marie
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Post by marie on Apr 3, 2020 17:42:28 GMT
Personally I have thousands of pounds waiting for weeks to get to the stage where they are being matched with borrowers. I’d love to buy the loans you are selling - but the process seems just as slow on my side of the fence. Are you in the plus or the Core? One possible explanation you already have the loan parts other people are selling, you cannot over expose yourself with the same borrowers. The other explanation, Zopa is lending less, and there are many investors want to invest like you but you are behind the matching queue. I’m in Plus. I find it strange that there should be long queues on both sides of the fence - both people selling and people buying. I’ve not got much money in Zopa (less than 10K), so there aren’t that many loans that I’ve already got a chunk of. Oh well all we can do is wait it out
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marie
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Post by marie on Apr 3, 2020 14:31:44 GMT
Personally I have thousands of pounds waiting for weeks to get to the stage where they are being matched with borrowers. I’d love to buy the loans you are selling - but the process seems just as slow on my side of the fence.
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marie
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Post by marie on Feb 7, 2020 13:42:57 GMT
I deposited some money about this time yesterday, and that is being matched as we speak. I think the time for the money to get matched can vary from investor to investor, because I don't believe investors can get matched to loans they already own a part of. Hopefully your money will get lent soon
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marie
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Post by marie on Oct 30, 2019 16:55:32 GMT
Hello! I see so many loans with the status of "settled" against them, a lot more than "default". Is it really as bad as it sounds, are they loans that Zopa have just given up on recovering? Is the outstanding amount just taken off my profits? There are so many mentions of "defaulted" loans, but no mentions of "settled" ones (from Zopa themselves and here on the forum), so I', hoping I'm hoping I'm reading it wrong and that it's not as bad as it looks Many thanks!
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marie
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Post by marie on Mar 5, 2019 14:11:59 GMT
Hi all, Just a warning to everyone not to blindly trust Zopas remaining ISA allowance figure. See attached screenshot, they are claiming that i have £22,460 left!
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marie
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Post by marie on Sept 18, 2017 10:02:29 GMT
(...) *4 - The excuse given not to supply us with more information and statistics on this does not sit very well with me. They don't think we can handle the facts because it will give us false expectations? Very poor. (...) *4 - ... maybe this could be to do with regulations? I know that companies have to be really careful what they say with investment products. If that was the case, why not just say so? It would be a completely acceptable answer. "You can't handle the truth" however...
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marie
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Post by marie on Sept 18, 2017 9:33:00 GMT
I've had a reply from Zopa regarding my suggestions/questions email that I sent them after they requested feedback in the weekly update. I'll paste it here in its entirety as I think it will be of interest to all:
Good morning *****,
Thank you for writing to Zopa. We appreciate customers who let us know where we can improve.
As the ISA and the standard account are two separate portfolios of investments, we must isolate the two data so there is no confusion when interpreting the information. There is, however, the ability to merge both the ISA and non-ISA loan book by copying a pasting the cells from one spreadsheet onto another. *1
I can completely appreciate that there can be some misinformation/misunderstandings on the P2P forums. I can confirm that we do monitor the forums, however, we only post on the forums if the information provided by some forum users is grossly incorrect as we do like to promote active discussion on the topics that are brought up. *2
I apologise if there has been some miscommunication with the technical problems we have been experiencing lately with the website or with the changes on the platform. One of Zopa’s values is to be transparent to customers and I will be passing this feedback as I do appreciate that having a notification when there is a problem will be most helpful.
With the statements page, just to reassure you, the repayments are being returned to the account as normal, it is purely the reporting of this information on your statements page which is where the issue lies. I can assure you that our Technical Team are currently working on a fix with the statements page, and we hope to resolve the issue over the next few weeks. We are looking at some wider changes on presentation of accounts, including the reporting defaults and earnings, please look for these in the near future.
I can appreciate your comment about being able to view your product performance, however, the difficulty with actual returns is that it’s limited by several factors, such as when and how frequently the product was funded, the timeframe of the investment, and if the reinvesting feature has been enabled. We therefore currently do not display an actual rate per product net of bad debt, although Zopa is looking in ways to improve the projected rate to assess an investor's personal portfolio. *3
When a borrower defaults, the loan gets passed onto our Recoveries department where they would take the necessary steps to retrieve the money that is owed to the investor. The primary objective is to get in touch with the borrower using many methods of communication such as text, email, calls and letters. Once they get in contact with the borrower, they would then try to come to an arrangement based on their circumstances. If need be, we will then obtain a county court judgement (CCJ). We don’t provide statistic on recoveries as it might give a sense of false expectation for investors. This being said, I think it will be a good idea to release a blog on our recovery process which I will raise with the team that deals with our external communication. *4
Thanks once again for all the suggestion you have provided in this
email, I will forward these suggestions to the relevant department. If you have any further queries or concerns, please don’t hesitate to let me know.
