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Post by jmot on Jan 23, 2020 13:44:57 GMT
I just have a couple of ks invested in this LO, but their behaviour since the start of January is starting to seriously irritate me.
Three times they have issued 13% loans of various maturities and three times they have bought them all back after just a few days (the worst case was in early january when they bought back the day after!)
I have quite a few 10% late loans from them that they do not buy back. They are just testing the market in a very crass way and wasting my time, I bought other 13% loans this morning, if they perform this little smart game again, I shall stop investing completely in this LO.
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benaj
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Post by benaj on Jan 23, 2020 15:26:25 GMT
Yep, the 13% loans have been bought back recently with pending payment. I still have a number of 12.5% active loans from Kredit Pintar.
There are 13% loans listed on the Primary market.
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Post by extremis on Jan 23, 2020 23:19:41 GMT
Not only they buy them back shortly after they are sold on PM, but loans also stay in Pending Payment status (i.e. no interest rate) for several days. I think this could be an abuse of their buyback rights/pending payment status, as i cannot possibly imagine another reason for that. If they wanted to test the market they should at least return the money immediately. They were one of my favorite Loan Originators, but with this "smart" behavior i am not sure anymore.
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Post by jmn on Jan 24, 2020 20:18:35 GMT
I ranted in the Mintos Disqus forum about this behaviour I'm obviously not the only one to experience. As jmot, i reinvested a last time, if they buy back again and retain my money as Pending payment for four days as they did, i'll ban them.
Ironically some of my 11% loans from 2019 paid their coupon meanwhile and I got the money instantly. So it's not bank delays, they do it on purpose.
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Post by hugoncosta on Jan 29, 2020 13:43:55 GMT
They do do it on purpose, I've had the majority of my Kredit Pintar loans stuck in limbo. Have decided to stop investing with them for the time being, y'all can suck on somebody else's tit.
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benaj
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Post by benaj on Jan 29, 2020 15:12:39 GMT
Me too, I have reduced my KP exposure gradually. I may increase exposure when their loans perform better.
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Post by southseacompany on Jan 29, 2020 16:13:50 GMT
I've removed Pintar from my auto-invest completely. I always thought the company became surprisingly profitable quickly in its start-up phase. Unusually flexible business ethics paired with suspiciously good results is a combination I prefer to avoid. Consequently I'll have to reduce my overall Mintos exposure since I don't think there are many attractive LOs anymore.
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Post by jmn on Jan 29, 2020 21:19:29 GMT
Their accounts are audited.
About the smart behavior, my money is still stuck as Pending Payment now for 8 days.
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Post by southseacompany on Jan 30, 2020 2:56:44 GMT
Enron was audited too. Having audited financials is positive, but not an absolute guarantee of anything.
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fric
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Post by fric on Jan 30, 2020 8:40:19 GMT
You must have missed Hipocredit loans, lol. They started to heavily buy back old loans that were like 14-17% interest rate, but didn't touch a single loan with interest rate of 13% or lower. Nothing new here, the consensus and the reply from Mintos was that its well in their means to do it, but not very ethical.
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Post by jmn on Jan 31, 2020 10:32:22 GMT
I also consider fair to buyback its own debt to refinance it at a lower rate. That's normal finance rules. And those who paid a premium on Secondary market did a wrong move, period. It happens everyday on the Bonds market.
The problem here was they boughtback 13% loans and kept the money pending, for free, for eight days (22-30 jan) while still listing other 13% loans. This is not normal behaviour. This is abusive accounting. When Hippocredit did its smart buyback, Pending Payment didn't exist yet.
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benaj
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Post by benaj on Feb 11, 2020 6:14:54 GMT
Cashwagon, it seems this LO transfers lower rate loan repayment faster and leaves higher rate ones as pending payment, even if they are finished on the same day.
Example: both loans finished on the 09.02.2029
11.1% repayment transferred
13.3% repayment pending
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Post by jmn on Feb 11, 2020 6:31:21 GMT
Half my portfolio is Pintar and half is Cashwagon. I'm not a diversification man. And now i feel stupid for being a huge victim of both...
I observed the same, payment not in chronological order. My oldest pending is 6-fev but Mintos forum reports a 1-fev example.
Could it be related to Coronavirus blackouts in SE Asia?
Edit: Cashwagon transfered all money yesterday. I now have zero Pending.
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