Zopa USA shut down Options

[bamalucky]

Dear Me,

You invested money into a certificate of deposit with a partnership we established with Zopa. With recent changes in the American economic environment, Zopa has made the decision to discontinue their operations in the United States. We want to assure you that this partnership has in no way affected the stability of your deposits with Zopa or Affinity Plus. Your deposits are insured by the National Credit Union Administration (NCUA). If you would like more information on NCUA insurance, you can access our Web site at www.affinityplus.org.

You guys didn't stick around very long.Thanks to you,I now have a $70,000 CD in a bank 2000 miles away in Minnesota.

Wheres the angry smileys?

[112233]

quit yer whining

[elljay]

Where did you see that, Bama? Front page of Zopa US doesn't say anything about shutting up shop...

[kirklean]

Please refer to the answer in the lending section to your question Bamalucky. I have also highlighted the post to have someone from Zopa USA to provide some clarity to what is happening. To me it looks as though Central Government as put through an emergancy bill which has effected the way some of these credit unions can or cannot operate under.

This post has been edited by kirklean: Oct 8 2008, 09:55 PM

[bamalucky]

Where did you see that, Bama? Front page of Zopa US doesn't say anything about shutting up shop...

I got it in an email.Then I & several other lenders called Zopa.

The site is still up as of now,& i'm making screenshots of my account in case something goes wrong in the transition. The site we all hang out on www.prospers.org had borrowers reporting last week than no loans were being OK'ed even with perfect A+ credit.

[kirklean]

I got it in an email.Then I & several other lenders called Zopa.

The site is still up as of now,& i'm making screenshots of my account in case something goes wrong in the transition. The site we all hang out on www.prospers.org had borrowers reporting last week than no loans were being OK'ed even with perfect A+ credit.

Don't you just hate when the Government step in and screw you and your money. Politics huh?

This post has been edited by kirklean: Oct 8 2008, 10:10 PM

[Paul_Herring]

Don't you just hate when the Government step in and screw you and your money. Politics huh?

I hate it when other Governments (hello Iceland) step in and screw you and your money....

[Filántropo]

I hate it when other Governments (hello Iceland) step in and screw you and your money....

Let's ram their fishing boats!

[Guest_ZopaScott_*]

Hi there – this is Scott from Zopa. We are making a few changes here in the US – including the introduction of direct customer service relationships between Zopa customers and their credit unions. You will get a new customer service phone number and email and start talking to the credit union folks directly. Loans will have the same rates and payment dates. CDs will have the same rates, maturity dates and federal insurance protections (now up to $250,000!). Remember, Zopa loans and CDs were issued by our credit unions partners in the first place, after all.

Affinity Plus Credit Union members will be the first group to make the transition. For everyone else, it is business as usual – you can still log in to your account, make extra payments, etc.

For our part, we are still here and focused on delivering the superlative service we’ve always given our customers…

[bamalucky]

Hi there – this is Scott from Zopa. We are making a few changes here in the US – including the introduction of direct customer service relationships between Zopa customers and their credit unions. You will get a new customer service phone number and email and start talking to the credit union folks directly. Loans will have the same rates and payment dates. CDs will have the same rates, maturity dates and federal insurance protections (now up to $250,000!). Remember, Zopa loans and CDs were issued by our credit unions partners in the first place, after all.

Affinity Plus Credit Union members will be the first group to make the transition. For everyone else, it is business as usual – you can still log in to your account, make extra payments, etc.

For our part, we are still here and focused on delivering the superlative service we’ve always given our customers…

WTF does this mean? Looks like double talk to me. Are you closing to new Cd's & loan requests or not?

[bamalucky]

Are you totally blowing off where my CU says this?

Zopa has made the decision to discontinue their operations in the United States.

In addition, the Zopa social networking Web site will no longer be available as of October 9, 2008.

This post has been edited by bamalucky: Oct 9 2008, 03:39 AM

[petrolhead]

Hi all -

This is Doug Dolton, Global CEO of Zopa.

