Regular updates on loan originators │ Bondster

Regular updates on loan originators

Regular updates on loan originators

November 16, 2023 Announcements | For investors

DanaRupiah

November 24, 2023

The status remains unchanged as of 24. 11. 2023. The information published below is still valid.

July 12, 2023

We have received proof of payment from the loan originator DanaRupiah. The money transfer issue was successfully resolved with the bank and the payment was successfully sent. As soon as the funds are deposited into our bank account, we will immediately pay out the investors. Many thanks to all the investors affected for their patience.

July 7, 2023

The loan provider DanaRupiah has sent us an official statement regarding the delay in payments. You can read the statement below.

Dear Bondster Team,
Due to problems with the local banking system in Indonesia, there is a slight disturbance in payment transactions. We have been actively coordinating with the bank to immediately resolve this issue.
We apologize for this inconvenience, We will try to be able to make payments as soon as possible if this problem has been successfully resolved. 
We hope we can proceed the payments by next week.
Thank you for understanding. 

Investors do not have to worry about their returns as the funds invested will continue to earn interest throughout the whole period.

Kviku

November 24, 2023

The status remains unchanged as of 24. 11. 2023. The information published below is still valid.

June 26, 2023

The status remains unchanged as of 21. 6. 2023. The information published below is still valid.

May 11, 2023

The submitted debt recognition agreement from the loan originator Kviku was significantly disadvantageous for Bondster’s investors. For this reason, we have sent a counter-proposal to the provider and have unfortunately received no response as of today.

March 30, 2023

The status remains unchanged as of 30. 3. 2023. The information published below is still valid.

February 17, 2023

We have received a draft debt recognition agreement from the loan provider  Kviku, which is another condition for the Russian authorities to agree to send payments to “not friendly countries”. Under this agreement, it would be possible to send funds from the Russian Federation to pay for buybacks. We are now analyzing the content of the agreement and trying to negotiate the most favorable terms for investors.

Once the agreement is concluded, Kviku can start sending payments. Unfortunately, taking into account the limits on payments to ‘not friendly countries’ set by the Russian Federation and the distribution of the ratio of creditors from these countries, this will be a monthly payment of EUR 1 000 to 2 000. This means, among other things, that unless President Vladimir Putin’s decree changes, the provider will be repaying the debt to the creditors for more than 15 years (NB if the debt were fixed and not further increased by the interest income of the investors). The specific repayment amount will always depend on the current RUB/EUR exchange rate.

December 14, 2022

To the Russian loan provider, Kviku still applies the restrictions on payments from Russian banks to banks in so-called “not-friendly countries”.

Over the past months, we have been looking for and analyzing various options for the safe and legal transfer of funds to the Czech Republic. We have set up an account abroad to which Russian rubles can be sent and exchanged into euros. We are currently testing the transaction and verifying whether the Czech bank will accept the transfer. If the transaction goes through, we will test the transfer from the Russian Federation. If the solution found proves to be optimal, we are ready to receive funds from Kviku to cover the buybacks.

We ask all our investors for patience. We are confident that the situation will be resolved as soon as possible and we will soon credit the funds to your accounts on Bondster.

October 16, 2022

At the moment, the Russian provider Kviku is still unable to make payments from Russian banks to banks in the so-called “non-friendly countries” due to the restrictions in place.

As soon as possible, Bondster CEO will make a trip to Belarus, where he will personally open a bank account to facilitate payments from Russia. Afterwards, the loan provider Kviku will make repayments of one million roubles a month to this account. The amount is limited by the decree of Russian President Vladimir Putin for payments to creditors in “non-friendly countries”.

The Bondster team is actively looking for and analysing other options of safe and legal money transfers. We kindly ask all our investors for patience. We believe the situation will be resolved soon, after which the funds will be credited to investors’ accounts at Bondster.

August 4, 2022

Dear Investors,

We would like to inform you about the current situation regarding the difficulties with cross-border money transfers of the Russian loan provider Kviku. Payments made from Russia to “non-friendly countries” are still limited to 10 million roubles per month. Even though it is possible to make rouble transfers in specific cases, the conversion of roubles into euros is very limited.

At Bondster, we are still analysing all transfer options and their potential risks, so that we can safely transfer funds from Russian providers to you. Simultaneously, we and our providers must comply with applicable regulations, which are changing very quickly. Therefore, we kindly ask all our investors for patience. We believe that the situation will be resolved as soon as possible and that the funds will be transferred to your accounts with Bondster in the nearest future.


Lime Loans South Africa 

November 24, 2023

The status remains unchanged as of 24. 11. 2023. The information published below is still valid.

June 21, 2023

The status remains unchanged as of 21. 6. 2023. The information published below is still valid.

