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

dunstonh

Shouldnt really be much of a surprise.  It was always a risk with that sector.   Failures, closures and consolidation are par for the course.

ZeroSum

Just got email stating they're buying newst loans first

Aceace

ZeroSum said:

Just got email stating they're buying newst loans first

They said this in their email announcement on 7th Dec: 

Zopa’s purchase of your portfolio will happen in stages, starting in December with your newest loans and completing no later than 31 January 2022 with the oldest loans.

bostonerimus

I heard this on Radio4 over the weekend. Looks like an orderly exit and people will get interest up to the time Zopa buys back the loans and closes the accounts. I'd put it down as the best possible way to end.

agent69

A P2P platform that repays all its loans? What is the world coming to?

Albermarle

agent69 said:

A P2P platform that repays all its loans? What is the world coming to?

Shocking isn't it. I blame the Government !

KeepOnKnitting

Add me to the list of people seeing this as a plus. I only had the dregs left in mine after using most of it for a property purchase, so to get anything that isn't already defaulted out at face value is a win. It's going straight in the ISA.

Fellwalker

bostonerimus said:

I heard this on Radio4 over the weekend. Looks like an orderly exit and people will get interest up to the time Zopa buys back the loans and closes the accounts. I'd put it down as the best possible way to end.

I'm afraid I disagree about orderly. I found it to be an ending that left a very sour taste.
I got interest until they bought back the loans, not until they closed the account.  For this year that was negligible as they bought back in stages but didn't let me do anything.  They then held on to my full ISA cash from 14 January to 9 March without paying a penny interest for the use of it.
Last year I'd got 4.61%, so much better than any bank or building society. This year  0.12%.
Their claim is that because it was an Innovative ISA, they are not restricted by the ISA transfer timescale.
They claim they were busier than expected due to all of the transfers out!  Really?

How much money have they had for the first quarter of the year without having to pay interest on it?  A very nice bonus as they start as a bank using our money.

Thrugelmir

Fellwalker said:

bostonerimus said:

I heard this on Radio4 over the weekend. Looks like an orderly exit and people will get interest up to the time Zopa buys back the loans and closes the accounts. I'd put it down as the best possible way to end.

I'm afraid I disagree about orderly. I found it to be an ending that left a very sour taste.
I got interest until they bought back the loans, not until they closed the account.  For this year that was negligible as they bought back in stages but didn't let me do anything.  They then held on to my full ISA cash from 14 January to 9 March without paying a penny interest for the use of it.
Last year I'd got 4.61%, so much better than any bank or building society. This year  0.12%.
Their claim is that because it was an Innovative ISA, they are not restricted by the ISA transfer timescale.
They claim they were busier than expected due to all of the transfers out!  Really?

How much money have they had for the first quarter of the year without having to pay interest on it?  A very nice bonus as they start as a bank using our money.

The administration costs of winding up small accounts will outweigh any commercial benefit. Wouldn't be shutting the operation if it was worthwhile to maintain. Be a hit on the banks bottom line.