aju
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Post by aju on Aug 25, 2021 23:24:00 GMT
The loan had been in arrears. Zopa refuses to give me their calculations. The original interest rate was 2.39% AER The remaining term of the 5 year loan was 17 months to 19/1/23. So 38% divided by 17 months = 27% pa added to 2.39% = 29% rounded. So the new buyer should have received 29% if my figures are correct. I guess if you ask they will supply but if they won't ask for a final letter so you can take it to the FCA and see what they say. It will cost them considerably more if the FCA finds in your favour and to be honest in the scenario you have detailed I cannot see that they would not. I would point out that of late Zopa CS staff seem to try and bat issues away as a first punt but one has to get firm with them in many cases. Anything making it to a regulator will cost them way more for the regulator to investigate than what you are suggesting they have got wrong too so they won't want to let it go there I feel. Good luck
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Post by kvd on Aug 26, 2021 5:41:21 GMT
The loan had been in arrears. Zopa refuses to give me their calculations. The original interest rate was 2.39% AER The remaining term of the 5 year loan was 17 months to 19/1/23. So 38% divided by 17 months = 27% pa added to 2.39% = 29% rounded. So the new buyer should have received 29% if my figures are correct. I guess if you ask they will supply but if they won't ask for a final letter so you can take it to the FCA and see what they say. It will cost them considerably more if the FCA finds in your favour and to be honest in the scenario you have detailed I cannot see that they would not. I would point out that of late Zopa CS staff seem to try and bat issues away as a first punt but one has to get firm with them in many cases. Anything making it to a regulator will cost them way more for the regulator to investigate than what you are suggesting they have got wrong too so they won't want to let it go there I feel. Good luck The point is the loan is no longer part of their portfolio now the loan has been sold, that’s the only reason I can think as to why they won’t give them the loan calculations; if the loan hadn’t been sold or loan sale was still in progress then it might be a different story Market rate adjustment fees will always be higher if the loan is in arrears and they can’t be refunded We’ve been in a pandemic , I think a lot of you seem to be forgetting that
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criston
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Post by criston on Aug 26, 2021 6:43:20 GMT
The loan may have been in arrears, but must not have still been in arrears to have been sold.
I have now asked what interest rate was paid to the buyer.
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Post by kvd on Aug 26, 2021 6:43:22 GMT
The loan had been in arrears. Zopa refuses to give me their calculations. The original interest rate was 2.39% AER The remaining term of the 5 year loan was 17 months to 19/1/23. So 38% divided by 17 months = 27% pa added to 2.39% = 29% rounded. So the new buyer should have received 29% if my figures are correct. I guess if you ask they will supply but if they won't ask for a final letter so you can take it to the FCA and see what they say. It will cost them considerably more if the FCA finds in your favour and to be honest in the scenario you have detailed I cannot see that they would not. I would point out that of late Zopa CS staff seem to try and bat issues away as a first punt but one has to get firm with them in many cases. Anything making it to a regulator will cost them way more for the regulator to investigate than what you are suggesting they have got wrong too so they won't want to let it go there I feel. Good luck Yeh they could complain to FCA and they have the right do so, but FCA won’t touch their complaint unless they complain to Zopa first. I’d wait for the resolution letter prior to going to FCA and in any case, I can tell you now they won’t refund the MRA fee.
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Post by kvd on Aug 26, 2021 7:06:28 GMT
The loan may have been in arrears, but must not have still been in arrears to have been sold. I have now asked what interest rate was paid to the buyer. Apologies i meant if the projected return for a loan today is higher than your loan and the borrower has been inconsistent with repayments. Prior to being in arrears. If that’s the case then it can still be sold.
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Post by kvd on Aug 26, 2021 7:08:53 GMT
The loan may have been in arrears, but must not have still been in arrears to have been sold. I have now asked what interest rate was paid to the buyer. But yes it sounds as though the loan sale (ie your withdrawal) has been completed thus the loan isn’t part of your portfolio Hence why they’re not obliged to give you the interest calculations. Just ask them out right you want a refund You wouldn’t be grumbling here if you’re fine with the fee. Most of what you’re asking for can be found in the loan book anyway
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Greenwood2
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Post by Greenwood2 on Aug 26, 2021 7:24:00 GMT
The loan had been in arrears. Zopa refuses to give me their calculations. The original interest rate was 2.39% AER The remaining term of the 5 year loan was 17 months to 19/1/23. So 38% divided by 17 months = 27% pa added to 2.39% = 29% rounded. So the new buyer should have received 29% if my figures are correct. Just looking in my loan book I have some loans with rates greater than 30%, so not impossible.