Kind regards
xxxx xxxx Client Services
My comments:
*1 - So it looks like we will not be having a summary page for all investments with Zopa. I am disappointed by this, and by the "solution" they provide that is to just copy everything from the two all time loan books together into one spreadsheet.
*2 - I cannot remember seeing any posts from any official Zopa representative over the last year that I have followed this forum. Maybe someone else will be able to comment on this?
*3 - This too I am disappointed by. Other platforms are able to supply this despite facing the same challenges as Zopa (example: Vanguard. Not P2P but same principles apply), and we are also able to find this ourselves although it takes some effort to collect the stats from all over the site. Our calculations might differ and might be slightly inaccurate, but I am sure everyone who has a substantial amount of money in Zopa knows approximately what their ROI is.
*4 - The excuse given not to supply us with more information and statistics on this does not sit very well with me. They don't think we can handle the facts because it will give us false expectations? Very poor.
Edit: formatting Edit2: Words are hard.
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marie
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Post by marie on Sept 14, 2017 16:44:40 GMT
I have asked Zopa for more details on their debt recovery process and stats on successful recovery to be made available to us, but no reply as of yet.. I'll post their reply here when/if I get one
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marie
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Post by marie on Sept 6, 2017 15:52:50 GMT
(...) The only issue I have with closing stuff down early is that defaults cannot be sold and closing/selling on good loans costs 1% and also the true rate on those loans is less than the headline rate depending how far they have gone. I'm pretty certain that running down a relending book results in lower returns as well. I think! (...) Yep, this is exactly why I've decided to just let the loans finish on their own, and withdraw the repayments. A positive side-effect of lots of people paying re-paying more and earlier than they have to, is that I get my monies back faster! It does contribute to the poor returns though, but there's something about having a cake and eating it too.
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marie
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Post by marie on Sept 6, 2017 14:28:08 GMT
I too have decided to stop re-investing in Zopa after what looks like a bad miscalculation from Zopas side regarding expected returns.
I am currently down to 14K in Plus, and in the middle of the rough patch default wise (6-9 months according to Zopa). I suspect that my return will get better once my portfolio matures and I'll consider adding fresh investments when/if things pick up. But for now I am another name to add to the list of people drawing down their investments...
I am also disappointed by the rate Zopa gets in payments on defaulted loans. Out of £226 worth of defaulted loans, only £1.14 has been recovered. I hope this figure will improve, but so far its looking a bit grim.
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marie
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Post by marie on Jun 29, 2017 11:41:46 GMT
What newlender is describing in the same as what's happening to me. The button/message clearly states that the money will be moved to the holding account, but instead its moved directly to a product.
This does not have anything to do with the automatic re-investments, it happens when manually moving money around the site.
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marie
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Post by marie on May 29, 2017 10:20:01 GMT
I don't understand why people assume that just because a loan defaults, that money is lost. Maybe because their definition of default is "This figure relates to any Zopa loan that was written off and closed as bad debt during the specified period that have not been covered by safeguard." Worst month so far on one of my accounts, £81.39 interest (some of which is Classic) and seven defaults of £67.53. From Zopa customer service when I asked the question: Hello Marie,
Thanks for your email and I appreciate your query.
When we move a loan to Default, our Recoveries team do everything possible to recoup funds. Sometimes cases can go for a long time and unless they are bankrupt, we don't actually close the case. Chasing funds does become more periodic the longer it goes on, such as if we cannot trace or communicate with the borrower. Sometimes we can start to recoup funds on loans that have been defaulted for a small number of years.
Kind regards
Will McCain
Client Services
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marie
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Post by marie on May 25, 2017 16:18:16 GMT
In my comment I say "in arrears", not "defaulted". Do you have any sales in arrears? Edit: "arrears", not "areas"! English is not my first language, bare with me Bear with me, bare with me is a whole other game. Arh I even paused before posting that but decided I was going to get it right this time without checking! Next time We have a SharePoint site in work, where people add things I get wrong and ends up being funny
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marie
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Post by marie on May 25, 2017 16:11:08 GMT
In my comment I say "in areas", not "defaulted". Do you have any sales in areas? Nope, just 2 arrears in column O. There you go... I meant "arrears", English is not my first language sorry I'm not sure how big percentage of your portfolio that is, so only you can judge of that is a probable explanation.
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marie
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Post by marie on May 25, 2017 16:02:33 GMT
We were all informed of the 1% fee that is in place when selling out of plus. It is stated very clearly on their website. As for the loans you can't sell, this would be down to them being in arrears. Some of them will get out of areas, and you can sell them when that happens. It looks to me that a lot of people have not understood what Z+ is, before investing. I check my loanbook, there's no defaults, just 11 manual repayment comments, but can't sell all the loans. Any explanation? In my comment I say "in arrears", not "defaulted". Do you have any sales in arrears? Edit: "arrears", not "areas"! English is not my first language, bare with me
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