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Post by wyndstryke on Feb 26, 2018 18:07:41 GMT
yeah I tracked my transfer a bit closer - I had noticed Mrs Aju's Plus had been moved to relend to Core and misotu had issues - for both of us we received an email last week I think suggesting that the investment paths need to be checked fortunately I noticed it on mine when I tracked the screens before and after. Mrs Aju got an email a week or so back accepting that Zopa had lent money to the wrong product and they suggested a number of people had the issue which would be addressed accordingly. Yeah, basically the reason I've been checking my account every hour or two for the last week is because I'd seen what happened to you, Mrs Aju, and misotu. So I can't say I was surprised ... just pissed off. Already sent! I've asked them to sell the big chunks and put it back into holding. The big chunks were mostly non-SG so it's particularly important to have those loans better diversified.
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aju
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Post by aju on Feb 26, 2018 18:23:35 GMT
Glad we helped, for me that's why I came here as soon as the old Zopa forum shut down in 2015. Talking this stuff out with like minded folks has helped me out no end and Zopa knows we are here although they don't actually come here that much as far as I can tell.
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Post by misotu on Feb 28, 2018 23:13:03 GMT
Sorry to hear you had the same problem wyndstryke. On the up-side, Zopa have admitted fault and said they intend to buy back the loans. On the down-side, no word yet on compensation for lost interest and time/trouble. It's been over a week, so I've written to request a progress report  |
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aju
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Post by aju on Mar 6, 2018 18:14:10 GMT
Anyone checked their classic transfer to ISA Classic has not lost some interest on the donor "Invest" side. I'm just doing my monthly stats runs and in particular checking the FEB statements where I had a number of classic loans transfer across to ISA classic on the 13th. The loans have a single "Loan to xxxxxx sold by rapid return" entry for each loan transferred over. So far so good. I noticed my total interest for the month and it seemed that it was down more than I might have expected but still not much of a concern at this stage. So I checked a few loans and have found my 1st one where the payments were as follows. 13/02 loan for £22.14.... sold by rapid return. 24/01 last capital payment entry made 24/01 last interest entry payment of 6.3p Now that 24/01 interest payment made was the last of the interest payments made according to my full statement list for this loan. The previous 4 months interest was 7p so it's safe to assume that 6p would be given if the loan was still running. Taking the month as 31 days I would have expected that a loan that does not finish until 13/2 might have accrued at least 20 days interest (4p in real money). Am I off the ball here though? Anyone got a view on potential lost interest for Classic loans transferred from Invest to ISA. I'll check some more and then see what Zopa has to say. Why is nothing with Zopa that simple these days ....  |
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aju
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Post by aju on Mar 7, 2018 8:44:02 GMT
Now found 6 so far enough to present to Zopa. Many of them depend on the declared repay day and to be honest we are talking pennies but none the less its pennies i did not receive as far as i can tell.
I checked a rapid return from back in 2013, I made a mistake at the time by pressing the wrong button. It would seem that Rapid return then also did not seem to take account of the interest in the last month correctly. Perhaps there is a proviso in RR stuff I don't know.
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Post by misotu on Mar 8, 2018 19:00:22 GMT
Please keep on it aju. It may be pennies, but over hundreds, or thousands, or even hundreds of thousands of loans this is significant.
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aju
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Post by aju on Mar 8, 2018 20:08:44 GMT
Emails been sent in will let you know when they come back.
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benaj
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Post by benaj on Mar 8, 2018 22:52:06 GMT
Its got even curiouser as we delve more into Mrs Aju's ISA-Classic data. She seems to have a number of loans that at first glance look like they are duplicate entries but in fact they are separate loans to the same borrower made on the same day but with fractionally different lend amounts. Some look identical so I guess the transfer mechanism has in fact created 2 loans out of sequence with each other based on the rate and length match etc. The thing is its made it very difficult to be able to see what loanbook entry is associated with what payments detail in the statements data at these duplicate loan levels. At this level it's not too much of an issue but there are loans across different products as well so splitting them out is also problematic. These duplicate loans also look a bit odd in the online loanbook as there is little to distinguish them with the fields presented on screen. I have one loan that has 3 parts and onscreen it looks identical and more like a duplicate entries. Only when looking in the finer CSV detail can one see that this is not a duplicate. In one case though even at CSV the loan book looks like duplicate entrys. Only looking at the even finer statements level can one see there are 3 entries for disbursal and 3 capital/interest entries per chunk of the loan. Even then it were not for the three timestamped entries in the statements file , if I were you i would check if Zopa charge you 1% selling fee when transferring loans to ifisa. As you said the zopa were selling via rapid return. Try download your monthly statement csv and see and check T & C for IFISA transfer. IMHO, it would be unfair to chare such fees under these circumstances.
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aju
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Post by aju on Mar 8, 2018 22:56:44 GMT
As far as i can tell they have not charged me or Mrs Aju for this but how would I know if they have shaved off the 1% its so long since I did a real RR I'm not sure how they even present it.
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aju
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Post by aju on Mar 22, 2018 10:44:00 GMT
Emails been sent in will let you know when they come back. So I'm getting some responses from Zopa as we speak. Apparently Zopa no longer likes to use the term "Rapid Return" and now prefers the term "Loan Sales" with no mentions of RR as far as I can tell. This is the reason at no point in the sign up process they deemed it necessary to inform that Rapid Return would be used. It seems that it was also acceptable to not have a FAQ pointer to the said new term and the fact it had some Rapid Return issues such as potential loss of interest for up to 28 days when selling loans in this manner. The interesting thing is that others on here have pointed out that in this scenario selling and buying other sold loans would mean that I pick up the similar additional interest. I have checked my loans and its true out of the 500+ loans I sold I picked up the same loans in 20% of the cases. The other 80% (400+) were effectively new borrowers to me that is. I'll check the interest levels relative to these loans in a couple of months to see whether this is correct. - initial checks suggests it may be - but when dealing with large sums of money a couple of points here and there could mean quite a drift in interest in either way.
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