Are you guys shutting down too? Options

[bamalucky]

Did I mention i'm angry?

Why didn't Zopa notify it's members instead of me luckily scanning my SPAM filter & finding out where to log in & see where my Zopa CD's now were online?

[bamalucky]

This decision will have no impact on Zopa's other activities in the UK, Italy and Asia.

Doesn't every company say this right up till the end?

You guys learned one thing in the USA..Grow till you go broke.

This post has been edited by bamalucky: Oct 9 2008, 03:23 PM

[zmp]

Did I mention i'm angry?

Hysterical is more likely.

Is anyone actually losing their Zopa-based investment? As I understand it, most people aren't, it's simply being taken over by someone else. I've got money stuck in Icesave which is at a far higher risk of being completely lost.

In case you haven't noticed, things are happening rather quickly in the economy today and decisions must be taken fast which will affect the quality of communications. Zopa is a very small part of the big picture, and obviously this will affect communications between the various parties involved particularly in the somewhat more complex US system, so if one person announces something that affects multiple parties/companies a day before the other this is to be expected in the current turmoil. Personally I've found Zopa courteous and helpful in all my dealings with them.

[bamalucky]

There has been no email from Zopa to it's members..99% are still unaware.

Why not?

Hysterical..We have been waiting on Zopa USA for 3 years ever since Zopa Dave came around pumping everyone up on how wonderful it was gonna be.

Guess what.I can drive 1.2 miles & buy a CD.Now I have $70,000 in a bank 2000 miles away thanks to Zopa.

[CoogarUK]

see post number 10 on this thread from our CFO..

He's not just our CFO

[zmp]

There has been no email from Zopa to it's members..99% are still unaware.

Why not?

Hysterical..We have been waiting on Zopa USA for 3 years ever since Zopa Dave came around pumping everyone up on how wonderful it was gonna be.

Guess what.I can drive 1.2 miles & buy a CD.Now I have $70,000 in a bank 2000 miles away thanks to Zopa.

All I meant is that it's not Zopa's fault the world's finances have gone titsup. I do agree that the timing was bad as the US market hasn't been around that long, but surely you cannot blame Zopa.
In these kind of situations it's usually better to communicate clearly exactly what tha plans are, and I suspect that said plans are not finalized. As I see it, the misinformation came from Affinity since the Zopa US site is still up contrary to what their email states.

[CoogarUK]

contrary to what their email states.

And contrary to what Zopa's CFO has stated

[zmp]

And contrary to what Zopa's CFO has stated

Well, yes and no He did say "We are NOT shutting the website today.", which lines up with the website being business as usual and contrary to the Affinity mail.

The way I see it withdrawing from a market means an exit strategy (which takes time to plan and communicate), which is way different from collapsing. The fact that it's business as usual indicates the former, and CFO has confirmed this. I'm not suggesting it's all going well, but between the two options this is the more positive outcome.

[xraider]

Pomma, no, I'm interested in a response about why Zopa customer service flat out lied to me yesterday.

[pomma9649]

Pomma, no, I'm interested in a response about why Zopa customer service flat out lied to me yesterday.

sorry - can't help you there

[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

[roger_at_zopa]

The reply from Doug Dolton made this comment redundant.

Roger

This post has been edited by roger: Oct 9 2008, 04:44 PM

[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.

Thats just complete horse manure.

Everything isn't the same..My CD's have been moved to another website not affiliated with Zopa.

Everyone at Zopa is contradicting each other.You guys need to sit down & all get on the same page.

[bamalucky]

Even worse news.


One of the Credit Unions Zopa used is merging with 2 other CU's & getting a record breaking 3rd new name.

This is wonderful.Not only has your account been transferred one time,it's now involved with 3 more mergers..

I can only wonder how long this will take to access the funds.

[petrolhead]

Actually, that article is NOT about USA Federal, the Zopa Credit Union partner. So there are no changes to your accounts.

[bamalucky]

Dear CEO..How about spending less time here alerting the 20 Zopa USA members here & spend more time letting the other 99% of the Zopa USA members know what is going on.

You seem more worried about someone in the UK getting worried.

I'd venture to guess Zopa USA had more money sent in in the piddling 9 months it was open than the 4 years of Zopa UK..

That's OK..Leave us all hanging..There's already 4 blogs about it with pissed off Members..I can only assume how many more there will be..

Yesterday when CNN was visiting,i notice you "handily" forgot to tell them that Zopa USA was folding up when you were pimping how wonderful the UK model is..


Gracias por nada

This post has been edited by bamalucky: Oct 9 2008, 05:19 PM

[bamalucky]

Oh great..It gets even better..i just spoke to my CU..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.

[Rebtech]

At the moment bamalucky has both Topic Starter and Last Action positions in all four of the top threads in Zopa Talk/USA/General, in addition to what he's been doing in this forum. Maybe if he loses all his money he'll learn how the other half lives.

[kirklean]

Just for a bit of clarity on this one. We know that Zopa USA had to meet strict regulations on how it could operate it's product so the current UK model could not really be adapted. Question is, having had a look at Loanio, their system is slightly similar to ours, not the same but similar and they have a license to operate. Can't Zopa USA rehash something together that could bridge the gap between our model and loanio's?
Seems a shame to wind down the business model that they have but for the longevity surely there is something that can be done.

This post has been edited by kirklean: Oct 9 2008, 07:14 PM

[Deddington]

If money is that tight in the US it must be dragging almost all areas where loans are required to a halt. So unless they turn the taps on again very quickly many a big name will be going to the wall.

How about Ford or GM for starters?

I see GM is now only worth $3billion and whilst that is probably over valued I wonder if we started a listing we could raise enough to buy it?


PS
Mattel the toy car maker is worth more and probably a better buy!