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Post by wiseclerk on Jun 26, 2017 8:35:19 GMT
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kulerucket
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Post by kulerucket on Jun 26, 2017 8:54:46 GMT
Luckily I don't have any Eurocent loans. I like the way that Mintos handled this though. They have openly announced the problem and have suspended new loans. I have mixed feelings about suspending secondary market trnsactions. On one hand the market should decide on the worth of the loans given the information available, but on the other hand I can see a lot of people buying without realising the reason for the discounts available. This will certainly teach me to limit my exposure to new loan originators more.
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Post by wiseclerk on Jun 26, 2017 9:01:40 GMT
Well yes, they have announced it. But one may wonder, what exactly did they do between June 8th and June 21st/26th? Hoping it would resolve itself?
And no, I don't have Eurocent loans either.
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kulerucket
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Post by kulerucket on Jun 26, 2017 9:17:56 GMT
Probably some sort of business courtesy I suppose. At least it seems that the PM was blocked on 8th. Following the announcement, Eurocent may find it very difficult to climb out of their hole now. They will have to provide a better interest rate to borrowers if they want any more money and it sounds like they are struggling to make things work as it is.
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Post by falconet on Jun 26, 2017 9:23:16 GMT
I actually have 1 Eurocent loan but it was only 15€ original investment and now it's 13€. It's 31-60 days late.
Good handling by Mintos.
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Post by wiseclerk on Jun 26, 2017 9:33:53 GMT
Probably some sort of business courtesy I suppose. At least it seems that the PM was blocked on 8th. The announcement says TODAY? 'In addition, starting from today, June 26, operations with Eurocent loans have been suspended on the secondary market, as well'
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kulerucket
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Post by kulerucket on Jun 26, 2017 9:59:37 GMT
Probably some sort of business courtesy I suppose. At least it seems that the PM was blocked on 8th. The announcement says TODAY? 'In addition, starting from today, June 26, operations with Eurocent loans have been suspended on the secondary market, as well'The full paragraph: "Following the missed bond repayment, the management of Mintos marketplace made a decision to stop the placement of new Eurocent loans on the primary market, as well as reverse all investments where payments were still in transit to the loan originator. In addition, starting from today, June 26, operations with Eurocent loans have been suspended on the secondary market, as well. These limitations will hold until bond repayment is resolved."I read that to say that they stopped new PM loans immediately on the 8th and then blocked SM transactions later on the 26th.
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kulerucket
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Post by kulerucket on Jun 26, 2017 10:01:02 GMT
I actually have 1 Eurocent loan but it was only 15€ original investment and now it's 13€. It's 31-60 days late. Good handling by Mintos. Let us know how the buyback pans out.
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Post by wiseclerk on Jun 26, 2017 10:13:28 GMT
Yes you are right. I read "SM" in your post where actually you wrote "PM"
Last listed new loans were actually on June 14th
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kulerucket
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Post by kulerucket on Jun 26, 2017 11:34:32 GMT
Yes you are right. I read "SM" in your post where actually you wrote "PM" Last listed new loans were actually on June 14th Oh yes so it wasn't an immediate halt after all.
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Post by craseal on Jun 26, 2017 11:40:59 GMT
I think this is the situation where we will see how the Buyback guarantee holds out in a real situation. I have about 250€ in Eurocent Buyback loans, but the reply from Mintos I got back today regarding Buyback makes me very worried.
As I understand it, if a loan originator goes down, the Buyback guarantee becomes worthless.
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fric
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Post by fric on Jun 26, 2017 12:45:18 GMT
I think this is the situation where we will see how the Buyback guarantee holds out in a real situation. I have about 250€ in Eurocent Buyback loans, but the reply from Mintos I got back today regarding Buyback makes me very worried. As I understand it, if a loan originator goes down, the Buyback guarantee becomes worthless. Ofc, that's how it is. The buyback is only good if the company can actually execute the buyback. Its only logical that If they themselves go bankrupt - than there is big risk of loosing money, yes.
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Post by falconet on Jun 26, 2017 13:52:35 GMT
I actually have 1 Eurocent loan but it was only 15€ original investment and now it's 13€. It's 31-60 days late. Good handling by Mintos. Let us know how the buyback pans out. Will do. The last payment was on the 30th of April so the buyback should be activated soon.
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Post by nellerdk on Jun 26, 2017 14:21:09 GMT
I think this is the situation where we will see how the Buyback guarantee holds out in a real situation. I have about 250€ in Eurocent Buyback loans, but the reply from Mintos I got back today regarding Buyback makes me very worried. As I understand it, if a loan originator goes down, the Buyback guarantee becomes worthless.I read somewhere that Mintos will try to take over, if a loan originator goes down. Thus, Mintos will try to act as a proxy and the people, who owe money to Mintos users, then pay directly to Mintos, which then distributes the payments to the Mintos users. You can read more comprehensive details, about this practice, on the Mintos website under FAQ.
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kulerucket
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Post by kulerucket on Jun 26, 2017 15:23:41 GMT
I think this is the situation where we will see how the Buyback guarantee holds out in a real situation. Yes, since I don't have any stake in it, this should be very interesting.
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