aju
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Post by aju on May 2, 2020 17:15:24 GMT
Recently noticed a corona virus message appearing in some screens. I don't think you can sell arrangment items at the moment if you ever could. So I loaded up the online loanbook screen and type "arrangment" into the search box and it seems I now have 400 loans in arrangement some 18% of my whole ISA loanbook.
Not sure I was expecting that many but I guess its a sign of the times most don't seem to have any comments so hopefully they will be ok.
How are others fairing in this situation.
Edit: Actually went back and checked nearer the start of the month when I last did monthly integrations of my stats and there were 258 on 4/4/2020. I had a lot more loans then and that was only 6.6% of book ( there were only 12 in the previous month @.35% of all).
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Post by erniec on May 2, 2020 18:30:29 GMT
Over our 4 accounts, non-ISA and ISA, Mrs_C and I have 880 arrangements, representing 11.7% of total loans.
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wapping35
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Post by wapping35 on May 3, 2020 9:23:36 GMT
From the notes section of zopa lates on the Arrangements..  |
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aju
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Post by aju on May 3, 2020 9:54:34 GMT
From the notes section of zopa lates on the Arrangements.. thx wapping35 i think i had seen that once a week or so ago. The thing is though whilst we are selling I understand this principle and I accept it but I wonder if 3 months is going to be long enough. I guess Zopa we will be guided by the gov't who sadly will be "guided by the science" so this may change timewise. Let's hope they don't defer to Hale and Pace's " The management" when they've exhausted all the scapegoats!.  I guess once we have sold the "good" loans at least we can we sit back and wait for some further returns from default sales, some people will start up with repayments and even if Zopa sets them to defaults there will also be people who will pay. Lets hope Zopa doesn't rush towards the offload entrance before people have had a chance to recover though. I'm off to check if Mrs Aju has a similar situation too as i've a sneaky feeling she will have but hey we offloaded more 4 figure sums on Friday - the MRA is a bit of a blow and the defaults have nearly overan returns on ISA's at least we mostly have PF covered loans in invest, for what that maybe worth when/if we all come out of Boris's latest euphemism "the tunnel under the mountain" etc...
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wapping35
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Post by wapping35 on May 3, 2020 10:23:07 GMT
These Corona lending "arrangements" are the reason the Banks are now putting in substantial provisions for losses in expectation of defaults. i.e. The loans they see as doubtful but they cannot default on due to the new rules.. Just as an example last week Barclays put in a £2.1 billion corona loan impairment charge.
It will mean all lenders (including P2P) will see defaults initially lower than they are likely to be, unless of course you think a V shaped recovery is happening in July/ August...
Personally I expect to see defaults hitting a peak at the end this year. Which is the reason I am selling with Zopa...
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