European peer-to-peer lending platform Bondora saw a 8.2 per cent drop in cash volumes collected last month, despite recovering more missed payments than it did in April.
The platform recovered 70,729 missed loan payments in May, up by 1.1 per cent from April.
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But Bondora recovered just €813,591 (£697,250) in May, an 8.2 per cent month-on-month decline. This brought the average missed payment recovery down from €12.70 in April to €11.50 in May.
“Even though this isn’t a major decrease in cash recovered, it would be exciting to note what will happen in the coming months,” Bondora said in a blog post on its website.
The platform said bailiff recoveries continue to drive its recoveries, up 1.6 per cent from last month and accounting for 44.3 per cent of all missed payment recoveries.
Bondora’s recovery rate for 2021 continues to normalise downward, coming in at 66.1 per cent this month from 69.1 per cent in April. The cumulative recovery rate was 0.3 per cent lower and reached 44 per cent.
However, there is a wide variety of recovery rates in the different European countries where Bondora operates.
Its Spanish recovery rate, while lower for 2021, remained exceptionally high at 121.6 per cent.
Meanwhile, the 2021 recovery rate for Estonian originations was slightly higher in May, up to 78.8 per cent. And the Finnish recovery rate for 2020 was higher, up by 0.7 per cent to 21.7 per cent.