Greenwood2
Member of DD Central
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Post by Greenwood2 on Aug 18, 2016 10:58:13 GMT
I have 1.4% of plus loans in arrears. My current max loss, (Amount outstanding on loans in arrears)/(Total lent) = 0.95%. Seems OK at the minute but need a longer time frame and a more mature loan book to get a good measure. PMs method gives 55.5% a bit high?
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Post by propman on Aug 18, 2016 13:25:38 GMT
I have 1.4% of plus loans in arrears. My current max loss, (Amount outstanding on loans in arrears)/(Total lent) = 0.95%. Seems OK at the minute but need a longer time frame and a more mature loan book to get a good measure. PMs method gives 55.5% a bit high? Thanks for the data. That looks a reasonable performance to me. My ratio has now dropped to 100%, still high, but moving in the right direction. By your criteria, 1.9% late by number & value, rises to 2.2% if I exclude loans yet to make a payment.
- PM
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Post by blanik on Aug 26, 2016 10:55:12 GMT
First Zopa Plus default.
My B/60 - Consolidate debt - 2 payments made, 2 payments missed. Arrears sent to external CRS. Has now entered an IVA and has a status of default.
So half my interest earned for August wiped out! At least it is still +ve earnings this month ( so far ).
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Post by ogwellian on Sept 24, 2016 16:43:35 GMT
I've had my first three defaults in Plus this month and they've wiped out £80 of my monthly £81 interest.
A £60 loan (when I invested a £6,000 lump sum) and two £10 ones (bought with a £1500 investment).
All three have not made a single payment!!! Surely, taking out a loan and not paying a penny back is tantamount to fraud?
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Post by westonkevRS on Sept 24, 2016 19:33:46 GMT
I've had my first three defaults in Plus this month and they've wiped out £80 of my monthly £81 interest. A £60 loan (when I invested a £6,000 lump sum) and two £10 ones (bought with a £1500 investment). All three have not made a single payment!!! Surely, taking out a loan and not paying a penny back is tantamount to fraud? Technically yes. Under CIFAS guidance this is classified as fraud under 'Evasion of Payment' (EOP), within the " first party fraud" category. If it is true that the customer has never made a payment and refuses to engage to seek a solution, Zopa should be marking this customer with a CIFAS to notify the rest of the financial services industry of this type of character.... It isn't illegal, but certainly amoral. Kevin.
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Post by newlender on Sept 25, 2016 6:05:17 GMT
One of my defaults (£20) in Z+ was for wedding expenses. Presumably still too hung-over to remember he/she has a loan  Interesting to see the comments about not paying back a penny on a loan. I watch 'Can't pay, they'll take it away' on TV, so let's send those chunky chappies round to get my £20. Seriously though, do Zopa ever resort to the High Court and the bailiffs? |
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wapping35
Member of DD Central
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Post by wapping35 on Sept 25, 2016 7:50:02 GMT
One of my defaults (£20) in Z+ was for wedding expenses. Presumably still too hung-over to remember he/she has a loan Interesting to see the comments about not paying back a penny on a loan. I watch 'Can't pay, they'll take it away' on TV, so let's send those chunky chappies round to get my £20. Seriously though, do Zopa ever resort to the High Court and the bailiffs? If you look at the notes section of the Loan Book (unfortunately you really have to down load your loan book now to do so "Excel") you will see the actions taken. Bailiffs, Court action etc are regular events (at least in my loan book) and indeed often payments start / restart afterwards. This said most of this I see in my pre-SG loans (15 defaults) which makes sense since legal action takes time and Zopa + is only 5/6 months in (and a default is only triggered after month 4). In Z+ I have one default out of 2,371 micro loans , but it is very early days and projected defaults are far higher (5%). I do recall seeing an EOP as well , I did wonder what it stood for... Hope this eases the pain a little.
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Post by ogwellian on Sept 25, 2016 10:13:48 GMT
The notes for my three defaults are:-
[23/09/2016]Set to default status[27/08/2016] Borrower has been notified of missed payment.[14/08/2016]Arrears sent external to CRS[27/07/2016] Borrower has been notified of missed payment.[27/06/2016] Borrower has been notified of missed payment.[27/05/2016] Borrower has been notified of missed payment.
[23/09/2016]Set to default status[28/08/2016] Borrower has been notified of missed payment.[28/07/2016] Borrower has been notified of missed payment.[29/06/2016] Borrower has been notified of missed payment.[28/05/2016] Borrower has been notified of missed payment.
[23/09/2016]Set to default status[05/09/2016] Borrower has been notified of missed payment.[05/08/2016] Borrower has been notified of missed payment.[06/07/2016] Borrower has been notified of missed payment.[05/06/2016] Borrower has been notified of missed payment.
Not a lot of action!!
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wapping35
Member of DD Central
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Post by wapping35 on Sept 25, 2016 10:34:05 GMT
From looking at my pre-SG 's the court action can only start after the loan goes into default status and it takes a long time for court dates to be set, action agreed/enforced etc.