May 11, 2023

The status remains unchanged as of 11 May 2023. The information published below still applies.

March 30, 2023

The status remains unchanged as of 30. 3. 2023. The information published below is still valid.

February 9, 2023

South African loan provider Lime Loans South Africa is part of the Russian Lime Credit Group. The two companies are financially interlinked. Sanctions imposed on the Russian Federation following the invasion of Ukraine in the form of disconnecting Russian banks from the SWIFT global payment system complicate international fund transfers. This is not only towards creditors, i.e. you, the investors, but also within economically interconnected entities. 

Lime Loans South Africa is in a growth phase, and its operations are still funded by the parent company. Due to the inability to transfer funds from the parent company based in the Russian Federation, Lime Loans South Africa has a complicated cash flow management situation and is currently unable to meet the buyback guarantee. We are in contact with the loan originator and its parent company and are looking at possible solutions. 

For this reason, we have stopped issuing new loans to Lime Loans South Africa as early as 29 April 2022. We are in intensive negotiations on the terms of the repayment schedule for all Lime Credit Group providers (i.e. Lime Zaim, Lime Loans South Africa, and Lime MX).  

We kindly ask for patience from all our investors. We are confident that the situation will be resolved, and funds will start coming in from the loan originator. 


Lime MX (Lime Mexico) 

November 24, 2023

The status remains unchanged as of 24. 11. 2023. The information published below is still valid.

June 21, 2023

The status remains unchanged as of 21. 6. 2023. The information published below is still valid.

May 11, 2023

The status remains unchanged as of 11 May 2023. The information published below still applies.

March 30, 2023

The status remains unchanged as of 30. 3. 2023. The information published below is still valid.

February 9, 2023

Lime MX, a loan provider from Mexico, is part of the Russian Lime Credit Group. The two companies are financially interconnected. Sanctions imposed on the Russian Federation after the invasion of Ukraine in the form of disconnection of Russian banks from the global payment system SWIFT complicate international fund transfers. This is not only towards creditors, i.e. you, the investors, but also within economically interconnected entities. 

Lime MX is in a growth phase, and its operations are still financed by the parent company. As the transfer of funds from the parent company located in the Russian Federation cannot be sufficiently implemented, Lime MX is facing a complicated cash flow management situation and is currently unable to meet the buyback guarantee. We are in contact with the loan originator and its parent company and are looking for possible solutions.  

For this reason, we have stopped issuing new loans to the Lime MX provider as of 8 November 2022. We are in intensive negotiations on the terms of the repayment schedule for all Lime Credit Group providers (i.e. Lime Zaim, Lime Loans South Africa, and Lime MX).  

We kindly ask for patience from all our investors. We are confident that the situation will be resolved, and funds will start coming in from the loan originator. 


Lime Zaim

November 24, 2023

The status remains unchanged as of 24. 11. 2023. The information published below is still valid.

June 21, 2023

The status remains unchanged as of 21. 6. 2023. The information published below is still valid.

May 11, 2023

The status remains unchanged as of 11 May 2023. The information published below still applies.

March 30, 2023

The status remains unchanged as of 30. 3. 2023. The information published below is still valid.

February 17, 2023

We have received a draft debt recognition agreement from the loan provider Lime Zaim, which is another condition for the Russian authorities to agree to send payments to “not friendly countries”. Under this agreement, it would be possible to send funds from the Russian Federation to pay for buybacks. We are now trying to negotiate the most favorable terms for investors. We have sent a counter-proposal to the provider and are currently awaiting comment from Lime Zaim’s senior management.

Once the agreement is concluded, it will be possible to receive payments which, based on the limits for payments to “not friendly countries” set by the Russian Federation and the distribution of the ratio of Lime Zaim’s creditors, will be in the order of EUR 10 to 20 thousand per month. Unless Vladimir Putin’s current decree changes, the provider will repay the debt to the creditors over approximately 7 years (NB if the debt is fixed and does not further increase by the interest yield of the investors). The specific amount of the repayment will always depend on the current RUB/EUR exchange rate

December 14, 2022

To the Russian loan provider, Lime Zaim still applies the restrictions on payments from Russian banks to banks in so-called “not-friendly countries”.

Over the past months, we have been looking for and analyzing various options for the safe and legal transfer of funds to the Czech Republic. We have set up an account abroad to which Russian rubles can be sent and exchanged into euros. We are currently testing the transaction and verifying whether the Czech bank will accept the transfer. If the transaction goes through, we will test the transfer from the Russian Federation. If the solution found proves to be optimal, we are ready to receive funds from Lime Zaim to cover the buybacks.

The transfer of money from the Russian Federation is very complicated due to the current situation. Competing platforms (such as Mintos) are also unable to receive any funds.

