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Post by barnsleybiker on Dec 9, 2021 9:43:30 GMT
It's the 9th of December and I've just been into my account to remove anything that's not being invested. I almost fell off my chair and choked on my breakfast sugarpuffs when I noticed the default levels for this month are massive! The interest I have gained is negative and in four figures! The interest I receive is normally in mid three figures! When zopa unceremoniously boot us out at the end of this month I'll be owing them money if it keeps on like this. I already feel quite peeved they've used our investors money to build their business then dumped us, but the defaults this month are unbelievably huge, I've had defaults in the past but these are incredible, I feel zopa has given up on us and maybe the folks paying their loans feel the same and don't need to bother paying? When my account is closed at the end of December I wonder what will happen to these defaulted payments or any outstanding money that's collected later? After 10 plus years of being with them I now feel incredibly let down. I don't think I dare look at my account again! Merry Christmas..... ? I think not! Bah humbug!
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trium
Member of DD Central
Posts: 379
Likes: 298
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Post by trium on Dec 9, 2021 10:08:00 GMT
I'm fully expecting that Zopa will be defaulting loans with particular zeal in the coming weeks, I'm not seeing that at the moment.
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Post by Ton ⓉⓞⓃ on Dec 10, 2021 22:01:29 GMT
Not looked at my account - but sounds like a bank acting like a ... well ... bank, I'm sorry to say.
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Post by birdie on Dec 11, 2021 9:25:47 GMT
Defaults are as normal in my account, mustn't speak to early though.
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Post by mfaxford on Dec 11, 2021 10:26:16 GMT
If they're still following the same rules where loans only default after 3 months of no re-payments then the defaults you see now would likely have happened even if they continued the P2P side.
I've had the occasional month where the number of defaults has been particularly high, but then others where the defaults have been lower than expected. Overall I think it's roughly balanced out. The level of defaults you see can vary depending on the state of your loanbook.
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