coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on Oct 4, 2021 11:17:51 GMT
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aju
Member of DD Central
Posts: 3,486
Likes: 920
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Post by aju on Oct 4, 2021 14:52:10 GMT
Bit worrying for p2p if they decide to bail on p2p. Mind you they might not even have a bank soon if they can't get the site working properly
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Post by barnsleybiker on Oct 4, 2021 16:26:37 GMT
well I read all that to come away with nothing except zopa is using money to build its bank brand and reporting this spending as causing a loss?
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Post by fuzzyiceberg on Oct 5, 2021 7:35:03 GMT
This has been the direction for years. As the article shows about 3/4 of P2P loans originated in 2020 were 'taken' by the bank leaving only 1/4 for P2P investors. P2P just doesn't work at low interest rates (not enough margin for everyone) especially in a highly competitive market for UK borrowers (UK banks having 'ring fenced' funds that can only be used to lend to UK customers). Zopa have clearly worked out that it can make more money offering low fixed rate offerings on bank deposits and keeping all the margin in lending to personal borrowers.
I wouldn't be at all surprised if they effectively put all investors in 'run off' by not allocating any new loans to them. They could then do away with the entire investor side of things and use the platform purely to originate loans for the bank.
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Post by mfaxford on Oct 5, 2021 8:08:56 GMT
This has been the direction for years. As the article shows about 3/4 of P2P loans originated in 2020 were 'taken' by the bank leaving only 1/4 for P2P investors.
That seems to explain why they keep saying the matching times are so long and seem to keep increasing (even with no new money going in). I assume they're only coming to the P2P investors if there's not enough funds in the bank side of things to originate the loan (either that or it's the more risky loans they don't want to lend out).
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Greenwood2
Member of DD Central
Posts: 4,252
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Post by Greenwood2 on Oct 5, 2021 8:28:40 GMT
The writings been on the wall for a while, no new investors, then no new funds allowed for current investors, then few loans for current investors forcing them to withdraw funds, and customer services seem to have lost interest in P2P customers. It's a shame but I think Zopa P2P is on it's way out, I hope it goes down elegantly.
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aju
Member of DD Central
Posts: 3,486
Likes: 920
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Post by aju on Oct 5, 2021 8:45:39 GMT
The writings been on the wall for a while, no new investors, then no new funds allowed for current investors, then few loans for current investors forcing them to withdraw funds, and customer services seem to have lost interest in P2P customers. It's a shame but I think Zopa P2P is on it's way out, I hope it goes down elegantly. Perhaps the read only state of Zopa's P2P and savings products is the writing on the wall too. It's interesting now that they have had a week of issues but in fact seem no nearer getting the full system back in working order. Next few days will be interesting as Mrs Aju is awaiting a return of funds from a 1Y FT savings product. She keeps asking and now i am having to use Zopa techniques to evade the issue.
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upland
Member of DD Central
Posts: 478
Likes: 175
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Post by upland on Oct 9, 2021 7:20:56 GMT
I reckon that only about 25% of my reinvestments actually are and I have had to remove cash. Its coming back in spades. As with some other platforms I am not sure that I trust them anymore. Its just business I suppose.
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on Oct 11, 2021 12:08:09 GMT
A further £25 withdrawn today. Down to just 20 quid invested here now.
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Post by barnsleybiker on Oct 11, 2021 14:14:22 GMT
so you lot cant be stuffing it under the bed, where's your money working for you now its not in zopas hands?
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on Oct 11, 2021 14:43:04 GMT
so you lot cant be stuffing it under the bed, where's your money working for you now its not in zopas hands? Anywhere but Zopa
More seriously though. I am currently funding or have recently saved into:
Regular Saver
Fixed-rate (FSCS protected) products
Premium Bonds (maxed out now though)
SIPP (for the Tax Relief - and I am already in drawdown)
(my situation will not be applicable to all, so make your own decisions)
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Post by barnsleybiker on Oct 11, 2021 14:46:23 GMT
interesting, thank you. we max'd premium bonds quite a few years ago, took it out to sort mortgage. it was in the days when a cheque would come in the post, usually £25 or £50 pounds, we eventually got to recognise the envelope! different days.
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Post by Ace on Oct 11, 2021 16:44:08 GMT
so you lot cant be stuffing it under the bed, where's your money working for you now its not in zopas hands? My ex-zopa funds are in Loanpad. Lower risk, no cash drag, and much simpler in my opinion.
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Greenwood2
Member of DD Central
Posts: 4,252
Likes: 2,695
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Post by Greenwood2 on Oct 11, 2021 20:06:04 GMT
Somo and Elfin Market but I recommend nothing!
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Post by fuzzyiceberg on Oct 11, 2021 20:10:35 GMT
Majority of my funds are in investmnet trusts, ETFs and a few individual shares in an ISA & SIPP wrapper. But your (risk) mileage may vary
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