aju
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Post by aju on Jul 31, 2020 11:37:12 GMT
Is anyone actually checking the MRA costs as a percentage of each sale block. Have just been checking Mrs Aju's latest sale in ISA not sure if Plus/Core/SG as yet but the 5 sales on the 28th seem to have cost her 13.99% in MRA interest.
£31.85 loans
£4.45 MRA
£0.32 Z_Fee
Seems considerably steep and not what was suggested at start of sales. I have not actually checked the overall percentage as its been selling for couple of months now and still going!
I will eMail them to check its correct.
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wapping35
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Post by wapping35 on Jul 31, 2020 11:54:31 GMT
My MRA's have not changed that much. They do vary from 3.5-6.5% which is around the 4.2% they estimated.
Zopa did explicitly state to me ,that I (we) would be given advance notice of any changes.
I did see the email yesterday re changing the estimated rates of return from August 3rd so I would not be surprised if they do change (increase) the MRA's. But advance notice of any changes was committed to by Zopa. i.e. Knowing the MRA might change is not what they said , instead it was they would supply a new average MRA number..
All the above said the MRA given is an average, so it is possible for some individual loan sales to have a very high MRA.
The only thing you can do (as you say) is ask them.
W35
Edit:
p.s. I just logged in and I did have a small sale in the ISA this morning. £1.05 sold. £1 net , 1p RR fee and 4p MRA.. So nothing out of the ordinary for me.
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aju
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Post by aju on Jul 31, 2020 16:37:56 GMT
So the curious thing is that whilst the last sale for Mrs aju had an MRA of 14% the overall MRA for the month was 4.18% across over £2000 of sales.
In the offending sale block the 5 sales all were from Core and there seemed no obvious oddity about the rates some were low some were high. Not sure why it stepped that block up so high. I thin one loan was in collections before it was sold but others seemed normal so perhaps it was that - I thought collections were not saleable but I guess they are!.
So not much grounds to complain I think especially when I checked my Sales too it seemed that there was no such oddity. Probably just a freak of the specific sale block and the fact is was small perhaps.
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wapping35
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Post by wapping35 on Aug 8, 2020 9:07:59 GMT
I did ask Z about changing the MRA's due to the recent rate changes.
They told me the MRA for now remain unchanged, although they said they are going to revisit them in October i.e. when the loan freeze rules are due to expire (unless they are yet extended again).
Given how the sale is progressing I am expecting to have sold all that can be sold (i..e not lates) way before then. Indeed I suspect most of what remains to be sold will have gone by the end of this month. Which given I initiated the sale March 23, is not exactly quick, but from what I can see it is way quicker than many other P2P outfits.
The average MRA on my total sales remain around the 4.2% (5.2% with the 1% fee) which they estimated at the start.
W35
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