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Post by Ace on Apr 25, 2020 9:42:28 GMT
It appears that I've been selling loans to myself on zopa!
In case it's relevant, I'll set the scene:
I decided to try to liquidate my zopa account a couple of months ago. I don't recall the exact date, but I issued a withdrawal request for the whole account.
During March roughly two thirds of the account sold, then no sales for a month.
On 22nd April roughly two thirds of the remaining loans sold.
Today I decided to take a look at my remaining loans; there were 20 left. To my surprise the "Acquired Date" for 6 of them was 22-4-2020!!! Very odd. I wasn't expecting to be buying loans at the same time as selling loans.
I took a look at my transaction statement for April and found that all 6 were listed as being sold on 22-4-2020. There were no purchase transactions.
Looking in my newly downloaded loan loanbook I see two entries for each of these loans. One has the original acquired date from 2 years agowith status "Closed". The other has an acquired date of 22/4/2020 with status "Withdrawn".
Does anyone understand what's going on here? It appears that I've been buying loans from myself.
EDIT: Having pondered this further, perhaps these odd transactions represent a partial sale of loans. Seems odd if so as they were all for under £10.
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Post by Deleted on Apr 25, 2020 10:02:17 GMT
I was going to suggest a partial sale as you suggest at the end of your post. Given they are less than £10, I wonder if the buyer already had a loan to that borrower, so the partial sale topped them up to £10?
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aju
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Post by aju on Apr 25, 2020 14:53:26 GMT
It appears that I've been selling loans to myself on zopa! In case it's relevant, I'll set the scene: I decided to try to liquidate my zopa account a couple of months ago. I don't recall the exact date, but I issued a withdrawal request for the whole account. During March roughly two thirds of the account sold, then no sales for a month. On 22nd April roughly two thirds of the remaining loans sold. Today I decided to take a look at my remaining loans; there were 20 left. To my surprise the "Acquired Date" for 6 of them was 22-4-2020!!! Very odd. I wasn't expecting to be buying loans at the same time as selling loans. I took a look at my transaction statement for April and found that all 6 were listed as being sold on 22-4-2020. There were no purchase transactions. Looking in my newly downloaded loan loanbook I see two entries for each of these loans. One has the original acquired date from 2 years agowith status "Closed". The other has an acquired date of 22/4/2020 with status "Withdrawn". Does anyone understand what's going on here? It appears that I've been buying loans from myself. EDIT: Having pondered this further, perhaps these odd transactions represent a partial sale of loans. Seems odd if so as they were all for under £10. Did you have lending turned off manually - if it was turned off for the sales I think it would be turned back on after they finished - assuming they did. If I am correct then its quite possible you would be able to buy back loans you have sold especially if the buyer when you sold had also sold as well in the time after relending was turned back on. I did notice when we turned our selling on that there was considerable amounts left in the queues waiting to buy. If that was the case then when the sale finished it would then lend out this money. Of course I am just guessing here and offering up another possible. When we turned our selling on I noticed there was over £100 in the queues to buy so I removed that to holding then out to our banks as we are selling some of products as much as possible. Mind you not sure if this is your scenario, we sold quite a bit on the same day as you but we had nothing in our lend queue to actually buy anymore but I must admit all sound a bit odd to me then there are a lot of odd things going on in Zopa at the moment. In our case we are struggling with eMails sometimes being sent and sometimes not when we remove money from holding. Zopa current stance on that is they are having some issues with eMail sending delays but they have been having these issues for over a month now - they keep passing on to the so called "Investor Tribe" but nothing seems to change. The web front end is hit and miss as to whether one can get very far without getting timeout errors - we use back button to try again which usually works but they are definitely having some throughput issues.
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aju
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Post by aju on Apr 25, 2020 14:58:03 GMT
It appears that I've been selling loans to myself on zopa! In case it's relevant, I'll set the scene: I decided to try to liquidate my zopa account a couple of months ago. I don't recall the exact date, but I issued a withdrawal request for the whole account. During March roughly two thirds of the account sold, then no sales for a month. On 22nd April roughly two thirds of the remaining loans sold. Today I decided to take a look at my remaining loans; there were 20 left. To my surprise the "Acquired Date" for 6 of them was 22-4-2020!!! Very odd. I wasn't expecting to be buying loans at the same time as selling loans. I took a look at my transaction statement for April and found that all 6 were listed as being sold on 22-4-2020. There were no purchase transactions. Looking in my newly downloaded loan loanbook I see two entries for each of these loans. One has the original acquired date from 2 years agowith status "Closed". The other has an acquired date of 22/4/2020 with status "Withdrawn". Does anyone understand what's going on here? It appears that I've been buying loans from myself. EDIT: Having pondered this further, perhaps these odd transactions represent a partial sale of loans. Seems odd if so as they were all for under £10. Just had a thought. In the statements file can you see the sell time and the disbursal time for the loans in question might be interesting. I'd agree though on your comment about buying and selling at the same time let alone the same loans.
