Greenwood2
Member of DD Central
Posts: 4,251
Likes: 2,694
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Post by Greenwood2 on Aug 20, 2021 11:42:01 GMT
Looks to me like the plan is to initially fund all what are currently Zopas p2p loans through the bank, and then allocate some of those loans to p2p investors while retaining others. There is no indication (at least for the moment) that Zopa bank will be making separate loans or entering new loan markets. As Greenwood suggests Zopa are obviously confident that there is enough margin between the amount paid on the Zopa bank deposits and the amounts received via P2P loans to make the whole thing viable. And if they can attract enough deposits to the bank to finance the loan book they will no doubt start to gently deter individual P2P investors.With Zopa not accepting new retail lenders and then not accepting new deposits from existing lenders and queues to lend still being ridiculously long, this seems to be a somewhat prophetic comment. I wonder how big or more likely small a percentage of loans are being offered to the retail lenders now?
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Post by mfaxford on Aug 20, 2021 13:33:35 GMT
Looks to me like the plan is to initially fund all what are currently Zopas p2p loans through the bank, and then allocate some of those loans to p2p investors while retaining others. There is no indication (at least for the moment) that Zopa bank will be making separate loans or entering new loan markets. As Greenwood suggests Zopa are obviously confident that there is enough margin between the amount paid on the Zopa bank deposits and the amounts received via P2P loans to make the whole thing viable. And if they can attract enough deposits to the bank to finance the loan book they will no doubt start to gently deter individual P2P investors.With Zopa not accepting new retail lenders and then not accepting new deposits from existing lenders and queues to lend still being ridiculously long, this seems to be a somewhat prophetic comment. I wonder how big or more likely small a percentage of loans are being offered to the retail lenders now? And the latest message seems to suggest they want people to stop re-investing funds:
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Post by df on Aug 20, 2021 17:53:38 GMT
With Zopa not accepting new retail lenders and then not accepting new deposits from existing lenders and queues to lend still being ridiculously long, this seems to be a somewhat prophetic comment. I wonder how big or more likely small a percentage of loans are being offered to the retail lenders now? And the latest message seems to suggest they want people to stop re-investing funds: Similar happened before in 2017. They've stopped accepting new deposits until demand/supply normalised.... But now it does look like they want to gradually wind down their p2p side of business. It makes sense, p2p is a burden they'd probably be better off without.
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aju
Member of DD Central
Posts: 3,486
Likes: 920
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Post by aju on Aug 22, 2021 9:13:05 GMT
And the latest message seems to suggest they want people to stop re-investing funds: Similar happened before in 2017. They've stopped accepting new deposits until demand/supply normalised.... But now it does look like they want to gradually wind down their p2p side of business. It makes sense, p2p is a burden they'd probably be better off without. Whilst its not what it used to be 18 months ago for our investment on Zopa once we turned relend on tand sent everything we could to Plus this time round we took about 2 days to relend £150 in both our ISA accounts. Now we are steadily lending as soon as funds are returned. They £5 loans now so it means they are better diversified than the old £10 loans we when I was controlling funds release to make sure we only ever got £10 loans. If Zopa are winding down then they are not making a very good stab at it I feel but since they have reduced overal visibility of many details its harder to see what is happening.
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Post by Ton ⓉⓞⓃ on Nov 12, 2021 21:26:58 GMT
| My email from
25th July 2020
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| Saving Rates as of 12.11.21
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| Terms | Interest Rate AER*
| gross** |
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| AER*
| gross**
| 1 year
| 1.10% | 1.09% |
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| 1.35%
| 1.34%
| 2 years
| 1.40% | 1.39% |
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| 1.61%
| 1.59%
| 3 years
| 1.50%
| 1.48%
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| 1.70%
| 1.68%
| 4 years
| 1.55%
| 1.53%
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| 1.71%
| 1.69%
| 5years
| 1.60%
| 1.58%
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| 1.75%
| 1.73%
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*AER stands for Annual Equivalent Rate and represents the interest you will earn each year once the monthly compounding of gross interest is included. **Gross is the rate of interest Zopa will apply to your account, paid monthly, without any deductions for tax.
I'm putting in £1000 for 1year, but I'm testing the transfer first with just £100 - Does anyone know if Zopa will accept this or are they only accepting the full 1k Also I'm having a problem with my Bank saying it's unable to give "Confirmation of Payee" Anyone else have that?
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trium
Member of DD Central
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Post by trium on Nov 13, 2021 0:33:36 GMT
They should accept the £100 but you will need to top up to the £1000 mimimum before the 14-day funding period ends.
The message about being unable to confirm the payee is a known issue. Zopa say to ignore and send the money anyway. Doesn't feel right but I've done this twice now without issues.
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on Nov 13, 2021 15:53:34 GMT
The message about being unable to confirm the payee is a known issue. Zopa say to ignore and send the money anyway. Doesn't feel right but I've done this twice now without issues. I've had the same problem with several 'challenger' banks and even NS&I!
I also ignore the warnings after ensuring I'm happy (as I can be) that the organisation is legit and the bank details are correct and match. In fact it makes me very anxious each time I have to traverse multiple warnings against transferring funds to bona-fide organisations. I know it's been developed to help prevent fraud but it's a poor system that's been poorly implemented.
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trevor
Member of DD Central
Posts: 556
Likes: 379
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Post by trevor on Nov 13, 2021 21:34:54 GMT
I tested with £10 which was accepted
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trevor
Member of DD Central
Posts: 556
Likes: 379
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Post by trevor on Nov 13, 2021 21:38:40 GMT
Just to let you know that if you bank with Santander it will be a day after creating the Zopa savings account before you can pay in. In the first 24 hours Santander will say the account doesn’t exist. It does, it’s a Santander systems failing, not Zopa.
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