Greenwood2
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Post by Greenwood2 on Sept 4, 2020 11:47:04 GMT
Did you read the caveat about first year losses being under represented due to the 4 month delay in defaults? My NAR for 2016 originated loans is a stunning 3.1% prior to covid losses; earnings have been negative for two years now. I should have sold out in 2018.... The historical data doesn't show the losses by cohort (Zopa did do that in the distant past) but shows net and expected losses at a high in 2017, which may reflect early defaults from 2016. To reduce the effect of the 4 month delay in defaults, the 2016 and 2017 data could be averaged to be more comparable with 2018/2019. I haven't attempted to calculate my NAR from specific cohorts. But I know I did suffer some bigger than usual losses from 2016 mainly because I accidentally allowed funds to be lent at the full chunk size, which resulted in some comparatively big individual defaults, normally I keep chunk size to £10 if at all possible. My current NAR is 4.3% over the whole of the 2016-2020 period, not great but OK (plus tax relief on defaults).
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Post by aidanw on Sept 4, 2020 12:13:52 GMT
To misquote Marvin (the paranoid android):
"The first year was the worst. And the second year: that was the worst too. The third I didn’t enjoy at all. After that, Zopa+ returns went into a bit of a decline.”
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iRobot
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Post by iRobot on Sept 4, 2020 12:22:00 GMT
To misquote Marvin (the paranoid android): "The first year was the worst. And the second year: that was the worst too. The third I didn’t enjoy at all. After that, Zopa+ returns went into a bit of a decline.” even a misquoted h2g2 quote is worthy of a 'like'
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aju
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Post by aju on Sept 25, 2020 11:13:59 GMT
Anybody contemplating lending into Zopa bank may wish to check out this post on another thread where its been found that Zopa may not have all their ducks lined in a row where rates are reducing regularly. Make sure you are aware of all the rates before committing funds to products with unexpected rates. Thanks go to wapping35 for spotting issues with conflicting rates displayed recently.
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wapping35
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Post by wapping35 on Sept 25, 2020 11:23:31 GMT
Anybody contemplating lending into Zopa bank may wish to check out this post on another thread where its been found that Zopa may not have all their ducks lined in a row where rates are reducing regularly. Make sure you are aware of all the rates before committing funds to products with unexpected rates. Thanks go to wapping35 for spotting issues with conflicting rates displayed recently. I see they have now corrected the website probably because I have said I will take it to the FCA if they do not. I have not lost out financially since I did not fund the account but this is POOR. What really got me was the lame ###ed excuse of saying their IT team cut the rates on the T&C before they updated the advertised rates.And this was a minor IT glitch with how their website works.
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Post by Deleted on Sept 25, 2020 11:39:34 GMT
What really got me was the lame ###ed excuse of saying their IT team cut the rates on the T&C before they updated the advertised rates.And this was a minor IT glitch with how their website works. This is one of my personal pet peeves about the entire 'FinTech' industry and concept. 'FinTech' companies want access to the world of highly regulated personal finance, while acting with all the discipline and rigour of a dot-com startup operating out of someones garage. If I've learned one thing in this life, it is to be wary whenever the words 'financial' and 'innovation' are used in conjunction
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aju
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Post by aju on Sept 25, 2020 11:45:15 GMT
Anybody contemplating lending into Zopa bank may wish to check out this post on another thread where its been found that Zopa may not have all their ducks lined in a row where rates are reducing regularly. Make sure you are aware of all the rates before committing funds to products with unexpected rates. Thanks go to wapping35 for spotting issues with conflicting rates displayed recently. I see they have now corrected the website probably because I have said I will take it to the FCA if they do not. I have not lost out financially since I did not fund the account but this is POOR. What really got me was the lame ###ed excuse of saying their IT team cut the rates on the T&C before they updated the advertised rates.And this was a minor IT glitch with how their website works. Good for you, they have quite a few minor glitches on their website sadly at the moment if I try and login I keep getting sorry we are working or something similar but I am logged in none the less but it does not say that so I could walk away and anyone who knows what they are doing could access my accounts still. Just using my bookmarked links allowed me to bypass this issue for the last few days and operate the site as expected - albeit very slowly still. The weird thing is Mrs Aju does not have the same issue on the same browser on same pc 5 minutes later!. I gave up even bother to send issues to them as they never seemed to be interested in fixing them anymore. They are calling them selves a bank but the current web systems will need a really good overhaul if they want to be a proper bank!.
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wapping35
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Post by wapping35 on Sept 25, 2020 11:52:43 GMT
I just got an email from Marcus (Goldman Sachs) saying their instant access rate is going down to 0.7% from Oct 12th.
In view of this I would not be surprised if Zopa cut some more and we see this "IT Glitch" happening yet again.
W35
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 29, 2020 17:21:24 GMT
I just got an email from Marcus (Goldman Sachs) saying their instant access rate is going down to 0.7% from Oct 12th. In view of this I would not be surprised if Zopa cut some more and we see this "IT Glitch" happening yet again. W35 oh but it will... Atom bank are 'celebrating' their new 0.75% SAVING account.... not worth the bother
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zlb
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Post by zlb on Oct 1, 2020 14:17:07 GMT
So the next guess is whether feelgood reduce bank rates because they can (even though they aren't tied to the BoE rates, I had thought), or whether owing to borrower performance.
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Greenwood2
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Post by Greenwood2 on Oct 1, 2020 17:24:54 GMT
So the next guess is whether feelgood reduce bank rates because they can (even though they aren't tied to the BoE rates, I had thought), or whether owing to borrower performance. Their savings rates still look not too bad, currently they may be looking for funds, but like every other bank It's likely to go down. Or are you talking about the P2P side?
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zlb
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Post by zlb on Oct 2, 2020 19:00:55 GMT
So the next guess is whether feelgood reduce bank rates because they can (even though they aren't tied to the BoE rates, I had thought), or whether owing to borrower performance. Their savings rates still look not to bad, currently they may be looking for funds, but like every other bank It's likely to go down. Or are you talking about the P2P side? the bank side....
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Nov 3, 2020 12:01:53 GMT
There seems to be a Zopa credit card now.
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aju
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Post by aju on Nov 3, 2020 12:33:24 GMT
There seems to be a Zopa credit card now. Bit on the expensive side if one does not pay off as its used. We use a Tesco credit card for points although to be fair since they reduced the points rate a while ago it's not that useful anymore. I find it interesting that the rates on the card are way higher than anything we see in our lending but they are still cheaper than a bank account overdraft since the rates on those were all normalised a while ago (regs mistake that was too!). We don't borrow money in any circumstances so the card does not offer that much to likes of myself and mrs aju.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 22, 2021 13:25:24 GMT
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