$Do Finance has published a status update:

The general situation in the markets where Alfa Finance group is represented

Poland loan originator has stopped new loan issuance and currently, Poland loan originator is working on loan recovery exclusively with accountants and lawyers involved. The related costs for lawyers and accountant involvement are fully covered by Alfa Finance.
In the meantime, the Indonesian loan originators are fully operational, meaning that the new loans emerge alongside the new products.
With regard to the money loans in Indonesia that were affected due to the pandemic, the up-to-date position is that the loans are being recovered with the help of external agencies and the local court system. Meanwhile, all cases in Poland are being referred to court, but because of the covid-19 restrictions, some parts of the cases have slowed down and the others should be resubmitted again.

Performance of affected portfolio part

Currently, the loan originator’s recovery plan is in progress, and since the last update, which was September 2020 the internal debt collection team and in solid partnership with debt collection agencies, the loan originator in Indonesia has managed to recover 776,681 EUR. Meanwhile, in Poland 186,793 EUR where almost all loans have been placed in court.

In percentage terms, 35% of total affected investments were recovered in Indonesia and 17% in Poland. The total portfolio in recovery for Indonesia and Poland is 5,446,000 and 4,325,000 EUR respectively. DoFinance investor share for the Indonesian part is 34% and for Poland – 17%. The remaining portfolio is funded by shareholders’ investments, with 66% share of Indonesian loan originators while 83% share in Poland. The total payout to investors since the 1st of May 2020, including interest, is 1,272,535 EUR. We are planning to update the recovery plan progress every month from now on.

Investment brokerage company license issued by FCMC

The company is working towards obtaining a license from FCMC, which will have a substantial positive impact. There is still pending documentation to be prepared, and some processes are undergoing amendments according to the FCMC requirements.

$PeerBerry is not happy that $Monestro and $Do Finance are using their name in Google Ads:

"Dear market participants,
I'm sure you all are here and this information is addressed to you.
PeerBerry is a registered trademark with protection on the EU level and you have no right to use our brand in your communication.
This is a repetitive issue. Market participants that do not respect the law will be warned by our lawyers directly."

$Do Finance have started writing creative blog posts similar to other questionable P2P platforms. Are they living in a different reality? Quote:

"DoFinance is trusted by thousands of clients all over the world, and new investors choose us every day due to our excellent service and reliability. We have a great proven track record and continue to do our upmost for our clients and their successful investments. In addition, DoFinance operates a segregated bank account that contains investors received money which is used exclusively for payments to investors and/or transfers to Loan Originators. No other transactions are made from these funds. All operations and processes are transparent and available to each investor on their account, and if questions arise, our managers will always come to the rescue with the necessary answers."

Investor experience:

Daniele Forza: "I am an investor with exposure in default for over a year. The platform does not have a recovery process, they just send emails without explaining the details. The contracts changed overnight and the buyback guarantee was removed. not recommended"

Iliyan Iliev: "More than a year after my investment finished, Im still waiting to have my money back. They suspended buy back guaranteed with buy back obligation. They dont provide any numbers to see how the outstanding loans are performed, but give us meaningless emails by templat. in my opinion, stay away from them"

$Do Finance created a Spring Offer - promise of 15%: "We are introducing you to a new investment program where you can earn 15% per annum.

The new investment program allows you to invest in the fixed term – 2 months, after 2 months your principal and earned profit will be in ‘Your Available Funds’ and you will be able to reinvest or withdraw the respective amount.

This offer will be available for only one month!"

Note that $Do Finance have not paid old investors back, but instead are writing fake reviews and creating special offers to attract new money. Also - when Covid started, they disabled the previously promised BuyBack Guarantee. Is this turning into another P2P ponzi?

$Do Finance investors are not happy: "We´ are stuck more than a year, not possible to make withdrawals and now they´ are writing fake reviews in Trustpilot."

Comment from $Do Finance in April: "Your all PL loans are in the court, as you already know that. Indonesia loans are also in recovery through debt-management companies. These processes aren't stopped - that's a great news. It means that you can still wait for your funds to be recovered.
You can imagine that court process is taking time, and it is not even a year, it could be two or three. It is impossible to recover all funds in short time period"

$Do Finance investors did a poll about legal action:

Chili: Results after 2 days and 61 votes (out of the 158 group members): 36% ready to proceed legal action vs. 64% no action yet / enough trust in Dofinance.
Preliminary conclusion: (too) small group (22) willing to proceed on legal action, insufficient participants (2) willing to organize.
Factual discussion and informative ‘red flags’ can create alignment on joined efforts if and when needed. And lead to effective next steps. Or improve trust in Dofinance.
To give it a start here are my two cents: Struggling with Covid circumstances does not justify red flags and improper administration.
Red flags I came across:
⁃ administrative errors
⁃ secretive and holding back information
⁃ profitability Alpha group
⁃ lack of transparency in group results since Q1-2020
⁃ inconsistent and changing buyback guarantees
⁃ transparency payments from Poland and Indonesia
⁃ statement in latest webinar - 2 years on Polish loans vs. earlier stated max. 270 days
⁃ website down after simple mass download
⁃ avoidance critical portfolio and loan contract questions
⁃ not sharing requested portfolio information and admitting doing so
I am eager to find out if any red flags can be refuted. And possibly change my mind about Dofinance.

Technical problems or cashflow problems? $Do Finance