taffy
Posts: 127
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Post by taffy on Jan 6, 2022 12:17:32 GMT
How can it be complicated to make compulsory purchase of loans in their possession at face value? Perhaps the detailed breakdown of purchases and transfers that will be requested by investors on completion is taking time, along with information on what will happen to the recovery of zero valued loans. Perhaps their Bank is the holdup? No, they are the Bank! Perhaps the FCA monitoring their wind-down plan regulation is the cause? Not yet, but could well be a concern for Zopa later. Never mind, late payment means more interest (at Bank rates) for investors? I MUST keep taking my pills like the doctor said.
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Post by multiaccountmanager on Jan 6, 2022 16:21:48 GMT
Taffy, Just to take issue with one point, late purchases mean more time to default loans so no payout on those.
Also i should mention my original message stated the zopa email said purchases would be complete by end February.
1 previously purchase completion was to be by end Jan
2 it did NOT say the ISA transfer out would be by end Feb
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Ace
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Post by Ace on Jan 6, 2022 18:40:47 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. Zopa's website still says:
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aju
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Post by aju on Jan 7, 2022 13:46:32 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.'I notice that the 1Y has dropped to 1.34% i wonder if this will drop further before we may be offered options so it will will look a better offer!. Just a thought.
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Greenwood2
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Post by Greenwood2 on Jan 7, 2022 14:23:10 GMT
In the notification email: 'Once the sale of loans is complete, investors will have access to an exclusive savings option from Zopa Bank.'I notice that the 1Y has dropped to 1.34% i wonder if this will drop further before we may be offered options so it will will look a better offer!. Just a thought. I think they should have made the offer before everyone removes their funds, that might have tempted a few people to leave some funds in Zopa, mine will be long gone before this offer arrives!
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aju
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Post by aju on Jan 7, 2022 18:24:37 GMT
I notice that the 1Y has dropped to 1.34% i wonder if this will drop further before we may be offered options so it will will look a better offer!. Just a thought. I think they should have made the offer before everyone removes their funds, that might have tempted a few people to leave some funds in Zopa, mine will be long gone before this offer arrives! I'm keeping ours in there for the moment - I want to see if they make any cockups in the changes they still seem to be making - besides they still haven't fixed their tax reports that are not tax reports! Certain items marked as non taxable as taxable when they were'nt at the time they created them back some 6 years or so. I've had an outstanding issue with them on the new "non" tax report (they say its not a tax report but one has to use it as such when reporting to HMRC) and have let it lie for a while now but hey if they don't fix it then i can still poke them with a long stick!.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Jan 7, 2022 20:21:28 GMT
I think they should have made the offer before everyone removes their funds, that might have tempted a few people to leave some funds in Zopa, mine will be long gone before this offer arrives! I'm keeping ours in there for the moment - I want to see if they make any cockups in the changes they still seem to be making - besides they still haven't fixed their tax reports that are not tax reports! Certain items marked as non taxable as taxable when they were'nt at the time they created them back some 6 years or so. I've had an outstanding issue with them on the new "non" tax report (they say its not a tax report but one has to use it as such when reporting to HMRC) and have let it lie for a while now but hey if they don't fix it then i can still poke them with a long stick!. I have tried to find out about various problems with the tax statement, but I have given up! Not worth the hassle for the sums involved and now it is self limiting since this will be the last tax year.
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trium
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Post by trium on Jan 13, 2022 4:25:00 GMT
I have now received funds to clear my remaining loans in full. They defaulted 1 loan (£4-odd) on Monday but that's all. I must admit the final outcome is better than I had feared.
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Ace
Member of DD Central
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Post by Ace on Jan 13, 2022 8:12:00 GMT
I have now received funds to clear my remaining loans in full. They defaulted 1 loan (£4-odd) on Monday but that's all. I must admit the final outcome is better than I had feared. Me too. Have made final withdraw request. Final XIRR was 3.13%. Not really worth the effort for me. Glad to be out.
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Post by kevin1841 on Jan 13, 2022 14:44:45 GMT
If I don't count the interest that has accumulated over the last 32 days (Ok, I know I should!) then Dear Wife and I are £3.96 down. Better than I thought really. It does seem strange that on the odd days that the total dropped it always appeared to be by about £10, but I'm not going to loose sleep over it.
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trium
Member of DD Central
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Post by trium on Jan 13, 2022 15:34:10 GMT
I notice that the 1Y has dropped to 1.34% i wonder if this will drop further before we may be offered options so it will will look a better offer!. Just a thought. I think they should have made the offer before everyone removes their funds, that might have tempted a few people to leave some funds in Zopa, mine will be long gone before this offer arrives! The offer has appeared on the site today for (as far as I know) the first time. Annoyingly, only fixed term accounts opened after 7 December are eligible (I opened two accounts in November)
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Post by mogish on Jan 13, 2022 16:54:07 GMT
Balance in both zopa accounts now zero. How do I check what losses I've incurred?
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Greenwood2
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Post by Greenwood2 on Jan 13, 2022 17:10:42 GMT
Balance in both zopa accounts now zero. How do I check what losses I've incurred? Presumably 'total earned' would be negative by the amount lost. Mine is well positive on both accounts.
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trevor
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Post by trevor on Jan 13, 2022 17:44:16 GMT
1p remaining in missed payments
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zlb
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Post by zlb on Jan 13, 2022 19:44:24 GMT
In the notification email: 'Once the sale of loans is complete, investors will have access to an exclusive savings option from Zopa Bank.'I notice that the 1Y has dropped to 1.34% i wonder if this will drop further before we may be offered options so it will will look a better offer!. Just a thought. plus they'll be looking to avoid the BoE increase 3rd Feb.
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