zlb
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Post by zlb on Jun 27, 2019 15:24:08 GMT
So Z have announced a new debt sale, due to arrive in accounts in a few days.
Is there a way of finding out how much of their debt is so late or Z is unable to reach an arrangement with the borrower, that Z have had to sell to a debt-collection company?
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benaj
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Post by benaj on Jun 27, 2019 15:28:06 GMT
I got the 500 error, so I can't check what Zopa sold for the debt sale. My Loanbook is not available and transaction statement not synced. But the amount I received today is around 40% of previous debt sale.  . Just pressed 'Access your money' button, so 0.16% of my all time deposit amount is going back to my bank account. |
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Post by propman on Jun 27, 2019 15:39:31 GMT
Not unless ytou have a recent loanbook download as the amount has already been credited (visible in monthly statement as lump sum, no breakdown). If you have a recent loanbook before the sale then compare outstanding amount shown as "Settled". The majority of the increase will be what was sold for the amount received so you should see the proportion received.
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Post by erniec on Jun 27, 2019 19:53:26 GMT
It was very pleasing to receive the proceeds of the latest debt sale - a considerable amount, equating to around 0.76% of our total, all-time loaned amount.
This represents around 20% more debt recovery than the previous November one.
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aju
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Post by aju on Jun 28, 2019 0:39:47 GMT
Not unless ytou have a recent loanbook download as the amount has already been credited (visible in monthly statement as lump sum, no breakdown). If you have a recent loanbook before the sale then compare outstanding amount shown as "Settled". The majority of the increase will be what was sold for the amount received so you should see the proportion received. I'm not sure that the settled items will give that much of an indication without requesting a break down of the loans and the amounts paid. The only thing one can do is to find out what the outstanding amount was prior to the sale. I'm not sure that the loanbook will reference the payment other than in the "capital Adjustment credit" (CAC) as an over all value for Invest or ISA. In the previous default sales Zopa, on request, did supply a spreadsheet of loans and how much was actually returned for each loan. I've just checked one item of many that were "Settled" this time and the outstanding amounts before the sale and after the sale in the loan records have not changed. In fact there is no way to tie the amount of the CAC and the amount attributed to each individual loan without additional info that Zopa does have. I will be requesting from Zopa the breakdown amounts for each individual loan for our affected loans. The email seems to losely suggest that this is an initial payment but I'm not convinced that there will be any further payments on settled items once the CAC has been received. They effectively closed and are removed from the current files.
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paule
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Post by paule on Jun 28, 2019 5:48:53 GMT
That was a nice £500 I didn't expect as had written off all that was stuck at z...
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Post by erniec on Jun 28, 2019 8:47:32 GMT
The effect of both the current debt sale and last November’s are easily seen on this graph:  |
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aju
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Post by aju on Jun 28, 2019 14:31:23 GMT
So i've checked the invest side of my defaults sale and of the 24 items that are newly settled items only 2 have changes in the outstanding values since the previous alltime file some 5 days earlier. Checking these in the relevant June statements file shows that they both made notional payments 2 days prior to the actual sale processing.
Zopa's previous categorisation of these actions is that by law they have to give a borrower 30 days notification of the sale of their loan to any collection agent/s. Apparently this spooks some borrowers into making a quick payments, probably hoping that Zopa will back off on the transfer to a CA. However, Zopa has already made the decision to sell the loans and just making token payments does not reverse their sale process.
The eMail seems to imply this is preliminary process and I got the impression that this was just a first payment more could follow. However, this is not what the previous Sale did. Once it is settled that seems to be the end of it and no more funds for these "Sold" loans will be passed back to the lender - that's my understanding of course based on previous experience and email replies at the time. Also once "settled" "closed" items are moved to the completed "all_time" file usually means there will be no further changes on the said closed/settled items.
