criston
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Post by criston on Mar 19, 2020 13:13:57 GMT
Is it definitely 30 days before you are removed from the selling list.
Zopa mention 20 days in their information.
Not sure of the chances of getting out anyway.
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aju
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Post by aju on Mar 19, 2020 14:36:12 GMT
Is it definitely 30 days before you are removed from the selling list. Zopa mention 20 days in their information. Not sure of the chances of getting out anyway. seems it is 30 days although you can cancel it if you want at anytime before the 30 days is up. This was stated in a test "Loan sale estimate" screen a couple of minutes ago. HTH Still no sales as yet but it is very early days < 60 hours.  There is over £150 coming into holding so far but that's just because relending is turned off during sales - I thinks thats it also I moved unlent funds into holding that were in the queues before I made the sales request.
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Post by Deleted on Mar 19, 2020 16:45:24 GMT
Okay so I was going to leave it till the end of the fin/tax year to make a final decision whether Zopa was still a good investment for us. Things had been going slowly downhill since we sold some loans out early last year. Todays, general downturn and the recent change in the Covid-19 position finally turned us against staying in Zopa at a middle 5 figure value. To be honest Mrs Aju got a little bit shakey too - I thinks shes been looking into P2P a bit more closely. So We did it we have bailed out of both core and plus loans as of today and as the sum is quite large it will probably take all 30 days. I'm not sure where we will move it but it will be safer. If the Covid-19 experts are right we could be in for a long haul economically and its difficult to see where this whole thing is going. Personally I'm a bit sad having been in Zopa almost from the start. We are completely bailing as we still have Invest PF covered loans but only just in 4 figures - of course we also have all the defaults that can still return something in debt sales perhaps. Are you selling any Z ISA's - or just non ISA investments? I think there will be a general reluctance to move ISA's and this could well help platforms with bigger ISA profile.
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aju
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Post by aju on Mar 19, 2020 17:04:11 GMT
Okay so I was going to leave it till the end of the fin/tax year to make a final decision whether Zopa was still a good investment for us. Things had been going slowly downhill since we sold some loans out early last year. Todays, general downturn and the recent change in the Covid-19 position finally turned us against staying in Zopa at a middle 5 figure value. To be honest Mrs Aju got a little bit shakey too - I thinks shes been looking into P2P a bit more closely. So We did it we have bailed out of both core and plus loans as of today and as the sum is quite large it will probably take all 30 days. I'm not sure where we will move it but it will be safer. If the Covid-19 experts are right we could be in for a long haul economically and its difficult to see where this whole thing is going. Personally I'm a bit sad having been in Zopa almost from the start. We are completely bailing as we still have Invest PF covered loans but only just in 4 figures - of course we also have all the defaults that can still return something in debt sales perhaps. Are you selling any Z ISA's - or just non ISA investments? I think there will be a general reluctance to move ISA's and this could well help platforms with bigger ISA profile. Yes it's both. Plus and Core ISA by selling, whilst letting Classic ISA draw down with returned funds. In our Invest sides it's just Classic that is left having already sold out the non PF ones earlier in the year to lend to RS. There are also some considerable defaults left that may deliver further return down the line form debt sales etc. We are selling ISA's out rather than transferring out. Not the best way but to be honest Mrs Aju will be getting most of the funds as she does not pay tax - assuming there is any interest available after today's further rate drops filter through to marcus and the like. We still have RS ISA's but as I say ISA or non ISA is not really an issue, mind you I haven't done any end of fin year stuff yet so may have made a mistake. We will have 20k allowances to lend next month if we want to though.
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Post by Deleted on Mar 19, 2020 17:57:34 GMT
Are you selling any Z ISA's - or just non ISA investments? I think there will be a general reluctance to move ISA's and this could well help platforms with bigger ISA profile. Yes it's both. Plus and Core ISA by selling, whilst letting Classic ISA draw down with returned funds. In our Invest sides it's just Classic that is left having already sold out the non PF ones earlier in the year to lend to RS. There are also some considerable defaults left that may deliver further return down the line form debt sales etc. We are selling ISA's out rather than transferring out. Not the best way but to be honest Mrs Aju will be getting most of the funds as she does not pay tax - assuming there is any interest available after today's further rate drops filter through to marcus and the like. We still have RS ISA's but as I say ISA or non ISA is not really an issue, mind you I haven't done any end of fin year stuff yet so may have made a mistake. We will have 20k allowances to lend next month if we want to though. After many years of P2P investment as part of a well diversified portfolio, I am still happy to hold RS and LW ISA's. I have now run down virtually all non ISA investments. However I still strongly believe that P2P has a place, for me anyway. You have to think what it would be like if you'd removed all your P2P funds to stocks/shares just a few months ago?! Currently I have 9% of my total portfolio in P2P and happy with that and it's risk/return ratio. At my peak it was c. 30% and at that level I would be more nervous but still wouldn't lose sleep over it tbh.
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gg
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Post by gg on Mar 19, 2020 23:15:10 GMT
Selling up isn’t going to be easy. ZOPA need to find ‘buyers’ for your loans. Normally, this would be fairly easy but who is likely to put new money into P2P? If any do, who will accept 6% when they could probably get 10% on new loans - and even that wouldn’t be enough to justify the risks.
Unless the government is persuaded to help, a lot of p2p lenders are going to lose significant monies. I hope that I’m wrong.
Be thankful if you have your health, both physically and mentally. That is your most valuable assets right now.
Stay safe.
gg
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Post by stevexxx on Mar 20, 2020 11:00:00 GMT
I'm slowly running zopa down as the long term rates are not good, cash at the moment is a good bet, stock investments have been wiped but I'm still putting money in while its down and I'm sure its only temporary but I still believe p2p will outride this and still give returns. Zopa seems to be performing slightly better the last two months for me but I agree its not the best for rates but its a stable earner.... Good luck to you and I hope you find an alternative, I think AC and LW are good despite everything.. How are Borrowers going to repay their loans? Given also that there's already a proportion who are distrusful & dishonest manipulators. I take an opposite view, the merde storm in P2P has only just begun. To guote Karen Carpenter Sort of.  Zopa is a solid platform and thats your opinion, ive been in long enough to have faith although things have suddenly changed now. I think anyone will be struggling to sell out now zopa is offering breaks in repayments but a least my investment here hasnt just lost one third as in my stocks and shares.. I believe at the worst things will be put on hold for a while but so be it... This is an investment, not savings account , I still have faith though I would be keeping my money in cash now rather then investing more in p2p..
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criston
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Post by criston on Apr 4, 2020 17:28:13 GMT
I am currently updating 'selling happening now' on another thread
Zopa selling appears slow at present
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zlb
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Post by zlb on Apr 20, 2020 12:56:19 GMT
I've only intentionally got SG loans - is that a mistake? I have core and plus defaults left otherwise and the way things are going the defaults will eat that up completely by next month. So then my account will be registered as negative, I presume and the next default loan sale will simply subtract a bit from the negative figure. Zopa really haven't thought through the end mess here.
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