This is the second post in our monthly overview of the recovery stages. Here, we’ll show you exactly how many loans are in each stage of the recovery process and we will compare how it has changed from month to month.
While we have tried to assign all loans to a specific stage as of the date of the report, the recovery stages are sometimes not promptly updated so individual loans may occasionally fall under incorrect stages.
Where do the figures stand?
* Data as of 30.11.2017
Why is this important?
In case you missed our previous post, you might firstly find it useful to check out our 3 step collection and recovery process. This explains everything you need to know about each stage and substage you see above. Soon, we aim to improve the view and reporting on your Bondora account so you can see all the information about what stage your loan is at in the recovery process along with a reminder of what happens at each stage.
Uplift in Estonian cases filed
Last month, we discussed why Estonia and Spain have more cases waiting to be filed to court than in Finland. We explained that thanks to the access to technology and cooperation with the local courts, we have been able to automatically file cases in Finland with more speed and efficiency than other countries. We aim to reach this same efficiency in all locales.
Recently, we have made a similar improvement and filed a large number of cases in Estonia. Last month, there were 2,300 cases in Estonia waiting to be filed via a payment order to the local courts, in November this figure stands significantly less at 726. What’s more, there are currently 2077 claims filed to the local courts in Estonia that are awaiting a verdict, a huge increase on last month’s figure of only 280.
Why is the bailiff stage important?
This is a critical step in the recovery process for a number of reasons, most importantly because the bailiff has the rights to freeze the debtor’s assets and accounts to cover the payments owed. Once successful, this stage is usually where a cash flow is generated and you will start to see payments come in to your Bondora account.
Check in again next month to see how December’s figures weigh up.