Here are the facts: due to the extremely difficult consumer credit circumstances in the US, we made the decision to focus our ongoing efforts in the UK, Italy and Japan. We have six credit union partners in the US, and we have been working with them to modify our business model to offer our customers the best possible offerings, given the poor credit conditions in the US. One of our partners sent out emails to their Zopa members informing them of their decision (which they had the contractual right to do) to move the servicing of their loans and CD's to their own customer service facilities prior to us knowing that, and prior to us making final determinations of exactly what business model we would pursue. Today, Zopa US offers the public great rates on loans and CD's, but now it is being done directly, through one of our credit union partners. And for our currrent customers (both loans and CD's), business remains the same, with the exception that you cannot ADD additional "Help" to your Zopa loan. Our customer service folks are still handling customer calls, and your payments will continue to be processed (as Scott said in his posting last night) as usual.

We're certainly facing unprecedented economic times worldwide right now, but I am pleased to report that our UK and Italian operations are doing better than ever, and I look forward to continuing to develop those marketplaces. I apologise for any confusion regarding our circumstances.

- Doug Dolton

[bamalucky]

And for our currrent customers (both loans and CD's), business remains the same, with the exception that you cannot ADD additional "Help" to your Zopa loan.

This is a complete & utter lie..Maybe you need to log onto your own website & see for yourself..Oh wait..My CD's aren't there any more are they.The CU took them away..

How can you sit there & type " business remains the same"

Looks to me like you are trying to quiet the mounting questions regarding Zopa as a whole..

By the way..Did you ever plan to notify the members of USA Zopa?

You still haven't.

[petrolhead]

You can still access any of your Zopa accounts - please call our customer service department if you are having access problems.
thaks

[bamalucky]

You can still access any of your Zopa accounts - please call our customer service department if you are having access problems.
thaks

I can still look at the screen but everything is disabled.I can't help borrowers,buy a CD or anything..

Whoopdeeedooo.You got my name & address on a screen..Thank goodness my money is somewhere else.

[xraider]

I called Zopa again to make sure there's a record of my CD in case Zopa closes down shop. I was referred to "My account" for the agreement. There was no account number there. I pressed, and was given my member # then my Zopa CD number. I was told that USA Fed Credit Union might or might not be able to verify that my cd exists.

I also asked why there was different handling for Affinity cds vs. USA Fed Credit Union cds, and was told, "I'm just a customer service representative."

When I called USA Fed Credit Union, sure enough, they had no record of my cd. The woman put me on hold and came back after several minutes, and told me that they're just learning about this now, but if Zopa went under, the cd would transfer to them.

I'm off to print out screen shots of my account, just in case.

[bamalucky]

I just got off the phone with affinityplus(my CU).They pulled me up via my Social Security number.


Zopa has only transferred one of my Cd's for 18,000.

I have $52,000 floating around out there somewhere..

Thank you Zopa..You are a great steward of peoples money.Now I have to track my money down.

[Paul_Herring]

http://www.finextra.com/fullstory.asp?id=19115

[xraider]

Hi there – this is Scott from Zopa. We are making a few changes here in the US – including the introduction of direct customer service relationships between Zopa customers and their credit unions. You will get a new customer service phone number and email and start talking to the credit union folks directly. Loans will have the same rates and payment dates. CDs will have the same rates, maturity dates and federal insurance protections (now up to $250,000!). Remember, Zopa loans and CDs were issued by our credit unions partners in the first place, after all.

Affinity Plus Credit Union members will be the first group to make the transition. For everyone else, it is business as usual – you can still log in to your account, make extra payments, etc.

For our part, we are still here and focused on delivering the superlative service we’ve always given our customers…

When? How? Before or after your website shuts down?

ETA: Thanks, Paul.

Zopa, why are we getting our information from random internet sites, instead of from the company to which we entrusted our money? Please provide an accurate update on your website. Shame on you!

This post has been edited by xraider: Oct 14 2008, 12:05 PM

[pninen]

This is completely shameful. Reading messages from Zopa customers on several forums, I see they are getting conflicting information from Zopa customer service, Zopa executives, credit unions Zopa has pointed them at.

Zopa: Where is your responsibility to investors?

You've screwed your name. Good job.