Greenwood2
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Post by Greenwood2 on Nov 30, 2018 20:49:43 GMT
Cheered up my returns this month anyway.  Must be mainly old loans hardly affected my ISA. Seems to be the reverse for us, 1 loan in invest and loads in ISA side of both our accounts now crystalised and no more payments to our benefit on them. That said our ISa have pretty much gone to sleep since 1st defaults appeared in Feb. Not one has had a payment until this one. I check and I have 5 loans that paid nothing since they were created. Sadly this month i've got nearly 70% of interest in new defaults too. Still in Black but month is not quite finished yet!. Mrs Aju had a better month. We are still well in black overall thankfully. May be my old is older than yours. I have been in Zopa for a very long time.
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aju
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Post by aju on Dec 1, 2018 1:26:50 GMT
Seems to be the reverse for us, 1 loan in invest and loads in ISA side of both our accounts now crystalised and no more payments to our benefit on them. That said our ISa have pretty much gone to sleep since 1st defaults appeared in Feb. Not one has had a payment until this one. I check and I have 5 loans that paid nothing since they were created. Sadly this month i've got nearly 70% of interest in new defaults too. Still in Black but month is not quite finished yet!. Mrs Aju had a better month. We are still well in black overall thankfully. May be my old is older than yours. I have been in Zopa for a very long time. Probably, I signed up in Apr 2006 (giving me .5% early adopter) and lent my first £100 in Dec 2006. My very 1st default was acquired on 24/01/2009 and defaulted on 7/12/2012. It hasn't paid a penny back since then. I'm guessing it couldn't be sold though as in 03/10/2013 the last comment entry says a residential trace was made but was unable to determine their whereabouts!. I had approx £104 outstanding in 15 loans that were moved to "settled" and yesterday I received £7.68 for them (£147 was originally lent out on these loans) That's about 7% that to be fair I was not getting back off them at all. I have more defaults left than settled and I guess they remain as they are still contributing. Looking at the remaining defaults its sometime difficult to see why many of those defaults were not part of the deal too but I would need to look at the payments schedules in more detail to narrow it down.
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Greenwood2
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Post by Greenwood2 on Dec 1, 2018 8:18:39 GMT
May be my old is older than yours. I have been in Zopa for a very long time. Probably, I signed up in Apr 2006 (giving me .5% early adopter) and lent my first £100 in Dec 2006. My very 1st default was acquired on 24/01/2009 and defaulted on 7/12/2012. It hasn't paid a penny back since then. I'm guessing it couldn't be sold though as in 03/10/2013 the last comment entry says a residential trace was made but was unable to determine their whereabouts!. I had approx £104 outstanding in 15 loans that were moved to "settled" and yesterday I received £7.68 for them (£147 was originally lent out on these loans) That's about 7% that to be fair I was not getting back off them at all. I have more defaults left than settled and I guess they remain as they are still contributing. Looking at the remaining defaults its sometime difficult to see why many of those defaults were not part of the deal too but I would need to look at the payments schedules in more detail to narrow it down. 2005 for me so not much different. I must just have a lot more bad debt on my older loans. I wonder if any Listing loans were included, I lost a bit on those terrible judge of character!
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aju
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Post by aju on Dec 1, 2018 8:51:19 GMT
Probably, I signed up in Apr 2006 (giving me .5% early adopter) and lent my first £100 in Dec 2006. My very 1st default was acquired on 24/01/2009 and defaulted on 7/12/2012. It hasn't paid a penny back since then. I'm guessing it couldn't be sold though as in 03/10/2013 the last comment entry says a residential trace was made but was unable to determine their whereabouts!. I had approx £104 outstanding in 15 loans that were moved to "settled" and yesterday I received £7.68 for them (£147 was originally lent out on these loans) That's about 7% that to be fair I was not getting back off them at all. I have more defaults left than settled and I guess they remain as they are still contributing. Looking at the remaining defaults its sometime difficult to see why many of those defaults were not part of the deal too but I would need to look at the payments schedules in more detail to narrow it down. 2005 for me so not much different. I must just have a lot more bad debt on my older loans. I wonder if any Listing loans were included, I lost a bit on those terrible judge of character! Ah listings, those were the days. I used to maintain a connection table to all the old data types when zopa streamlined things in the new loanbooks a while back. Most of my loans were pre sg but there are some pluses too.
