In March, the total cash recovered on the month which saw significant gains. The Bondora team worked diligently to recover missed loan payments and was able to recover more cash, on average, than in previous months.
Recovery count ticks higher
As previously mentioned, the recovery count increased since last month, with a total of 29,801 compared to 28,907 in February. Increases were seen in each stage of the recovery process which led to this 3% increase in total recoveries. Rare case and bailiff recoveries were both up about 5% to 2,401 and 9,892 respectively. Meanwhile, default and court recoveries climbed 2% higher to a total of 11,627.
Cash recoveries jump
The total number of cases in recoveries were up 3% in March, but the total amount of cash recovered in was proportionally much higher. The cash recovered in March came to a total of €489,154, up a whopping 44% from February! Much of this increase can be attributed to the bailiff stage of recovery in which €355,797 was recovered, an increase of 69% compared to the same category just one month ago. Default and court recoveries also had a nice bump up by about 8.5% to a total of €120,767.
Yearly recovery rate normalizes
As expected, the recovery rate for 2019 has come down as the year has progressed, settling at 72.8% in March as compared to 85.3% one month ago. This brought down the cumulative recoveries from 2014-2019 by about 2% to 49.2%. Recoveries for all other years were within 1% of their recovery rate last month. As the year continues, expect the 2019 recovery rate to continue to decrease and likely fall in-line with recovery rates of previous years, as more data becomes available.
Making the most of missed payments
At Bondora, we take missed loan payments seriously, and work to recover the maximum amount of missed payments as possible. This is why at Bondora, not only have we created an optimized process for recovering missed payments – additionally, we are completely transparent with our successes and failures, as we track all data and information for our investors to view in real-time.
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, return data, and more.