trium
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Post by trium on Apr 23, 2018 17:46:48 GMT
I received £9.07 today listed as a goodwill payment but otherwise uncommented. Have we all had one?
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Post by Ace on Apr 23, 2018 19:11:26 GMT
No.  |
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aju
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Post by aju on Apr 24, 2018 9:58:40 GMT
I received £9.07 today listed as a goodwill payment but otherwise uncommented. Have we all had one? Perhaps more than we might think, I had one of these a few months back. Since its unclear whether it was interest of capital I queried it and it turned out in my case that they had found a fraudulent loan (no further info was supplied on that point). Zopa did say that the goodwill payment was for the loss incurred on the loan and they added that the loan was still on my books if they should pay anything further it would be mine to keep as well. I asked for the loan ID and they provided this to me. I should check back to see if they paid anything since the GW payment ;-). Check with zopa it may be a similar reason.
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trium
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Post by trium on Apr 24, 2018 10:17:36 GMT
I received £9.07 today listed as a goodwill payment but otherwise uncommented. Have we all had one? Yes I had one of these a few months back. Since its unclear whether it was interest of capital I queried it and it turned out in my case that they had found a fraudulent loan (no further info was supplied on that point). Zopa did say that the goodwill payment was for the loss incurred on the loan and they added that the loan was still on my books if they should pay anything further it would be mine to keep as well. I asked for the loan ID and they provided this to me. I should check back to see if they paid anything since the GW payment ;-). Check with zopa it may be a similar reason. Thanks. It crossed my mind it might be something like that, though you'd think they'd say something rather than have lots of puzzled people querying it. Then again, maybe people keep quiet when there's an apparent error in their favour and nobody does query it! Human nature I suppose
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benaj
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Post by benaj on Apr 24, 2018 10:17:54 GMT
It's good to know they pay out goodwill payment for fraudulent loans.
I suppose that guy applied fraudulent loans must have at least more than 1 loan from Zopa.
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aju
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Post by aju on Apr 24, 2018 11:53:50 GMT
I better correct myself here as I've checked over the correspondence and Zopa did NOT say it was fraudulent just that it remains at default. I've scanned my correspondence and found this snippet from zopa at the time.
" ... can confirm that the good will payment you received was made to reimburse you for a loan which we issued that didn't meet our minimum credit criteria. All investors that bought micro contracts in this loan are being reimbursed as the loan feel into default. The loan was issued earlier this year and was 1 among a few others. "
It did take quite a bit of pushing back at the time to get the loan ID.
I've checked my loan again to see if there was any activity at all on the loan since the goodwill payment in Oct 2017 and the weird thing is that none of the data has changed at all as of my 7/4/2018 csv file date. The original loan was for £800 in the Plus D market taken out Jan 10th 2017 and the borrower made a single payment on 13/2/2017 and never made another it was only for £800 for "Electronic goods (eg. Computer, TV, Audio)".
The loan is marked as "default" but Zopa said they have not taken ownership of the loan so any recovery payments will be still paid to me. Bit odd though that the arrears are not increasing although I guess they are only really interest based perhaps.
You might be able locate the loan if its the same type of thing by simply looking in the "Outstanding Column" which in my case matches exactly the goodwill payment made to me at that time.
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trium
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Post by trium on Apr 28, 2018 7:42:03 GMT
"Thank you for your email.
We have become more robust in our borrowing criteria for approving loans. As you probably can understand, this was a measure that we have taken to mitigate risk on our platform and regulate the defaults that we incur.
There was a period where we felt that our scorecard used for approving loans could have been more stringent. From the loans that were approved during this period, if a default were to occur, Zopa will look towards providing a goodwill payment to the investors that were affected. This goodwill payment covers the capital outstanding from the defaulted loan contract.
Please let me know if you have any questions.
Best wishes
Issa Khafaga
Client Services"
I did ask for details of the loan but none were forthcoming. They're not very specific about just when the "period" in question was either! Still, it's quite decent of them.
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aju
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Post by aju on Apr 28, 2018 8:17:02 GMT
I guess i pushed harder than i thought although you could potentially still isolate it among your defaults as i said in my case the outstanding entry exactly matched the goodwill payment. I can check the acquired date it may help as well as for me they said it was limited too.
I did insist on knowing the loan id as it is my loan not zopas and it is in my loanbook. I wanted to see the comments and be able to monitor it.it did take quite a few emails but they did provide the id eventually.
Its also interesting about a specific period where these loans were let through wonder how long that was.
Edit : If it helps my goodwill payment was for a loan that I acquired on 10/1/2017 it was a D Market, Zopa Plus Loan over 24 months.
I previously stated that the outstanding value was the same as the goodwill (GW) payment, however, its not that clear as in my case the GW payment was £9.65 but the outstanding value was £9.64587 so you would need to consider the OS value to 2 decimal places for true check.
Hope that helps.
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