registerme
Member of DD Central
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Post by registerme on Feb 16, 2016 10:43:27 GMT
Given the current kerfuffle (at least on these forums) over the RateSetter provision fund, does anybody know how Zopa manage the Safeguard fund, and what it is invested in?
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Post by geoffp on Feb 16, 2016 11:10:51 GMT
Good question.
Hopefully not deposited in Deutsche Bank.
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Post by Deleted on Feb 16, 2016 11:39:41 GMT
Hi registerme, Full details about the Safeguard fund can be found here on the Zopa website - www.zopa.com/lending/risk-data#safeguard This part of the site includes total fund size, the fund’s coverage ratio and fund usage. The fund itself is held in trust by a not-for-profit company called P2PS Limited. As the fund is held in trust this means the money in it cannot be used by Zopa and there are rules for how the fund can be used. The fund was created to step in if borrower gets into financial difficulty and can’t keep up with their repayments, to the point where they are behind on their loan by at least four months’ worth of repayments. At this point P2PS (the Trustee) would take ownership of the loan from you and in return give you the money you are owed (the remainder of the money you lent them, plus any interest due on it up to that point in time). We hope that helps answer your query around the Zopa Safeguard fund. Feel free to drop me any questions via a DM and I can get our expert customer team to answer any specific questions in more detail. Thanks, Mat |
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Post by geoffp on Feb 16, 2016 12:15:31 GMT
Thanks Mat.
So, if the question is to be taken seriously, it would seem rather important to know precisely what P2PS Ltd does with the fund, despite the fact that Zopa has no control over it and the fact that "there are rules for how the fund can be used".
So please could you throw some general light on what P2PS Ltd has actually done with the fund? Thanks.
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Post by zopaamy on Feb 16, 2016 12:18:23 GMT
Hi - The money is held in a RBS bank account
Thanks
Amy
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Post by zopaamy on Feb 16, 2016 12:20:49 GMT
The funds are held in cash
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registerme
Member of DD Central
Posts: 6,624
Likes: 6,437
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Post by registerme on Feb 16, 2016 12:26:28 GMT
@zopamat, zopaamy, thank you for your quick and comprehensive replies. |
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