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Post by misotu on Feb 22, 2018 10:11:09 GMT
Happens to me regularly. Bizarre - it's rounded up on paper, but not in actuality
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Post by misotu on Feb 20, 2018 23:26:12 GMT
" ... it does mean that anyone who has an issue may be well advised to report it so Zopa knows they are affected. I am quite sure that zopa knows who these are and as far as I can tell its probably everyone who was transferred so it may well be quite a few people were involved."
Quite so. I think those people who do not register their complaint may well be quietly ignored. I note Zopa's amusing use of the word "few" to describe the numbers of people affected. Now it may well be that the vast majority of lenders are happily re-investing in Core. But nevertheless, I suspect their use of "few" is somewhat at variance with my understanding of the term.
Still, they have ISAs being transferred in, so selling those loans shouldn't present too many issues. In theory.
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Post by misotu on Feb 20, 2018 18:51:15 GMT
I'm sorry to say that Zopa are in chaos aju. Quite clearly, the problems experienced by easylender, you, me and countless others are down to either a) incompetence in the tech department or b) management pressure forcing stupidly early release of new processes.
Either way, the whole thing stinks.
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Post by misotu on Feb 20, 2018 18:29:31 GMT
Well well. A couple of pithy emails were sent by me and by Mr M. And now, finally, we have a proper result. Given that the apology is unusually fulsome for Zopa, I can only assume that the grown-ups have stepped into customer services. Big time. Although, sadly, the grammar is still execrable. Their response:
"Thanks for your email.
I apologise about my previous email, your funds were not moved to Core because you selected this as your funding preference.
I've been informed that your funds were moved due to an error which occurred while we was wrapping investors into our ISA's. You and a few others had funds moved out of your holding account into products you never requested.
We apologise about this and can assure you that we'll be getting this fixed. We'll be contact you and all other investors that were affected by this to apologise and advise how we plan to fix this problem. At the moment our plan is to buy all the loans which were incorrectly created."
Yes indeed. And I will be looking for both interest and compensation for my time, upset and inconvenience. I'm not sure that Zopa ever does this but hey guys! Welcome to the grown-up world and if you want to be a bank, start acting like one.
I am pretty much done with Zopa this time. Got here once before, got tempted back in, but serial incompetence is more than I can bear. This is the fourth major incident for me in less than a year. Not good enough. Or, as Zopa CS would say "We is moving our investment's out".
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Post by misotu on Feb 20, 2018 10:08:16 GMT
Mr M has received the following reply:
"I've reviewed your account and it looks like your re-lending preference was switched to Core when your ISA transfer begun.
I understand that this may of come as a surprise and apologise for any inconvenience caused. From reviewing your account I can see that you relending preference was switched on automatically on the 02/02/2018.
However in your email you stated that you saw funds in the queue of your Core product. From what I can see all the payments was disbursed into your Plus product. This happened because when you registered for your ISA wrap you selected either your ISA Core or ISA Plus as our re lending preference. Please advise if you selected Core or Plus.
Lastly, I'll speak to my senior colleague about your scenario as there may be a possibility of us selling loans which you disbursed while your transfer was taking place. I'll be able to contact you about this tomorrow. "
I could rant on about the transparent and pathetic attempt to blame Mr M for what is demonstrably their error. I could be justifiably irritated that "there may be a possibility" of putting this error right as, you know, a very special favour to us. I could make disparaging remarks concerning spelling and grammar.
But I think I'll simply say that my husband has never activated Plus, has never lent in Plus, wouldn't touch Plus with a bargepole and, most importantly, has not a single Plus loan in his loanbook.
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Post by misotu on Feb 18, 2018 10:00:31 GMT
Both Mr M and I have emailed to complain and have asked that a) the loans they purchased contrary to our instructions are sold immediately and our funds returned to holding and b) we are compensated for lost interest. We await their reply.
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Post by misotu on Feb 18, 2018 9:52:41 GMT
Hi aju, yes there are a few regular savers paying 5% at the moment. I have two with first direct as well, they let you put in £300 a month. Unfortunately most of mine are set to mature in the next three to six months, and after that it with be 1.5% at best until I need the funds for a house purchase. I use Ratesetter's rolling market a lot, but I'm maxed out in P2P in terms of my comfort level and can't look at anything now that commits the funds for a year or more. That's why I'm drawing down from Zopa.
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Post by misotu on Feb 17, 2018 11:18:06 GMT
Yes ... I do get this. But the point is that it is that I am getting 5% on the funds I have placed in the account.
I wouldn't expect to receive 5% on £6000 unless I handed them £6000 for a year! In the first month, they've only got £500, in the second they've only got £1000, and so on.