We ask all our investors for patience. We are confident that the situation will be resolved as soon as possible and we will soon credit the funds to your accounts on Bondster.

October 16, 2022

At the moment, the Russian provider Lime Zaim is still unable to make payments from Russian banks to banks in the so-called “unfriendly countries” due to the restrictions in place.

As soon as possible, Bondster CEO will make a trip to Belarus, where he will personally open a bank account to facilitate payments from Russia. Afterwards, the loan provider Lime Zaim will make repayments of ten million roubles a month to this account.

The Bondster team is actively looking for and analysing other possible ways of safe and legal money transfers. We kindly ask all our investors for patience. We believe the situation will be resolved soon, after which the funds will be credited to investors’ accounts at Bondster.

August 4, 2022

Dear Investors,

We would like to inform you about the current situation regarding the difficulties with cross-border money transfers of the Russian loan provider Lime Zaim. Payments made from Russia to “non-friendly countries” are still limited to 10 million roubles per month. Even though it is possible to make rouble transfers in specific cases, the conversion of roubles into euros is very limited.

At Bondster, we are still analysing all transfer options and their potential risks, so that we can safely transfer funds from Russian providers to you. Simultaneously, we and our providers must comply with the applicable regulations, which are changing very quickly.

Therefore, we kindly ask all our investors for patience. We believe that the situation will be resolved as soon as possible and that the funds will be transferred to your accounts with Bondster in the nearest future.


Mikrokasa

November 24, 2023

The status remains unchanged as of 24. 11. 2023. The information published below is still valid.

June 21, 2023

The status remains unchanged as of 21. 6. 2023. The information published below is still valid.

May 11, 2023

The status remains unchanged as of 11 May 2023. The information published below still applies.

March 30, 2023

The status remains unchanged as of 30. 3. 2023. The information published below is still valid.

February 17, 2023

The status remains unchanged as of 15.2.2023. The information published below is still valid.

December 14, 2022

The status remains unchanged as of 14 December 2022. The information published below is still valid.

October 16, 2022

Since the restructuring proceedings is still ongoing, the Polish court has not yet ruled on the amount of compensation that will be awarded to individual creditors of the loan provider Mikrokasa. Our legal representative is regularly monitoring the restructuring proceedings as well as the communication with Mikrokasa representatives. We will inform investors concerned about important developments in the situation.

Part of the portfolio (buybacks due after 7 October 2020) that is not subject to the restructuring proceedings is currently in arrears. We are trying to resolve the situation with Mikrokasa management representatives.

August 4, 2022

Dear Investors,

We would like to inform you about the current situation regarding the loan provider Mikrokasa. The Polish court has not yet ruled in the restructuring proceedings by deciding on the amount of compensation for individual creditors. The restructuring proceedings is still ongoing, and there has been no further progress in determining specific amounts to be paid or the timeframe of payments. Our legal representative is actively engaged in the monitoring of the restructuring proceedings and communication with Mikrokasa representatives. We will inform affected investors about important news without delay.

Part of the portfolio (buybacks due after July 10, 2020) that is not subject to the restructuring proceedings is currently in arrears. We are looking for a solution to this situation with the representatives of Mikrokasa’s management.


NetGotowka

November 24, 2023

The status remains unchanged as of 24. 11. 2023. The information published below is still valid.

June 21, 2023

The status remains unchanged as of 21. 6. 2023. The information published below is still valid.

May 11, 2023

The status remains unchanged as of 11 May 2023. The information published below still applies.

March 30, 2023

The status remains unchanged as of 30. 3. 2023. The information published below is still valid.

February 17, 2023

The loan originator NetGotowka has not complied with the terms of the letter agreement on repayments. We are preparing the necessary steps for legal recovery.

December 14, 2022

The status remains unchanged as of 14 December 2022. The information published below is still valid.

October 16, 2022

We were able to sign a bilateral repayment agreement with the NetGotowka loan provider. Under the agreement, the outstanding debt is to be repaid by the end of 2023. The provider is currently making all the payments it is obliged to as agreed in the repayment schedule. Bondster will then distribute the payments to investors as soon as they are received.

August 4, 2022

Dear Investors,

We would like to inform you about the current situation regarding the loan provider NetGotowka. The details of the instalment agreement are currently being discussed with NetGotowka, with the aim of paying off the remaining debt by the end of 2023.


Omnigrant

November 24, 2023

The status remains unchanged as of 24. 11. 2023. The information published below is still valid.

June 21, 2023

The status remains unchanged as of 21. 6. 2023. The information published below is still valid.

May 11, 2023

The status remains unchanged as of 11 May 2023. The information published below still applies.

March 30, 2023

The status remains unchanged as of 30. 3. 2023. The information published below is still valid.

