Post by aju on Apr 2, 2020 9:54:46 GMT
So I have given this a specific title as a result of a query about my current selling experience. (At time of writing this mine and Mrs Aju's sales requests made on Mar 17th are still not actually selling so far).
I asked Zopa
1. What are the average sale times for both Core and Plus ISA queues.
2. Could you please advise where my specific sales are in the queues.
3. What happens to my sales if they do not start before the 30 days stated is arrived at.
4. If 30 days is reached and start them again do I drop to the back of the queue again.
5. If my sales drop tot he back of the queue is Zopa making any steps to mitigate this situation.
and the following answers came through - I asked Zopa for permission to reproduce and initially I was going to paraphrase however after re-reading the responses I felt it was probably important to keep them as is. Names have been removed on Zopa's request but I am personally encouraged by the open answers and I wonder what others think to these.
After giving permission to present the response here Zopa provided a further follow up email with even more encouraging info
My only comment might be that Zopa could be a little more proactive on these forums like RS seem to be not that they are in any worse position as I suspect at these challenging times all hands to the pump might be an understatement for P2P providers. In particular as we are all at the mercy of this situation.
What do others think
I asked Zopa
1. What are the average sale times for both Core and Plus ISA queues.
2. Could you please advise where my specific sales are in the queues.
3. What happens to my sales if they do not start before the 30 days stated is arrived at.
4. If 30 days is reached and start them again do I drop to the back of the queue again.
5. If my sales drop tot he back of the queue is Zopa making any steps to mitigate this situation.
and the following answers came through - I asked Zopa for permission to reproduce and initially I was going to paraphrase however after re-reading the responses I felt it was probably important to keep them as is. Names have been removed on Zopa's request but I am personally encouraged by the open answers and I wonder what others think to these.
Thanks for your email.
You are correct to assume we have seen an increase in sales requests recently, which has meant sales are no longer completed within our previously suggested time-frame of 7-20 working days.
I’ll address questions 1 and 2 together in the first two paragraphs, followed by 3, 4 and 5 in the next.
At this time, we do not yet have enough data to provide investors with indicative time-frames for the sale process. Once the request is submitted, you will be added to the queue. When you hit the front, we would expect the sale to last for approximately 2 weeks.
Whilst it is not available just yet, we are working on a feature that will allow us to confirm where an investor sits in the queue and use this data to provide an estimated time-frame. We are hoping to have this available in the coming weeks. Until then, we are limited in what we can suggest in terms of time-frames. I do apologise for the inconvenience.
To address your remaining questions, we have adjusted our loan sale timeout feature to better suit the circumstances. Loan sales will no longer timeout 30 days after they are submitted, but rather they will be kept on the market for 30 days after the first loan is sold.
As we are expecting sales to last for 2 weeks once you reach the front of the queue, this feature should provide ample time for requests to be met.
I hope this goes someway to alleviate any concerns, though please let me know if you had any further questions.
You are correct to assume we have seen an increase in sales requests recently, which has meant sales are no longer completed within our previously suggested time-frame of 7-20 working days.
I’ll address questions 1 and 2 together in the first two paragraphs, followed by 3, 4 and 5 in the next.
At this time, we do not yet have enough data to provide investors with indicative time-frames for the sale process. Once the request is submitted, you will be added to the queue. When you hit the front, we would expect the sale to last for approximately 2 weeks.
Whilst it is not available just yet, we are working on a feature that will allow us to confirm where an investor sits in the queue and use this data to provide an estimated time-frame. We are hoping to have this available in the coming weeks. Until then, we are limited in what we can suggest in terms of time-frames. I do apologise for the inconvenience.
To address your remaining questions, we have adjusted our loan sale timeout feature to better suit the circumstances. Loan sales will no longer timeout 30 days after they are submitted, but rather they will be kept on the market for 30 days after the first loan is sold.
As we are expecting sales to last for 2 weeks once you reach the front of the queue, this feature should provide ample time for requests to be met.
I hope this goes someway to alleviate any concerns, though please let me know if you had any further questions.
Many thanks for getting back to me.
I’m okay for you to provide this information to the forum, providing our identify is protected.
However, before you proceed, I will just let you know that the process is likely to be changed in the near future. Our developers are looking into ways to optimize loan sales, in particular the queue system that we are currently overseeing.
In an attempt to prevent people waiting extended periods of time in the queue, we are likely to have a system where investors do have loans sold progressively, rather than waiting until they reach the front. Loan sales would take approximately the same amount of time, though funds would be made available gradually. When this is live, the timeout feature will likely no longer be in use.
I understand this process lies in contrast to my previous email, however, due to unforeseen circumstances, we are needing to have our systems adapt and evolve accordingly.
We are looking to have further communication to investors on potential changes in the coming weeks.
I hope this helps, though please let me know if you needed anything else.
I’m okay for you to provide this information to the forum, providing our identify is protected.
However, before you proceed, I will just let you know that the process is likely to be changed in the near future. Our developers are looking into ways to optimize loan sales, in particular the queue system that we are currently overseeing.
In an attempt to prevent people waiting extended periods of time in the queue, we are likely to have a system where investors do have loans sold progressively, rather than waiting until they reach the front. Loan sales would take approximately the same amount of time, though funds would be made available gradually. When this is live, the timeout feature will likely no longer be in use.
I understand this process lies in contrast to my previous email, however, due to unforeseen circumstances, we are needing to have our systems adapt and evolve accordingly.
We are looking to have further communication to investors on potential changes in the coming weeks.
I hope this helps, though please let me know if you needed anything else.
What do others think
