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Post by Deleted on Feb 15, 2020 13:04:36 GMT
Something you are not factoring in though is if returns on Z have r been reduced to way under 2%, as in my case, but getting nearly 6% on LW then the expense of a sell off is easily out-wayed in just a few months by the increase in return from moving. This is an equation everyone should do and everyone's circumstances are different. But it can be a mistake simply just sitting for years waiting for diminishing returns.
I think the more relevant point is that if you are getting way under 2% - then for the risk - that is a seriously bad investment and should be pulled anyway.
I'm not sure recommending LW is a good idea as many of us were lured in under the impression we were getting around 6% only to find that they've taken a lot of that away in backdated interest shortfall either in the form of punitive exit fees or by seriously reduced interest rates going forward. Out of the frying pan and in to the fire comes to mind. You'd be much better off with AC or even RS who have weathered recent storms in a professional manner that LW can only dream of.
I would like to sell out of Zopa but I'm currently getting 3.7% and if I add on the 1% cost to sell, even swapping the money into eg AC it would take many months to even get back to where I am now. In about a years time the amount will have naturally reduced by at least half and the amount remaining will be not too significant so I may well reconsider.
Hi, yes, my Zopa ISA returns had dropped significantly over the preceding twelve months, very disappointing having been with them so very long. But it made my decision easy, the risk/reward ratio simply wasn't there anymore. Conversely, and at odds with some others here, my returns at LW ISA have been extremely good, higher than expected; I was first in with their ISA but not sure if that makes any difference. I am also with RS, both ISA and rolling; very solid, lower returns but secure imo. Not keen on AC tbh, too many reasons to go into but I guess we all have our favourites!
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Post by stevexxx on Feb 18, 2020 13:19:37 GMT
Something you are not factoring in though is if returns on Z have r been reduced to way under 2%, as in my case, but getting nearly 6% on LW then the expense of a sell off is easily out-wayed in just a few months by the increase in return from moving. This is an equation everyone should do and everyone's circumstances are different. But it can be a mistake simply just sitting for years waiting for diminishing returns. Yes if you can cover losses in that way than it makes sense but a lot of people have just been hit by LW and getting nowhere near 6% even having to pay back the interest earned to date on previous lending so perhaps not the best example to use after their robbing changes, that's one I did get most of my money out while I could..
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aju
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Post by aju on Feb 18, 2020 16:39:49 GMT
Something you are not factoring in though is if returns on Z have r been reduced to way under 2%, as in my case, but getting nearly 6% on LW then the expense of a sell off is easily out-wayed in just a few months by the increase in return from moving. This is an equation everyone should do and everyone's circumstances are different. But it can be a mistake simply just sitting for years waiting for diminishing returns. Yes if you can cover losses in that way than it makes sense but a lot of people have just been hit by LW and getting nowhere near 6% even having to pay back the interest earned to date on previous lending so perhaps not the best example to use after their robbing changes, that's one I did get most of my money out while I could.. One has to be very careful chasing the dragon like this just because its advertised as a good rate doesn't mean it will materialise. I stick with Zopa and RS but adjust my exposure every now and again. I've been getting good rates on Zopa for a while and they are still covering my usual INFLATION + 1-2% rules. That said I am exiting non ISA on Zopa slowly - rates are better here as all I have left is the SG covered loans and a few old defaults still returning pennies month on month!. I am withdrawing monthly rather then moving funds to ISA to reduce the exposure and will move back to Mrs Aju's 1.5% marcus account ( We reset our rates just before the decline in the rate back last august). I've been in P2P since Zopa's early days and to be fair we are still winning in our Zopa accounts but If the ISA funds sellout we made earlier in the year (to move funds to RS) has much more of an effect on the funds left - Zopa's theory not mine - then we will exit out of Zopa in the new fin year. (There does seem to be some stabilising over the last 2 months defaults but it can be a bit like the last 2 weekend of storms and come back to bite us again when we are not expecting it. All that said I agree with both sentiments above but in my experience it can be a bit swings and roundabouts. Not sure I would be trying more P2P's though but that's more that I like to understand them first rather than dive straight in. Our shares have also taken a bit of a battering of late but they are more Dividend income based than share value based and are still performing for us.
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criston
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Post by criston on Mar 22, 2020 17:24:44 GMT
Would appreciate anyone with experience of current selling times.
Placed my classic loans up for sale 15/3/20 & 16/3/20.
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Post by cinereus on Mar 22, 2020 17:38:02 GMT
Would be amazed if shorter than several weeks...
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aju
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Post by aju on Mar 22, 2020 18:30:29 GMT
Would appreciate anyone with experience of current selling times. Placed my classic loans up for sale 15/3/20 & 16/3/20. I placed both our plus/core up for sale on the 17th so I cannot comment on yours. We've had nothing so far but since the relend is automatically turned off we are getting some returned funds money as a result of general repayments and interest. One thing you should check if you had relend on is that there may be funds in the queues waiting to be relent. In our case we recovered quite a bit stuck in there as the queues are quite elongated at the moment. All we did was tell zopa to move unlent funds back to holding. One thing you should probably also be expecting is perhaps the amount of funds trying to be sold - a buyer has to be found from existing relend funds if Zopa has refined its lending criteria perhaps reducing its borrower bandwidth. (Hopefully this is not a case similar to hanging on the phone queue waiting for an answer only to be eventually kicked out after a set timeout - in the case of Zopa there is a 30 day time I believe.)
