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Post by misotu on Mar 13, 2018 2:11:24 GMT
Well, I've had a response, and it's all good news: In regards to your first point: the funds will only be swept back into your preferred product if your repayments are set to a product. Considering that your repayments are currently set to your ISA holding account. All funds should be sent there.
In regards to your second point. Yes, I can confirm you will receive interest for everyday that the loans were invested. My senior colleague will be selling these loans within the next few days.Hoorah. Now all that remains is compensation for my time, inconvenience and general anguish.
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Post by misotu on Mar 10, 2018 2:18:56 GMT
Yup, aju, I'm with you. I think what fuzzy isn't taking into account when he talks of "peanuts" and tends to patronise, is that quite a few of us have been putting up with an utterly shambolic performance from Zopa for many months now. It has cost us money, exasperation, anxiety and time. And that ain't peanuts.
Oh, and edited to add that *my* money that was erroneously put back on the market, contrary to my explicit instructions, will also, presumably, be re-sold in accordance with those rr rules that are so "well known". Which means, presumably, that, to add insult to injury, I will be paying the new lenders *my* interest on money that I didn't agree to lend.
It may be peanuts, but those are *my* peanuts, fuzzy, and I want them.
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Post by misotu on Mar 9, 2018 12:34:43 GMT
It is well known that when a loan is sold by RR the seller forgoes all accrued interest since the last payment. Similarly when you buy a loan that has been RR'd you get the benefit of any accrued interest. So for the transfer to ISA it will be swings and roundabouts, you lose on the sale and win on the purchase. What the net position is can only be found through an exhaustive loan by loan analysis which is prohibitive for anything but the smallest portfolio and will amount to peanuts anyway. It's demonstrably not "well-known", is it? A lot of people have never used RR - for many, this transfer to ISA might be their only experience of it. In seven years with Zopa, for example, I've only used it once so will own up to being unfamiliar with the small print. But thanks for the information.
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Post by misotu on Mar 9, 2018 12:20:30 GMT
Well, I've just received my update too. They confirm again that the loans will be sold, but no timescale is indicated. The wording is extremely poor and unclear, so I've written back for clarification on two points:
FIRST POINT - ACCOUNT SETTINGS
You confirm that the technical error "meant that any funds held within your holding account, was swept into your default funding preference at the time and thus new loan contracts was created. "
What concerns us is that you say "Once your loan contracts have been repurchased, the funds will then be credited to your ISA holding account. ***Please be informed that there is the possibility that the funds held within your ISA holding account, will eventually be swept to your default funding preference***."
This would simply be a repeat of the original problem, and would obviously be unacceptable!
Both of our accounts are set for repayments to go to holding. Neither of our accounts is reinvesting. So there should be *no* possibility of funds being "swept" anywhere away from holding and obviously if this were to occur it would be the subject of a further complaint.
I check our accounts once a day, Monday to Saturday. More frequent checking is not possible, particularly since I have no idea when these sales will start or finish.
SECOND POINT - INTEREST ON FUNDS INCORRECTLY REINVESTED
You say "any interest which has been accumulated will remain with you".
This is not good enough, or clear enough. Obviously we must receive interest for *every day* the funds have been lent out, right up to the day of sale. We need a clear and unambiguous statement to this effect from Zopa.
********
Ho hum.
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Post by misotu on Mar 9, 2018 11:13:52 GMT
I write to Zopa every 12-18 months with a list of defaults that have not been updated for 12 months. I obviously ignore borrowers who are deceased. They write back to me with a progress report on each. On one occasion, there were three they apologised for and said they had "slipped through the net". They promised that these would be followed up. On the last occasion, I wrote to thank them for the update and said that I presumed the loanbook comments had been updated. The chap concerned wrote back to say that, although that would appear to be a sensible idea, he had been told that the Zopa personnel concerned "did not have time". Make of that what you will. I think it is a good idea to keep an eye on defaults with no updates. Particularly when the last update is "letter before action sent", or "creditors' meeting scheduled for xx/xx" or "Scottish solicitors instructed" or similar. They *need* to update the comments at least once every twelve months. It's up to us to make sure that happens. And I do I never thought of that count me in. Must knock up a letter for both of us - trouble is they must be running around like headless chickens just over things we are throwing at them it can;t be long before the old ombudsman will get a poke as well. We can;t be the only ones who are seeing these issues. I won't be doing my next chase-up for a while, I think. Right now, by comparison with Zopa, headless chickens would look completely relaxed!
