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Post by captainconfident on Apr 26, 2016 19:37:31 GMT
Hello Investly Rep,
Would you please outline the steps you are taking to recover loan capital from the following two companies who seem to have taken payment holidays with my money since 2015, V*v***** and A*a A*elj** Ou.
Looking here for details of a robust strategy and signs of legal competence which will be a reassurance pending any problems with the invoices currently being financed.
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Post by kristjan on Apr 27, 2016 13:52:51 GMT
I've contacted our legal person for a comment. I'll update you once I have the information.
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p2pmaster
investment is life.
Posts: 128
Likes: 54
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Post by p2pmaster on Apr 27, 2016 16:06:57 GMT
kristjan,
Could you please explain different validation types (e.g. Signed promissory note) of invoices? I've noticed that invoices are not signed by either party.
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Post by kristjan on Apr 28, 2016 14:10:39 GMT
A*a A*elj** has paid most of what it owed and is currently 60 euros behind on its payments. V*v***** has defaulted. We have issued an order for payment but have not received anything yet. Order for payment is the option if debts are less than 6400 EUR. If there is no voluntary payment after the court order, we give it to the bailiff. Currently we have not yet received payment. A possible next step is to request a personal bankruptcy proceeding, which is quite costly. Regarding the types of confirmation: We have three types - email confirmation, phone confirmation and signed note confirmation. Estonian invoices are mostly signed, UK invoices have had phone confirmations (just the two invoices for now). The reason you don't see any signatures on the papers is because we use a digital signature. The digital signature is a safe and secure way of signing documents and it is accepted all throughout Europe starting from 2016. A number of other countries in Europe have their own digital signatures and countries are currently in the process of standardizing the protocols to allow for seamless singing between parties from different countries. You can find out more about it here: id.ee/?id=31008
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Post by captainconfident on Apr 29, 2016 11:51:38 GMT
A*a A*elj** has paid most of what it owed and is currently 60 euros behind on its payments. V*v***** has defaulted. We have issued an order for payment but have not received anything yet. Order for payment is the option if debts are less than 6400 EUR. If there is no voluntary payment after the court order, we give it to the bailiff. Currently we have not yet received payment. A possible next step is to request a personal bankruptcy proceeding, which is quite costly. Thanks for the quick reply and I'm happy that things are being taken care of. Regarding Viv*****, the total amount of the loan was very small, so nobody has lost very much on it. I was in for 40 Euros. I would not blink if it was be written off and put down to a learning experience.
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Post by dentex on May 9, 2016 21:06:11 GMT
Please kristjan, can U expalin why it appears a default rate of 0% in the April statistics when U accepted that the company V*v***** has defaulted? Thanks
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Post by kristjan on May 10, 2016 5:58:19 GMT
Please kristjan , can U expalin why it appears a default rate of 0% in the April statistics when U accepted that the company V*v***** has defaulted? Thanks Investly's invoice portfolio default rate is 0.00%. V*** took out a business loan, the default rate for the business loan portfolio is 1.85%. PS. Investly no longer offer business loans. We have decided to focus on invoice discounting. The growth has been very fast - Investly started invoice discounting in January 2016 and has sold ~€236,000 + ~£11,000 worth of invoices to date. The business loan portfolio only generated €186,000 worth of volume in 18 months.
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Post by dentex on May 10, 2016 15:27:39 GMT
ok, thanks kristjan.
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shimself
Member of DD Central
Posts: 2,560
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Post by shimself on May 11, 2016 12:34:36 GMT
... PS. Investly no longer offer business loans. We have decided to focus on invoice discounting. The growth has been very fast - Investly started invoice discounting in January 2016 and has sold ~€236,000 + ~£11,000 worth of invoices to date. The business loan portfolio only generated €186,000 worth of volume in 18 months. I don't understand 236000 + 11000 (other than 247000 which is probably not what you mean) What proportion have repaid? - I know you are all hung up on size of loan book, but it's return and defaults that matters to people here. On todays email you said: Total cumulative number of borrowers 64 734 Total cumulative number of investors 2 398Are these figures (number of borrowers and investors) correct or the wrong way round? anyway, 64000 people or institutions, either way it seems a very high number, are you sure? That adds up to just 4€ per head (247000/64000)1 Thanks
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Post by kristjan on May 11, 2016 13:08:24 GMT
The €236,000 refers to invoices sold in Estonia. The £11,000 refers to invoices sold in the United Kingdom. I'm sorry if I wasn't clear about that earlier. We offer our services in two countries. The yield has been going up lately because the latest rounds of invoices closed at a higher rate. The data on invoices that have been repaid is as follows. Of the 25 invoices sold in Estonia, 13 have repaid. The weighted averages for repaid invoices: - yield 1.11% per 30 days or 13.5% annualized
- advance period 21 days
- default rate 0.00%
Of the 3 invoices sold in the UK, 2 have repaid. Weighted averages: - yield 1.23% per 30 days or 15% annualized
- advance period 31 days
- default rate 0.00%
Could you please forward me the e-mail that you are referring to (to kristjan@investly.co)? Those figures are definitely not correct and I would like to have a look at the e-mail before I respond.
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shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on May 11, 2016 13:38:14 GMT
...
Could you please forward me the e-mail that you are referring to (to kristjan@investly.co)? Those figures are definitely not correct and I would like to have a look at the e-mail before I respond. not you sorry, getting mixed up with a competitor
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Post by captainconfident on Jul 27, 2016 8:35:16 GMT
Kristian, Is there a problem with the July loan payments collection? Almost all of the 11 loans I hold show as "delayed". On my account statement the delayed payment % figure shows as 6.24% whereas from my quick glance it looks like 80%. Your comments welcome....
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Post by buttchopf23 on Jul 27, 2016 8:43:26 GMT
my only two loans that I have, paid during July as normal
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Post by kristjan on Jul 27, 2016 9:11:10 GMT
Kristian, Is there a problem with the July loan payments collection? Almost all of the 11 loans I hold show as "delayed". On my account statement the delayed payment % figure shows as 6.24% whereas from my quick glance it looks like 80%. Your comments welcome.... Our collection team is handling this. With small companies it is not uncommon to see a number of companies having payment difficulties at the same time due to seasonality or other factors. It has happened before. However, most companies found their standing after a bit of time and continued paying down their debts, including penalties for overdue payments. You can be sure that we will continue pressuring debtors. As before, all investors will receive a loan portfolio update after the month ends with details on debtors that are overdue. A separate portfolio overview will be sent out to invoice investors. One of the most important differences between the loan product and the invoice product for investors is the credit risk. With loans, your repayments depend only on the financial strength of the small company that borrowed the money. With invoices, your repayment depends on the financial strength of the company that bought the products/services (the buyer). Buyers on our platform need to show a minimum of €500,000 in revenue and 3 years of operations. In most cases, the buyers are many times larger than that and have longer histories as well, some are either publicly traded or subsidiaries of publicly traded companies. They have more customers, stronger cash flows etc. As a backstop, we can ask for recourse in case the buyer fails to pay (recourse means the seller has to repurchase the invoice in the full amount and pay penalties). All in all, with invoices, investors are exposed to less risk. This is one of the reasons we decided to discontinue the loan product.
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Defaults
May 23, 2017 12:17:45 GMT
via mobile
Post by buttchopf23 on May 23, 2017 12:17:45 GMT
What about the momo nature loan?
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