Bondora recovers a record number of missed payments
Bondora recovered 77,471 missed payments in March, the highest number in its history, following a drop the previous month.
The European peer-to-peer lending platform said this was a 3.6 per cent rise from February, following February’s 0.6 per cent decline.
Most recoveries (43.8 per cent) were made in the bailiff phase, accounting for 33,917 loans, followed by the default and court phase, with 20,313 recoveries and a 26.2 per cent share.
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In March, the platform collected €1.25m (£1.04m) in cash, a 61.6 per cent increase from February and a new high for 2022.
The majority of the cash recovered was in Estonia, a 52.9 per cent share accounting for €661,557, which represented a 127.7 per cent rise from February.
As a result of the sharp rise in Estonia, Finland’s share declined from 55.1 per cent to 40.4 per cent, but the volume of Finnish cash recovered rose by 18.6 per cent from February, totalling €505,283.
And most of the recovered cash came from the bailiff stage, a 71 per cent rise from February.
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“As we progress into the first quarter of 2022, the recovery rates, which began astronomically high in January, are starting to settle more,” Bondora said in a blog on its website.
“But, we do expect it to remain relatively high.
“Estonia holds the lead in recovery rates from 2014-2021, but Finland charges in first place for the 2022 recovery rate.
“Although the number of payments and cash amount recovered is less than last month, recovering €773,447 in one month is still work we’re proud of.”