Post by aju on Jul 16, 2018 16:02:02 GMT
Perhaps just a curiosity but I've been checking and reconconciling this months Zopa statements and got some goodwill payments. Whilst I was checking these I noticed some weird things for some of mine and Mrs AJU's SG covered loans. In June 21st and 22nd entries I noticed that some Safeguard entries were buying back loans, nothing unusual there, I had a couple, but Mrs AJU who has a bigger amount in Classic loans had quite a few of them. The unusual thing is a number of them had an entry for interest returned of value Zero (My reconciler screen throws errors for any odd Zero values thankfully).
Upon further investigation I noticed that all the "Safeguard interest payment for ..." entries that had an exact zero entry seemed to suffer from not having any payments missed for the duration of the loan until the SG triggered. I have minimal numbers but as I say Mrs AJU has quite a few of these totalling >£150 of what now looks potentially like Zopa incorrectly buying back SG loans on these dates.
The dates are also a bit odd as I know Zopa was performing some fixes to Zopa on these dates and someone said that things went wrong and they would have to redo things on days after this error.
This is probably quite widespread and I have complained to zopa regarding my odd entries but as I say Mrs Aju probably needs to complain even more due to the level of wrongly sold loans.
My main worry is the loans once sold will now more likely picking up non SG covered loans that are not protected by SG when they default. As I say none of these loans had cause for a default trigger on SG cover to be paid as far as I can tell. Mrs AJu has some £150 of loans affected in her Invest Side alone. From what I've checked so far the ISA side is less affected than the Invest side but they may be just down to the numbers and types of loans in total on each side.
So far looking across all my statements only seems to be entries in the dates specified above of the June Statements that are affected. Only those with a Zero values in the closing Safeguard interest payment seem to be the ones affected. All bar one of the loans has nothing in the Comments field for the affected loans. The one that does have a comment suggests that
"[27/06/2018] Early Settlement made via debit card."
which is a bit odd as it clearly states it had been fulfilled by SG cover in the statements description field.
Has anyone else noticed this?.
Upon further investigation I noticed that all the "Safeguard interest payment for ..." entries that had an exact zero entry seemed to suffer from not having any payments missed for the duration of the loan until the SG triggered. I have minimal numbers but as I say Mrs AJU has quite a few of these totalling >£150 of what now looks potentially like Zopa incorrectly buying back SG loans on these dates.
The dates are also a bit odd as I know Zopa was performing some fixes to Zopa on these dates and someone said that things went wrong and they would have to redo things on days after this error.
This is probably quite widespread and I have complained to zopa regarding my odd entries but as I say Mrs Aju probably needs to complain even more due to the level of wrongly sold loans.
My main worry is the loans once sold will now more likely picking up non SG covered loans that are not protected by SG when they default. As I say none of these loans had cause for a default trigger on SG cover to be paid as far as I can tell. Mrs AJu has some £150 of loans affected in her Invest Side alone. From what I've checked so far the ISA side is less affected than the Invest side but they may be just down to the numbers and types of loans in total on each side.
So far looking across all my statements only seems to be entries in the dates specified above of the June Statements that are affected. Only those with a Zero values in the closing Safeguard interest payment seem to be the ones affected. All bar one of the loans has nothing in the Comments field for the affected loans. The one that does have a comment suggests that
"[27/06/2018] Early Settlement made via debit card."
which is a bit odd as it clearly states it had been fulfilled by SG cover in the statements description field.
Has anyone else noticed this?.