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Post by newlender on Jun 21, 2018 11:37:26 GMT
Statements today show a new default which makes quite a dent in my monthly earnings so far. Loans page shows this as an IVA arranged today. I thought that IVAs weren't classified as defaults, or has something changed?
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benaj
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Post by benaj on Jun 21, 2018 11:58:18 GMT
I believe Zopa classifies IVA as a default. Just checked my loan book, out of the 26 loans in default, only 2 borrowers have IVA approved. Check loan comments in your loan book, the default date is usually the same date when "the borrower has IVA approved" help.zopa.com/customer/portal/articles/868010 |
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aju
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Post by aju on Jun 21, 2018 13:03:41 GMT
I think IVA is classified by Zopa as a default "Status" but I'm not sure it counts towards the default figures on the "Earnings?" info button of the Summary pages.
In the past some IVA's don't seem to be included - perhaps if they defer on the IVA agreed payments it will then be added to the "earning?" bad debt figure.
I could be wrong there though as I haven't checked mine recently.
For me a default is a default and I try to present it in my mind as lost money in my tables. For me that's way more realistic. For Tax purposes however recovered payments are very important as are bad debts perhaps its why some IVA's do not appear in Bad debt as technically they are not Bad yet. Just a guess though...
Edit: I think I may have been wrong above well at least where the ISA side is involved. At present I have some differences from the earning figure but not enough to be a specific loan difference on 4 IVA loans. I guess defaults are defaults are "Bad Debts". Very interesting though is some of the IVA's comments do not have 4 missed payments before they went Default one only has one missed payment before declaring financial difficulties and goes default on the day of that declaration (according to the comments).
I checked out the Invest side but it appears all the IVA's i've had were SG covered classic so not relevant.
One thing I would say is that I pulled my CSV's today but they only seem to have data from yesterday so there may be a bit of a lag perhaps as well.
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amphoria
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Post by amphoria on Jun 21, 2018 16:27:38 GMT
I have had 3 loans which have been declared in default once Zopa had been notified of the borrower's IVA. The defaults were also offset against earnings in the monthly reports.
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