February 17, 2023

For the loan originator Omnigrant, we are preparing the necessary steps for the legal recovery of the debt.

December 14, 2022

The loan provider, Omnigrant, has started communicating with us after preparing the legal steps and is starting to send installments. By the end of the year, we could receive an amount in the lower thousands of euros. After the New Year, there will be a new agreement with the provider. If the provider does not communicate with us, we are ready to proceed with further legal steps.

October 16, 2022

Despite our best efforts, we have been unable to obtain an instalment agreement proposal from the Omnigrant group representatives (concerns the loan providers Szybka pozycka Polska, Szybka pozycka Artex and Szybka pozycka).

We have handed the case to our legal representatives who are going to send a pre-action protocol letter in the penultimate week of October. If there is no response to it, we will proceed with a legal recovery of the claim.

August 4, 2022

Dear Investors,

We would like to inform you about the current situation regarding the loan providers Szybka pozycka Polska, Szybka pozycka Artex and Szybka pozycka. We did not receive a proposal of an instalment agreement plan from the representatives of the Omnigrant financial group, to which the above-mentioned loans belong, within the mutually agreed deadline.

Therefore, we are referring the case to our legal representatives, and we are proceeding to legal enforcement.


Right Choice

November 24, 2023

The provider Right Choice Finance submitted a proposal for an installment plan, which unfortunately did not meet our expectations. We have therefore prepared our own draft repayment schedule, which we will discuss further with the provider in the week of 27/11/2023. We have repeatedly asked Right Choice Finance to submit an official statement for investors, which we have not yet received. We will inform investors about the results of further negotiations in a timely manner.

November 16, 2023

Due to an incorrect import of the provider Right Choice Finance, loans were issued on the Bondster platform with a shorter period for activating the buyback (note that instead of the usual 60 days, a period of 10 days was given for some loans). The mentioned system error led to delay in buybacks repayment of Right Choice Finance loan originator.

Immediately after discovering this serious fact, we started intensive negotiations with the provider and demanded a proposal how to solve the situation, including a detailed breakdown of incomming payments. On Wednesday 11/15/2023, a representative of the provider Right Choice Finance informed us that they are prepared to keep the overdue and future buyback guarantee given to investors, but at this time they will not meet the due dates. The provider justifies this decision by the deteriorated short-term liquidity of the entire financial group, to which Right Choice Finance belongs.

For this reason, we proceeded to lower the rating of the provider from grade A- to the lowest grade D (note that grade D refers to default providers). At the same time, we suspended the possibility of issuing new loans from Right Choice Finance on the Bondster platform. Previously issued loans cannot be offered even on the secondary market.

Although we have proceeded to downgrade Right Choice Finance to grade D, regular monitoring shows that the company has a sufficiently strong capital position. Current Right Choice group problems with liquidity, which were not foreseeable within the quarterly monitoring of Right Choice finance entity, prevent on time payment of buybacks. However, from a long-term perspective, company it self is capital strong, which suggests that it is able to meet its obligations to investors in longer term perspective.

We continue negotiating intensively with the provider and expect the installment schedule proposal that should cover both currently due and future buybacks. At the same time, we asked the loan originator to deliver an official statement for investors with a closer justification for not complying with the buyback guarantee.

Right Choice Finance promised to deliver the repayment schedule proposal by Friday 17/11/2023. We expect to continue negotiating with the loan originator on this proposal in the week of 20/11/2023. We will inform investors about the outcome of the negotiations no later than Friday 24 November 2023.


SpeedCash

November 24, 2023

The status remains unchanged as of 24. 11. 2023. The information published below is still valid.

June 21, 2023

The status remains unchanged as of 21. 6. 2023. The information published below is still valid.

May 11, 2023

The status remains unchanged as of 11 May 2023. The information published below still applies.

March 30, 2023

The status remains unchanged as of 30. 3. 2023. The information published below is still valid.

February 17, 2023

The status remains unchanged as of 15.2.2023. The information published below is still valid.

December 14, 2022

The status remains unchanged as of 14 December 2022. The information published below is still valid.

October 16, 2022

The restructuring proceedings of the loan provider Speedcash has been ongoing since the June vote of the creditors’ committee on the payment of at least 50% of its obligations but there has been no progress made since then. Our legal representative is constantly monitoring the situation and we will immediately communicate any new information to all investors concerned.

July 13, 2022

Dear Investors,

We would like to inform you about the current situation regarding the loan provider SpeedCash. There has been no further progress in the restructuring proceedings of Speedcash since the June vote of the creditors’ committee to require the payment of at least 50% of the money owed. According to our information, all creditors voted in favour of this proposal after having familiarised themselves with the situation.

Our legal representative monitors the proceedings daily and we will immediately communicate any new information to all affected investors.


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