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Post by portlandbill on Mar 20, 2017 11:59:28 GMT
I recently (a couple of months ago) diverted some money from classic to plus and already have 4 borrowers with missed payments (3.9%). 3 of the 4 missed payments appear to be 1st repayments that haven't been made. Could that be administrative/banking errors or delays setting up DD/standing orders etc, or likely to be something more sinister?
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kaya
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Post by kaya on Mar 20, 2017 13:20:43 GMT
I've already stopped reinvesting in Zopa+ (and thus Zopa alltogether). Signs are that they give our cash away to too many chancers that never pay a penny back. Zopa+? More like Zopa- perhaps.
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Greenwood2
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Post by Greenwood2 on Mar 20, 2017 13:28:02 GMT
First repayment missing is often a DD problem.
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angrysaveruk
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Post by angrysaveruk on Mar 20, 2017 13:37:03 GMT
First repayment missing is often a DD problem. What is a DD problem? (I am guessing Direct Debit)
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kaya
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Post by kaya on Mar 20, 2017 14:07:32 GMT
That sounds like a good guess, though arguably it might refer to our Due Diligence when considering whether to invest!
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Greenwood2
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Post by Greenwood2 on Mar 20, 2017 14:39:00 GMT
I meant Direct Debit, quite often there seems to be a problem with the setting up.
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Post by newlender on Mar 20, 2017 17:31:34 GMT
I have two and a bit pages of my Loan Book for 'Collections'. Almost £100 of defaults too. Mostly Z+ loans. (One of the late payers borrowed to pay his tax bill).
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johni
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Post by johni on Mar 20, 2017 21:54:37 GMT
I have had 4 defaults so far but things appear to have levelled off. Was worried for a time but having looked at interest being received and it is above expected.
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aju
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Post by aju on Mar 20, 2017 22:32:35 GMT
I have two and a bit pages of my Loan Book for 'Collections'. Almost £100 of defaults too. Mostly Z+ loans. (One of the late payers borrowed to pay his tax bill). I have 130 + loans, 5 in collections at present but seem in and out depending where there is an r in the month ;-), just out of interest what is your bad loan to good loan rate in plus. I don't have any defaults as yet in plus though fortunately. A few in pre-safeguard though!. Just a thought does anyone know what happens if a default eventually pays up and finishes the loan. Are they marked completed.
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amphoria
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Post by amphoria on Mar 30, 2017 13:46:31 GMT
Looks like March is going bad too. It was all going so well until I looked this morning. £50 interest and four defaults of nearly £40 on one account. Second account, £50 interest and one default of a few pence short of £10. So approximately half of March's interest gone already. I have just had my third default in March which has almost wiped out the interest to date. Fortunately there aren't any others that can default this month. I spoke too soon as I have now had 5 defaults in March. It looks like Zopa are processing the defaults quicker now. Previously it has taken them almost a month after the 4th missed payment, but they now appear to be declaring them in default almost immediately. I suppose this could be related to the end of the tax year as it would make sense to write as much off against income as possible. The interest did cover all 5 defaults.
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ozboy
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Post by ozboy on Mar 30, 2017 14:34:28 GMT
I have been running down my Zopa account for over two years now and only have a small sum left so don't pay attention anymore as to what's happening in Zopa Land.
However, when I was showing interest back in the day, ISTM at the time that they bothered very little to actually chase Late Payers, let alone Bankrupt the f****rs. If they don't pursue and Bankrupt is it any wonder Defaults have been increasing? Weak enforcement soon gets known among the myriad scammers.
And if this is what it's like now, in arguably good times, what will it be like in a downturn?!!!!!
Just a thought, happy to be shot down if my thinking's not right.
And glad I'm (virtually) shot of Zopa.
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Greenwood2
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Post by Greenwood2 on Mar 30, 2017 15:27:49 GMT
For me defaults in March are back down into the expected range to get the projected rate plus a bit.  |
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Post by fuzzyiceberg on Mar 31, 2017 12:36:46 GMT
I have been running down my Zopa account for over two years now and only have a small sum left so don't pay attention anymore as to what's happening in Zopa Land. However, when I was showing interest back in the day, ISTM at the time that they bothered very little to actually chase Late Payers, let alone Bankrupt the f****rs. If they don't pursue and Bankrupt is it any wonder Defaults have been increasing? Weak enforcement soon gets known among the myriad scammers. And if this is what it's like now, in arguably good times, what will it be like in a downturn?!!!!! Just a thought, happy to be shot down if my thinking's not right. And glad I'm (virtually) shot of Zopa. Zopa can't bankrupt anybody. They can apply for a county court judgement to collect their debt. But if the debtor can't be found or has no collectable assets or earnings its tough.
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ilmoro
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Post by ilmoro on Mar 31, 2017 13:00:15 GMT
I have been running down my Zopa account for over two years now and only have a small sum left so don't pay attention anymore as to what's happening in Zopa Land. However, when I was showing interest back in the day, ISTM at the time that they bothered very little to actually chase Late Payers, let alone Bankrupt the f****rs. If they don't pursue and Bankrupt is it any wonder Defaults have been increasing? Weak enforcement soon gets known among the myriad scammers. And if this is what it's like now, in arguably good times, what will it be like in a downturn?!!!!! Just a thought, happy to be shot down if my thinking's not right. And glad I'm (virtually) shot of Zopa. Zopa can't bankrupt anybody. They can apply for a county court judgement to collect their debt. But if the debtor can't be found or has no collectable assets or earnings its tough. Of course they can, they can pursue bankruptcy proceedings against the indidvidual and have them declared bankrupt. However, they dont bother or at least dont bother to tell us if they have. Its even worse for pre-safeguard where they appear to have stopped chasing the debtors at all, certianly no updates for several years other than those who are repaying. Glad to be out of the platform loan ago with only a modest default level. Quite clear that they have no interest in pursuing historic defaults.
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Greenwood2
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Post by Greenwood2 on Mar 31, 2017 13:27:54 GMT
Usually it's the other way round, the person that can't pay declares themselves bankrupt to avoid being chased for their debts. Has happened on Zopa and other P2P sites.
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