aju
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Post by aju on Sept 21, 2017 7:25:13 GMT
I was checking my investments today and thought that re-investing to same product was turned on in all my investments. I was surprised to notice however that I had £240.56 in the holding of the ISA product. Not having seen this before I checked across the relevant options but could not find a reason as to why £240.56 would be in holding when I noticed that re-investing was curiously turned off. Assuming I had probably pressed a wrong button and inadvertently turned it off I turned it back on to find that the money had come from core as the system has re-investing to same product turned on.
Since I did not set this option and knowing that there are some issues with Zopa at the moment I've sent an email to Zopa detailing this but has anyone else noticed this perhaps?.
It would appear there are 4 clear and distinct stages to turning it on/off as follows so IMHO its not that easy to inadvertently turn this off.
* Click More to open holding * Click Change * Change setting to "off" * Click save
Reinvesting having been turned also has resulted in the re-invested money going to the back of the queue which for me is not acceptable when I did not turn it off myself.
Anyone any ideas.
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ashtondav
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Post by ashtondav on Sept 21, 2017 8:45:17 GMT
In my non isa products I decided to sell my access account holding. When I issued that instruction all repayments from my plus, core and classic accounts were automatically changed from re-investment, and diverted to my holding account. Probably doesn't apply in your case but there are events that automatically trigger a diversion to the holding account.
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Post by wyndstryke on Sept 21, 2017 14:23:38 GMT
If you sell any loans then it will turn off re-investment. This is deliberate.
If reinvestment is turned on, but there is a small balance in holding every evening - this is because returned money goes briefly into holding until it is automatically reinvested a few hours later. So don't make the mistake of manually moving money back into the product every day because in this scenario it will go into 'new money' instead of 'repayments' and hence will be at the end of the queue.
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aju
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Post by aju on Sept 21, 2017 16:56:22 GMT
I got a response from Zopa that corroborates what you are both saying, thanks for the pointers So it would seem I made the mistake here and Zopa's answer does make quite a bit of sense. Shame they cannot actually determine that money returned manually is not auto recyclable but I guess that would require a different flag and the necessary changes to software to cope with it and I think they have enough to be dealing with at the moment.
Its a shame I hadn't spotted it earlier - I wasn't expecting it though - I withdrew the money from core as I had invested too much at once too early and zopa queue took this as meaning I wanted to lend in £20 chunks whereas I'm trying to keep to £10 ones. I'm trying to keep the diversification as beneficial to me as possible to limit the effect of any defaults that are going to come. I lost a few days relending I can live with that if it means I'm sticking with £10 loans as much as possible.
Again thanks to those who came in with the solutions.
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