paule
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Post by paule on Mar 15, 2019 8:04:22 GMT
I obviously put in a lot of money (for me) just at the wrong time with Zopa. So over 2 years an average of around 30k in my plus account has achieved what 450 in interest but I cannot access more than 3k worth of loans atm. If it was achieving more than 2% I would have left it there. I said I had lost 2K as i expect that's where it will end up.
That's life I'm fortunate enough to be able to moan about such things.
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pioruns
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Post by pioruns on Mar 20, 2019 13:03:30 GMT
Probably and probably not. Zopa does have a FAQ that mentions using the donor systems transfer forms but its not clear what really happens at the Zopa end. I'm pretty certain zopa will charge for the transfer out and any loans that are left behind as a result of either not being able to sell them or they being defaults are moved to the non ISa side. what I could not see was if good loans were put into the sale and then not actually sold for whatever reason whether they remained in the ISA lending, I suspect not (Edit: I just re-read it and it seems "unsold" loans are definitely moved from ISA to non ISA which is not ideal for me anyway.)you could read this Zopa FAQ to see if you understood it better than me. I didn't bother querying it as I felt I probably would be able to xfer it manually as I wasn't fully clear on what rates that RS would be lending it out and I would want to be getting better rates than market if I could. Also I will need to limit the sending amount so as not to remove SG covered loans I block moved into the zopa ISA earlier in the year. Seems a shame to remove SG covered amounts. The other issue for me is I will not be moving new funds into ISA so its not so important that I move automatically. I was just thinking of stopping reinvesting and building up say a few thousand at a time to transfer. I haven't looked into it yet. I don't know how easy it would be to do multiple transfers into the RS ISA, or how happy Zopa would be about multiple transfers out at a few month intervals. I've done that, I stopped reinvesting and I was withdrawing once every month. No complains from Zopa side and money always there on time.
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zlb
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i'm out
Mar 20, 2019 19:20:15 GMT
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Post by zlb on Mar 20, 2019 19:20:15 GMT
In the end I've lost close to £2k by investing with Zopa but I'm selling my loans and buying a nice car for my wife's 50th instead so you tried to sell your loans, but couldn't because they are to defaulters? And therefore are unlikely to be repaid.
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paule
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Post by paule on Mar 25, 2019 10:19:31 GMT
exactly. out of 30ish. By resubmitting the request the non returned is now just under 1000. But overall at this moment in time I have still lost money on the plus account I took out two and a bit years ago. had expected more than 4% p/a over two years, so "should" have been over 2K interest net after debts etc
The isa plus we have is currently showing a good profit, but i am letting it draw down and currently playing over at ratesetter with the money as it is returned.
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Greenwood2
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Post by Greenwood2 on Mar 25, 2019 12:28:25 GMT
exactly. out of 30ish. By resubmitting the request the non returned is now just under 1000. But overall at this moment in time I have still lost money on the plus account I took out two and a bit years ago. had expected more than 4% p/a over two years, so "should" have been over 2K interest net after debts etc The isa plus we have is currently showing a good profit, but i am letting it draw down and currently playing over at ratesetter with the money as it is returned. Are you transferring your Z ISA funds to an RS ISA fund (ie, retaining the ISA status)? I am thinking of transferring some and wondered how easy it is to do piecemeal.
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aju
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Post by aju on Mar 25, 2019 17:35:09 GMT
I was just thinking of stopping reinvesting and building up say a few thousand at a time to transfer. I haven't looked into it yet. I don't know how easy it would be to do multiple transfers into the RS ISA, or how happy Zopa would be about multiple transfers out at a few month intervals. I've done that, I stopped reinvesting and I was withdrawing once every month. No complains from Zopa side and money always there on time. You say that but I've been struggling with Zopa not running the repayments over the weekend and then the sweep to holding does not line up correctly sometimes the friday repayments do not make it to holding until early tuesday and it's been getting worse over the last month. Mind you I am trying to get the money out on a daily basis so one notices these things more. Add to this that Zopa does not do faster payments on a withdrawal it can sometimes take nearly a week to get funds into my bank. When I transfer them to RS though its there within hours. Zopa seems to have more trouble these days with a lot of things as they have got bigger - despite them suggesting they were moving to a better machine last year but I'm not convinced. Also the amount of development going on is quite large - that said neither of us has got access to the NAR graphs that are mentioned on another thread. At least Zopa has not yet caught up with RS website colouring book design but give them time...
