aju
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Post by aju on Nov 26, 2017 12:04:47 GMT
Ok so I've been holding off directing any money to other than classic - still am - until it switches off next week. In preparation though I opened up a new Core option this week for both mine and mrs aju. Apparently all new money is now going to core. I am not adding new money so not bothered about that. Even though classic is still set at re-investing to itself I seem to have now picked up .26p in new money to core, Mrs aju has .68p and is set up the same. Neither of us has added any new money to our knowledge so what is happening is beyond me.
I was hoping that by leaving repayments alone for classic I was hoping that I could then build it up and direct where I wanted. I'm starting to suspect that I will not be able to do this.
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Post by wyndstryke on Nov 27, 2017 18:30:14 GMT
Ok so I've been holding off directing any money to other than classic - still am - until it switches off next week. In preparation though I opened up a new Core option this week for both mine and mrs aju. Apparently all new money is now going to core. I am not adding new money so not bothered about that. Even though classic is still set at re-investing to itself I seem to have now picked up .26p in new money to core, Mrs aju has .68p and is set up the same. Neither of us has added any new money to our knowledge so what is happening is beyond me. I was hoping that by leaving repayments alone for classic I was hoping that I could then build it up and direct where I wanted. I'm starting to suspect that I will not be able to do this.
I did the same thing as you, and I'm seeing the same. Looking at my settings, I can see that 'core' is set as the default for new money (I did not set that myself). Therefore I think that it is receiving the early-adopter bonus and also default-returns (which I think count as new money).
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aju
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Post by aju on Nov 27, 2017 18:52:15 GMT
Cool, I never thought of that so I had a quick look in statements and sure enough you were correct, also it does similar for early adopter fee. I quickly turned off "new money to core" and put it back to classic as its not yet closed and I'm trying to get as much as possible out of it before it does close.
I wanted to have the repayments from Classic eventually come back into holding and then I can decide as i want where it goes. Hopefully when Zopa turns off classic relend it will be moved back to holding. Its interesting that I never asked it to send new money to Core just to open it. I wonder also if Core does need £1000 before it starts lending as well.
Sadly I had to manually turn re-investing back on as well! - Zopa does not make this stuff very intuitive. It also got confused and asked me for my uid/password and gave me a 500 error. When I went back through myzopa though it had done it. Perhaps Zopa has not fully defined their Process flows/pathways in the S/W design documents and as a result it responds a bit confused in places. Its back where I want it though now so all's well that ends well. Must do same for MrsAju - oops I meant get MrsAju to do the same ;-).
I must also try to remember to revisit this on Dec 1st/2nd to see what parameters have been set on/off as a result of Classic and Pre-Safeguard relend settings being affected.
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Post by misotu on Nov 28, 2017 10:52:06 GMT
Sadly I had to manually turn re-investing back on as well! - Zopa does not make this stuff very intuitive. Agreed - when I withdrew from Mr M's ISA holding account to make room for his fee-free sold loans, it was very easy to remove the funds. But luckily, I did remember to check my reinvestment setting and, sure enough, it had been changed to "holding". Absolutely silently, and with no action from me. You could argue that, if someone has made a withdrawal, they might want to stop reinvesting and make further withdrawals. But that's no reason to make the change automatically and without any notification. In my opinion, that's a bug. It should either leave reinvestment settings as they were, so the user can change them manually (or not!) or if they want to be super-sophisticated they could pop up a little screen saying "Your account is currently set to reinvest your repayments. Would you like to change this?" But as it stands, it's going to catch people out. Those who check their accounts less frequently than I do will be unpleasantly surprised to find perhaps hundreds of pounds sitting idle in their holding account ...
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aju
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Post by aju on Nov 28, 2017 12:31:28 GMT
Yes i agree 100%, I was fortunate that I was in there checking on the new Classic/Access to ISA SG cover options and just happened to notice it in there it took a couple of sessions rummaging to actually see that new money of which i thought I had none had been moved to Core - I did not ask for that either. Its interesting as well in that I was unaware that some of the returns are even classed as new money. glad I caught it in time just got to micro manage over the next few days to make sure its where I want it and not where zopa thinks is best for me.
To be honest the whole of the Zopa system has been thrown together over the last couple of years and its been more and more dissapointing. I'm surprised some of it ever makes it to the front end if I'm honest its so flakey - and especially this new area. The one thing I am constantly worried about though is if the front end is so bad and the process flows don't work as you might expect then what sh*te are we perhaps suffering in the returns value and worse the defaults and collections departments.
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Post by misotu on Nov 28, 2017 23:52:47 GMT
True. But I have to say that my old (2011 and onwards) pre-Safeguard defaults have been handled very well and the collections have been excellent. I probably only have six loans to date where I'm definitely not going to see another penny, on a loanbook that grew to around £20k pre-Safeguard. And two of those are untimely deceased, poor chaps, so hardly Zopa's fault (or theirs).
I know one account isn't necessarily representative. But I was astonished to see how many of my defaults and slow payers have now repaid £8+ on an original loan of £10, and are showing every sign of making it to the finishing post, albeit slowly.
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aju
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Post by aju on Nov 29, 2017 10:26:52 GMT
True. But I have to say that my old (2011 and onwards) pre-Safeguard defaults have been handled very well and the collections have been excellent. I probably only have six loans to date where I'm definitely not going to see another penny, on a loanbook that grew to around £20k pre-Safeguard. And two of those are untimely deceased, poor chaps, so hardly Zopa's fault (or theirs). I know one account isn't necessarily representative. But I was astonished to see how many of my defaults and slow payers have now repaid £8+ on an original loan of £10, and are showing every sign of making it to the finishing post, albeit slowly. I certainly agree on the pre-safeguards my stats are similar to yours on those as follows. 38 defaults 4 Closed Paid up 4 settled (Bankrupts & IVA etc) 13 paid >£8 on £10 loans I too was surprised how much interest was actually recouped on them too - once they default I don't really consider interest as relevant here, rather that its a contribution towards recovery in general but thats just me I guess. Also I was surprised at the closed's - you can only see them now in alltime csv if you check non blanks in "default date" column - and their collection via courts etc. One interesting thing is that I was sure I had also had some deceased's but I can't find them anymore thats a bit odd. Must look back at my old csv's before the csv changed a couple of years back. Perhaps they have cleared the text in the comments that identifies them.
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