|
Post by glensm on Aug 7, 2017 7:50:39 GMT
I wanted to test out Mintos' invoice finance options, so I made a small portfolio to see if I could get returns that were high enough to support the risk. I set up the portfolio to buy loans that are current (these are typically <60 days in any case). Unfortunately, 2 out of the 8 loans that Mintos bought for me were already late. I sent on the attached screenshot to Mintos support asking them to reverse the loans and... """ Uldis at Mintos Support has this to say: Both of loans you have mentioned are issued by 'Debifo' and they are not yet marked as late because of 'technical number of late payment days' : Each loan originator determines the technical number of late payment days for loans that are not marked as delayed. This is determined by bank-to-bank payments, bank or national holidays, and/or specifics policies of loan originators. For Debifo loans, this period is 15 days, Capitalia loans - 8, Mogo - 5, others - 4 days. We understand your concerns, but we won't be able to rebuy those loans from your portfolio as it is not yet marked as late. Loan originator should update us shortly of payment status for those loans. """ Which is a bit . Anyone else having this experience? I wasn't watching their autobidder so closely with buyback loans but invoice finance loans aren't buyback. Considering winding down my (reasonably considerable) Mintos investment. Attachments:
|
|
|
Post by extremis on Aug 7, 2017 17:15:51 GMT
Yes, this has also happened to me with Debifo late loans some time ago. You don't need to worry too much though: these 2 loans appear ok and will probably be repaid after a few days. But if you can't wait / don't want to take the risk, you can always try to sell with a small discount on SM.
I have defined a minimum term of 1 month to my Autobidder profile for invoices to avoid purchasing late loans. But this way i miss some 20 days, or so, good invoices that i would like to get a part. Anyways, i think the solution to this is to enable Autobidder take the term in days (not only months), so we could specify loans with remaining term e.g. >15 days.
|
|
kulerucket
Member of DD Central
Posts: 336
Likes: 93
|
Post by kulerucket on Aug 8, 2017 8:09:51 GMT
I don't see any problem with the autobidder. It's simply working as is should be against the fields present and the "status" field happens to allow for a grace period (as is explained in the Mintos FAQ). You could complain about this policy (i.e. why don't they just use the date+window as the end date), but the autobidder is doing exactly what it should be. If you don't want to buy ones in this period, set a minimum remaining term as said above. If you wind down your investments over such a trivial (non-)problem, good luck finding a platform that meets your standards.
|
|