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paule
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Post by paule on Mar 25, 2019 19:18:15 GMT
Greenwood no it's not currently going into an ISA Iwill justj open a new one up next month I think
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Post by df on Mar 25, 2019 20:11:18 GMT
I've done that, I stopped reinvesting and I was withdrawing once every month. No complains from Zopa side and money always there on time. You say that but I've been struggling with Zopa not running the repayments over the weekend and then the sweep to holding does not line up correctly sometimes the friday repayments do not make it to holding until early tuesday and it's been getting worse over the last month. Mind you I am trying to get the money out on a daily basis so one notices these things more. Add to this that Zopa does not do faster payments on a withdrawal it can sometimes take nearly a week to get funds into my bank. When I transfer them to RS though its there within hours. Zopa seems to have more trouble these days with a lot of things as they have got bigger - despite them suggesting they were moving to a better machine last year but I'm not convinced. Also the amount of development going on is quite large - that said neither of us has got access to the NAR graphs that are mentioned on another thread. At least Zopa has not yet caught up with RS website colouring book design but give them time... I'm not actively investing on Zopa. I log in every Monday to make a withdrawal of whatever is available. Never used +, so all my investments are covered by PF... I'm waiting for Zopa to become a bank and hope for some attractive products covered by FSCS, but this is taking ages since the move was announced. If they offer something good, I won't mind if they challenge RS with fluorescent pink and yellow 
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zlb
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i'm out
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Post by zlb on Mar 25, 2019 21:01:55 GMT
I'm not sure how they'll offer "attractive products", (to w Quote df but not necessarily replying directly) with current default issues unless it's the banking side that they'll offer greater loan diversification on (that they've promised for years), i.e. not 1% of large deposits. I thought they were OK ish, but I'm not impressed with returns for the risk (my average last year was 3.09%), where the equivalent of approximately 33% of my earnings are swiped by defaults. I'm curious as to how they'll offer a better rate than other banks. Or what the fscs authority need from them, in order to offer protection. |
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paule
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Post by paule on Mar 29, 2019 13:52:39 GMT
well they haven't even been able to sell all my access loans - seriously, I feel very disillusioned by this experience.
I thought peer to peer was such a good idea and that Zopa as market leader was a reliable bet. How wrong can you be!
Ive ALMOST broken even on my 2+ years investment.
May go back to gambling on AIM...
(although ratesetter does seems a good alternative - but returns don't seem to match what is offered: I'm sure I'm wrong and need to investigate this further)
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aju
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Post by aju on Mar 29, 2019 14:11:07 GMT
well they haven't even been able to sell all my access loans - seriously, I feel very disillusioned by this experience. I thought peer to peer was such a good idea and that Zopa as market leader was a reliable bet. How wrong can you be! Ive ALMOST broken even on my 2+ years investment. May go back to gambling on AIM... (although ratesetter does seems a good alternative - but returns don't seem to match what is offered: I'm sure I'm wrong and need to investigate this further)Are you by chance using market rates rather than choosing your own rates. If that's not the case can you elaborate on the issue. Myself and Mrs aju are relatively new to RS but we have not seen anything to suggest that the rates we have gained so far are not actually returning those rates. Of course we have not been in RS long enough to see any unusual stuff.
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benaj
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Post by benaj on Mar 29, 2019 14:15:48 GMT
paule , you are not alone. It took 3 months to sell all my plus portfolio back in late 2017. I invested Zopa plus the wrong time back in March 17. Compared to OEIC funds, they have good and poor performance over time as well. My partner had a great run on Zopa from 2012. The best thing we can hope for is the recovery, it's a long way but it's not totally hopeless. After withdrawing from Zopa plus, I am still happy with P2P.
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trium
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Post by trium on Apr 2, 2019 2:56:31 GMT
exactly. out of 30ish. By resubmitting the request the non returned is now just under 1000. But overall at this moment in time I have still lost money on the plus account I took out two and a bit years ago. had expected more than 4% p/a over two years, so "should" have been over 2K interest net after debts etc The isa plus we have is currently showing a good profit, but i am letting it draw down and currently playing over at ratesetter with the money as it is returned. Are you transferring your Z ISA funds to an RS ISA fund (ie, retaining the ISA status)? I am thinking of transferring some and wondered how easy it is to do piecemeal. I've not studied Zopa's full T & Cs but in theory it's fairly easy. The new manager (RS) provides you with a transfer form, you complete it indicating what cash value you'd like to transfer and they'll contact Zopa. You should be able to do this as often as you like and it doesn't matter whether Zopa like it or not. You will need to arrange for the funds to be in holding when the transfer request arrives, either by accruing repayments or by selling part of your holding, so you'll need to be able to estimate proceeds so you can match the transfer request as closely as possible. I don't know whether Zopa charge an exit fee. Of course, you will earn no interest while your money is sat in holding/en route to RS. Transfers typically take around 3-4 weeks in my experience (with other providers)
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