Bondora sells batch of defaulted loans in Estonia
European peer-to-peer lending platform Bondora has sold another batch of old defaulted loans in Estonia.
The sale was arranged “to keep our portfolio in top shape and generate continuous positive returns for our investors,” Bondora said.
The platform added that the system update which followed this sale cased a temporary reporting hitch on the Bondora website. This meant that investors saw negative earnings in their statements on 28 and 29 December.
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“The good news is that we’ve fixed the issue, and everything is back to normal,” a Bondora spokesperson said.
“Your investments and earnings are safe, reflecting the correct figures. Thank you for your patience and apologies for any inconvenience caused.”
In April 2022, Bondora completed another sale of old, defaulted Estonian loans. At the time, the company said that it had opted to sell the loans to “decrease uncertainty and keep our portfolio quality in top shape.”
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“The loans that we sold defaulted before 1 January 2019,” the platform explained.
“We considered the cost of further debt recovery efforts and concluded that selling the loans to the local debt collection authority would be more cost-effective and better for our investors.”
Investors with exposure to these loans received a lump sum payment which was paid into their Bondora account following the sale.
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