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Post by multiaccountmanager on Mar 31, 2020 16:52:14 GMT
My loan book has increased the value of loans in "Arrangement" from the norm of about 200 to over 700 !
Strangely many of these have no arrears and no comments.
Is this anything to do with my decision to sell everything?
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aju
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Post by aju on Mar 31, 2020 17:23:58 GMT
My loan book has increased the value of loans in "Arrangement" from the norm of about 200 to over 700 ! Strangely many of these have no arrears and no comments. Is this anything to do with my decision to sell everything? I'm still reeling from the recent increase in "Market Rate Adjustment-MRA" I haven't noticed this as yet but I will check mine and see what I get. The thing is as soon as the Covid-19 issues affecting jobs and wages etc and the govt's packages of financial help etc from banks and other financial organisations, Zopa announced a number of changes addresses by the CEO eMail on the 23rd I think that clearly affected loan sales etc. I think you may be right in that the recent changes eMail to people with current sales regarding sales in the pipeline will be affected by increases to the MRA. In my personal case the MRA increased my potential sale fees from 1.44% to more than 5%!. (There was a suggestion in the Sales changes email I received that " The actual adjustment will vary depending on the loan as we assess each one individually"). I'll check arrangements and report back to see what I get. Edit: From a quick check yes it does look like there are many more than last month in my case 39 increased to 179. I placed my sale on 17th but as you say not very many have any comments. Also it seems when they have comments they are not that helpful either I checked out 1 or two and whilst they will affect sales all new ones will be part of any sale. I'm just guessing its a reason that Zopa changed its MRA as it has had a lot of people ring up since the beginning of the month. I would point out that I am checking today's data against data I pulled on 13/3 so it is quite a ramp up as the govt would say. In my case its 4.5 fold increase in yours its 3.5 fold increase Out of interest my 17th March sale request had an original MRA of .44% but the recent email states that the amended MRA is now 4.09% quite a leap and an expensive one too ... I did also notice that the arrangements shot up on Classic PF loans too which I have not opted to sell as yet.
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aju
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Post by aju on Mar 31, 2020 18:03:10 GMT
I’m seeing an increase in arrangements too. I assume it’s due to many self-employed people not earning at present because of the stay at home instructions. It should right itself when the country gets back to work. Unless they get comfortable with not paying, I wonder what grace period they have in arrangement terms as I find a lot of arrangements do tend to go morph into defaults although I've never monitored them that closely to see how long it takes. Fortunately quite a few of mine were in protected CLASSIC ones as well but I'm not selling those so I guess it's not just down to selling.
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aju
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Post by aju on Apr 1, 2020 12:08:35 GMT
I'd read this elsewhere and forgot the CEO eMail mentions it, this p2pfinancenews article says ... This is a possible reason for the increase in arrangement items.
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