We´re informing the investors that ClickCash has not executed buybacks as per the agreement. We have been in discussions with ClickCash since September when the first buyback purchases were delayed. Since then, they have shown goodwill in cooperation and periodically transferred funds to us, gradually paying down the open balance.
However, we did not receive the agreed payment this week, so we are now assessing different options for proceeding. We remain in active communication with the ClickCash management to resolve the situation amicably. The listing of new loans from ClickCash is suspended.
We have requested that ClickCash use all proceeds from the pledged loan book for payments to investors. At the same time, we assess the situation and continue the discussion with the management and ClickCash shareholders. Complete clarity on the situation and their ability to continue paying voluntarily should be ready within November, as well as the status of pledged loans and collecting them directly.
The original balance at the time problems with payments arose was €246 878, out of which ClickCash has paid back €64 000 (26%). The outstanding balance as of today, 10.11.2022, is 182 878€.
The information we have today is the pledged loan book quality has deteriorated and is weaker than we expected, making the decision on legal collection even more challenging. The Click Cash management is trying to find solutions, and we have also engaged their investors, including the Tolaram group, in the discussion. As the situation evolves and more information becomes available, we will keep you updated.
We’d hope we have factual information about expected recoveries or a solid payment agreement during November. Personally not happy at all about this, but hopefully, we will get a good outcome.
We are currently assessing different options, including enforcing the pledge and legal collection. During our discussions and with the information we have today, the pledged loan book quality seems to have deteriorated and is weaker than we expected. We need to consider the loan book quality when deciding on the possible legal collection, which will incur additional costs and take time.
We aim to keep investors updated as things progress, and we are doing our best to solve the situation with ClickCash as soon as possible. Still, legal proceedings and the collection of information takes time. Please note that in the case of enforcing the pledges and starting collection directly from the loan book, the investors will be paid from the cash flow from the book. The estimated time for this is between 6-8 months.
According to the data we have today, the cash flows from the pledged book show an inflow of approximately €50K as per original borrower payment schedules. The lower-than-expected cash flows seem to result from the relatively fast deterioration of the pledged loans and ClickCash not keeping the pledges at the agreed level. We are currently inquiring further about the promises and why they are underperforming.
This week, we reached an understanding with ClickCash that all cash coming from the book will be forwarded to us. The recovery is expected to take until the book completely matures, with the last payment estimated to happen in August 2023. Between now and then, ClickCash will make us bi-monthly repayments from the cash flow, with the first payment agreed to happen next week.
In addition to the above, the ClickCash management and shareholders are trying to find solutions to fulfill their contractual obligations and enable income investors to recover fully. We are in active discussions with them and will update investors as new information becomes available.
We’ve received €2500 payment from ClickCash; this was allocated first towards interest and then principal as always. We expect another payment in two weeks when more cash is collected from the book. We’ll update you accordingly as new info becomes available.
We’ve received €5000 payment from ClickCash this week. It was allocated first towards interest and then principal, as always. We expect another payment in two weeks when more cash is collected from the book. We’ll update you accordingly as new info becomes available.
We are expecting the next payment, collected from the pledged loan book, to come next week.
We are waiting for confirmation of the collected sum so far and the next payment to our investors. Due to Brazilian bank issues, the allocation of payments to loan contracts was delayed this week, and consequently, the payment is moved to next week.
We’ve received 7 677,58 EUR today from the pledged loans. The funds are in our account and will be allocated soon to investors.
Collecting funds from books continues. We expect to receive the next payment next week or after that, depending on the amount collected.
Waiting for the latest collections from ClickCash. We expect to receive the next payment next week.
ClickCash has confirmed next payment. The funds should reach us next week.
We’ve received €1816 from ClickCash and allocated it to investors. Recovery has been slower than expected, but we are expecting to receive more next week. As previously communicated, we expect around €50K to be paid back by August from the pledged book. We are in continued discussions with them and are looking to find solutions to speed up the process and recovery.
We did not receive the cash yet as planned. There is a new financial controller in the company who is now working with us on the collections and payments, and we expect we can report in more detail soon. With the new financial controller, we’ll work on more precise predictions.
The new controller of ClickCash is starting his operations, as mentioned last week, and getting familiar with the business. We should be receiving the next payment next week.
Clickcash confirmed sending another transfer to us, but we haven’t received it yet. We’ll allocate the amount among investors as soon as we receive it.
Unfortunately, there’s no news about Clickcash. No money has been received, so we’re waiting for an update from them on the next steps.
We’re expecting Clickcash to send us the transfer next week, but there has been no confirmation from them yet. Will wait for it.
We have received 2971.20 EUR this week, and the funds are already allocated. We are working with their new controller reviewing historic borrower payments.
Unfortunately, no major update this week. However, we will be monitoring the situation to be able to report more soon.
A transfer of 5000 EUR has reached us, and it has been allocated to investors’ accounts on Monday,
We received 4000 EUR this week and allocated them to investors’ accounts.
ClickCash (Credito 24 LTDA) is a Brazilian non-bank financial company (Fintech) that offers consumer loans to its customers via a proprietary “mobile only” process that enables it to tap into alternative credit data and detect fraud efficiently. ClickCash’s largest investor is Singapore-based Tolaram Group.