rambler
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Post by rambler on Mar 8, 2018 15:42:21 GMT
My book of pre-safeguard loans is now down 6 outstanding loans (ignoring defaults) so I thought I would look at what I had left.
I was surprised to find that many of the defaults appear to have had no action taken for over a year or in some cases over 2 years. In one case a 'letter before action' was sent 2 years ago but nothing since. Can anyone assure me that Zopa continue to pursue our debts until an understandable outcome is reached.
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aju
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Post by aju on Mar 8, 2018 16:28:12 GMT
My book of pre-safeguard loans is now down 6 outstanding loans (ignoring defaults) so I thought I would look at what I had left. I was surprised to find that many of the defaults appear to have had no action taken for over a year or in some cases over 2 years. In one case a 'letter before action' was sent 2 years ago but nothing since. Can anyone assure me that Zopa continue to pursue our debts until an understandable outcome is reached. I'm not sure anyone but Zopa can do that. I'm still getting some payments on safeguard I have 30+ of them. I think I got about £8 back last year - as you know they have been going for a while. To be honest my stats and analysis wrote them off years ago. I think one of mine has never paid a penny since the loan started never mind the default bit. Of the ones that failed to default initially over 50% of initial loan value has been returned in my experience - excluding any interest earned on them. Some of mine are payng intetest only with the odd capital repayment every so often.
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benaj
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Post by benaj on Mar 8, 2018 16:40:06 GMT
Sorry to hear about your pre-safeguard defaults.
TBH, returns from pre-safeguard were better than Core and Plus. Those 'unsecured loan' borrowers can always seek help from a third party to deal with the LBA letter.
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Post by misotu on Mar 8, 2018 18:53:52 GMT
I write to Zopa every 12-18 months with a list of defaults that have not been updated for 12 months. I obviously ignore borrowers who are deceased. They write back to me with a progress report on each. On one occasion, there were three they apologised for and said they had "slipped through the net". They promised that these would be followed up. On the last occasion, I wrote to thank them for the update and said that I presumed the loanbook comments had been updated. The chap concerned wrote back to say that, although that would appear to be a sensible idea, he had been told that the Zopa personnel concerned "did not have time". Make of that what you will. I think it is a good idea to keep an eye on defaults with no updates. Particularly when the last update is "letter before action sent", or "creditors' meeting scheduled for xx/xx" or "Scottish solicitors instructed" or similar. They *need* to update the comments at least once every twelve months. It's up to us to make sure that happens. And I do  |
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aju
Member of DD Central
Posts: 3,486
Likes: 920
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Post by aju on Mar 8, 2018 23:02:13 GMT
I write to Zopa every 12-18 months with a list of defaults that have not been updated for 12 months. I obviously ignore borrowers who are deceased. They write back to me with a progress report on each. On one occasion, there were three they apologised for and said they had "slipped through the net". They promised that these would be followed up. On the last occasion, I wrote to thank them for the update and said that I presumed the loanbook comments had been updated. The chap concerned wrote back to say that, although that would appear to be a sensible idea, he had been told that the Zopa personnel concerned "did not have time". Make of that what you will. I think it is a good idea to keep an eye on defaults with no updates. Particularly when the last update is "letter before action sent", or "creditors' meeting scheduled for xx/xx" or "Scottish solicitors instructed" or similar. They *need* to update the comments at least once every twelve months. It's up to us to make sure that happens. And I do I never thought of that count me in. Must knock up a letter for both of us - trouble is they must be running around like headless chickens just over things we are throwing at them it can;t be long before the old ombudsman will get a poke as well. We can;t be the only ones who are seeing these issues.
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Post by wangja on Mar 9, 2018 6:13:32 GMT
My book of pre-safeguard loans is now down 6 outstanding loans (ignoring defaults) so I thought I would look at what I had left. I was surprised to find that many of the defaults appear to have had no action taken for over a year or in some cases over 2 years. In one case a 'letter before action' was sent 2 years ago but nothing since. Can anyone assure me that Zopa continue to pursue our debts until an understandable outcome is reached. I'm not sure anyone but Zopa can do that. I'm still getting some payments on safeguard I have 30+ of them. I think I got about £8 back last year - as you know they have been going for a while. To be honest my stats and analysis wrote them off years ago. I think one of mine has never paid a penny since the loan started never mind the default bit. Of the ones that failed to default initially over 50% of initial loan value has been returned in my experience - excluding any interest earned on them. Some of mine are payng intetest only with the odd capital repayment every so often. He's a chum of mine too ... and yes, him apart, I still get the odd few pennies thrown at the debts.
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Post by misotu on Mar 9, 2018 11:13:52 GMT
I write to Zopa every 12-18 months with a list of defaults that have not been updated for 12 months. I obviously ignore borrowers who are deceased. They write back to me with a progress report on each. On one occasion, there were three they apologised for and said they had "slipped through the net". They promised that these would be followed up. On the last occasion, I wrote to thank them for the update and said that I presumed the loanbook comments had been updated. The chap concerned wrote back to say that, although that would appear to be a sensible idea, he had been told that the Zopa personnel concerned "did not have time". Make of that what you will. I think it is a good idea to keep an eye on defaults with no updates. Particularly when the last update is "letter before action sent", or "creditors' meeting scheduled for xx/xx" or "Scottish solicitors instructed" or similar. They *need* to update the comments at least once every twelve months. It's up to us to make sure that happens. And I do I never thought of that count me in. Must knock up a letter for both of us - trouble is they must be running around like headless chickens just over things we are throwing at them it can;t be long before the old ombudsman will get a poke as well. We can;t be the only ones who are seeing these issues. I won't be doing my next chase-up for a while, I think. Right now, by comparison with Zopa, headless chickens would look completely relaxed!
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