November was another historic month for both the number of missed payment recoveries and the total cash recovered on Bondora. In total, 67,535 missed payments were recovered in November, up 3.1% from one month ago. Thank you to our dedicated teams who made this happen.
Recoveries were up across the board for all stages of the collection process. Estonian recoveries grew by 4.7%, Spanish recoveries by 1.5%, and Finnish by 2.2%. Once again, the most recoveries came out of Estonia in the Bailiff stage of the recovery process (13,735), followed by Default & court recoveries in Spain (13,162).
Another record for cash recoveries
After setting a record high of €737,259 recovered in October, cash recoveries set another record high for the second straight month. In November, €829,072 of missed payments were recovered, a 12.5% increase.
The Bailiff stage still proved to be the stage with the most recoveries, accounting for 78.2% of all cash recovered, followed by the Default & court stage, which accounted for 17.9% of all cash recoveries. Estonia also maintained its status as the country where the most cash was recovered (€455,053), followed by Finland (€272,469) and Spain (€100,378).
Cumulative recovery rate rises for the 11th month
It’s always encouraging to see recovery rates rise, and that’s precisely what happened in November. The total recovery rate from 2014 to 2020 rose slightly from 40.83% to 40.87%. This came from a rise in recoveries from missed payments in 2014 (49.30%) and 2019 (50.39%). As for the most recent year, the recovery rate for 2020 fell by only 0.12% to 42.76%. This remains higher than the seven-year average of 40.87%.
Estonian recoveries are on fire
Another month brought another rise in the Estonian recovery rate in 2020, which climbed by 4.8% to a strong 52.0%. In fact, the recovery rate for missed Estonian loan payments also rose for 2019 (56.7%), 2015 (61.6%), and 2014 (78.2%).
The 2014 Estonian rate surpassed the 2020 rate of recovery in Spain (75.9%) as the highest recovery rate on Bondora over the past seven years. 2020 recoveries in Finland seemed to slide, coming in at 21.9%, which is 1.6% lower than last month. This is the lowest recovery rate for Finnish missed payments since loans were originated in 2014.
Pop the champagne to another record-breaking month
The team at Bondora has been hard at work recovering missed origination payments, and the work is showing. Almost every metric, from the total number of recoveries to cash recovered and even the cumulative recovery rate for the past seven years, were all higher this month.
You can always view missed payment recoveries and all other Bondora data at any time. Check out our real-time statistics to see not only recovery data on all Bondora missed payments, but loan history, returns data and more.