Mobikwik reinvested P2P lenders' money without their consent

[JSFinance]

Same here bhai log… in my case too 66% is returned yet and from past few months they have actually cut down the returns by 50-70% than they actually mentioned. Are they going to pay back till Dec 2025 only ? Then this cannot be recovered fully for most of us.

 

[codenerd]

Same here bhai log… in my case too 66% is returned yet and from past few months they have actually cut down the returns by 50-70% than they actually mentioned. Are they going to pay back till Dec 2025 only ? Then this cannot be recovered fully for most of us.

Yes they have reduced repayment from july drastically

 

[AlooDum]

Also the npa these lendbox posts is fishy, as I have spoken to a friends friend in mobikwik who is well aware of the reality of situation and he is saying the npa's are very high. They are struggling to recover money from people. And as the fresh inflow is very less they are struggling to return the money already invested. They are earning good profits but unable to return to us.

https://www.lendbox.in/portfolio-performance as per lendbox 9.75% npa

I would be shocked it the actual number is close to 35%

So your friend's friend work at MobiKwik?

Can you please atleast ask if they have any good intentions of returning our money or not?

 

[JSFinance]

Recovered 70% including interest from 3 accounts.

I am mentally prepared for 20% loss on initial investment by the end of tenure.

Will consider myself super lucky if I am. able to recover 90% of initial investment also by next year June.

Are they going to pay beyond Dec 2025 as well ?

 

[Sahil_07]

Are they going to pay beyond Dec 2025 as well ?

yes may 2026 acc to the list they have provided

 

[JSFinance]

yes may 2026 acc to the list they have provided

In repayment schedule, I could only see data till Dec 2025. Is that list you are talking or it’s available somewhere else ?

 

[Sahil_07]

In repayment schedule, I could only see data till Dec 2025. Is that list you are talking or it’s available somewhere else ?

In my case it is showing may 26.
They generally updates the list and schedule

 

[Shinigami]

So your friend's friend work at MobiKwik?

Can you please atleast ask if they have any good intentions of returning our money or not?

I tried asking him for more. He is like repayments are upto lendbox and not mobikwik. Mobikwik is only focusing on there cuts. Rest completly is on lendbox and who they have lent money to. Mobikwik is just a middle man with there profits as there interest.

He says most people will get atleast 80% if market is good as end of the most are small vendors who have taken loans. Gross npa of lend box is roughly 10% + they have taken partial rbi guidelines to heart by not acting as sponge for npa. So I personally expect 10-15% of loss. I really hope I am wrong to think that.

Also hoping whatever interest we are earning doesn't matter how miniscule it might be just covers the principal losses when the time comes.

In this terms 12% club was much better as they atleast had cash flow data of who took loans from them

 

[Shinigami]

I don't know why I just calculated my actual loss considering current flow. And it is shocking based on the expected amount to be received. I practically invested in mobikwik at -12% including tax I have on realised profit. While if I would have stick to my usual invoice discounting after tax I would have earned 9%

So instead of earing 12% yearly I lost 12% yearly on base amount 😂😂😂😂😂😂

And somehow all this calculation points out to how my friend told me the there gross npa is 20% even though they say 10%. The calculation fits perfectly as i am loosing 18% principal + interest.

 

[Ram1]

I don't know why I just calculated my actual loss considering current flow. And it is shocking based on the expected amount to be received. I practically invested in mobikwik at -12% including tax I have on realised profit. While if I would have stick to my usual invoice discounting after tax I would have earned 9%

So instead of earing 12% yearly I lost 12% yearly on base amount 😂😂😂😂😂😂

Isn't it a good life lesson for us? I still can't understand why I trusted mobikwik that time.

 

[Shinigami]

Isn't it a good life lesson for us? I still can't understand why I trusted mobikwik that time.

Frankly I choose mobikiwk only for 1 reason alone. For my tardiness, as in invoice discounting I would have to look for proper deals, read the deal agreement, research about the companies I am buying invoice of and the sheer amount of constantly rotating the money after each deal matured.

Nice hit for my tardiness

 

[JSFinance]

In my case it is showing may 26.
They generally updates the list and schedule

Hopefully they do update, if not then it would be 30% loss for me.