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TheCountOfNowhere

Something funny going on at Zopa

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Been trying to lend £1000 on Zopa for 2 weeks now....it's not been taken.

So either, every man and his dog have piled into it to get a decent return or no one is borrowing.

The former would be my guess.

 

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12 minutes ago, giesahoose said:

I haven't used it before so don't know if it's possible but could you offer a better rate? Supply and demand etc

Zopa's all automatic these days.

 

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On 23/05/2017 at 9:45 AM, TheCountOfNowhere said:

Been trying to lend £1000 on Zopa for 2 weeks now....it's not been taken.

So either, every man and his dog have piled into it to get a decent return or no one is borrowing.

The former would be my guess.

Even the banks use them according to their website. Count me as part of every man too now lol.

On 23/05/2017 at 10:22 AM, TheCountOfNowhere said:

Zopa's all automatic these days.

Given the mass of global debt, greater than pre-2008, are there concerns over the much talked about looming credit crisis with regards to lending money on a place like Zopa? I guess it depends on the borrowers as they aren't banks or tied to BTL or IO mortgages (I assume). I'd personally not put too much in anyway being new to P2P but I wonder what people's thoughts are on the above too?

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Demand from investors for our peer-to-peer platform is exceptionally high. If you would like to start investing with us, sign up to our waiting list and when we're next open to new investors we'll be in touch.

I wonder if the truth is that they are having trouble scaling the system up - maybe their data centre is running at capacity?

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On 12/06/2017 at 5:52 AM, Habeas Domus said:

Demand from investors for our peer-to-peer platform is exceptionally high. If you would like to start investing with us, sign up to our waiting list and when we're next open to new investors we'll be in touch.

I wonder if the truth is that they are having trouble scaling the system up - maybe their data centre is running at capacity?

I have got a fair chunk in ZOPA. Not adding funds but reinvesting repayments. No issues.

I'm a bit of a P2P addict. The returns after tax are covering most of our rent on a 2 bedder.

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I have fifty loans on Funding Circle since last autumn.  No unsecured property loans, unexpected VAT bills or other obvious disasters.  I don't have any losses so far, but five loans have been downgraded and lost their risk banding.  I've decided I don't have the appetite for this level of risk so I'm putting the rest up for sale.

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RateSetter have withdrawn from the P2P Finance Association

Quote

Following our announcement last month, which can be found in the notices section of the member area, we have decided to withdraw from the P2PFA. 

Membership requires adherence to the P2P Finance Association Operating Principles including transparency. No customer has experienced any loss from our actions but we recognise that our actions breached the principles of the Association.

 

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33 minutes ago, Will! said:

These are the P2PFA Membership rules

  • Undertake debt based retail financial services business in the UK by means of an electronic platform.
  • Use lender funds to provide loan funding of any type to consumer or business customers.
  • Secure some lender funds from retail consumers where possible.
  • Operate to a significant extent by means of direct loan contracts between borrowers and lenders.
  • Demonstrate high standards of credit risk and operational risk management.
  • Demonstrate high standards of transparency and provide clear, balanced and fair information to all customers.
  • Comply fully with the P2PFA’s Operating Principles.

So they left, or perhaps were pushed out, due to the transparency requirement, which doesn't look like a particularly onerous requirement.

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