Post by barnsleybiker on Oct 7, 2021 12:52:51 GMT
DeJa Vous? When i began with Zopa and Ratesetter all seemed pretty good. Zopa and Ratesetter were real trailblazers with the new peer-to-peer lending idea. A breath of fresh air, they invested OUR money to grow our investments and make piles of money for themselves. win-win.
Then a couple of years ago ratesetter decided to go down the "bank" route. The Web site got changed, dealings and information became less transparent. There would be be few days where the system would be down or investment types changed without prior knowledge. Interest rates became gradually lower and removing my money got trickier, then for about 6 months all interest was halved!!!
Lots of general shenanigans worried long-term investors. Ratesetter said it was due to the market.... hmmm. This was odd as there was a still a good demand for loans. Then one day out of the blue an email said Ratesetter had merged with Metro bank who'd taken over the lucrative loan book, and all investments by loyal Ratesetter investors would be paid back and Metro Bank would be hoovering up all the interest from now on.
This payback was almost instant, the tax free ISA money, 5 year, one year and monthly loans all dumped straight back into my own bank account on April 6th 2020. Every invested penny returned to my bank account within days of the email, no goodbye! no thanks! no kiss my bum!
There's a recent article and quite a significant read concerning the banking side of zopa. I read they are claiming a loss in profits while actually blaming all the spending on creating and improving its banking side of the business, it really makes me think about the direction they are going in. Zopa could be following the ratesetter model where all investors that helpped it build its busness get booted and ZOPA bank keeps all the profit from the lucrative loan book? they call it, "strategic direction"
I REALLY WONDER IF THE RATESETTER MODEL IS THE PATH ZOPA ARE FOLLOWING? ..... FIRST STEP IS TO ANNOY, DISCOURAGE AND SHED IT'S EXISTING INVESTORS SO IT'S BANKING ARM CAN TAKE OVER THE LUCRATIVE LOAN BOOK? It does seem familiar, the web site being down for investors for nearly a week feels Ratesetter familiar? I sincerely hope not. Let's see!
www.p2pfinancenews.co.uk/2021/10/04/zopa-reviewing-strategic-direction-of-p2p-lending-platform/?fbclid=IwAR03sgb0QMpKJ4K0Lj_J4sSidp3oDHXij-0nBP5PloIQjIRslmVXJFj03Iw
Then a couple of years ago ratesetter decided to go down the "bank" route. The Web site got changed, dealings and information became less transparent. There would be be few days where the system would be down or investment types changed without prior knowledge. Interest rates became gradually lower and removing my money got trickier, then for about 6 months all interest was halved!!!
Lots of general shenanigans worried long-term investors. Ratesetter said it was due to the market.... hmmm. This was odd as there was a still a good demand for loans. Then one day out of the blue an email said Ratesetter had merged with Metro bank who'd taken over the lucrative loan book, and all investments by loyal Ratesetter investors would be paid back and Metro Bank would be hoovering up all the interest from now on.
This payback was almost instant, the tax free ISA money, 5 year, one year and monthly loans all dumped straight back into my own bank account on April 6th 2020. Every invested penny returned to my bank account within days of the email, no goodbye! no thanks! no kiss my bum!
There's a recent article and quite a significant read concerning the banking side of zopa. I read they are claiming a loss in profits while actually blaming all the spending on creating and improving its banking side of the business, it really makes me think about the direction they are going in. Zopa could be following the ratesetter model where all investors that helpped it build its busness get booted and ZOPA bank keeps all the profit from the lucrative loan book? they call it, "strategic direction"
I REALLY WONDER IF THE RATESETTER MODEL IS THE PATH ZOPA ARE FOLLOWING? ..... FIRST STEP IS TO ANNOY, DISCOURAGE AND SHED IT'S EXISTING INVESTORS SO IT'S BANKING ARM CAN TAKE OVER THE LUCRATIVE LOAN BOOK? It does seem familiar, the web site being down for investors for nearly a week feels Ratesetter familiar? I sincerely hope not. Let's see!
www.p2pfinancenews.co.uk/2021/10/04/zopa-reviewing-strategic-direction-of-p2p-lending-platform/?fbclid=IwAR03sgb0QMpKJ4K0Lj_J4sSidp3oDHXij-0nBP5PloIQjIRslmVXJFj03Iw