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Post by multiaccountmanager on Aug 10, 2020 19:36:06 GMT
The sale in progress page is wrong.
It gives a total of my loans
"Your loan sale has started
Your loans are now available for other investors to buy. Here's a reminder of your loan sale request.
The details of your loan sale
You requested £427.48
You've received £351.78
Reinvesting will remain off while you're selling loans.
Stop loan sale
You have £1,523.95 which can be sold from ISA Plus
This total excludes any loans that are currently late in repaying or have their last repayment pending, as they cannot be sold."
HOWEVER. The 1523 mentioned is the total loan book. It does not exclude the late loans.
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johni
Member of DD Central
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Post by johni on Aug 10, 2020 22:14:26 GMT
The sale in progress page is wrong. It gives a total of my loans "Your loan sale has started Your loans are now available for other investors to buy. Here's a reminder of your loan sale request. The details of your loan sale You requested £427.48 You've received £351.78 Reinvesting will remain off while you're selling loans. Stop loan sale You have £1,523.95 which can be sold from ISA Plus This total excludes any loans that are currently late in repaying or have their last repayment pending, as they cannot be sold." HOWEVER. The 1523 mentioned is the total loan book. It does not exclude the late loans. Zopa have been approved for a banking licence yet they cannot differentiate between an active loan and a late or defaulted loan. This platform defaults loans when there are no comments about late or defaulted loans. This begs the question of how acurate is their record keeping is. Zopa need to get the basics right because this will end up at the FCA.
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Post by multiaccountmanager on Sept 10, 2020 9:56:43 GMT
Now a strange and completely new error - it seems.
My all time loan book has Status "Withdrawn" loans of amount £XXX. None of these have arrears or COVID arrangements.
Yet when I go to request a sale it says I can only sell an amount which is about a tenth of £XXX.
??
What else could make loans ineligible?
Background numbers, after previous sales.
55 loans are now "Withdrawn" of a total of about 250 in "Recovery"
There are about 4000 total loans in the loan book including "Closed" and "Settled"
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Sept 10, 2020 10:14:47 GMT
Now a strange and completely new error - it seems. My all time loan book has Status "Withdrawn" loans of amount £XXX. None of these have arrears or COVID arrangements. Yet when I go to request a sale it says I can only sell an amount which is about a tenth of £XXX. ?? What else could make loans ineligible?
Background numbers, after previous sales. 55 loans are now "Withdrawn" of a total of about 250 in "Recovery" There are about 4000 total loans in the loan book including "Closed" and "Settled" If a payment is due you can't sell the loan until it's complete, repeat the request in a few days to pick those up. Other than that don't know.
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Post by multiaccountmanager on Sept 10, 2020 11:17:45 GMT
Hmmm.... It seems there is a fundamental error in ZOPA accounting somewhere My ZOPA summary page says I have £1447.03 invested (after substantial sales) My All Time Loan book totals are as follows Arrangement 709.04 Collections 95.87Deferred Repayment 589.44Withdrawn 383.36Total 1786.71
So what seems to be happening is that the Request for Sale process ignores the loan book total figure.
It takes the Summary page figure (wherever that comes from)
And deducts Arrangements Collections Deferred Repayments and Withdrawn
To arrive at £43.68 eligible for sale.
When the loan book says £383.36 is eligible 
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aju
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Post by aju on Sept 10, 2020 13:14:13 GMT
As others have said it could be that loans are due for payments in the period perhaps. Myself and Mrs Aju have had loans on sale for over 3 months or more and thought they were still on sale until we received emails in the last day or so that our loan sales had in fact completed on 24/8 but as a result of an error we had not been told. Perhaps it's similar issues - faulty code who knows.
The covid issues field may shine some light too perhaps although in our case at our last review they all seemed to be deferred payments anyway I think.
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Post by multiaccountmanager on Sept 11, 2020 5:53:19 GMT
As others have said it could be that loans are due for payments in the period perhaps. Myself and Mrs Aju have had loans on sale for over 3 months or more and thought they were still on sale until we received emails in the last day or so that our loan sales had in fact completed on 24/8 but as a result of an error we had not been told. Perhaps it's similar issues - faulty code who knows. The covid issues field may shine some light too perhaps although in our case at our last review they all seemed to be deferred payments anyway I think. Not enough loans are due for a repayment to be a material factor. As I mentioned in the earlier post, none of the Withdrawn loans are in arrears and none have COVID issues according to the loan book. However, perhaps a sale completing in early August has not been reflected in the loan book - the amount was not very dissimilar. If so it sounds like the problem you had Aju which points to the LOAN BOOK NOT BEING RELIABLE. As an ex Group Finance Director of a FTSE 250 company this shocks me and I wonder what other ramifications there might be for ZOPA of this standard of accounting.
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aju
Member of DD Central
Posts: 3,500
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Post by aju on Sept 11, 2020 8:04:56 GMT
As others have said it could be that loans are due for payments in the period perhaps. Myself and Mrs Aju have had loans on sale for over 3 months or more and thought they were still on sale until we received emails in the last day or so that our loan sales had in fact completed on 24/8 but as a result of an error we had not been told. Perhaps it's similar issues - faulty code who knows. The covid issues field may shine some light too perhaps although in our case at our last review they all seemed to be deferred payments anyway I think. Not enough loans are due for a repayment to be a material factor. As I mentioned in the earlier post, none of the Withdrawn loans are in arrears and none have COVID issues according to the loan book. However, perhaps a sale completing in early August has not been reflected in the loan book - the amount was not very dissimilar. If so it sounds like the problem you had Aju which points to the LOAN BOOK NOT BEING RELIABLE. As an ex Group Finance Director of a FTSE 250 company this shocks me and I wonder what other ramifications there might be for ZOPA of this standard of accounting. I'm not sure there is much of a comparison of ftse 250 and p2p lending companies. Having been a zopa investor since the very early days ive had a number of times that Z has had worrying platform issues. I am still contemplating putting a formal complaint in on the recent issues we have experienced. Zopa in the past has been very receptive when they know they have failed.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Sept 11, 2020 8:43:00 GMT
Just out of interest I tried the same comparison between invested total and loan book totals and got answers within a penny. I haven't been selling so that may be a factor.
I know there used to be problems with some data being real time and some being batched over night or whatever, so you could compare data from different parts of the site and they could be temporarily different, but early August seems a long time.
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Post by multiaccountmanager on Sept 17, 2020 6:45:30 GMT
Just out of interest I tried the same comparison between invested total and loan book totals and got answers within a penny. I haven't been selling so that may be a factor. I know there used to be problems with some data being real time and some being batched over night or whatever, so you could compare data from different parts of the site and they could be temporarily different, but early August seems a long time.Just to record that the loan book is now back in balance. The excess withdrawn loans having disappeared (now £48 cf. £383) and ZOPA still looking in to it. So, assuming some more modest recoveries on the rump of the loan book, overall the ISA seems likely to produce an IRR of about 1% whereas ZOPA performance stats claim it is about 4% as those stats assume full recovery on the loan book apart from defaults. The 1% is based on the history that loans in arrangement/collection seems to return about 15% of outstanding loan capital. If all COVID Deferred Loans are recovered, the IRR could rise to about 1.8%. The ISA was invested in ZOPA in the period mid 2017 when the credit assessment system was not so good according to other threads here. If I add back in my sale fees incurred the IRR increases by 0.8% Prior to the ISA, from 2013 to 2017, there was a Non ISA which produced over 3%. Investing in ZOPA for me was platform diversification and aimed to keep up with inflation or better, so overall was not too bad, but represented a lot of work for me.
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