Post by james on Mar 22, 2016 17:16:43 GMT
Interesting email today saying that "Over time the number of these loans will continue to decline and we will retire this product from your Lending Summary as and when all your loans have been closed". So that appears to be a statement that it'll stick around for at least the next 25 years. Quite possibly longer depending on how some of the loans with token payments or very small arrangements or in various other default states take to run off.
I don't think that it really will stick around until all loans have been closed normally. I assume that at some point it'll become cheaper just to buy the loans and pay all outstanding interest as well as the capital rather than maintaining the relevant parts of the systems. Or maybe Zopa would just make dirt cheap settlement offers to the borrowers so we bear the cost of closing out the product.
I do, though, wonder whether new customers for Zopa Plus realise that they are committing to a business relationship with Zopa that is likely to last longer than a mortgage and which can't be transferred.
How long do you think it'll take until the last one is closed?
I don't think that it really will stick around until all loans have been closed normally. I assume that at some point it'll become cheaper just to buy the loans and pay all outstanding interest as well as the capital rather than maintaining the relevant parts of the systems. Or maybe Zopa would just make dirt cheap settlement offers to the borrowers so we bear the cost of closing out the product.
I do, though, wonder whether new customers for Zopa Plus realise that they are committing to a business relationship with Zopa that is likely to last longer than a mortgage and which can't be transferred.
How long do you think it'll take until the last one is closed?