You can actually email Zopa directly (I have repeatedly) and get more details on individual loans as to the full actions being taken. Indeed I found that quite reassuring and useful as a Lender to prove the action they are taking.
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Edited to add one example.. But some Bailiff and Court /legal action, not that it was that successful (borrower disappeared in this case), but I believe it illustrates the time scales before legally they can get the courts involved, a successful legal action agreed and then a Bailiff involved to enforce the court order...From below it was nearly a year post default for the court to allow a Bailiff to get involved....
(Zopa do cut off the old Comments after they get to XX length so actually the full story below is even longer)
[30/03/2015] Bailiff has attended debtors address and ascertained that the debtor no longer resides there. Bailiff unable to take any further action at this time, P2PS will continue to chase debtor. [05/03/2015] Courts have confirmed a bailiff has been instructed to attend the debtors property.[20/02/2015] P2PS have instructed the bailiff to attend the debtors property. [28/01/2015] P2PS are continuing to chase the debtor for payment of the judgment debt.[13/01/2015] P2PS are chasing the debtor for payment of the judgment debt.[11/12/2014] P2PS have obtained judgment against the debtor. [01/12/2014] P2PS have requested judgment against the debtor. [23/10/2014] Courts have issued our claim and the debtor has until 05/11/2014 to file a response to the claim.[09/10/2014] P2PS are preparing to send a claim against the debtor to court. [30/09/2014] P2PS have sent the debtor a letter before action. [19/09/2014] Loan has been assigned to P2PS Limited.[11/04/2014] Assignment to P2PS commenced, assignment due to take place on 09/05/2014.[11/04/2014]Set to default, splash message to follow.[31/03/2014] Borrower has been notified of missed payment.[06/03/2014]Case closed with CRS.[03/03/2014] Borrower has been notified of missed payment.[29/01/2014] Borrower has been notified of missed payment.[31/12/2013] Borrower has been notified of missed payment.[19/12/2013]Arrears sent external to CRS.[29/10/2013] Borrower has been notified of missed payment.[07/08/2013]Borrower made replacement payment. [30/07/2013] Borrower has been notified of missed payment.
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Post by ogwellian on Nov 10, 2016 12:13:15 GMT
I've had my first three defaults in Plus this month and they've wiped out £80 of my monthly £81 interest. A £60 loan (when I invested a £6,000 lump sum) and two £10 ones (bought with a £1500 investment). All three have not made a single payment!!! Surely, taking out a loan and not paying a penny back is tantamount to fraud? I spoke with Zopa today about my three defaults. I'm now convinced it's fraud as all three were taken out within a few days of each other and Zopa confirmed (as much as they could) that the three borrowers were from the same area. The loans are below average in size, £1k, £4K and £5k, so I expect they won't get to the top of the recovery in-tray. Personally, I think there should be a fraud contingency fund to repay borrowers who are duped like this. Zopa are escalating my concerns to the recovery and fraud teams.
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aju
Member of DD Central
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Post by aju on Nov 10, 2016 19:02:48 GMT
I've had my first three defaults in Plus this month and they've wiped out £80 of my monthly £81 interest. A £60 loan (when I invested a £6,000 lump sum) and two £10 ones (bought with a £1500 investment). All three have not made a single payment!!! Surely, taking out a loan and not paying a penny back is tantamount to fraud? I spoke with Zopa today about my three defaults. I'm now convinced it's fraud as all three were taken out within a few days of each other and Zopa confirmed (as much as they could) that the three borrowers were from the same area. The loans are below average in size, £1k, £4K and £5k, so I expect they won't get to the top of the recovery in-tray. Personally, I think there should be a fraud contingency fund to repay borrowers who are duped like this. Zopa are escalating my concerns to the recovery and fraud teams. Thanks for the pointer I checked all mine but they are still ok at the moment, couple of missed and then paids. I only have just over 100 "Plus" loans in mine and OH has the same, all @ £10 a shot. I can still remember when we used to loan out and it was like the wild west but at least I could decide on how much and what the level of interest I wanted. So far in the grand scheme I have not lost out but I still have quite a few presafeguard one's left most of which are in default of a some kind, some still paying very small sums but still paying. I agree with you on the fraud front but sadly the banks, i'm assuming the loans were initially paid into one, don't exactly give a stuff when the money has been withdrawn. Seems to me that the banks should get a bigger stick waved at them for not performing the relevant checks on them when they open the account. I've never understood why I have to jump through hoops to open a new account and I have quite a few of them now but these people seem to not have to. They must have false papers, id or whatever you need these days to secure a new account.
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Interesting to see the comments about not paying back a penny on a loan. I watch 'Can't pay, they'll take it away' on TV, so let's send those chunky chappies round to get my £20. Seriously though, do Zopa ever resort to the High Court and the bailiffs?