European lender Bondora notes that the collection and recovery efforts in March 2022 set new “record highs” for 2022.
The cash collected increased by 61.6% from February 2022, “totaling €1,249,637.” And 77,471 missed payments “were recovered, which is the highest number in Bondora’s history:”
The update from Bondora also noted that February was “the first time in 6 months that the number of payments recovered didn’t increase.” And so the Bondora team is happy “to see an increase again—by 3.6%, to be exact. 77,471 missed payments were recovered, the highest number in Bondora’s history.”
As mentioned in a blog post, the percentage share among countries and stages “remained similar to February’s numbers.”
As has become standard, most recoveries “were made in the Bailiff phase, accounting for 33,917 loans, a majority 43.8% share.” And as per the norm, “the Default & Court phase had the second-most, with 20,313 recoveries—a 26.2% share.”
After decreasing in February, the Bondora team is thrilled to have “a great end to Q1’s cash recovered and a new high for 2022.” In March, “the total cash recovered amounted to €1,249,637, a 61.6% growth rate.”
Although the number of loans recovered from each country remained very similar to last month, “the percentage share of cash recovered from countries differed.”
This month, in contrast to the last, Estonia “is responsible for the largest portion of the cash recovered—a 52.9% share.” More than half (€661,557) “was recovered from Estonia—a massive 127.7% increase from February.”
On the other hand, Finland’s share “decreased from 55.1% to 40.4%, but this is only due to the growth spurt in Estonia.” Finnish cash recovered actually “increased by 18.6% from February, totaling €505,283.”
Spain’s cash recovered share “dropped by a slight 0.7% difference, but the growth rate from February was a whopping 45.6%.” Their share of cash recovered “increased from €56,794 to €82,716.”
And unsurprisingly, the Bailiff stage “accounted for the most recovered cash, which was an impressive €1,097,828.” This is “an even more impressive 71.0% increase from February.” The update from Bondora also mentioned that the Default and Court stage “increased by 24.0%, accounting for €122,597.”
The update also noted that the 2022 recovery rate “peaked at 261.5% in January and started to level out in February to 137.1%.” The platform is “continuing on this path as March’s 2022 recovery rate hits 119.3%.”
As noted in the update:
“Changing course from the last two months, 2017-2019, showed slight decreases, and all the other years increased. The lowest rate comes from 2017 with 29.4%, and (apart from the current year), 2021 still has the highest rate with 74.1%. The current cumulative 2014-2022 recovery rate stands at 53.7%., slowly decreasing as we get more data for 2022 recoveries.”
The update from Bondora also mentioned:
“This month we’re switching gears. Whereas Finland has been the main outlier for 2022 recoveries, it’s now Spain that has taken over that position. Spain has a 2022 recovery rate of 268.4%, which is more than double Finland’s 132.8%. Estonia trails with 93.6%. As was the case in February, Estonia remains in the lead for all the other years before 2022.”
As we progress into Q1 of 2022, the recovery rates, which began “astronomically” high in January, “are starting to settle more.”
But, Bondora does expect it “to remain relatively high.” Estonia holds the lead “in recovery rates from 2014-2021, but Finland charges in first place for the 2022 recovery rate.” Although the number of payments and cash amount recovered is less than last month, “recovering €773,447 in one month is still work we’re proud of.”
You may view missed payment recoveries and other Bondora data.
You can check out their real-time statistics to see recovery data “on all Bondora missed payments and loan history, returns data, and more.”