mp
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Post by mp on Oct 6, 2016 17:15:22 GMT
Seems that there are some issues with Twino buybacks.
For example loan Loan: 06-135472001, issued 16.6, no payments for over three months, but still it stays in my portfolio in "delayed" status even though Twino is committed to buy back after 30 days delinquent.
I've reported this its issue to Twino support first time on 25th of August, second time 1.9 and third time 30.9. And still it is not resolved! Response from Twino support is that this is related to the Georgian operations and the IT team there is supposed to fix this... Latest message from support indicated that this should have been fixed by beginning of this week (well, it was not a too big surprise to find that actually it wasn't).
Come on Twino! This is not a way to maintain investor confidence on your service and customer support! You commit to buy back in 30 days, and yet fail to fix an issue in reasonable time despite the issue being reported several times to your support!
Funny enough, this seems to be related to a single loan, other buy backs have been working fine, and Twino support also committed that interest will be earned for this long overdue loan.
Perhaps you other Twino investors should have a look at your portfolios to find out if there are other loans with similar issues. Just sort the "My Investments" screen by the "Next Payment" date and have a look if there are loans with long overdue.
I hope this is fixed soon, and that this is just a single glitch in the system.
- MP
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Oct 7, 2016 14:26:34 GMT
I have 33 pages of loans and the earliest scheduled repayment date is 7 September, so all are performing correctly.
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mp
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Post by mp on Oct 7, 2016 16:37:09 GMT
Ok, thanks James. It is quite impossible to go through all the loans, so good to hear that this is not a systematic issue!
But I just yesterday noticed another issue, my only non-buyback loan which I just happened to check manually...
Loan 03-103493, issued 28.8.2016, was in "delayed" status for a while, but now is shown as “current” in Twino, with one payment paid (but that was paid late). However, in “My investments” I see that no payments (interest or principal) has been credited to me. I also checked the account statement and did not see any payments for this loan ID.
This kind of incidents don't really increase the confidence on the platform and accounting, but let's see if the support is able to sort this one. It was again sent to "IT Team"...
- MP
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Post by humphrey on Oct 15, 2016 17:47:05 GMT
mpdid you check the legal annex for this loan? in some of my loans with buyback, the provision is written in the english version but not the latvian 
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jimc99
Member of DD Central
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Post by jimc99 on Oct 16, 2016 0:30:00 GMT
I think a loan can be extended up to 6 times before it becomes delinquent. So a one month loan does not have to be bought back until 8 months .... original term + 6 months + 30 day period.
That's my understanding anyway.
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mp
Posts: 21
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Post by mp on Oct 16, 2016 15:47:41 GMT
Hi,
Please note that the loan mentioned in the first post was NOT "Extended", it was actually in status "Delayed" still, even though it was long overdue, much beyond the 30 day buy back.
It took several emails and escalation request to Twino support to get the finally sort that out, they wanted to still wait for some Georgian IT updates... but I asked them to escalate this. So finally the loan was fully repaid to me last week. It took Twino 1.5months to resolve this but finally it was done. Luckily this was just a tiny investment (about 100Eur), so no major damage was done.
I think such delays in handling issues related to committed service levels (30 day payback) and cash flow are not acceptable for a company handling investors and loaners funds! Yes, as it is a rather new startup so there may be initial hick-ups during the ramp up phase, but such topics cannot be just "sent to IT team", the would need to be resolved much much faster, in days or hours, not weeks or months.
Also it is worrying me that there can be more such anomalies which may be difficult to notice. It is not feasible to check all the hundreds of loans one by one and check if the statuses are right and all payments done in correct and timely manner. I just happened to notice this one by accident (when sorting out "my investments" by "next payment date").
The issue with other loan which I mentioned is possibly still not resolved (i.e. loan was in status "current" for a while, with one delayed payment made, but nothing was paid to me...). It's been open now for about a week.
However, previously the loan showed that I had received no payments, but now looking at account statement I found the some payments. Twino is not making this investigation easy since they don't even show the loan ID anymore in "Individual Investments" list in the new site, and you can't filter by loan ID either, so you would need to download the info into Excel to do any meaningful filtering or analysis...
Such findings made me cautions for increasing investments to Twino at the moment, but I hope these are just individual single incidents and not an indication of systematic problems in their SW and accounting.
- MP
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jimc99
Member of DD Central
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Post by jimc99 on Nov 1, 2016 0:16:05 GMT
Yes I see what you mean......Just looked at my loans issued back in may, june and july but still not repaid. All of these should be showing as extended but about half are still shown as just delayed!
I will email Twino with my situation.....maybe all investors with this problem could do the same. Little pressure sometimes gets things done.
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jimc99
Member of DD Central
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Post by jimc99 on Nov 1, 2016 3:51:13 GMT
Having read the INVESTING page on Twino, loans with buy back can only be extended up to 6 times (therefore 6 months) if the borrower pays the interest. If he asks for a 7th extension the loan should be bought back and investors paid back.
If the borrower fails to pay back the loan on the due date or does not pay interest to extend then the loan is classified as "delayed" and after 30 days Twin should buy back the loan and pay back the investors.
So for sure there should be no "delayed" loans older than the original due date plus 30 days.
Something very wrong with the administration of these loans by Twino!!
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Post by yoica on Nov 1, 2016 8:42:36 GMT
When I look at my investment screen online I have 3 older (june/july) loans that are marked as DELAYED instead of EXTENDED. These should've been bought back, but if I download the excel I see that they are marked as extended. ![]()  My loans marked as extended online are shown in the excel 'Status: CURRENT' and 'Extended: (1,2,3,etc)' So it seems the DELAYED loans that aren't bought back are actually extended, but due to a bug(?) aren't show as extended. Attachments:
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mp
Posts: 21
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Post by mp on Nov 2, 2016 9:34:14 GMT
The issue might not just be showing the status incorrectly in the web interface and differently (possibly correct) in Excel files...
When I reported this issue to Twino in August they replied:
"Unfortunately we are not able to make the changes until the Georgian side fixes it from their system. Only after their changes are completed, we can make the alterations from our side. "
So this indicates some difficult (or slow to resolve) IT problems. And then it took 1.5 months and few escalation mails to get this sorted out (and I think they may have fixed it manually). So this indicates that there indeed were (or possibly still are) some systematic problems in their platform. This is something that I would not like to find out in system managing our money!
It would be nice to see Twino commenting and replying properly, i.e. what was the issue, has it been fixed and what was the impact to investors. This might increase the investor's confidence to the platform. But unfortunately they don't seem to communicate very much, despite I specifically mentioned to their support that I am bringing this issue to the forum so that other investors can try to figure out if they are impacted.
Due to this uncertainty I am holding on any additional investments, re-investing repaid interest to the shortest loans only, and possibly consider withdrawing until the my trust level is restored.
I really do hope that this is just a single issue, since otherwise the platform seems ok, reasonable returns, auto-investment profile working ok, etc. Also I think the withdraw requests have been a bit faster than in the past, but still not matching Bondora's (where money withdrawn is shown in my account on the same day). Sadly the speed of withdraw wire transfers is the only thing in Bondora which I am happy with (but that would be another story).
mp
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