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Post by misotu on Mar 8, 2018 19:19:10 GMT
As a recent(ish) investor with P2P I found that Zopa was my first port of call when starting. It is the one everyone knows about, and appears regularly in the press when P2P is mentioned. After a year or so I realise that the returns are not that great and the risk is higher than I expected as a beginner. Defaults are showing 3.3% on my book. Also I found my funds put into long term loans that I would not normally choose. It was only when I looked at my loan book that I saw some three and five year loans. I would never have chosen that timescale now. As a result I am abandoning Zopa, although I will break even after costs. OK, three to five year loans not your thing. Not a problem. I just checked out the Zopa investor blurb, first page. Which part of this sentence did you not follow: Direct lending also means you have a loan contract with each borrower. The rate in the contract is fixed for the duration of the loan contract, which can be up to 5 years.
I'm not a big fan of Zopa at the moment, but I think the loan term info is pretty clear. Perhaps, as you withdraw, the lesson you can take away from this is "I must bother to read the information published in big print by the P2P platform. Just a thought.
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Post by misotu on Mar 8, 2018 19:00:22 GMT
Please keep on it aju. It may be pennies, but over hundreds, or thousands, or even hundreds of thousands of loans this is significant.
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Post by misotu on Mar 8, 2018 18:57:25 GMT
Well, another week has passed, and still no action or further clarification.
I wouldn't rate that as a very good response, to be honest. I will be writing again, shortly ...
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Post by misotu on Mar 8, 2018 18:53:52 GMT
I write to Zopa every 12-18 months with a list of defaults that have not been updated for 12 months. I obviously ignore borrowers who are deceased. They write back to me with a progress report on each. On one occasion, there were three they apologised for and said they had "slipped through the net". They promised that these would be followed up. On the last occasion, I wrote to thank them for the update and said that I presumed the loanbook comments had been updated. The chap concerned wrote back to say that, although that would appear to be a sensible idea, he had been told that the Zopa personnel concerned "did not have time". Make of that what you will. I think it is a good idea to keep an eye on defaults with no updates. Particularly when the last update is "letter before action sent", or "creditors' meeting scheduled for xx/xx" or "Scottish solicitors instructed" or similar. They *need* to update the comments at least once every twelve months. It's up to us to make sure that happens. And I do
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Post by misotu on Mar 8, 2018 17:52:54 GMT
aju, I will be very interested to hear the outcome of this one. We have transferred somewhere between 400 and 500 loans, so the sums would be more than a few pence if you are correct. And right now, I am not terribly well-disposed towards Zopa Thanks for doing all the hard work. I wouldn't know where to start.
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Post by misotu on Mar 4, 2018 21:23:56 GMT
Senility is a problem for all of us in retirement nowadays aju. To a greater or lesser degree. With me, it's mostly lost keys ...
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Post by misotu on Mar 2, 2018 11:37:57 GMT
Oh, I think it's too early to involve the regulatory authorities! Zopa have accepted that it's their error, so I'm sure it will get sorted out. It just seems to be taking considerably longer than I expected. Some of those loans will be a month old soon, so if it drags on Zopa will then have the headache of dealing with the ones that miss the first payment. If for no other reason, I would have expected them to move more swiftly ...
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Post by misotu on Mar 1, 2018 18:44:28 GMT
Had the following reply, which deftly ignores the question of interest and compensation. Polite, but not much help.
We are working on providing you and all others investors who suffered from this error, a refund for the loans which our system incorrectly purchased.
I'm unsure when this will be finalized but I can assure you that our senior team intend to have this issue resolved as soon as possible. Nevertheless, I'll be in touch with them today to see if they have any indication on time frames. If they do I'll be sure to pass this information onto you.
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Post by misotu on Feb 28, 2018 23:13:03 GMT
Sorry to hear you had the same problem wyndstryke. On the up-side, Zopa have admitted fault and said they intend to buy back the loans. On the down-side, no word yet on compensation for lost interest and time/trouble. It's been over a week, so I've written to request a progress report
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Post by misotu on Feb 28, 2018 11:05:41 GMT
Well, it has been more than a week now and we've heard nothing further. Appreciate it may take a while to sell the loans, depending on how many people have been affected. But they've had more than enough time to set out their proposed solution, particularly with regard to compensation for lost interest and our time, trouble and inconvenience.
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