aju
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Post by aju on Aug 2, 2018 10:55:59 GMT
One of the reasons we started more lending was that we had lost most of our current account interest on many accounts when Tesco's changed their rules and we lost a very convenient place to get DD cover for the current accounts terms and conditions. For some unknown reasons,Tesco has rejected my saving and any other current application many times even I have other financial account with them, may be Tesco does not want me to receive any earning from them. I don't have issues setting up DD now at low cost. Like setting 4 DDs for Co-op, 2 DDs for barclays, 2 DDS for the Blackhorse, etc and many more. Overall, I do receive more benefits with low cost DDs That's interesting, I had no problems but to be fair I had had one of the savings accounts for years anyway and a TescoCC+ card way before they made it a ordinary current account. I looked into that method of spreading across a number of DD's but we were getting the Santander cashbacks on the rates, water et al so a few were loaded. The rates were also getting worse and worse, my Tesco A/c was pre the new rules and Mrs Aju wasn't so we moved our other DD's to there and now we just have 1 Sant 1.5%, 2 Tescos 3% and 4 TSB 3% (Now 5%). Now we have quite a bit of spare across non performing accounts I realised that I could do the round robins using reciprocal S/O on same dates. I keep a little slack from cross over rules. We had always planned to move the spare/slack non performing fund into the ISA but that was worse than the current accounts then Zopa started their ISA so my overall returns are now back to where they were a couple of years back before the 1st current interest rate reductions rounds, job done on that front. I'm curious what Coop and Barclays offer to warrant locking money in though?. The one account that always eluded us was the HSBC one when they were offering a hefty up front sum for lending. couldn't do First either as had one of those years back and they still knew about it, nationwide cashbacks already done as well. The recent Natwest one failed on us as we had some dormant joint account preventing the online acceptance of it, got some goodwill from them for mucking me about so that was a result. The dormant account was empty as well. In the new Dashboard on Zopa I have 3 loans I applied for years back - just trying it out at the time - but were rejected probably due the investments in zopa itself I already had. I hate the new dashboard, I won't reveal how I am bypassing it though for fear that Zopa will realise perhaps and block me circumventing the dashboard altogether. Schoolboy website building errors on their part I'm guessing although its not that hard to close my method down.
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Post by wyndstryke on Aug 2, 2018 13:14:19 GMT
I just follow the direct link to the page I want. Works 70% of the time which is better than it was before (previously it always took me to the loan I closed back in 2008 ... STOP SHOWING ME THAT ... why I am supposed to want to see a decade old paid-off loan?). So an improvement of sorts.
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aju
Member of DD Central
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Likes: 924
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Post by aju on Aug 2, 2018 14:23:57 GMT
I just follow the direct link to the page I want. Works 70% of the time which is better than it was before (previously it always took me to the loan I closed back in 2008 ... STOP SHOWING ME THAT ... why I am supposed to want to see a decade old paid-off loan?). So an improvement of sorts. "I mentioned it once but I think I got away with it" as Basil (Fawlty) once whispered to Polly I think it was. I agree it was very frustrating until I started collating the links and created a whole list of each direct link I want to jump to as bookmarks list, I considered having my own sort of sitemap page, but I'm sure it's only a matter of time before they prevent that though. Its nice to be able to go straight from the Invest Summary to the ISA summary. I must get myself the link to the csv Downloads added to them I think, the online loanbook is practically useless. There is bug in their systems I think that does not reset login page sometimes when I login after its failed it returned straight back to where I was no matter that its hours since it logged me out, again another error in my eyes. Zopa are perhaps a little bit pre-occupied by their banking work and worse fixing failed fixes a lot of the time. I've just recently noticed that there seems to be some pickup loans (sold by another lender) that seem to be going to default soon after I pick them up so that might need some checking I feel. IMHO the 4 month default trigger process should not be ignored quite so frivolously when determining if a loan can be sold. I feel if there are failures of payments there should be 2 clear payments to reset the counter for loans to be allowed teo be sold. That way at least it means 4 clear months in my ownership of the loan.
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benaj
Member of DD Central
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Post by benaj on Aug 2, 2018 15:08:51 GMT
I've just recently noticed that there seems to be some pickup loans (sold by another lender) that seem to be going to default soon after I pick them up so that might need some checking I feel. IMHO the 4 month default trigger process should not be ignored quite so frivolously when determining if a loan can be sold. I feel if there are failures of payments there should be 2 clear payments to reset the counter for loans to be allowed teo be sold. That way at least it means 4 clear months in my ownership of the loan. Speaking of my own experience, I understand it is annoying. I had a few of those loans when I started the 'plus', picked up some loans from the secondary market and the borrower could not make the repayment. Believe it or not, it's just bad luck when a portfolio has > 1000 loan parts. Zopa selling process is very rigid, loans cannot be sold near any repayment date. The last loan part I sold took more than 30 days, at least 1% of my loan parts could not be sold after this long wait if they were sold off instantly.
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Post by GentlemansFamilyFinances on Aug 3, 2018 10:15:55 GMT
I had toyed with the idea on Funding Circle of selling all loans once a month and reinvesting a few days later.
Most the payment dates are at the start of the month and they removed the selling fees.
I worked out that it was not worth the time out of the market vs. reduction in risk and it would take too much time anyway.
I still do it now when I need to sell some loans to make money - but it's not possible to work it like that on ZOPA i would imagine.
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Post by wyndstryke on Aug 3, 2018 10:29:38 GMT
Yeah. There are two big problems with churning your loan pool on zopa - firstly is the 1% fee which immediately destroys any profit, and secondly is that because you can only sell good loans, you are actually distilling your pool towards being bad loans only if you repeatedly sell and buy back. So I sell extremely reluctantly - if I need cash I try to do it the slow way via turning off reinvestment and waiting.
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