zlb
Member of DD Central
Posts: 1,422
Likes: 333
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Bailed
Aug 8, 2018 17:03:53 GMT
via mobile
Post by zlb on Aug 8, 2018 17:03:53 GMT
I'm beginning to think so also, with loan sale fees factored in, it only seems worth it for long term, and switch reinvest off to avoid sale fees. aju Z have been agreeing that the 1% needs changing for a long time now, but look at what they've done about it... I'm wondering whether they'll start issuing bonds, or guaranteed rates, on the bank side. The problem being that their highest risk product doesn't perform. To be precise, it's not just 1% fee. First you give up the accrued interest when selling, then 1% fee, plus any interest adjustment. In my case the worst interest adjustment is £30 for selling £330 loan part, 9%!!! Also, to slow selling process (up to 20 working days or even more) means another 1% chance that any loan parts goes late or default, especially in the plus case. I only managed to get the 9% back after complaining to Z. Yes, i commented on loan sale fees and cost of adjustment to different rates when selling recently. these odd things that come up with Z that only get remedied when an individual notices it and takes it up with them (seen in threads here or abouts) just adds to the issues. Z aren't awful, but there's a fair bit of understanding for people to establish whether they're the right product or not. This is why I wonder whether the Zbank will offer eg 2% instant access... More would be better off course...
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benaj
Member of DD Central
N/A
Posts: 5,597 
Likes: 1,737
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Bailed
Aug 8, 2018 17:19:49 GMT
Post by benaj on Aug 8, 2018 17:19:49 GMT
Yes, i commented on loan sale fees and cost of adjustment to different rates when selling recently. these odd things that come up with Z that only get remedied when an individual notices it and takes it up with them (seen in threads here or abouts) just adds to the issues. Z aren't awful, but there's a fair bit of understanding for people to establish whether they're the right product or not. This is why I wonder whether the Zbank will offer eg 2% instant access... More would be better off course... Z banking will only benefit Z, I suspect their instant access product will offer very similar rate like the other bank, like the current 1.34% for the first 12 months, or 2.36% fixed for 5 years. www.money.co.uk/savings-accounts/instant-access-savings.htm
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zlb
Member of DD Central
Posts: 1,422
Likes: 333
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Bailed
Aug 8, 2018 19:24:34 GMT
via mobile
Post by zlb on Aug 8, 2018 19:24:34 GMT
Yes, i commented on loan sale fees and cost of adjustment to different rates when selling recently. these odd things that come up with Z that only get remedied when an individual notices it and takes it up with them (seen in threads here or abouts) just adds to the issues. Z aren't awful, but there's a fair bit of understanding for people to establish whether they're the right product or not. This is why I wonder whether the Zbank will offer eg 2% instant access... More would be better off course... Z banking will only benefit Z, I suspect their instant access product will offer very similar rate like the other bank, like the current 1.34% for the first 12 months, or 2.36% fixed for 5 years. www.money.co.uk/savings-accounts/instant-access-savings.htmshame if it does, sure everyone would agree, P2p supposed to be lively, fun, innovative in its fairness, and offer benefits of being the lender and cutting out the middle women/men.
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arby
Member of DD Central
Posts: 910
Likes: 959
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Bailed
Aug 24, 2018 22:01:59 GMT
aju likes this
Post by arby on Aug 24, 2018 22:01:59 GMT
shame if it does, sure everyone would agree, P2p supposed to be lively, fun, innovative in its fairness, and offer benefits of being the lender and cutting out the middle women/men. It certainly began that way, but that time's gone. Now we're all just here to try and make money, or rather, try not to lose it 
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ashtondav
Member of DD Central
Posts: 1,814
Likes: 1,092
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Bailed
Aug 25, 2018 10:46:07 GMT
Post by ashtondav on Aug 25, 2018 10:46:07 GMT
I think to be competitive they will have to offer a market leading instant access account. Expect (at current rates) 1.5% to 1.6% instant access and no fees for going overdrawn. Credit cards with usual inducements, and late interest rates of, say, 20%.
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jamie
New Member
Posts: 4
Likes: 1
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Bailed
Aug 31, 2018 18:02:38 GMT
Post by jamie on Aug 31, 2018 18:02:38 GMT
I've just sold the last of my zopa loans that are not in default. The platform is terrible now, I've been investing for about 6 or so years without any problems but this year there have been so many defaults I've made a loss!
The last 3 quarters annualised interest were 2.86%, -3.5%, -3.75%. I've now withdrawn everything I can and will never use zopa to invest again. Ever since they introduced the ISA it's gone down the pan.
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benaj
Member of DD Central
N/A
Posts: 5,597
Likes: 1,737
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Bailed
Aug 31, 2018 20:12:18 GMT
aju likes this
Post by benaj on Aug 31, 2018 20:12:18 GMT
jamie, don't give up yet. You will find better opportunity elsewhere. Also, give it time, the bad debt repayment will come. Now I am earning from Zopa with 0 active loans, it's a small repayment which will grow and I am starting to make real profit with zopa (withdrawal greater than deposit). My first bad debt repayment started in March 18, and it keeps growing. I see in 5-10 years time, I will may get back 3% of my all time investment in Zopa.
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