johni
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Post by johni on May 17, 2020 9:02:02 GMT
Having previously complained that after 1 or 2 missed payments a loan has been defaulted no reason has been put in comment Zopa have confirmed this should be done but the person who defaulted it failed to do this. Now just submitted formal complaint they have come back saying they are phasing this out. Due data protection. The problem for lenders is clarity how loan book is performing if loads of people are going into IVA this shows a wider debt problem. Lack of transparency is the final straw I'm out.
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aju
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Post by aju on May 17, 2020 11:26:07 GMT
Having previously complained that after 1 or 2 missed payments a loan has been defaulted no reason has been put in comment Zopa have confirmed this should be done but the person who defaulted it failed to do this. Now just submitted formal complaint they have come back saying they are phasing this out. Due data protection. The problem for lenders is clarity how loan book is performing if loads of people are going into IVA this shows a wider debt problem. Lack of transparency is the final straw I'm out. It's a constant theme with Zopa, they say they are phasing out, even down to actually removing the field altogether for a month or so when they added quite a bit of regulator stuff in to the csv files. The use of that freeform field has changed back and forth over the years sometimes ignoring it altogether especially for defaults info. To be honest I'm not sure what you might get out of any info - feel free to elaborate how you might use this info were it available - it was quite useful when the defaulted date field was not available and I still use the online loanbook screen to search for defaults appearing this month using dates so that was useful without having to resort to CSV downloads. Thing is submitting a formal complaint will probably get a similar answer, triage like, assuming you will not proceed on to the regs. Using the DP excuse is bit of non event as IMHO there is no info in anything we as lenders can see that might identify the customer anyway, unless others know better. If you are looking to check the missed payments then it would be nice to have the very old loanbook screens back where one could drill down into the payments and see what was missing. sadly that one is not possible as I think Zopa didn;t like us being able to see that one - I've identified quite a few coding gaff over the years using my own tools but they are too clunky to share and to be honest having nearly a million records in some of my databases they are quite sluggish to run each month (They were very useful to spot invalid PF loan sales resulting in lost cover in PF loans when the classic was working - not found too much of late) Good luck on being "out" as you call it though I've had all our non PF covered loans across all products up for sale since March 17th and whilst Plus seemed to offload relatively quickly - it took over a month to start selling still - the Core is considerably slower probably since Zopa is not lending as much and in fact lending is some 80% down on last months figures. Both myself and Mrs Aju have quite a bit still left to go unfortunately and the Market Rate adjustment (MRI) for us is quite steep resulting in just over 5% fees when all added together. So being out as you call maybe relatively uncomfortable unless one has been in Zopa for quite a few years and built up quite a buffer of returns. As well as selling I have set all relending off on non selling PF too. So we pickup quite a bit every few days of simple returned funds. Its helpful to say our reasons for being out too were actually more due to falling returns from increasing defaults especially over the last 8 months or so after quite a large sale in mid 2019 on both our accounts (We were transferring funding to RS at the time) - I was intending hanging on till the end of the 2019/20 fin year to take stock but the CV thingy was the final straw and as I say we pulled the plug - it's dribble still - in mid march.
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johni
Member of DD Central
Posts: 369
Likes: 329
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Post by johni on May 17, 2020 12:17:39 GMT
Having previously complained that after 1 or 2 missed payments a loan has been defaulted no reason has been put in comment Zopa have confirmed this should be done but the person who defaulted it failed to do this. Now just submitted formal complaint they have come back saying they are phasing this out. Due data protection. The problem for lenders is clarity how loan book is performing if loads of people are going into IVA this shows a wider debt problem. Lack of transparency is the final straw I'm out. It's a constant theme with Zopa, they say they are phasing out, even down to actually removing the field altogether for a month or so when they added quite a bit of regulator stuff in to the csv files. The use of that freeform field has changed back and forth over the years sometimes ignoring it altogether especially for defaults info. To be honest I'm not sure what you might get out of any info - feel free to elaborate how you might use this info were it available - it was quite useful when the defaulted date field was not available and I still use the online loanbook screen to search for defaults appearing this month using dates so that was useful without having to resort to CSV downloads. Thing is submitting a formal complaint will probably get a similar answer, triage like, assuming you will not proceed on to the regs. Using the DP excuse is bit of non event as IMHO there is no info in anything we as lenders can see that might identify the customer anyway, unless others know better. If you are looking to check the missed payments then it would be nice to have the very old loanbook screens back where one could drill down into the payments and see what was missing. sadly that one is not possible as I think Zopa didn;t like us being able to see that one - I've identified quite a few coding gaff over the years using my own tools but they are too clunky to share and to be honest having nearly a million records in some of my databases they are quite sluggish to run each month (They were very useful to spot invalid PF loan sales resulting in lost cover in PF loans when the classic was working - not found too much of late) Good luck on being "out" as you call it though I've had all our non PF covered loans across all products up for sale since March 17th and whilst Plus seemed to offload relatively quickly - it took over a month to start selling still - the Core is considerably slower probably since Zopa is not lending as much and in fact lending is some 80% down on last months figures. Both myself and Mrs Aju have quite a bit still left to go unfortunately and the Market Rate adjustment (MRI) for us is quite steep resulting in just over 5% fees when all added together. So being out as you call maybe relatively uncomfortable unless one has been in Zopa for quite a few years and built up quite a buffer of returns. As well as selling I have set all relending off on non selling PF too. So we pickup quite a bit every few days of simple returned funds. Its helpful to say our reasons for being out too were actually more due to falling returns from increasing defaults especially over the last 8 months or so after quite a large sale in mid 2019 on both our accounts (We were transferring funding to RS at the time) - I was intending hanging on till the end of the 2019/20 fin year to take stock but the CV thingy was the final straw and as I say we pulled the plug - it's dribble still - in mid march. I used the reasons for a general benchmark on defaults the more IVAs the more likely worse on all loans to come. I have data going back several years. I had been reducing for some time due to poor returns and increasing defaults especially IVAs over last 8 months. But I had intended to keep a smaller amount on loan but as i no longer believe what I am told by Zopa and their record keeping is getting worse, something very worrying for a financial organisation. When I am told staff aren't completing records correctly then on a formal complaint a month later due to seven defaults in 3 days after 1 or 2 missed payments I am told something different. Ultimately it doesn't matter what does matter is trust my money is safe if staff mislead me then this is wrong.
