Hanna Barry reports in Moneyweb Today that Cambist published a newsletter to investors in which they refer to an upcoming court case which may prove to be good news for investors who made use of the Cambist platform:
“…Cambist suggests that the backlog in EAO processing by magistrates’ courts is the cause of current difficulties on the platform. According to the Department of Justice (DOJ), available statistics from magistrates’ courts do show they are overburdened.
Cambist relies extensively if not exclusively on EAOs to collect on the debt that buyers purchase in the form of debt contracts via its platform. A decline in EAO implementation has therefore led to an increase in the number of non-performing contracts on the platform, Cambist says.”
Please click here to read the Moneyweb article.
I tried to get a copy of the newsletter from the Cambist website. It was not available, and all the page states is “This system and site has been suspended for non-payment.”