on 11/02/2016 (Booking date) but was not credited to the lender (Processing date) until 29/02/2016. The interest associated with this payment was not credited to the lender, only the scheduled payment on 14/02/2016. Then the rest of the loan was bought back on 29/02/2016. There are many more like this.
So while Jevgenijs says about the new 10% rate "The change is applicable only to the newly listed loans and will not affect the loans listed or sold on TWINO prior to February 19, 2016.", they are using 'dirty tricks' to claw back current higher-interest bearing loans from us. Of course, if we complain about this, Jevgenijs will point to the clause in the agreement:
9. TWINO’s right of repurchase
9.1. The Parties agree that with this Agreement TWINO is entitled at any time to
repurchase the Claim from the Assignee and the Assignee shall refuse to make any
related objections or claims.
I am getting the feeling that Twino is becoming a Bondora Mk II, this is not for me.
Processing date Booking date Type Description Loan number Amount
23/01/2016 00:02 23/01/2016 00:02 BUY_SHARES PRINCIPAL 03-76504 -15.54
14/02/2016 00:29 14/02/2016 00:18 SCHEDULE INTEREST 03-76504 0.14
29/02/2016 12:16 11/02/2016 00:00 REPAYMENT PRINCIPAL 03-76504 9.32
29/02/2016 13:00 29/02/2016 00:00 BUYBACK INTEREST 03-76504 0.04
29/02/2016 13:00 29/02/2016 00:00 BUYBACK PRINCIPAL 03-76504 6.22
If you look at the loan on the website:
Date Principal,€ Interest income Total, € Status
14.02.2016 45.60 5.59 51.19 Paid
14.03.2016 45.60 5.03 50.63 Paid
14.04.2016 45.60 4.47 50.07 Paid
14.05.2016 45.60 3.91 49.51 Paid
14.06.2016 45.60 3.35 48.95 Paid
14.07.2016 45.60 2.79 48.39 Paid
14.08.2016 45.60 2.23 47.83 Paid
14.09.2016 45.60 1.68 47.28
14.10.2016 45.60 1.12 46.72
14.11.2016 45.60 0.56 46.16
As can be seen, the loan is far from delinquent, it is actually ahead of schedule. Looking at the statement above, a payment was made by the borrower on 11/02/2016 (Booking date) but was not credited to the lender (Processing date) until 29/02/2016. The interest associated with this payment was not credited to the lender, only the scheduled payment on 14/02/2016. Then the rest of the loan was bought back on 29/02/2016. There are many more like this.
So while Jevgenijs says about the new 10% rate "The change is applicable only to the newly listed loans and will not affect the loans listed or sold on TWINO prior to February 19, 2016.", they are using 'dirty tricks' to claw back current higher-interest bearing loans from us. Of course, if we complain about this, Jevgenijs will point to the clause in the agreement:
9. TWINO’s right of repurchase
9.1. The Parties agree that with this Agreement TWINO is entitled at any time to
repurchase the Claim from the Assignee and the Assignee shall refuse to make any
related objections or claims.
I am getting the feeling that Twino is becoming a Bondora Mk II, this is not for me.
