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Post by djhlending on Apr 25, 2016 15:38:45 GMT
At the beginning of each month I download the previous month's transaction statement from Zopa and store it. On the yearly earnings statement just produced by Zopa the amount of interest is quite a lot less than I was expecting by totaling up the monthly statements I had stored. I do take into account the fact that April is not a complete month when doing this. I proceeded to download each monthly statement again and found that each month's interest total had changed since I downloaded that month. With the new downloads I was able to match the amount Zopa put on the year end statement.
The differences I found were as follows.
April 2015 -12%
May -18%
June -18%
July -18%
August -18%
September +0.3%
October +0.2%
November +0.4%
December +0.2%
January 2016 +0.1%
February +0.6%
Why are the monthly statements being changed after the month has ended? Some very large adjustments happened up to August 2015.
Can anyone explain what has happened please.
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spiral
Member of DD Central
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Likes: 486
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Post by spiral on Apr 25, 2016 15:44:58 GMT
You're lucky. I downloaded the whole years worth on 9/4 and still can't get them to add up  . I'm currently waiting for Zopa to get back to me. |
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Post by davee39 on Apr 25, 2016 16:05:01 GMT
Zopa changed the fee structure, it no longer appears as a 1% charge, I think it is now deducted from interest. It took them some time to update their systems so the changes might be interest adjusted for fees, with the fee no longer appearing as a separate item.
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mikeb
Posts: 1,072
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Post by mikeb on Apr 25, 2016 17:04:37 GMT
What davee39 said! From 1st April 2015 Zopa changed the way they handle fees, due to tax clarifications from HMRC. They somehow messed up the interest payment figures, so the interest you were receiving was still showing the amount "as if" fees would then be deducted later. Yet the fees weren't being deducted any more. The result of this is that some of the interest you were receiving was illusory. April to October, in my case, were all excellent months!  Then November came in with NEGATIVE interest, as they clawed back all the over-payments by "adjusting". It worked out correctly, in the end, but gives you reason to check P2P companies' maths abilities. I too dislike certain companies propensity for re-writing statements MONTHS after the fact, trying to airbrush out the mistakes. IMO they should post correcting transactions to a current statement, and be open about what they did wrong. |
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Post by djhlending on Apr 25, 2016 21:04:00 GMT
Thanks all for the explanations. I wonder what the very small adjustments are which still happen each month after month end?
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spiral
Member of DD Central
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Likes: 486
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Post by spiral on Apr 26, 2016 8:03:34 GMT
I don't see how that can be my issue. I downloaded all the statements this month so they should have any of the corrections within them.
My totals of income (including bonuses and less clawbacks) from these statements didn't add up to the interest received on the tax statement (~0.4% more income on tax statement than downloads).
I think @zopamat indicated on another thread that there were known issues with the downloads.
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Then November came in with NEGATIVE interest, as they clawed back all the over-payments by "adjusting".