Post by blanik on Sept 9, 2017 4:58:34 GMT
Trying to recycle money into different products to run-down from Plus I came across an issue with the £1000 minimum. I had money in Core that had got to matching but was not being lent. I currently have < £1000 in Classic, > £1000 in Plus, £0 in Core, and a small amount in pre-sg.
I raised this query with Zopa who confirmed "you are able to have your repayments from an alternative product fund the Core product, only if the alternative product has £1000 held within it.....I have noticed that you have £xxx (<£1000) being lent out within the Classic product. As a result if you was to switch your repayments to go to the Core from the Classic, then your money wont be lent out. The only way to start your money being lent out within the Core product with this current set up will be to fund the Core product with £1000 of new money.........I can confirm that you can have your repayments from your Classic product, to fund your Plus product, as you have £1000 already held within it."
So basically - if you recycle money into Plus or Core either the product you are recycling from, or the product you are recycling to, must have more than £1000.
I am currently recycling Classic into Classic but in December I will only be able to recycle Classic into Plus ( that I don't really want to do ) , but can recycle Plus into Core!
I wonder if they have considered what will happen in December with customers who only have a Classic account with balances under £1000. Even if they have a balance between £1000 and £2000, when they have to start recycling into Core at some point both the from and to products will have a balance below £1000.
I raised this query with Zopa who confirmed "you are able to have your repayments from an alternative product fund the Core product, only if the alternative product has £1000 held within it.....I have noticed that you have £xxx (<£1000) being lent out within the Classic product. As a result if you was to switch your repayments to go to the Core from the Classic, then your money wont be lent out. The only way to start your money being lent out within the Core product with this current set up will be to fund the Core product with £1000 of new money.........I can confirm that you can have your repayments from your Classic product, to fund your Plus product, as you have £1000 already held within it."
So basically - if you recycle money into Plus or Core either the product you are recycling from, or the product you are recycling to, must have more than £1000.
I am currently recycling Classic into Classic but in December I will only be able to recycle Classic into Plus ( that I don't really want to do ) , but can recycle Plus into Core!
I wonder if they have considered what will happen in December with customers who only have a Classic account with balances under £1000. Even if they have a balance between £1000 and £2000, when they have to start recycling into Core at some point both the from and to products will have a balance below £1000.