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aju
Member of DD Central
Posts: 3,500
Likes: 924
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Post by aju on May 17, 2020 14:06:58 GMT
It's a constant theme with Zopa, they say they are phasing out, even down to actually removing the field altogether for a month or so when they added quite a bit of regulator stuff in to the csv files. The use of that freeform field has changed back and forth over the years sometimes ignoring it altogether especially for defaults info. To be honest I'm not sure what you might get out of any info - feel free to elaborate how you might use this info were it available - it was quite useful when the defaulted date field was not available and I still use the online loanbook screen to search for defaults appearing this month using dates so that was useful without having to resort to CSV downloads. Thing is submitting a formal complaint will probably get a similar answer, triage like, assuming you will not proceed on to the regs. Using the DP excuse is bit of non event as IMHO there is no info in anything we as lenders can see that might identify the customer anyway, unless others know better. If you are looking to check the missed payments then it would be nice to have the very old loanbook screens back where one could drill down into the payments and see what was missing. sadly that one is not possible as I think Zopa didn;t like us being able to see that one - I've identified quite a few coding gaff over the years using my own tools but they are too clunky to share and to be honest having nearly a million records in some of my databases they are quite sluggish to run each month (They were very useful to spot invalid PF loan sales resulting in lost cover in PF loans when the classic was working - not found too much of late) Good luck on being "out" as you call it though I've had all our non PF covered loans across all products up for sale since March 17th and whilst Plus seemed to offload relatively quickly - it took over a month to start selling still - the Core is considerably slower probably since Zopa is not lending as much and in fact lending is some 80% down on last months figures. Both myself and Mrs Aju have quite a bit still left to go unfortunately and the Market Rate adjustment (MRI) for us is quite steep resulting in just over 5% fees when all added together. So being out as you call maybe relatively uncomfortable unless one has been in Zopa for quite a few years and built up quite a buffer of returns. As well as selling I have set all relending off on non selling PF too. So we pickup quite a bit every few days of simple returned funds. Its helpful to say our reasons for being out too were actually more due to falling returns from increasing defaults especially over the last 8 months or so after quite a large sale in mid 2019 on both our accounts (We were transferring funding to RS at the time) - I was intending hanging on till the end of the 2019/20 fin year to take stock but the CV thingy was the final straw and as I say we pulled the plug - it's dribble still - in mid march. I used the reasons for a general benchmark on defaults the more IVAs the more likely worse on all loans to come. I have data going back several years. I had been reducing for some time due to poor returns and increasing defaults especially IVAs over last 8 months. But I had intended to keep a smaller amount on loan but as i no longer believe what I am told by Zopa and their record keeping is getting worse, something very worrying for a financial organisation. When I am told staff aren't completing records correctly then on a formal complaint a month later due to seven defaults in 3 days after 1 or 2 missed payments I am told something different. Ultimately it doesn't matter what does matter is trust my money is safe if staff mislead me then this is wrong. Trust, now there's an interesting concept in the world of finance, banking and investments. I long since gave up trusting any financial institutions to look after things to a level I was comfortable with and especially since most can't even get simple website design correct and then maintain it properly. That one thing for me indicates there will be major flaws in the more complicated stuff too especially in the bowels of the systems that control all our funds we might have invested. Having personal data on ones lending does have a tendency to indicate Zopa, probably other P2P's too, relies on "returns spread curves" where they always have had ranges of winners and losers. Only very recently have they been commanded by the regulators to be more transparent hence the spread ranges, that Zopa now has. In my view anyone getting anywhere near the better spread end is doing really well but would also do well to look at Zopa's reverse bell curves of the winners and losers spread where losers can do much worse than they might think. On the missed payments the recent 30 days/90 days field should help quite a bit although it always seems odd to me that some loans can go 6 months or more without a single payment and still not default. I can spot those in the high level sometimes from the comments but having a loan payments tool makes it infinitely easier and also being able to present the payments to Zopa is useful and prevents the triage roundabout as well. My friends locally do think i'm an odd ball at the best of times with all my spreadsheets but at least my name is not Phil  (Zopa has always used the comments field as a free form field and the defaults settings are not seen as as important now as in the early days when the formatted fields were added. That field was always free format and open to who was dealing with a specific loan failing etc. This is patently obvious if you start to try and code a search tool to find certain phrases. The online loanbook does have some search function capability but again its very hit and miss. I usually look at the recent defaults as they appear in my online statements and use the search for current month by searching for "05/2020] set" but even then not every one uses "/" sometimes they use "." or "-". If I saw an IVA then I'd all but write them off as they tend to be almost bankrupt like. That said I did have an IVA clear recently but to be honest I'd usually write most defaults off and when I got nearly 200+ arrangements recently I assumed that would correlate to potentially £2000 at risk even though 70% could come good later, in fact some came good within days. (For the most part my strategy was always to lend max £10 or less per loan except for PF covered loans when Classic(PF) was live - the jury is still out whether lots of £10 loans were better than much larger loans values.) My friends locally think i'm an odd ball at the best of times with all my spreadsheets - at least my name is not Phil!
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