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sl75
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Post by sl75 on Dec 11, 2018 9:45:08 GMT
Just caught up with this one - saw a large (in relative terms only!) balance in my account which has been in run-down mode for the last 3+ years, and thought that maybe another default had made a full recovery like one did a couple of months back, and instead find this single consolidated "Capital Adjustment Credit" with no opportunity to reconcile it with anything else.
I'm not really convinced about this half-way-house solution; it neither gives closure for accounts that continue to receive further recovery payments in dribs and drabs nor provides the opportunity to receive full recovery when the debt finally catches up with a borrower who is subsequently doing sufficiently well that they can afford to repay it in full.
I also cannot see how everyone's figuring out which loans were included - "Settled" status was mentioned, but I've got loads in that status, and none of them have recent comments (indeed, it looks like comments haven't been updated at all for most of this year). As it's primarily for idle curiosity, I can't be bothered to jump through all sorts of hoops or contact Zopa customer service for clarification, but is there an easy way to identify them that I missed?
Previous debt sales (to CRS back in the old days) appeared on the statement as though they were a payment from the borrower (together with a comment saying the loan had been sold to CRS for xx% of the outstanding amount), so everyone knew (or could easily find out) which loan it pertained to, why, and understood the terms of the deal... it seemed a better way to handle it; "Capital Adjustment Credit" simply looks like Zopa correcting an error of some kind, and would give me no obvious way to reconcile my own records if I was still bothering to try.
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aju
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Post by aju on Dec 11, 2018 10:23:08 GMT
Just caught up with this one - saw a large (in relative terms only!) balance in my account which has been in run-down mode for the last 3+ years, and thought that maybe another default had made a full recovery like one did a couple of months back, and instead find this single consolidated "Capital Adjustment Credit" with no opportunity to reconcile it with anything else.
I'm not really convinced about this half-way-house solution; it neither gives closure for accounts that continue to receive further recovery payments in dribs and drabs nor provides the opportunity to receive full recovery when the debt finally catches up with a borrower who is subsequently doing sufficiently well that they can afford to repay it in full.
I also cannot see how everyone's figuring out which loans were included - "Settled" status was mentioned, but I've got loads in that status, and none of them have recent comments (indeed, it looks like comments haven't been updated at all for most of this year). As it's primarily for idle curiosity, I can't be bothered to jump through all sorts of hoops or contact Zopa customer service for clarification, but is there an easy way to identify them that I missed?
Previous debt sales (to CRS back in the old days) appeared on the statement as though they were a payment from the borrower (together with a comment saying the loan had been sold to CRS for xx% of the outstanding amount), so everyone knew (or could easily find out) which loan it pertained to, why, and understood the terms of the deal... it seemed a better way to handle it; "Capital Adjustment Credit" simply looks like Zopa correcting an error of some kind, and would give me no obvious way to reconcile my own records if I was still bothering to try.