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Post by skidrow on Mar 22, 2020 20:03:00 GMT
I put my Classic up for sale on 10th March. I had about 20% back on the 16th and most of the rest on 19th. As of now, I'm still waiting for the final 15%.
I guess that the queue has lengthened since then.
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aju
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Post by aju on Mar 23, 2020 0:16:19 GMT
I put my Classic up for sale on 10th March. I had about 20% back on the 16th and most of the rest on 19th. As of now, I'm still waiting for the final 15%. I guess that the queue has lengthened since then. I wonder if the new ISA period will have a say in the speed too. We'll see perhaps in a couple of weeks or so.
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Post by carol167 on Mar 23, 2020 8:19:39 GMT
I only had classic and had been running it down naturally. Requested all I could get on 12/03/2020, and got nearly all of it back this morning 23/03/2020. Circa 5k. Just about 1k more to be sold, which will leave just a small amount in bad loans which hopefully the PF will cover anyway at some point.
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criston
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Post by criston on Mar 23, 2020 9:00:51 GMT
That's 11 days then.
I thought when I sold my own on 15/3/20 & 16/3/20 it stated 20 days before you are removed from the list & need to restart.
I may be wrong.
Can we establish, is it 20 or 30 days, as mentioned on this thread earlier.
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Post by carol167 on Mar 23, 2020 9:34:51 GMT
Perhaps they are prioritising Classic SG invetments for obvious reasons as it will save them PF money ?
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aju
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Post by aju on Mar 23, 2020 9:55:29 GMT
That's 11 days then. I thought when I sold my own on 15/3/20 & 16/3/20 it stated 20 days before you are removed from the list & need to restart. I may be wrong. Can we establish, is it 20 or 30 days, as mentioned on this thread earlier. I can confirm that all mine and Mrs Aju's attempts to sell said 30 days. Others can look if you want - they might not get very far at the moment though as Zopa is struggling to do much as I reported in another thread. I've been trying to get in for 10 mins - I'm in but can no longer logout and am at present being presented with a "Please Wait" meter. You should be ringing zopa if you want to confirm whether its really 30 days. You can stop it when you like before that - if you can get in to zopa its troubled at the moment. Update: I managed to eventually get into Zopa today - they have had some issues - and started a loan sale test in Classic and this is what I got after getting an estimate for a £0.01 sale ...
Curiously it said I'd need to sell £4.06 of loans to get this so I'm guessing it was the smallest saleable loan I have in my current classic loans. I backed out of the sale just as easily as checking the sales details.
HTH.
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Post by Deleted on Mar 23, 2020 9:55:47 GMT
Perhaps they are prioritising Classic SG invetments for obvious reasons as it will save them PF money ?
The Safeguard cover stays with the loan ie it's still covered when reallocated.
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aju
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Post by aju on Mar 23, 2020 10:01:14 GMT
Perhaps they are prioritising Classic SG invetments for obvious reasons as it will save them PF money ?
The Safeguard cover stays with the loan ie it's still covered when reallocated. Yes thats right its very useful and I am guessing there will be many more of these when people are selling as I believe they are at present, hence slow sales rates. To be fair sales do take quite a time anyway I feel. Well I and Mrs Aju are selling stuff out quite large sums, but not our Classic accounts just our core and plus ones. I gave up analysing the core to see if I could optimise the sales to get a large amount of non SG whilst keep the SG covered loans in Core still. Not worth it for us despite the amount in SG we had in Core parts.
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aju
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Post by aju on Mar 24, 2020 9:43:15 GMT
Not really a selling issue as such but both myself and Mrs Aju are selling out on our ISA's - nothing has sold as yet but during the sale relend is turned off and we are building up funds in holding. I usually send these to the bank at the weekend and we usually get an email telling us that Zopa has activated the send request and is "funds are winging their way to our banks and will take up to 3 days to arrive".
Over the last weekend Zopa had a few updates issues that went wrong in my view, of what happened not their confirmation of it. As a result Zopa site was pretty much out of use for quite a bit of yesterday to say the least. As a result of this our emails telling us the proceeds are moving to our bank was not received until 9.00am this morning.
I understand from another email from Zopa ceo that selling is now run by a more sophisticated queue system and may not be as fast as previously by this new control. Coupling that with the fact that Zopa had troublesome issues yesterday it may well delay things further - time will tell I guess.
(I have now added a new "withdrawal email received" column into my monitoring spreadsheets - I know i'm a sad git like spreadsheet Phil! - so I can monitor the timings. I'm still not sure if doing this on Monday may be just as good as doing this on Saturday but my calendar entry hits me on Saturday and all my stats started there so I'll keep it that way for now)
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