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[bamalucky]

They share the same VC firms..Looks like Zopa USA is toast.

[cubbiesnextyr]

They share the same VC firms..Looks like Zopa USA is toast.

I don't think Zopa is toast.

[bamalucky]

They share the same VC firms..Looks like Zopa USA is toast.

I don't think Zopa is toast.

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.

With these changes, Zopa will no longer collect payments and disburse funds. Your money was and will remain on deposit with Affinity Plus with the following changes:

§  Servicing of your existing Zopa certificate of deposit will be transferred to your Affinity Plus membership.

§  You will continue to receive the same interest rate on your certificate of deposit.

§  The amount of your interest that you designated to help other members through Zopa will continue to be allocated to those members.

§  The maturity date will remain the same.

By Friday, October 10, you will be able to view and access your certificate of deposit through Access Plus online banking, STAR bank-by-phone, or at any Affinity Plus branch location. Upon the date of maturity, you can choose to reinvest your certificate into a new 12-month Affinity Plus certificate of deposit at the rates available at the time of maturity or you can explore other savings options. In addition, the Zopa social networking Web site will no longer be available as of October 9, 2008.

We continue to look for innovative ways for our members to not only connect with other members, but also exemplify the credit union philosophy of people helping people. We recently launched a new Participation Rewards Program that has many of those components. Please contact me with questions or any Affinity Plus branch at (800) 322-7228, (651) 291-3700, or by email at affinityplus@affinityplus.org. Thank you for your membership with Affinity Plus.

Sincerely,

Gwen Lohrke
Affinity Plus Federal Credit Union
Virtual Branch
Financial Service Officer

[cowdog]

At this point, I'm not transferring in $25 to get out my $10 account balance.

[onthefence]

I bet they could not get enough funds in to produce the loans.

In the end, Zopa was just another CD only you can't withdraw it early.

[onthefence]

Chris Larsen could get off easy "It was the market"

[bamalucky]

I bet they could not get enough funds in to produce the loans.

In the end, Zopa was just another CD only you can't withdraw it early.

You could withdraw early like any other CD..Zopa just had a contest to draw money in,only they rewarded the borrowers..Sound familiar?

[xraider]

OnTheFence, I think you have it exactly right.  My Zopa CD is # 1079.  I found that out when I  called Zopa to see what the story was after bama posted his email.  After the usual platitudes from Zopa, I told the customer service agent that I wanted to know my account number and cd number.  He told me I could find them with my account information on the Zopa website.  It wasn't there.  So, I asked him for my cd number.  When he gave it to me, I commented that Zopa obviously didn't do that well, which is why it was closing down.  He kind of sighed and said yeah....

[zcommodore]

They share the same VC firms..Looks like Zopa USA is toast.

I think LendingClub has the same VC firm too.  If so, I'm thinking they coordinated the Prosper shutdown with the LendingClub reopening.  I doubt ZOPA had much to do with either one.

Does anyone know if LoanIO shares any VC firms with the above?

[cubbiesnextyr]

They share the same VC firms..Looks like Zopa USA is toast.

I think LendingClub has the same VC firm too.  If so, I'm thinking they coordinated the Prosper shutdown with the LendingClub reopening.  I doubt ZOPA had much to do with either one.

Does anyone know if LoanIO shares any VC firms with the above?

Does LoanIO even have any VC?

[112233]

They share the same VC firms..Looks like Zopa USA is toast.

I think LendingClub has the same VC firm too.  If so, I'm thinking they coordinated the Prosper shutdown with the LendingClub reopening.  I doubt ZOPA had much to do with either one.

Does anyone know if LoanIO shares any VC firms with the above?

Does LoanIO even have any VC?

michael solomon seems to be the only investor from what I can tell (and family and friends)

angel investors instead of VC I guess