@sl25, "but is there an easy way to identify them that I missed?" Not exactly since "settled" has been around for a while. I did ask Zopa about this and apparently it's something to do with a regulation that means they have to have this in a single payment - since they said that I specifically requested a list of those that had been sold in this tranch as I needed to correlate my statements correctly. There were more than I had thought when they actually provided the list. One approach before they provided me with a list I thought I might simply join an earlier Loanbook copy than the sale email notification date with a copy of my most recent one where the new settled's had all appeared. As I say Zopa did supply a list but sadly they only provided a graphic of the list and even that that had scientific versions of some Borrower_ID's that at present is making it more difficult than it needs to be. As there were so many I have asked for a proper CSV list with correct info - They did provide how much each loan received after initially suggesting each loan received a proportion for the total too. They also said they were looking at ways to make this easier to correlate but I agree with yourself having one figure only with no connection is about as much use as a chocolate teapot - that said I could by a few chocolates with the money received - I relent it instead though. I understand you may not wish to bother them with this but sadly unless people complain they will think there is no reason to change things. This is even more important now than ever as they are using analytics to see who accesses which pages etc. This has almost certainly resulted in them only focusing on the so called important areas by definition of their analytics. This may be more important going forward as to be honest in our ISA's we have not had any repayments from any defaults other than the new loan sale and we've had quite a few defaults in that time too. But that's a whole other bone of contention. The no payers are also gaining in numbers too!
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sl75
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Post by sl75 on Dec 11, 2018 13:07:18 GMT
I understand you may not wish to bother them with this ... It's more that I don't want to bother myself with it.
Now I've withdrawn the relevant amount and had a bit of a poke around the account to ensure I'm mentally up-to-date with current status, I'll have no further reason to bother logging on again for another month or two to see if there's enough to be worth bothering to initiate a further withdrawal then (and if so, where it's come from in such a "short" space of time)... on my account this statement entry represents over 60% of the money received into the account during the last month, and even then it's barely worth bothering with, the withdrawal amount having been similar to the amount I offered per loan back in the day.
If my circumstances change again (or Zopa's eligibility criteria change) such that I become eligible to lend money at Zopa again, I'll have a much more detailed look around, and might start asking about such matters, but chances are they'll have changed their model again by then!
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aju
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Post by aju on Dec 11, 2018 13:38:33 GMT
I understand you may not wish to bother them with this ... It's more that I don't want to bother myself with it.
Now I've withdrawn the relevant amount and had a bit of a poke around the account to ensure I'm mentally up-to-date with current status, I'll have no further reason to bother logging on again for another month or two to see if there's enough to be worth bothering to initiate a further withdrawal then (and if so, where it's come from in such a "short" space of time)... on my account this statement entry represents over 60% of the money received into the account during the last month, and even then it's barely worth bothering with, the withdrawal amount having been similar to the amount I offered per loan back in the day.
If my circumstances change again (or Zopa's eligibility criteria change) such that I become eligible to lend money at Zopa again, I'll have a much more detailed look around, and might start asking about such matters, but chances are they'll have changed their model again by then!
I understand most days I feel that way after battling away with Zopa over the last few years, I have had some good experiences with the zopa failures though especially over the last 12 months in particular but then they have made some almighty screw ups in my view. The compensation can be quite helpful as well now the rates are reduced. I'm not sure what you mean by not being eligible to lend by Zopa at moment.
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cb25
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Post by cb25 on Dec 11, 2018 15:51:44 GMT
I had £830 on 29/11/2018, a welcome surprise in a year of poor Z+ returns
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aju
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Post by aju on Dec 11, 2018 18:18:49 GMT
Zopa has kindly obliged me with a CSV of my Settled data so now I should actually be able to correlate things better in my statements files. Mrs Aju has also asked for one too and hopefully they will send her one and we can put this one to bed until they obviously do this again.
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Post by multiaccountmanager on Jan 9, 2019 8:01:04 GMT
Hmmm......
The All time loan book now has a new categroy from my point of view "Settled"
BUT there is no indication of the amount recovered?
Looks like sloppy accounting may have occurred.
How did ZOPA arrive at the number credited in the monthly statement?
