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Post by blanik on Feb 4, 2017 12:57:46 GMT
I have 2 Z+ loans, in default, where the only comment is "Loan has been assigned to Zopa Limited"
For one of them no repayments were ever received - fairly sure there used to be comments for 5 months of missed payments before it was defaulted ( I noticed this because I thought it should have defaulted after 4 ).
Strangely from the repaid/arrears figures the other one looks like they have repaid 6 months and missed 1!
Anyone know if this "Zopa Ltd" is something similar to P2PS?
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Post by vanthel on Feb 4, 2017 15:41:32 GMT
Usually that's the name of a collection agency that goes there - I guess that means they've taken these cases in-house.
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Post by Ton ⓉⓞⓃ on Feb 4, 2017 21:47:49 GMT
I wonder if it might be simpler for Zopa to do this when it come to "irrecoverable" loans or at least this must be involved. Zopa.com www.zopa.com/principles says |
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Post by dualinvestor on Feb 5, 2017 11:12:30 GMT
I have 2 Z+ loans, in default, where the only comment is "Loan has been assigned to Zopa Limited" For one of them no repayments were ever received - fairly sure there used to be comments for 5 months of missed payments before it was defaulted ( I noticed this because I thought it should have defaulted after 4 ). Strangely from the repaid/arrears figures the other one looks like they have repaid 6 months and missed 1! Anyone know if this "Zopa Ltd" is something similar to P2PS? Could it be something to do with an assignment of a fraudulent loan? P2PS is, I believe, for normal defaults where there is still recovery procedings possible. but Zopa refunds where the loan was obtained fraudulently, so possibly they take an assignment of the loan.
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Post by blanik on Feb 5, 2017 15:45:53 GMT
I have 2 Z+ loans, in default, where the only comment is "Loan has been assigned to Zopa Limited" For one of them no repayments were ever received - fairly sure there used to be comments for 5 months of missed payments before it was defaulted ( I noticed this because I thought it should have defaulted after 4 ). Strangely from the repaid/arrears figures the other one looks like they have repaid 6 months and missed 1! Anyone know if this "Zopa Ltd" is something similar to P2PS? Could it be something to do with an assignment of a fraudulent loan? P2PS is, I believe, for normal defaults where there is still recovery procedings possible. but Zopa refunds where the loan was obtained fraudulently, so possibly they take an assignment of the loan. I thought fraud might be a possibility for the loan that has repaid nothing - but I've not received anything that matches the capital lost. Email off to Zopa - I'll post the reply here.
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Post by blanik on Feb 9, 2017 17:24:06 GMT
So got a reply from Zopa, basically assigned to "Zopa Ltd" is just another stage after the loan has been defaulted.
"Once a loan has been marked as 'Defaulted' on your loan book, after a few days the comments on that loan will be updated to confirm that the loan has been "Assigned to Zopa" as part of our collections procedure.
If this loan was in a Safeguarded loan (either our Access or Classic product) then Zopa would take ownership for this loan and the funds would be paid to you via our Safeguard fund. If this loan was in a non-Safueguarded product (such as Plus or preSafeguard), this amount would be recorded against your account as "bad debt", and the borrower would be contacted by our recoveries team. You would still repayments for this loan, and the comments would be regularly updated by the recoveries department when they received these repayments or other contact from the borrower."
For 2 of my assigned loans - all the previous comments have been replace with "assigned to Zopa", for a 3rd the "assigned to Zopa " was added as an additional comment - which I suggested was better as the history would still be available to lenders. This has been fed back to the "collections team".
I now have 3 Z+ loans in arrears without having repaid a penny, 2 in default and 1 in collections
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benaj
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Post by benaj on Mar 24, 2018 11:48:55 GMT
So got a reply from Zopa, basically assigned to "Zopa Ltd" is just another stage after the loan has been defaulted. "Once a loan has been marked as 'Defaulted' on your loan book, after a few days the comments on that loan will be updated to confirm that the loan has been "Assigned to Zopa" as part of our collections procedure.
If this loan was in a Safeguarded loan (either our Access or Classic product) then Zopa would take ownership for this loan and the funds would be paid to you via our Safeguard fund. If this loan was in a non-Safueguarded product (such as Plus or preSafeguard), this amount would be recorded against your account as "bad debt", and the borrower would be contacted by our recoveries team. You would still repayments for this loan, and the comments would be regularly updated by the recoveries department when they received these repayments or other contact from the borrower."For 2 of my assigned loans - all the previous comments have been replace with "assigned to Zopa", for a 3rd the "assigned to Zopa " was added as an additional comment - which I suggested was better as the history would still be available to lenders. This has been fed back to the "collections team". I now have 3 Z+ loans in arrears without having repaid a penny, 2 in default and 1 in collections Has anyone received recovery payment from loans assigned to Zopa Limited from Zopa Core / Plus?
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wapping35
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Post by wapping35 on Mar 24, 2018 16:54:22 GMT
Has anyone received recovery payment from loans assigned to Zopa Limited from Zopa Core / Plus? In answer to your question. Yes I have had quite a few, but then again I have had more than quite a few loans assigned to Zopa Limited. I am referring to Z+ I don't have Core. Edit (further info):
I just took a look at the details and for the last 12 mths in Z+ my recoveries have been just under 4% of my new Z+ defaults in the period. In summary unless you have a larger loan book with lots of defaults you may well not see many if any recoveries. But to be fair to Zopa, yes some recoveries are coming in albeit a pretty paltry percentage v the default level.
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aju
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Post by aju on Mar 24, 2018 18:09:21 GMT
I have a pre-safeguard one that has
'[16/10/2017]Partial payment received[20/05/2016]Set to default status[05/05/2016] Loan has been assigned to Zopa Limited.'
If it helps
My Core defaults so far have not got round to paying since their defaults - it is a bit early though I feel as most of the defaults in core are recent ones since January.
Mrs Aju has a loan acquired in 30th August 2017 that defaulted ("[04/01/2018] Set to default"). It has not been assigned as yet and they have paid absolutely nothing since day 1. I should get her to poke zopa to see what's happening, as if they haven;t got enough to do ;-)
[Edit] Just found that I've got that loan as well as another B market that also has paid nothing - both are cars as well!!!.
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Post by yorkman on Mar 27, 2018 10:56:27 GMT
[Edit] Just found that I've got that loan as well as another B market that also has paid nothing - both are cars as well!!!. I'm about to buy a new car - better get one of those Zopa loans that you don't have to pay a penny back 
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aju
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Post by aju on Mar 27, 2018 12:13:17 GMT
[Edit] Just found that I've got that loan as well as another B market that also has paid nothing - both are cars as well!!!. I'm about to buy a new car - better get one of those Zopa loans that you don't have to pay a penny back I'm thinking about borrowing 25000 and then relending onto zopa take the interest but not pay the loan - what's the best option do you think to select for the loan purpose .... I'm guessing car would be the one although consolidating loans might also work ... Actually i'd probably be better of just taking the 25k and running trouble is they would probably garnishee my pension if they can do that to a pension. ;-)
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benaj
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Post by benaj on Mar 27, 2018 12:37:31 GMT
[Edit] Just found that I've got that loan as well as another B market that also has paid nothing - both are cars as well!!!. I'm about to buy a new car - better get one of those Zopa loans that you don't have to pay a penny back What about those wedding and funeral loans and holiday loans? People just spend the money and there's no way to get it back. Loan consolidation? Well, then get someone professional and pay fees to have the unsecured debt managed. Home improvement? Find a cowboy builder, spend the money, and the job is never finished. Car loans? get the money, buy a car for someone else then have a nasty accident and the car is written off.
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