What your calculation seems to be doing is assuming that you have £6000 to invest, but can only invest £500 per month and the uninvested funds are therefore sitting around earning nothing. If this were the case, then the interest rate would indeed be considerably lower than 5%. But this isn't right - since I typically fund all of our regular savers from income, I don't have the funds hanging around!
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Post by misotu on Feb 17, 2018 1:29:27 GMT
I get around £150 interest at the end of the 12 months by putting £500 a month in ... ?? So that looks like 5% to me. Admittedly the interest isn't compounded but I'm not sure why you think it's so much lower?
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Post by misotu on Feb 16, 2018 11:40:45 GMT
Edit: oops I think I mis-undertood - you didn't mean the current account you meant the 2.5%+ (sorry headline 5%) saver one. No hoops to that but not very high realistically. I'd keep it in the ISA and let the maturity sort out the defaults - If i'm right of course ;-) I have a regular saver with Nationwide paying 5% and allowing me to add £500 per month. So it's effectively 5% on £3000 over the 12 months and the funds become available in the next six months. I'm not tying money up for years at the moment, and am withdrawing from longer term investments as and when I can. House purchase coming up in the next 12-18 months, so Nationwide is a way better choice than Zopa. And the return is guaranteed
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Post by misotu on Feb 16, 2018 1:17:09 GMT
So after I wrote that post I actually started thinking maybe I should set the alarm for some stupidly early time to check that our repayments aren't being lent out despite the "repayments to holding" setting. This is very hard - I like my sleep!
And then I remembered that I hadn't checked Mr M's account since first thing this morning, which meant that there has probably been a repayment run since. Whizzed over to his ISA account and ... yes! Just over £55 in his holding account from the latest repayment run and nothing in the lending queue.
Which makes the whole thing very odd indeed. They obviously simply ignored the account settings while the transfer was in progress and blanket relent Core repayments back into Core. Amateur indeed.
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Post by misotu on Feb 16, 2018 1:02:17 GMT
Bit odd though you are affected with movement to holding though. Yes indeed. I am resisting the temptation to turn reinvesting on and then off again, to make sure that it really is off, if you see what I mean. But I want to be able to say, very firmly, that those settings haven't been touched since 1 December! So I'm resisting, but I'm very torn. Between us, Mr M and I now have almost £500 lent out in non-Safeguard loans that we didn't want. That money was earmarked for 5% Nationwide regular saving, so I am *very* hacked off, as you can imagine. The Halifax recently messed us around. It was sorted out in 24 hours and I received £50 to cover my phone bill and £100 for my trouble and inconvenience. What are the chances of an appropriate ex gratia from Zopa do you think? Ha ha ha.
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Post by misotu on Feb 16, 2018 0:13:30 GMT
Well, I've just got access to my account and I'm in the same position as Mr M. Despite the fact that my account still says "Repayments are moved to ISA Holding", I've now got a bunch of new, non-Safeguard loans.
aju is right, you can end up with settings you didn't intend if you are not careful when changing repayment settings, but that's not what happened here - I haven't changed my repayment settings at all since 01 Dec 2017.
The situation is crystal clear from my loanbook. The date of my last new loan, prior to transferring in from Classic, was 01 December. After that, nothing until a bunch of Safeguard loans (my Classic transfer in) on 8 and 9 Feb. And then a bunch of non-Safeguard loans, with a few Safeguard loans thrown in, on 11, 12. 13, 14 and 15 Feb. When I logged in a few minutes ago, I had money in the queue, which I've obviously removed, but I've still got a couple of hundred pounds lent out that should have been sitting in my holding account ready to be withdrawn.
Reading the email Zopa sent, there is this:
What's happening with your repayments
Your ISA repayment money will be reinvested in new Core loans. Remember, these new loans will not have Safeguard coverage.
You can change your repayment settings any time.
My emphasis, obviously. But is it possible that they actually did not consider that some lenders might not be reinvesting their repayments?
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Post by misotu on Feb 15, 2018 13:47:56 GMT
Mr M's transfer from his Classic account to his ISA account completed this morning.
Since the beginning of December, his repayments have been set to be returned to holding. He has been withdrawing on a daily basis since the beginning of December.
We logged in, expecting to see several hundred pounds of repayments sitting in his holding account, but only the value of the Classic loans they couldn't match was there. There were funds queued to be matched in Core, but his setting stated clearly "Repayments are moved to ISA Holding".
We removed the funds from the queue and withdrew what we could. On checking the loanbook, we see that he has acquired £280 of non-Safeguard loans while the transfer was in progress, contrary to the settings on the account.
We will obviously be contacting Zopa about this - they will have to sell the loans and refund plus compensating him for lost interest. I am utterly exasperated. Has anyone else experienced this?
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Post by misotu on Feb 15, 2018 0:27:56 GMT
Given my gender and orientation, I'm immune to the lure of pretty girls. I was fascinated by the Listings, but never lent a penny
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