AJU Invest Account
Outstanding=£107.73, sale returned £16.48, Interest paid was £46.7 so overall loss= £44.25
AJU ISA Account
Outstanding=£585.58, sale returned=£98.92, Interest paid was £53.63 so overall loss= £433.03
MrsAJU Invest Account
Outstanding=£144.23, sale returned=£24.41, Interest paid was £19.62 so overall loss= £100.20
MrsAJU ISA Account
Outstanding=£441.41, sale returned=£69.18, Interest paid was £47.42 so overall loss= £324.81
Not sure how happy I am with these debt sales but those losses are acceptable on the size of the investment and returns. The losses here are crystallised losses as stated above I do not believe Zopa will come back and say the collection agent has managed to retrieve more for my investments!.
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johni
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Post by johni on Jun 29, 2019 21:54:03 GMT
Over the 2 sales I have 113 loans of £10. Both debt sales realised 122.61overall interest on plus at present 4.1% so for me these sales are a massive negative the advertised rate is a total myth. It looks like Zopa has a serious problem with debt recovery.
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aju
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Post by aju on Jun 29, 2019 22:53:01 GMT
Over the 2 sales I have 113 loans of £10. Both debt sales realised 122.61overall interest on plus at present 4.1% so for me these sales are a massive negative the advertised rate is a total myth. It looks like Zopa has a serious problem with debt recovery. On the debt recovery side i'd say they are drowning in too many defaults and not enough people to keep on top of it. I queried this aspect at the last sale in November. For me the defaults were just starting to recover without the sale. I'm guessing Zopa just looks at it and say well we can get these off the books by selling them on to a collector. Zopa does not exactly lose anything just us lenders are the losers. I'd be happier if there was more transparency deals with defaults. I have yet to check what payments were being received on the lenders that were sold on.. I did seem to have a lot of pre-safeguards though which are really old rather than newer defaulted loans.
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Greenwood2
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Post by Greenwood2 on Jun 30, 2019 7:05:06 GMT
I don't know what their criteria are for selling the debt (some fixed time, after the end of the loan term or after the last payment received would seem logical), but to get something back from old loans that have long been written off seems like a good idea to me. I don't want a loan book full of written off loans, at least if they do this regularly it will be possible to actually fully close an account eventually.
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sl75
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Post by sl75 on Jun 30, 2019 11:30:14 GMT
I don't know what their criteria are for selling the debt (some fixed time, after the end of the loan term or after the last payment received would seem logical), but to get something back from old loans that have long been written off seems like a good idea to me. I don't want a loan book full of written off loans, at least if they do this regularly it will be possible to actually fully close an account eventually. The email states one of the criteria: "when we’re not able to get a repayment arrangement in place".
On my own loan book, approximately half of the loans by number were included in the most recent debt sale (based on the count having disappeared from the list).
However, there are still loans dating back to 2008 which are still NOT sold - all ones that have made relatively recent repayments (thus "acknowledging" the debt, even if the payment itself is for a token amount).
It may be that the actual criteria are based on how close to becoming statute-limited a loan is... i.e. borrower has not "acknowledged" the debt in any way for at least N years, but there are some loans which, based on the last few years history, appear set to continue paying token amounts in dribs and drabs until the borrower either dies or becomes bankrupt (or has a significant change in life circumstances allowing them to clear their historic debt).
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coogaruk
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Post by coogaruk on Jun 30, 2019 11:58:33 GMT
Even I have been included in this latest debt sale and I have not lent anew for a several years now (just running my account down as the repayments roll in). Certainly not since Safeguard ended.
I think I got between two and three quid back, which equates to about 1% of my current portfolio.
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coogaruk
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Post by coogaruk on Jul 1, 2019 11:48:28 GMT
I think I got between two and three quid back, which equates to about 1% of my current portfolio.
Just checked my statement. It was £1.76 
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cb25
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Post by cb25 on Jul 1, 2019 13:15:10 GMT
I had around £700 returned on a current investment of < £300, though did have £100K+ in Zopa going into 2018 but have been running it down ever since due to too many losses.
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. Just pressed 'Access your money' button, so 0.16% of my all time deposit amount is going back to my bank account. 
