wapping35
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Post by wapping35 on May 15, 2021 11:13:04 GMT
Just an FYI.
A few days ago I asked Zopa whether they intend to have a Debt Sale (of defaulted loans) anytime soon since they have not had one for nearly a year (it used to be quarterly).
Answer below:
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Good Afternoon XXXX,
Thank you for your email.
I have reached out to the Tribe about this to confirm the current situation regarding Debt Sales. So, we are due to have a debt sale completed this month (roughly 1 - 2 weeks away). Following this May debt sale, we will be returning to quarterly debt sales as they were prior to the C19 pandemic.
Thank you and I hope all has been well,
YYYYY
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wapping35
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Post by wapping35 on May 28, 2021 17:26:25 GMT
I followed up as it didn't happen this month.
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Good Evening XXXX,
Thanks for your email.
For the debt sale, I have reached out to a member of our Investors Tribe for an update on the date it will be completed. I am still waiting on a reply, however, I know things are in the works so I would expect this to be completed next week or, at the very latest, early the following week.
Once I have confirmation from the Tribe on the date they expect it to be completed I will be back in touch to let you know.
Thank you and have a nice bank holiday weekend ahead,
+++++++++++++++++++++++++++
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aju
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Post by aju on May 28, 2021 17:33:15 GMT
Thanks for the update. I'd like to be able to say that when i've had a reply from support on the lines of "i've reached out to the tribe ..." its not resulted in much for quite some time now. The only thing that seems to focus "the tribe" is if i threaten them with the 8 weeks FCA rules - mind you even then they are not very quick. I'll cross my fingers though all the same considering the number of defaults i have still ...  |
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wapping35
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Post by wapping35 on May 28, 2021 17:45:57 GMT
Indeed.
I too have lots in default and at least a debt sale expedites the process of exiting Zopa.
I think they will do the sale after all we usually only get pennies in the pound (my range has been 10-15p) and it is less work and therefore cost for Zopa.
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Greenwood2
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Post by Greenwood2 on May 28, 2021 19:20:54 GMT
Indeed. I too have lots in default and at least a debt sale expedites the process of exiting Zopa. I think they will do the sale after all we usually only get pennies in the pound (my range has been 10-15p) and it is less work and therefore cost for Zopa. But I think my recoveries from bad debt are also about 10% so not so bad if I get it sooner and they don't hang around forever.
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wapping35
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Posts: 385
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Post by wapping35 on Jun 2, 2021 13:32:20 GMT
Update:
Hi XXXXX,
I hope that you're doing well and had a good bank holiday weekend.
I wanted to let you know that, while I am still waiting on the exact date to be confirmed, it is looking as though the debt sale will not be completed until next week. If there are further delays I have been asked to be notified so that I can let you know.
All the best,
XXXX XXXXX
Key Accounts Manager
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aju
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Post by aju on Jun 5, 2021 17:12:36 GMT
Update: Hi XXXXX, I hope that you're doing well and had a good bank holiday weekend. I wanted to let you know that, while I am still waiting on the exact date to be confirmed, it is looking as though the debt sale will not be completed until next week. If there are further delays I have been asked to be notified so that I can let you know. All the best, XXXX XXXXX Key Accounts Manager I wonder if next week ever arrives
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Post by erniec on Jun 5, 2021 18:11:54 GMT
Indeed. The sign on the Pub door - free beer tomorrow.
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Post by erniec on Jun 10, 2021 12:37:39 GMT
Just had an email, saying the debt sale has gone through and funds should be added soon.
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Post by erniec on Jun 10, 2021 15:11:08 GMT
… and the recoveries have arrived in Holding.
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Post by multiaccountmanager on Jun 11, 2021 9:48:10 GMT
How are the loans to be sold selected? After the sale I still have a lot of defaulted loans, some dating back a few years but mostly more recent.
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Post by fuzzyiceberg on Jun 11, 2021 10:15:51 GMT
… and the recoveries have arrived in Holding. But not separated out from any other recoveries. So we have no idea how much the debt sale actually raised. I have taken this up with Zopa as another unacceptable result of not providing proper deatiled ststements showing what they are doing with my money. Unfortunately the Brave who I spoke to was unable to tell me how much I have been allocated from the debt sale. Seems he needs to take it up with Big Chief Zopa before he can provide such valuable information to a mere investor. Seems I am to be considered fortunate they even bothered to tell me they have sold some of my loans (for the usual pittance), but hey, it saves Zopa the cost of trying to recover my money.
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aju
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Post by aju on Jun 11, 2021 16:17:44 GMT
Good Luck!,
In mine and Mrs Aju's case its actually easy to separate out as I keep it tracked on a daily basis as best as i can. I'm determined to keep my statements as accurate as i can despite Zopa's inability to get it right and hence uses bodges (Bonus Other items) to make it match the main data. In the past i thought they had always told us the total amount returned from a debt sale in the email and one was able to detail it relative to given loans by using the old detailed statements. Perhaps what all of us on here should do is put in a request for detailed breakdowns of our returns for each loan we had settled that would make them stand up and notice perhaps!.
I still think that Zopa is meant to be following the FCA rules and having read them i was under the impression that we should be able to see the state of our loans at any point in the life of a loan that we want to, this was possible with the old statements detail that has now been discontinued.
If you are interested then since the data switch in Feb then there have been no new settled items in our loanbooks until yesterday so if you have a recent loanbook data csv then you could just compare the newly settled items with the defaults last week say. If you have access to excel say its quite easy to load both the recent loanbook csv and the new one say today (ideally yesterday but not really that critical) into the same spreadsheet and use the vlookup() functions to compare the before and after states of the data for the new settled's. That's a quite simplistic approach but effective if you know what you are looking for. What Zopa seems to do also that is annoying is when it's marked settled they zero other "outstanding" fields such that would also make it possible to check the interest loss as well as the actual capital loss easily. There are other useful fields too. I did this last night for my ISA and it came exactly the same as the newly added recovery item. As i say i had already been prepared by taking copies of loanbooks earlier in the week but i feel that in this case it should be easy if you have a comparison loanbook from after the updates.
Of course one should not have to do this really as Zopa should provide the rolling statements data to make it more obvious. This is the main reason i feel that Zopa's current definitions and %age returns are not as accurate they might like you to believe.
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Post by fuzzyiceberg on Jun 14, 2021 13:01:32 GMT
Zopa have now told me the the total of the amount assigned to me form the debt sale. But ridiculaous I should have to ask. I havent bothered tyrying to get an analsis of teh total amount between the various loans that were setteld, although Z clearly have that data. (They know how much each loan sold for and easy enough to divide that by each investors proportion, but I cant be bothered with that argument)
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