We would like to bring your attention to an ongoing matter that has impacted one of our Loan Originators, Vivus MX, and subsequently affected the repayment process for our investors.
Over the past six months, Vivus MX has encountered challenges with its bank transfers, resulting in the inability to fulfil payments towards the principal and interest owed to investors in a timely manner. We want to assure you that we have been actively engaged in discussions with Vivus MX to find the most effective solution during this period. During this period, Vivus has been able to transfer € 1 499 976.00, leaving € 553 143.00 due to Income’s investors. The funds have been allocated to the loans in proportion to the investments, which means that while the loan maturity date has passed, you’ve received funds for the loans you invested in. The loans will be closed in the system as paid back once all funds have been received.
Please note, according to our rules, investors earn interest the whole time the loan repayments are delayed.
In response to the situation, DFI (Digital Finance), the parent company of Vivus MX, has issued a statement shedding light on the matter. According to the statement, the bank’s compliance department, through which previous payments were made, has due to its own internal policy, decided to deny transfers to financial organisations lacking a domicile banking license. Consequently, DFI Cyprus has been compelled to transfer the designated financial assets to an alternative financial institution.
DFI has initiated the migration procedure, which is expected to be completed within the next 3-5 working days. Once this process is finalised, the repayment process will resume promptly. DFI expresses regret for any inconvenience caused and emphasises its commitment to resolving the issue as swiftly as possible.
We understand that this situation may raise concerns, and we want to assure you that we are closely monitoring the developments. Income remains dedicated to safeguarding the interests of our investors and will continue working collaboratively with Vivus MX and DFI to navigate through these challenges.
Your understanding and patience during this period are greatly appreciated. We will keep you updated on any further developments and provide timely information regarding the resumption of the repayment process.
Thank you for your continued trust and partnership with Income.
