Welcome to the third 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?

recovery by stage and count jan 2018

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.

Why are there a high number of Spanish cases waiting to be filed to court?

Looking at the table above, you can see an increase in the number of Spanish loans in the stage ‘We are preparing documents to file a payment order to the local court’, which is significantly higher than in other countries. As it stands, we are currently working with a specialist partner in Spain who will aid us in filing the remaining defaulted cases to court. A handful of these cases will be filed between January – February 2018, with the speed and frequency of this expected to increase on a weekly basis going forward.

It’s important to note that we do not change the status to ‘We have filed the claim and the local court has not yet reached a verdict on the payment order’ until we receive confirmation of the court case number for each defaulted borrower. With this in mind, the status of the defaulted loan may have actually progressed sooner than we update here.

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 January’s figures weigh up.