Dumped by Zopa P2P closed without notice - 7/12/21

Hopefully22

Hi , I have been a P2P lender with Zopa for several years, today 7/12/21 account closed with loss of future interest and NO NOTICE given is anyone else effected? Anyone know if any group out there trying to get the full interest rather than just accepting the crumbs we are allocated? Is there anything we can do?

Nebulous2

Hopefully22 said:

Hi , I have been a P2P lender with Zopa for several years, today 7/12/21 account closed with loss of future interest and NO NOTICE given is anyone else effected? Anyone know if any group out there trying to get the full interest rather than just accepting the crumbs we are allocated? Is there anything we can do?

There's another thread here. 

Im getting a little worried about Zopa Peer to Peer lending. — MoneySavingExpert Forum

Most of us appear to think it is quite a good outcome. It hasn't been performing for some time. 

ZeroSum

Personally I'm over the moon about it

Retirebefore50

Most of us appear to think it is quite a good outcome. It hasn't been performing for some time. 

Agreed. I had auto withdrawal on and was getting £100 or so every 10 days. Only have £2600 so prefer to take it all now and invest elsewhere.

Mrs_Z

Zopa are getting out of P2P side of things.  Zopa Bank will be buying the entire loan portfolios at current face value without any fees usually associated with loan sales.  They will do the purchasing in stages starting in December from the newest loans. You will get your whole investment back by 31/1/22.
Seems what happened at Right Move at too when they sold to Metro Bank.

Retirebefore50

If anyone is interested, already had 58% of my loans sold as of today. Which is quicker than anticipated. Looks like they are shutting up shop as soon as possible

Does anyone know if we will still be able to download the annual tax certificate after the end of the tax year or will they issue it at closing (end of Jan 2022)?

Albermarle

ZeroSum said:

Personally I'm over the moon about it

Yes , their competitor , Lending Works , has just announced that they are closing as well, but investors will have to wait for the loan book to run down.

ZeroSum

Also noticed a few decent of chunks paid back. Nowhere near 58% for me, about 10% by the looks of it

Retirebefore50

ZeroSum said:

Also noticed a few decent of chunks paid back. Nowhere near 58% for me, about 10% by the looks of it

I already stopped paying into it when Covid hit and was just reinvesting repayments. Then started autowithdrawal about 6 months ago, so I think a lot of mine is older loans getting sold off. Also only had about £2600 left after taking out auto withdrawals, so may be the reason it's high.

 

ZeroSum

Retirebefore50 said:

ZeroSum said:

Also noticed a few decent of chunks paid back. Nowhere near 58% for me, about 10% by the looks of it

I already stopped paying into it when Covid hit and was just reinvesting repayments. Then started autowithdrawal about 6 months ago, so I think a lot of mine is older loans getting sold off. Also only had about £2600 left after taking out auto withdrawals, so may be the reason it's high.

 

I started my personal run down  of zopa about a year before covid. Haven't reinvested for years. My remaining balance is about half of yours.
So if anything, it'll be the newer loans that have been settled

Nebulous2

I've just had an email saying the first batch of mine has been sold. I had under £1k left and I've got roughly half back at the moment.