aju
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Post by aju on Nov 30, 2017 17:37:03 GMT
I'll probably get into trouble here but zopa has just sent me an email about transfer of existing external ISA and the email offers up new information regarding the transfer IN process here. Its not clear yet but it looks to me like I will have to tell zopa where I wish the new ISA to be lent to Plus or Core or both perhaps and I guess we will have to say how much to transfer into each. This is fine I guess except without SG cover I personally would like to have more control in the process. I'd prefer to be able to limit lending to £10 blocks (<2000 at a time). Zopa's current strategy is to diversify at 1% but if I transfer in £5000 then I will get £50 blocks and then cack my boots when 12-18 months down the line I start getting £50 defaults instead of £10. I know this evens itself out over time as I have more loans @£10 then there's more defaults that can occur but so far its not worked that way so I would like the control - I bet I won;t get it and to be fair it does not really affect me for another 12 months or so but I need to be able to advise Mrs Aju when hers come free shortly. |
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Post by wyndstryke on Nov 30, 2017 18:28:33 GMT
I had the same email, and 'expressed an interest' by clicking the button and selecting an approximate amount (there are quite wide bands given as options). There was no choice between plus / classic - I assume that the 'new money' destination will be used, and also that we'll be asked for a specific figure closer to the time.
Honestly I'd completely overlooked that. It's a good point, normally I'd have done individual £1k transfers but I don't think that is an option. This would be a deal-breaker for me so I hope they address it.
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aju
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Post by aju on Nov 30, 2017 18:50:50 GMT
I had the same email, and 'expressed an interest' by clicking the button and selecting an approximate amount (there are quite wide bands given as options). There was no choice between plus / classic - I assume that the 'new money' destination will be used, and also that we'll be asked for a specific figure closer to the time.
Honestly I'd completely overlooked that. It's a good point, normally I'd have done individual £1k transfers but I don't think that is an option. This would be a deal-breaker for me so I hope they address it.
yeah I clicked the wrong button and thought I was only going through a survey so I answered the questions and then all of a sudden it said I was in the game. trouble is I was just trying it out for size. Actually I am not even in the game as my current ISA is an 18 month one so has 12 more months to run. I'm just getting my two penneth in on behalf of Mrs Aju - hers actually runs out in april I think. Thing is they are not that great so am due to check the penalties on them and see if it cuts in to dump them but If I have to actually load the loans @ zopa's behest then I'll give it a miss for the time being. Actually as i wrote that it occurred to me that its going to take a good while before the lending queue catches up so perhaps once the money is in one could just send it back to ISA holding and assign it manually - it will mean you have to have re-lend off I think but it might be worth it to get a better diversification level. It will take longer to lend as well but its what I would be doing if I have to.
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Post by newlender on Dec 1, 2017 5:37:32 GMT
I haven't had the email yet. I've got some lovely £40 Z+ loans in my ISA because I totally forgot about the % rule and shoved £4K into my Z+ ISA from my Investing side without thinking. I actually think that Zopa should programme a warning box to pop up if a lender is moving large amounts into Z+. The problem with ISA transfers is that they can't go via a bank account of course. I can just see a newbie 'investing' a £25K Cash ISA into Z+;even I got caught out and I'm (theoretically) experienced. Oh, and a few of the £40 ones are to Consolidate Existing Debts, so that'll go well, I expect!.
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rambler
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Post by rambler on Dec 1, 2017 11:50:22 GMT
I have not had this email despite contacting them several times earlier this year expressing interest. Are they sending the email in batches? Guess I need to chase them up.
There seems no reason why you can't move the money to your holding account as soon as it arrives and then lend it at whatever rate you want. This is what I intend to do.
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Post by wyndstryke on Dec 1, 2017 13:00:28 GMT
It certainly sounded like they were sending another of the emails (the fee-free classic sale into ISA) in batches.
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aju
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Post by aju on Dec 1, 2017 14:07:01 GMT
It certainly sounded like they were sending another of the emails (the fee-free classic sale into ISA) in batches. Mrs Aju got hers late yesterday so you are right about the batches I think. Her email was slightly different to mine though but none the less it is still is more obvious from the email than just pressing the button that this is selling Classic/Access loans and repurchasing the equivalent SG covered loans on the ISA side. If I read it right also they will be called "ISA Classic" and "ISA Access" as opposed to the ISA cores with SG loans. But who knows how they might appear by January its a long time in S/w design terms. For others interest my email did not contain the following but her later one did.