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Post by Ace on Apr 25, 2020 18:00:32 GMT
Did you have lending turned off manually - if it was turned off for the sales I think it would be turned back on after they finished - assuming they did. If I am correct then its quite possible you would be able to buy back loans you have sold especially if the buyer when you sold had also sold as well in the time after relending was turned back on. I did notice when we turned our selling on that there was considerable amounts left in the queues waiting to buy. If that was the case then when the sale finished it would then lend out this money. Of course I am just guessing here and offering up another possible. When we turned our selling on I noticed there was over £100 in the queues to buy so I removed that to holding then out to our banks as we are selling some of products as much as possible. Mind you not sure if this is your scenario, we sold quite a bit on the same day as you but we had nothing in our lend queue to actually buy anymore but I must admit all sound a bit odd to me then there are a lot of odd things going on in Zopa at the moment. In our case we are struggling with eMails sometimes being sent and sometimes not when we remove money from holding. Zopa current stance on that is they are having some issues with eMail sending delays but they have been having these issues for over a month now - they keep passing on to the so called "Investor Tribe" but nothing seems to change. The web front end is hit and miss as to whether one can get very far without getting timeout errors - we use back button to try again which usually works but they are definitely having some throughput issues. I did have lending turned off before the sale. No, the sale hasn't completed yet. So, selling should still be off. Just had a thought. In the statements file can you see the sell time and the disbursal time for the loans in question might be interesting. I'd agree though on your comment about buying and selling at the same time let alone the same loans. There is only one entry in the statement file; the one for the sale. There is no purchase entry. There are 2 entries in the all-time loanbook. Here is an example (differences in bold) Entry 1 relates to the original loan: Header Title, Entry 1, Entry 2, Borrower ID, 2f3560313909, 2f3560313909, Product, Zopa Plus, Zopa Plus, Acquired, 22-04-2020, 27-02-2018,Market, A*, A*, Type of loan, Unsecured, Unsecured, Term, 36, 36, Loan size, 7500, 7500, Loan status, Withdrawn, Closed, Borrower origination fee, 0, 0, Borrower rate, 0.0294, 0.0294, Loan servicing fee, 0.006, 0.006, Investor rate, 0.0234, 0.0234, Transaction price, 2.96301474, 6.11130471, Transaction date, 22-04-2020, 22-04-2020, Amount invested, 3.14828997, 20, Capital outstanding, 3.14828997, 0Interest outstanding, 0.03649402714, 0Amount repaid, 0, 20.65074495, Capital repaid, 0, 20, Interest repaid, 0, 0.65074495, Amount in arrears, 0, 0, Days in arrears, blank, blank, Repayment day, 27, 27, Covered by Safeguard, FALSE, FALSE, Comment, blank, blank, Loan start date, 27-02-2018, 27-02-2018, Last repayment date, 27-02-2021, 27-02-2021, Default price, blank, blank, Default date, blank, blank, Monthly repayment amount, 0.29037649, 0.58075299, Type of asset, blank, blank, Loan purpose, Car, Car, Percentage repaid, 0, 1,
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aju
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Post by aju on Apr 25, 2020 18:19:41 GMT
Bit curious, perhaps i'll get something similar later in the week.  I reckon if you haven;t already poked this at Zopa then that's the best thing to do. I'd personally leave it a few days to see if anything turns up in the statements data. I have had some weird stuff in the statements pages a couple of years ago where someone has fixed the database and all the totals were out from back to the start of statements (2015). It turned out someone had fixed an issue from pre 2015 start point data and then had made a mistake and it changed after I queried it and they made a fix to a previous fix. (One finds all sorts of odd things when one has independent copies of Zopa data.) I'm sure its an error in their tools - it may be worth some compo perhaps ... |
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Post by Ton ⓉⓞⓃ on Apr 25, 2020 20:19:35 GMT
This is almost certainly not what happened to you but in the the last tax year I deposited about £3k in their IFISA but I was later deemed not to have filled the paperwork in correctly so Z unwound my IFISA selling loans there then they bought them back in my standard a/c. So these old loans all now have new dates but are all RR's from my own IFISA.
I wonder if they somehow managed to sell some loans only to realize that they're about to make a payment, so they bought 'em back for you, what was the purchase date from two odd years ago was it 27-02-2018?
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aju
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Post by aju on Apr 25, 2020 22:47:45 GMT
Ton ⓉⓞⓃ, something similar a couple of years ago they sold £100 worth of SG loans incorrectly, once I brought it to their attention for both myself and Mrs Aju they fixed it and compensated us both for the errors. with Zopa's abysmal performance of the website over the last few months and it seems to be getting even more flakey as well i would be surprised you are correct. One of the reasons I like to keep close tracks on our accounts on both Zopa and RS is knowing how many mistakes have been made of the years we have been in P2P. also my lack of trust in anything software based as a result of years in the industry before I retired too.
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criston
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Post by criston on Apr 29, 2020 11:00:59 GMT
It appears that I've been selling loans to myself on zopa! In case it's relevant, I'll set the scene: I decided to try to liquidate my zopa account a couple of months ago. I don't recall the exact date, but I issued a withdrawal request for the whole account. During March roughly two thirds of the account sold, then no sales for a month. On 22nd April roughly two thirds of the remaining loans sold. Today I decided to take a look at my remaining loans; there were 20 left. To my surprise the "Acquired Date" for 6 of them was 22-4-2020!!! Very odd. I wasn't expecting to be buying loans at the same time as selling loans. I took a look at my transaction statement for April and found that all 6 were listed as being sold on 22-4-2020. There were no purchase transactions. Looking in my newly downloaded loan loanbook I see two entries for each of these loans. One has the original acquired date from 2 years agowith status "Closed". The other has an acquired date of 22/4/2020 with status "Withdrawn". Does anyone understand what's going on here? It appears that I've been buying loans from myself. EDIT: Having pondered this further, perhaps these odd transactions represent a partial sale of loans. Seems odd if so as they were all for under £10. I have not studied the answers above, to see if this has been resolved, but the same thing happened to me. I had a reply on another thread, saying the loans that appear to have been purchased, are actually the remains of my existing loans that have been partially sold.
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I reckon if you haven;t already poked this at Zopa then that's the best thing to do. I'd personally leave it a few days to see if anything turns up in the statements data.