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aju
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Post by aju on Jan 9, 2019 11:01:06 GMT
Hmmm...... The All time loan book now has a new categroy from my point of view "Settled" BUT there is no indication of the amount recovered? Looks like sloppy accounting may have occurred. How did ZOPA arrive at the number credited in the monthly statement? It's been a little while that settled has been used but as you say recently Zopa sold some loans to a 3rd party for probably about 10% on the £1 of the debt and then paid everyone a lump sum where the entry in statements data had no connection to the actual loans affected. As I already had previous unassociated settled items I had to ask Zopa to identify the new affected loans that the sum of money paid was relevant to. Since all these items do not appear in the current file it followed that they were full and final settlements and Zopa also confirmed this. I like you was not happy but in fact they did supply all the data I required in mine and Mrs Aju's case to identify the relevant items. It did take them 2-3 attempts but I did get relevant data in excel csv's that allows me to cross correlate using joins in excel to investigate each of the relevant loans. As far as I can tell Zopa looked at all the defaulted loans and processed out those that had paid nothing at all or had not paid in quite a while. I checked some of mine religiously to find that some had actually made payments in the month preceding the loan sale. Zopa stated that these loans were probably spooked after getting the letters to say that their loan was being passed on the collection agents. Sadly I don't agree with this approach as if they paid something that probably meant they would then pay more rather than be chased by the heavy mobs. The interesting thing is that in my case I do have old loans being paid that are very old, small amounts but payments none the less. I think Zopa decided to cut our losses free, no real cost to them and they don't have to employ yet more people to do this work. The thing is there are many more loans that are defaulting in my book that have simply paid nothing at all since day one. This to me means that Zopa is not doing adequate due diligence checks against their lending criteria. They use Ai for a lot of this but for me older loans tend to be paying much quicker than more recent loans, in fact until this payments came in end of Nov none of mine or Mrs Aju considerable defaults in ISA side had actually paid anything at all. I still wonder if Zopa SG was dropped because of this reason reason as well rather than the reasons they stated of recent Tax changes. SG was never advertised that I can remember as mitigating the tax on debts issues.
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Post by multiaccountmanager on Jan 25, 2019 18:42:17 GMT
Thank you. I have asked ZOPA for csv accounting for settled loans.
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Post by multiaccountmanager on Feb 13, 2019 21:23:22 GMT
Hmmm...... The All time loan book now has a new categroy from my point of view "Settled" BUT there is no indication of the amount recovered? Looks like sloppy accounting may have occurred. How did ZOPA arrive at the number credited in the monthly statement? It's been a little while that settled has been used but as you say recently Zopa sold some loans to a 3rd party for probably about 10% on the £1 of the debt and then paid everyone a lump sum where the entry in statements data had no connection to the actual loans affected. As I already had previous unassociated settled items I had to ask Zopa to identify the new affected loans that the sum of money paid was relevant to. Since all these items do not appear in the current file it followed that they were full and final settlements and Zopa also confirmed this. I like you was not happy but in fact they did supply all the data I required in mine and Mrs Aju's case to identify the relevant items. It did take them 2-3 attempts but I did get relevant data in excel csv's that allows me to cross correlate using joins in excel to investigate each of the relevant loans. As far as I can tell Zopa looked at all the defaulted loans and processed out those that had paid nothing at all or had not paid in quite a while. I checked some of mine religiously to find that some had actually made payments in the month preceding the loan sale. Zopa stated that these loans were probably spooked after getting the letters to say that their loan was being passed on the collection agents. Sadly I don't agree with this approach as if they paid something that probably meant they would then pay more rather than be chased by the heavy mobs. The interesting thing is that in my case I do have old loans being paid that are very old, small amounts but payments none the less. I think Zopa decided to cut our losses free, no real cost to them and they don't have to employ yet more people to do this work. The thing is there are many more loans that are defaulting in my book that have simply paid nothing at all since day one. This to me means that Zopa is not doing adequate due diligence checks against their lending criteria. They use Ai for a lot of this but for me older loans tend to be paying much quicker than more recent loans, in fact until this payments came in end of Nov none of mine or Mrs Aju considerable defaults in ISA side had actually paid anything at all. I still wonder if Zopa SG was dropped because of this reason reason as well rather than the reasons they stated of recent Tax changes. SG was never advertised that I can remember as mitigating the tax on debts issues. Hi Aju
I had this reply from Zopa
"I'm happy to look into what we're able to provide, I just need to know what information specifically you would like to be displayed on this file. If we are able to provide any csv files regarding this information, this will likely be using the same information available in the loan book."
