Loans from Ukrainian lending company SOS Credit will now be marked with SW (Score withdrawn) on the Mintos platform, as the borrowers and the company suffer impacts of the Russian invasion of Ukraine.
With all our common understanding of the situation in Ukraine, also the Martial Law was introduced on 24 February, right after the invasion started. SOS Credit instantly stopped issuing new loans and collecting repayments, with consequential loan extensions that don’t include accrued interest or any late-payment fees for their borrowers.
For investors on Mintos who have investments in SOS Credit loans, the prolongation of 30 days will be shown for these loans, and the interest rate will be changed to 0% to reflect the status with the borrowers. Information will be updated on Wednesday, 9 March 2022.
The extensions will be updated or their status will be changed according to future developments in this matter. We will inform you timely about all news regarding borrowers’ loans from this Ukrainian lending company.
We got in touch with the Management team of SOS Credit in Ukraine and got their statement about the current status of their business.
“SOS Credit Ltd. has stopped issuing new loans to its clients from 7:30 am on February 24, 2022. Accrual of interest and fees on existing loans has been stopped at that moment as well. We have stopped all collection activities and the clients’ service department is providing just informative services. This status will remain as long as Martial law is in force.”
“Most of our staff has managed to re-locate to safer locations in Ukraine and Europe. Some of our team members have joined Територіальна оборона (National Guards) and are helping in any possible way. Our office premises have recently suffered from bomb shelling as well, but hopefully, it is recoverable.
We believe that joint forces of good will be able to stop this terror from Russia and peace will return to Ukraine. As soon as Martial Law is lifted, we will resume our operations.
We are turning to you, honorable investors to be understanding and patient in this situation which is totally out of control for us as a business. We encourage you to help the people of Ukraine, to give them time to get through these hard times and recover afterward.
For those who would like to go even further and help proactively, we propose to donate your investments, and we as a lender will write off borrowers’ loans and accrued interest.*
In any case, we are firm in spirit, we trust that we will get through those dark times and will come back much stronger.”
The management team of SOS Credit Ltd. Kyiv, Ukraine
*Please, note that such a process is subject to multiple legal requirements, tax regulations and revenue considerations, and it is not easy to ensure that the instructions on pardoning serve the purpose in full. Even though we would love to introduce the functionality for the pardoning of loans, it would require great administrative capacities, documentation development and tracking for Mintos, and long-term monitoring. While there is a debt moratorium in Ukraine and the borrowers do not have to pay their loans – the ultimate goal is achieved – the borrowers in Ukraine do not have to pay now. We are open to considering the pardoning solution when we have more certainty on when the debt moratorium period is approaching the end.
We remind you that you can also make donations for People of Ukraine directly from your Mintos investor overview.
We encourage you to be patient, find understanding for Ukrainian borrowers and their situation, and support Ukrainian people by donating funds to causes of your choice or by supporting humanitarian activism in any way you can.
