ashtondav
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Post by ashtondav on Nov 12, 2019 18:36:16 GMT
According to the Mail Online Money section big Z need another £100M to £150M by 3rd Dec. if they are to have the reserves to become a bank.
They seem to have left it rather - er - last minute.
Fingers crossed, as i want that 4% - which smokes my returns on Classic and Plus...
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Post by davee39 on Nov 12, 2019 19:31:34 GMT
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benaj
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Post by benaj on Nov 13, 2019 12:13:28 GMT
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aju
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Post by aju on Nov 13, 2019 12:57:55 GMT
Another 100M+ no probs show me where I sign ... I'm curious but not much until I see their rates - my cynical brain says 1.51% depending on where the main competition are.
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ashtondav
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Post by ashtondav on Nov 13, 2019 13:40:03 GMT
1.6% would kill the opposition - say 30 days notice or instant access.
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aju
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Post by aju on Nov 13, 2019 14:26:37 GMT
1.6% would kill the opposition - say 30 days notice or instant access. I agree but one of the consequences of killing the opposition, as you framed it, is many will be dragged kicking and screaming to the trough and will attempt to blow Zopa out of the water. I'm not sure what the effect of killing Zopa as a bank is relative to my investment in Zopa as a P2P provider, hopefully they are separate entities rather then being cross connected. Not sure I'd be interested in 30 days bit but instant access will definitely work for me giving us another option other than marcus at present. I'm assuming the bank part will be fully FSCS protected though.
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zlb
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Post by zlb on Nov 19, 2019 13:20:23 GMT
The bank part would be FSCS protected - otherwise there'd be little point in them going through all the setting it up.
I just wonder whether they will raise the investment. I've had losses two consecutive months, and other individual months in the last year. I wonder what the whole loan book is looking like.
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aju
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Post by aju on Nov 19, 2019 14:37:35 GMT
The bank part would be FSCS protected - otherwise there'd be little point in them going through all the setting it up. I just wonder whether they will raise the investment. I've had losses two consecutive months, and other individual months in the last year. I wonder what the whole loan book is looking like. I've had close calls over the last few months but scraped through with early adopter fee. Mrs Aju has faired slightly worse but overall we are on top XIRR wise at least but more so with actual return money. not sure how much longer though I can bear the bad months before I just jump out. I will bear it until the end of tax year - to be fair though no much is taxable in my account anyway and Mrs Aju does not pay tax. I think it's interesting that the adverts for Zopa are still suggesting greater than 5% but I'm not sure anyone is getting that these days though as our XIRR's have taken a hit this year (We have sold out some large sums and we are relending from invest into ISA since - our invest sides still has SG cover mainly our ISa has less so but does have some from early transfers). On the bank investment being raised they don't have much longer to do this before their license is revoked ... hopefully they will make it though I hate to think what impact of failure might hold.
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Post by WestonKevTMP on Nov 19, 2019 20:56:59 GMT
The bank part would be FSCS protected - otherwise there'd be little point in them going through all the setting it up. I just wonder whether they will raise the investment. I've had losses two consecutive months, and other individual months in the last year. I wonder what the whole loan book is looking like. Made my first Zopa lend in August 2007 and benefit from the early adopter bonus. September 2019 was my first ever month where I suffered a loss. Part of me thinks I've had great performance for over a decade through the credit crisis. Part part of me thinks they've chased growth and are dropping the P2P philosophy to become a bank. And that this is the start of the end.... Kevin.
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ashtondav
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Post by ashtondav on Nov 27, 2019 12:44:37 GMT
Bring back Dave. When Zopa was funky.
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dorset
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Post by dorset on Nov 27, 2019 18:42:54 GMT
Surprised how complicated it is to get out of Zopa.
Been with the platform since about 2011 – substantially in the early days but by this September had £5k sitting in access safeguard earning about 3%. Decided to tidy up the P2P portfolio and tried to sell the lot. About £4700 sold within a week or so but the rump £300 was apparently unable to sell for whatever reason (bear in mind this is safeguard).
A week or so later put in a sell order and managed to get rid of another £80. Repeated this process three times and am now a few weeks later down to £49 which I am told cannot be currently sold.
Not a problem of course in terms of the amount but at this rate it will take me about 3 months and multiple sell requests to close out on Zopa. I thought that safeguard would be easier to close down?
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Post by Deleted on Nov 27, 2019 22:07:56 GMT
Not a problem of course in terms of the amount but at this rate it will take me about 3 months and multiple sell requests to close out on Zopa. I thought that safeguard would be easier to close down? No, your experience is similar to mine.
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Post by shanghaiscouse on Nov 28, 2019 10:15:37 GMT
Sounds like time to get out. Experience with FUnding Circle tells me that whenever these 'innovative finance' guys want to grow, it means lower the quality of the loan book, which means more losses for me. So sayonara!
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ashtondav
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Post by ashtondav on Dec 2, 2019 14:05:15 GMT
Er, neither of those stories say they have secured the funding. Just that they "are set to get the funding". As an early lender i have ZOPA share options - i've been "set to get funding" for some years, now 
In short, this is yesterday's news...
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ashtondav
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Post by ashtondav on Dec 3, 2019 17:58:17 GMT
But now, today the £140M investment has been confirmed.
Watch this space...
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