trevor
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Post by trevor on Dec 21, 2021 13:55:38 GMT
It will be interesting to see what happens to the Z fixed term savings rates when they have paid back our P2P money. Betting on the rates reducing?
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Post by df on Dec 21, 2021 18:54:18 GMT
It will be interesting to see what happens to the Z fixed term savings rates when they have paid back our P2P money. Betting on the rates reducing? You never know. It might depend on the behaviour of fixed term market and how major banks will react on the increased interest rate.
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Post by wilf on Dec 24, 2021 14:19:43 GMT
"Face value" - bad debt already sold and reduced returns - no further monies from recoveries - short notice. Easy to make a profit from loans when you cream off the good ones and I suspect after covid only the good ones left. At least other P2Ps are running the book down.
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trevor
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Post by trevor on Jan 2, 2022 17:19:47 GMT
Z have lowered both 1yr and 2yr fixes rate so they are no longer Best Buy.
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mogish
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Post by mogish on Jan 2, 2022 18:12:06 GMT
"Face value" - bad debt already sold and reduced returns - no further monies from recoveries - short notice. Easy to make a profit from loans when you cream off the good ones and I suspect after covid only the good ones left. At least other P2Ps are running the book down. Couple of questions... So monies outstanding in my zopa account are around 25%, ie cash not yet paid back into holding . Does this suggest these loans are bad or late etc? Or just not been bought back by zopa yet. Secondly, late payments. Are these likely to remain uncollected by end of January and therefore be written of?
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Post by Ace on Jan 2, 2022 18:42:23 GMT
"Face value" - bad debt already sold and reduced returns - no further monies from recoveries - short notice. Easy to make a profit from loans when you cream off the good ones and I suspect after covid only the good ones left. At least other P2Ps are running the book down. Couple of questions... So monies outstanding in my zopa account are around 25%, ie cash not yet paid back into holding . Does this suggest these loans are bad or late etc? Or just not been bought back by zopa yet. Secondly, late payments. Are these likely to remain uncollected by end of January and therefore be written of? It just means that they haven't been bought back yet, but it's still possible they could be defaulted before they are. Zopa will keep any late payments that come in after they've bought the loans. At least, that's my understanding.
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Post by mfaxford on Jan 3, 2022 10:53:07 GMT
"Face value" - bad debt already sold and reduced returns - no further monies from recoveries - short notice. Easy to make a profit from loans when you cream off the good ones and I suspect after covid only the good ones left. At least other P2Ps are running the book down. Couple of questions... So monies outstanding in my zopa account are around 25%, ie cash not yet paid back into holding . Does this suggest these loans are bad or late etc? Or just not been bought back by zopa yet. Secondly, late payments. Are these likely to remain uncollected by end of January and therefore be written of? As Zopa are buying out the loans themselves as a going concern (just for them being the lender rather than us) I'd expect it's in their best interest to continue to keep chasing any missed payments as usual. For Late Payments I believe these will be bought at face value so I'm not sure that would make a significant difference in terms of what we receive. The only ones that might make a difference is if what's currently a late payment turns into a default (after it's had three missed payments). If the late payment turns into a default then Zopa are giving it a zero face value (but might make something off it in future from a debt sale or if the borrower is able to make payments again). Judging by how the Missed payment value in my summary dropped but the earned total didn't drop during the first round of them buying loans then I think it's likely they bought a number of late loans during that period. There's always the CSV loanbook download that should provide a fair bit of data to analyse what's been sold and what hasn't yet.
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zlb
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Post by zlb on Jan 3, 2022 14:33:02 GMT
Z have lowered both 1yr and 2yr fixes rate so they are no longer Best Buy. I thought I saw someone comment here somewhere that Z are supposed to be offering us a bank account deal. I wondered whether that would be a bit higher than the ordinary rates... Otherwise, why offer the deal? Unless that is misquoted. Anyone know?
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Greenwood2
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Post by Greenwood2 on Jan 3, 2022 14:57:45 GMT
Z have lowered both 1yr and 2yr fixes rate so they are no longer Best Buy. I thought I saw someone comment here somewhere that Z are supposed to be offering us a bank account deal. I wondered whether that would be a bit higher than the ordinary rates... Otherwise, why offer the deal? Unless that is misquoted. Anyone know? In the notification email: 'Once the sale of loans is complete, investors will have access to an exclusive savings option from Zopa Bank.'
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aju
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Post by aju on Jan 3, 2022 19:03:26 GMT
I thought I saw someone comment here somewhere that Z are supposed to be offering us a bank account deal. I wondered whether that would be a bit higher than the ordinary rates... Otherwise, why offer the deal? Unless that is misquoted. Anyone know? In the notification email: 'Once the sale of loans is complete, investors will have access to an exclusive savings option from Zopa Bank.'At the time i saw that I just assumed that might be better rates on the longer term ones rather than the shorter term ones. Not sure how beneficial it might be though. I'm somewhat bemused as to the term "selling our loans" as surely its just a question of Zopa buying them, albeint with their money. The time scales though maybe that they need to have funds available to do this hence the tranches or whatever they call them. (I must go and check loans were left when they made the sales of our loans before Xmas. )
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mogish
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Post by mogish on Jan 4, 2022 13:23:50 GMT
either way , as far as I understand this(correct me if im wrong) all loans will be paid back to lenders by end of January , except any in defualt which Z weill continue to chase? Just trying to plan a bit where to transfer my isa to.
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Post by kevin1841 on Jan 4, 2022 14:07:13 GMT
After an initial flurry my loans appear to be going at the rate of about two per day. With over 500 still to go they are surely going to have to speed up a bit to get them done by the 31st!
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Post by multiaccountmanager on Jan 5, 2022 13:55:02 GMT
After an initial flurry my loans appear to be going at the rate of about two per day. With over 500 still to go they are surely going to have to speed up a bit to get them done by the 31st! I just received a reply to my ISA transfer request which says all loans will be purchased by 28 Feb.
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Post by kevin1841 on Jan 6, 2022 11:25:00 GMT
Proving more complicated than they thought perhaps?
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mogish
Member of DD Central
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Post by mogish on Jan 6, 2022 12:14:21 GMT
After an initial flurry my loans appear to be going at the rate of about two per day. With over 500 still to go they are surely going to have to speed up a bit to get them done by the 31st! I just received a reply to my ISA transfer request which says all loans will be purchased by 28 Feb. So isa transfers out will now be a month later? Bit of a pain. What's the reason?
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