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Post by extremis on Oct 29, 2016 13:34:00 GMT
We have the first Bad Debt on Mintos. It comes from Mogo and is currently just 5E. I am afraid we will very soon see much more bad debt accumulating since Mogo has recently issued a large volume of loans without buyback guarantee. Other loan originators will follow, Capitalia most likely will be next.
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Post by guggaburggi on Oct 29, 2016 18:29:10 GMT
I'm glad this happens. Considering how risky these loans are, not having bad debt at all would be very weird and suspicious.
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Post by saraph on Oct 30, 2016 10:08:59 GMT
According to statistics page, it's only €5. I don't really understand why only such small amount.
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Post by rahafoorum on Oct 30, 2016 11:01:17 GMT
What's the difference between bad debt and default?
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Post by kissmyjazz on Oct 30, 2016 11:02:45 GMT
I think bad debt means written off or unrecoverable debt
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Post by kilozulu on Oct 30, 2016 12:18:16 GMT
Wonder what was LTV for that loan. If anybody here had it, can still be retrieved from finished loans data.
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Post by extremis on Nov 12, 2016 16:30:05 GMT
Mogo's loan 191556-01 defaulted on 02.11.2016 and debt was (fully?) covered on 11.11.2016; however, 11E was written off as bad debt. Not a big deal anyway, but why this amount was written off and the loan status is classified as 'Bad debt' when the debt has been successfully recovered?
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