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criston
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Post by criston on Aug 26, 2021 7:26:27 GMT
The loan may have been in arrears, but must not have still been in arrears to have been sold. I have now asked what interest rate was paid to the buyer. But yes it sounds as though the loan sale (ie your withdrawal) has been completed thus the loan isn’t part of your portfolio Hence why they’re not obliged to give you the interest calculations. Just ask them out right you want a refund You wouldn’t be grumbling here if you’re fine with the fee. Most of what you’re asking for can be found in the loan book anyway I am not grumbling, nor asking for a refund at present, even though they have said they would not entertain it. It is petty yes, but it's the principle I want to establish. I refuse to be ripped off, but want the facts before going further.
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aju
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Post by aju on Aug 26, 2021 7:38:56 GMT
The loan had been in arrears. Zopa refuses to give me their calculations. The original interest rate was 2.39% AER The remaining term of the 5 year loan was 17 months to 19/1/23. So 38% divided by 17 months = 27% pa added to 2.39% = 29% rounded. So the new buyer should have received 29% if my figures are correct. Just looking in my loan book I have some loans with rates greater than 30%, so not impossible. I must get arround to checking my new loans at some point i may have some of these high % numbers i guess . My concern might be though that I'd rather have more stable loans but it's been a very long time since we had much more control over this .
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Greenwood2
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Post by Greenwood2 on Aug 26, 2021 7:59:14 GMT
Just looking in my loan book I have some loans with rates greater than 30%, so not impossible. I must get arround to checking my new loans at some point i may have some of these high % numbers i guess . My concern might be though that I'd rather have more stable loans but it's been a very long time since we had much more control over this . They are high rate for a reason, quite a few loans at those sort of rates are late or worse!
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aju
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Post by aju on Aug 26, 2021 8:26:15 GMT
I must get arround to checking my new loans at some point i may have some of these high % numbers i guess . My concern might be though that I'd rather have more stable loans but it's been a very long time since we had much more control over this . They are high rate for a reason, quite a few loans at those sort of rates are late or worse! Yes i knew you would understand my sentiment. Sadly i've been up to my eyes recently with family issues to be looking at the loanbook this close except for my monthlys. I 'm still trying to find a way to merge the old loanbook lost loans mreged into my new loanbook and I know there are a few loans even missing i'll get there someday i guess.
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criston
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Post by criston on Aug 26, 2021 12:45:25 GMT
OK, after a lot of digging, this is how Zopa tell me the MRA works, although I have no way of finding out if this is how it ends up & cannot be bothered to go any further.
The £9.66 MRA deducted from me when I sold, is paid to the new investor. The new investor receives the same interest that I was getting.
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trium
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Post by trium on Sept 4, 2021 12:23:26 GMT
OK, after a lot of digging, this is how Zopa tell me the MRA works, although I have no way of finding out if this is how it ends up & cannot be bothered to go any further. The £9.66 MRA deducted from me when I sold, is paid to the new investor. The new investor receives the same interest that I was getting. You appear to have inspired this week's update which says much as you have outlined here. It's a pity they won't offer transparency in the form of figures and algorithms, but that's Zopa these days. The fact that we can't refuse second hand loans when we were once able to do so remains a great annoyance to me. The fact we're mandatorily obliged to accept loans with a chequered repayment history when they used to have to be squeaky clean is frankly scandalous. I had no idea this was being factored in to the MRA calculation.
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Post by kvd on Sept 24, 2021 8:45:39 GMT
OK, after a lot of digging, this is how Zopa tell me the MRA works, although I have no way of finding out if this is how it ends up & cannot be bothered to go any further. The £9.66 MRA deducted from me when I sold, is paid to the new investor. The new investor receives the same interest that I was getting. You appear to have inspired this week's update which says much as you have outlined here. It's a pity they won't offer transparency in the form of figures and algorithms, but that's Zopa these days. The fact that we can't refuse second hand loans when we were once able to do so remains a great annoyance to me. The fact we're mandatorily obliged to accept loans with a chequered repayment history when they used to have to be squeaky clean is frankly scandalous. I had no idea this was being factored in to the MRA calculation. We’ve been in the middle of a pandemic and still are. If you think loans aren’t going to get paid on time when people are furloughed or losing their jobs … I think you’re seriously deluded and need to have a a strong wake up call Zopa are doing what any bank do when if a borrower has four missed payments consecutive or otherwise they fall in to a payment plan with its recovery department and if the payment plan is unsuccessful the debt is sold The queue times have gone up as Zopa are taking on less borrowers due to a stricter lending criteria. You want them to be completely unethical and accept more people even if they can’t afford it? Peer to peer investments all relates to borrowers … and it’s because of this they’ve paused new funds because there’s less loans to match to. Plus they want to get the queues down. That seems reasonable enough to me You’ll be hard pushed to find any bank who aren’t being careful. The delusion and entitlement from some of you is shocking.
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trium
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Post by trium on Sept 24, 2021 9:28:13 GMT
The delusion and entitlement from some of you is shocking. I'm not sure what you are replying to but it does not appear to be the post you quoted. We were discussing the Market Rate Adjustment and the way it is calculated.
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