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Post by humphrey on Aug 22, 2016 5:46:48 GMT
Hi,
Someone knows where I can find the interest rate paid by the Borrower (or the APR)?
I know how much Twino is committing to pay to me but I cannot see how much the Borrower is paying to Finabay, which share is given to me and which is kept by Finabay?
By the way, reading the Assignment agreement, it's not very obvious that the Assignee is just getting a part of the proceeds from the Borrower. Any clue somewhere?
Thanks H.
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Post by swift on Aug 22, 2016 9:56:27 GMT
I guess the way to look at it is that you make a deal with Twino, not the end-borrower.
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Post by humphrey on Aug 22, 2016 10:56:23 GMT
Yes, it looks like I'm lending to Twino indeed. Besides, with the buy back guarantee, the exposure is clearly on Twino.
But when investigating deeper the legal documentation, I found that I'm entitled to receive all the interest paid by the borrower to Twino (I copied below the p. 8.3.2 and the definition of interest) Something doesn't add up... or I'm missing a piece of information.
8.3.2. The Interest and all incidental claims resulting from the Loan Agreement and
relevant Claim received by TWINO from the Borrower shall be paid to the Assignee, and
if the Assignor has not purchased the entire Claim against the Borrower or the Claim
against the Borrower is purchased by several Assignees, the received payments are
divided proportionally to each Assignee’s Claim against the Borrower.
Interest - The remuneration for the use of the amount of
the Loan stipulated in the Assignment
Agreement included in the Claim. The Interest is
calculated based on the claimed remaining
outstanding principal amount of the Loan, and
the Borrower shall calculate these amounts in
accordance with the provisions of the Loan and
Schedule that forms an integral part of the
Loan.
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Post by swift on Aug 23, 2016 10:49:56 GMT
Woops. twino: somebody actually read your agreement
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Post by humphrey on Aug 23, 2016 13:01:58 GMT
Something even stranger. I took the agreement of a purchase made with buy back guarantee. The buyback guarantee is described in 6. of the Principal conditions of the Assignment Agreement in English but it seems absent in the Latvian version (No point 6. there. I don't know a word of Latvian so may be it's displayed somewhere else). Extract of the English version3. Amount of the claim: 3.1. the outstanding amount in full or in part purchased by the Investor; 10.00 EUR 3.2. Loan maturity date; 17.09.2016 3.3. Loan interest rate; 10.0 % 4. Total amount of the claim at the time of entering into the Assignment Agreement: 10.00 EUR 5. Amount of the claim: 10.00 EUR 6. Buyback guarantee Twino undertakes to repurchase the Claim from the Investor (Assignor) and pay the amount equal to the remaining principal amount of the Claim and accrued but yet unpaid amount of the Interest to the LLC „TWINO” Reg.no. 40103919184 Mūkusalas iela 41, Rīga, LV-1004, +371 67799997 info@twino.eu www.twino.eu 2 Assignee’s (Investor’s) account, in instances where the Loan maturity has been delayed for more than 30 (thirty) days. GENERAL PROVISIONS OF THE ASSIGNMENT AGREEMENT 1. Used termsExtract of the Latvian version3. Prasījuma apmērs: 3.1.neatmaksātās Aizdevuma pamatsummas apmērs, kuru pilnībā vai kādā tā daļā ir iegādājies Ieguldītājs; 10.00 EUR 3.2. Aizdevuma atmaksas termiņš; 17.09.2016 3.3. Aizdevuma procentu likme; 10.0 % 4. Kopējā Prasījuma summa Cesijas līguma noslēgšanas brīdī: 10.00 EUR 5. Prasījuma cena: 10.00 EUR CESIJAS LĪGUMA VISPĀRĒJIE NOTEIKUMI 1. Lietotie termini un to skaidrojums Aizdevuma līgums - Aizņēmēja un Aiz
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Post by angrysibert on Aug 26, 2016 13:07:33 GMT
Do you, by any chance, know which version, Latvian or English, prevails in case of any disputes?
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Post by humphrey on Aug 28, 2016 18:57:11 GMT
Nothing is mentioned in the English version of the agreement. But I guess it would be the Latvian version as Twino is registered there.
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Post by swift on Aug 28, 2016 19:51:35 GMT
twino: it's been like a week now. Give us answers, please.
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Post by jevgenijs on Aug 29, 2016 5:32:20 GMT
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Post by humphrey on Aug 30, 2016 5:19:21 GMT
Thanks for answering. However I'm wondering if you don't have a bug in the system because I checked again on a credit purchased yesterday and again the p 6. is present in the English version but not in the Latvian one
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