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rambler
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Post by rambler on Dec 1, 2017 20:50:21 GMT
I emailed Zopa to ask for an update and received this reply...
Thank you for your response.
We are crrently testing the transfer in process and will notify all Investors via email when the transfer in forms are available. This should be downloadable from the website within the next month or so however we can send you a form by post upon request.
I hope this has been of assistance and we will be more than happy to transfer your transfer in when possible.
Ok so a few typos but it doesnt sound like anything will be happening soon.
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Post by wyndstryke on Dec 2, 2017 3:06:03 GMT
Ok so a few typos but it doesnt sound like anything will be happening soon .
The one thing I think we can say for sure is that it'll be after the non-ISA product transfers, i.e., middle of January at the earliest. Pretty sure the lending queues will be terrible for a while when they start doing these ISA transfers.
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aju
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Post by aju on Dec 2, 2017 9:45:31 GMT
Ok so a few typos but it doesnt sound like anything will be happening soon .
The one thing I think we can say for sure is that it'll be after the non-ISA product transfers, i.e., middle of January at the earliest. Pretty sure the lending queues will be terrible for a while when they start doing these ISA transfers. I'm not sure it's going to affect relending though just people tranfering in and other new money queuing. Mrs aju will be tranfering in but I'll just be sitting this out for a while. I can see it perhaps affecting the sg pickup rate though, boooo!
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aju
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Post by aju on Dec 4, 2017 18:10:46 GMT
... snipped Actually as i wrote that it occurred to me that its going to take a good while before the lending queue catches up so perhaps once the money is in one could just send it back to ISA holding and assign it manually - it will mean you have to have re-lend off I think but it might be worth it to get a better diversification level. It will take longer to lend as well but its what I would be doing if I have to. I asked zopa to clarify what might happen in the transfer regarding diversification and they responded as follows. Hope this helps anyone who wants to keep non SG exposure of an ISA transfer down to a minimum. (Get £10 loans by investing <£2000 at a time, there are other cutoffs <3000 for £20 chunks, <4000 for £30 chunks etc).
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zlb
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Post by zlb on Dec 11, 2017 21:07:56 GMT
... snipped Actually as i wrote that it occurred to me that its going to take a good while before the lending queue catches up so perhaps once the money is in one could just send it back to ISA holding and assign it manually - it will mean you have to have re-lend off I think but it might be worth it to get a better diversification level. It will take longer to lend as well but its what I would be doing if I have to. I asked zopa to clarify what might happen in the transfer regarding diversification and they responded as follows. Hope this helps anyone who wants to keep non SG exposure of an ISA transfer down to a minimum. (Get £10 loans by investing <£2000 at a time, there are other cutoffs <3000 for £20 chunks, <4000 for £30 chunks etc). Yes, very helpful tip,,to move money out of queue into holding. Why can't it just go into holding?!
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zlb
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Post by zlb on Dec 11, 2017 21:09:13 GMT
I emailed Zopa to ask for an update and received this reply... Thank you for your response.
We are crrently testing the transfer in process and will notify all Investors via email when the transfer in forms are available. This should be downloadable from the website within the next month or so however we can send you a form by post upon request.
I hope this has been of assistance and we will be more than happy to transfer your transfer in when possible.
Ok so a few typos but it doesnt sound like anything will be happening soon .
Thank you. I've asked them three times in the past and not had an invite....
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Post by portlandbill on Dec 12, 2017 17:19:21 GMT
still waiting for my 2 day notice email....
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benaj
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Post by benaj on Dec 12, 2017 17:28:06 GMT
I'll probably get into trouble here but zopa has just sent me an email about transfer of existing external ISA and the email offers up new information regarding the transfer IN process here. Its not clear yet but it looks to me like I will have to tell zopa where I wish the new ISA to be lent to Plus or Core or both perhaps and I guess we will have to say how much to transfer into each. This is fine I guess except without SG cover I personally would like to have more control in the process. I'd prefer to be able to limit lending to £10 blocks (<2000 at a time). Zopa's current strategy is to diversify at 1% but if I transfer in £5000 then I will get £50 blocks and then cack my boots when 12-18 months down the line I start getting £50 defaults instead of £10. I know this evens itself out over time as I have more loans @£10 then there's more defaults that can occur but so far its not worked that way so I would like the control - I bet I won;t get it and to be fair it does not really affect me for another 12 months or so but I need to be able to advise Mrs Aju when hers come free shortly The only way to control diversification is by controlling the amount of money held in the holding account. Anyway, I would rather look for other ISA providers.
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