oldgrumpy
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Post by oldgrumpy on Mar 22, 2016 15:26:28 GMT
"The problem is when you want your relending from Classic to go into Plus - With auto-relend ON money from Classic and Pre-Safeguard will always go to Classic.
If you do not want this you have to turn auto-relend OFF, left the money go into the holding account, then offer it manually where it will be treated as new money and go into the default product. Zopa have said that they will work on a way of automating this process later."
The continuing trouble with Zopa's development management team is they launch changes before they are actually "fit for purpose" and often before informing lenders of important details. They still think because they are the oldest platform they must be the best and the safest, therefore they can do exactly as they please .... which they can, but in this instance why the **** did they not automate the system properly before launching (with much "fanfare") their "New Products", and make damned sure people could lend out their money (almost) immediately? I consider their development team to be a mixture of ineptitude and arrogance. No wonder they shut down their forum first.
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aju
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Post by aju on Mar 22, 2016 15:51:50 GMT
here here oldgrumpy - I made a similar point to zopa and they responded with famous dutch management techniques - Gobble de Gook!.
Actually thinking back to old zopa days its always been a bit on the cloudy side what was actually happening so perhaps we should be grateful of more nostalgic techniques ;-).
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oldgrumpy
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Post by oldgrumpy on Mar 22, 2016 16:00:01 GMT
Gobble de Gook!?Try saying that in Dutch phonetics and you'll sound like you are clearing your throat prior to expectoration.... or just expressing an opinion. 
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aju
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Post by aju on Mar 22, 2016 16:03:19 GMT
with the cough i have at the moment i need all the expectoration I can get. ;-)
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Post by propman on Mar 23, 2016 8:18:28 GMT
The simplest solution would be to have a recycling option for each product so you could go from Classic ( or any other product ) -> Plus, Classic, Assured or Holding account. If the developers want an example they could do worse than look at RS!
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ashtondav
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Post by ashtondav on Mar 23, 2016 9:29:04 GMT
I've now got nearly £4,000 queued up in Z+ and am astonished that I haven't lent even a tenner! I'll give it until mid April, then all queued funds will be withdrawn and placed on RS at 6.4%. PLEASE, Zopa, from a customer of nearly 11years - sort this out. You launched a product and bragged about its launch. In normal trading terms that means the product should be available. It isn't. Something isn't working.
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Post by newlender on Mar 23, 2016 10:09:35 GMT
I'll second that. My £2k of new money hasn't moved for a week now and nothing in the pre-launch hype mentioned waiting for liquidity and a decent sized queue before beginning to lend. I would have put it into RS monthly and then tried Z+ again in April if I'd known. If some of it had been lent out (even a few hundred pounds I would be satisfied, as I do accept that new products take a bit of time to become fully functional.
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ashtondav
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Post by ashtondav on Mar 23, 2016 17:47:20 GMT
Well, well, well. Just got an email saying i'll get 0.5% cashback as compensation for slow lending and lending should start next week. I'll review matters in a couple of weeks when i expect to be fully invested and speed of lending is as expected.
I can wait a couple of weeks for £80!
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wapping35
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Post by wapping35 on Mar 23, 2016 17:54:30 GMT
Indeed I have pasted a copy of the e:mail below.
I think this is sensible and it has definitely eased my dissatisfaction with not being informed about the period of un-lent queued money when I invested.
===============
Thanks for choosing Zopa Plus!
Dear
Thank you for your early investment in Zopa Plus. We have not yet started matching your money to borrowers as we are continuing to build the pool of money to lend out, to ensure sufficient diversification.
We have seen strong interest and investment and expect to start matching by the end of next week.
We know that this may be longer than you had anticipated, and so to say thank you for your early support and patience we would like to offer you 0.5% cashback on the money you have already queued in Plus.
What this means is once your money has been matched and lent out, we will pay you 0.5% cashback into your Zopa account. You should receive this payment within a month of the matching.
Please note, this is only for money already queued in Zopa Plus, as of 5pm on 23rd March 2016, and does not apply to additional money you may transfer in.
See our full terms and conditions for more information.
Very best,
The Zopa team
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Post by takeshi on Mar 23, 2016 19:15:00 GMT
Well, well, well. Just got an email saying i'll get 0.5% cashback as compensation for slow lending and lending should start next week. I'll review matters in a couple of weeks when i expect to be fully invested and speed of lending is as expected. I can wait a couple of weeks for £80! Is it a worry that Zopa are "making it up as they go along"?
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Post by newlender on Mar 23, 2016 19:47:43 GMT
Er..ashtondav....if you've got £4000 queued and they pay you 0.5%...do the math again, as they say.
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Post by westonkevRS on Mar 23, 2016 20:24:51 GMT
The simplest solution would be to have a recycling option for each product so you could go from Classic ( or any other product ) -> Plus, Classic, Assured or Holding account. If the developers want an example they could do worse than look at RS! Sshhhhh. Z always copy us, they don't need encouragement!
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jimc99
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Post by jimc99 on Mar 24, 2016 3:23:26 GMT
Agreed. Compared to RS the Zopa re-investment process seems ridiculous.
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ashtondav
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Post by ashtondav on Mar 24, 2016 9:16:45 GMT
Doh! £20!  |
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oldgrumpy
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Post by oldgrumpy on Mar 24, 2016 9:36:04 GMT
"Please note, this is only for money already queued in Zopa Plus, as of 5pm on 23rd March 2016, and does not apply to additional money you may transfer in."
So no-one puts any more in after 23 March, so the pool becomes immediately stagnant, so by the end of next week Zopa are still (for the same reason) not in a position to start matching with diversification ..... oh dear! ... and 0.5% cashback barely gives a month's ungenerous compensation for dormant funds.
"Is it a worry that Zopa are "making it up as they go along"?
It certainly appears that way.
What ever Zopa's history is since it started, it certainly looks like policy during the last couple of years has been in the hands of a bunch of amateurs.
I'm glad I only have just over £3k remaining in this platform.
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