Can you suggest how I should phrase what is needed to get loan by loan settlements?
My all time loan book shows all the affected loans as "Settled" but no indication of anything else.
Thank you
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aju
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Post by aju on Feb 14, 2019 0:01:26 GMT
It's been a little while that settled has been used but as you say recently Zopa sold some loans to a 3rd party for probably about 10% on the £1 of the debt and then paid everyone a lump sum where the entry in statements data had no connection to the actual loans affected. As I already had previous unassociated settled items I had to ask Zopa to identify the new affected loans that the sum of money paid was relevant to. Since all these items do not appear in the current file it followed that they were full and final settlements and Zopa also confirmed this. I like you was not happy but in fact they did supply all the data I required in mine and Mrs Aju's case to identify the relevant items. It did take them 2-3 attempts but I did get relevant data in excel csv's that allows me to cross correlate using joins in excel to investigate each of the relevant loans. As far as I can tell Zopa looked at all the defaulted loans and processed out those that had paid nothing at all or had not paid in quite a while. I checked some of mine religiously to find that some had actually made payments in the month preceding the loan sale. Zopa stated that these loans were probably spooked after getting the letters to say that their loan was being passed on the collection agents. Sadly I don't agree with this approach as if they paid something that probably meant they would then pay more rather than be chased by the heavy mobs. The interesting thing is that in my case I do have old loans being paid that are very old, small amounts but payments none the less. I think Zopa decided to cut our losses free, no real cost to them and they don't have to employ yet more people to do this work. The thing is there are many more loans that are defaulting in my book that have simply paid nothing at all since day one. This to me means that Zopa is not doing adequate due diligence checks against their lending criteria. They use Ai for a lot of this but for me older loans tend to be paying much quicker than more recent loans, in fact until this payments came in end of Nov none of mine or Mrs Aju considerable defaults in ISA side had actually paid anything at all. I still wonder if Zopa SG was dropped because of this reason reason as well rather than the reasons they stated of recent Tax changes. SG was never advertised that I can remember as mitigating the tax on debts issues. Hi Aju
I had this reply from Zopa
"I'm happy to look into what we're able to provide, I just need to know what information specifically you would like to be displayed on this file. If we are able to provide any csv files regarding this information, this will likely be using the same information available in the loan book."
Can you suggest how I should phrase what is needed to get loan by loan settlements?
My all time loan book shows all the affected loans as "Settled" but no indication of anything else.
Thank you If it helps I asked for the following for every settled item in both mine and Mrs Aju's data in both Invest and ISA sides. They supplied information in the form of a csv table, eventually as follows. Account type: ISA or Invest Recovered amount: ranged from 11p to £1.42 BorrowerID: as it says on the tin. They also supplied MicroLoanId: field but this is Irrelevant information for our purposes as its an internal Zopa field we do not see or is of any use to you. I had to get them to go round the loop a couple of times as they initially supplied BorrowerID in a secure coded form that would not correlate to available loanbook data. When they got that sorted they then supplied a useless image file when in fact I needed to be able to relate it quickly using excel joins to my original alltime loanbook file so I asked for a CSV file. Smaller amounts of loans would not need a CSV file perhaps. Again they went round that loop a couple of times as their ability to format a csv file correctly was a little skewed but we got there in the end. Zopa also made this statement after I suggested this was important information and would be useful if it was available in the CSV data when if it occurs again. Not sure what they meant and to be honest they are probably not making this their number one priority of even the 100th one. The reason I queried it is because the payments are usually aligned to each loans statement entries but as you say this came as a single non identifiable entry in the statements file. Anyway hopefully you can get what you need to isolate the settled loans that were sold off in November when they provided the information to you. Hope this helps if not the person who sorted this out for me was called Georgia LeWarne.
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