aju
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Post by aju on May 11, 2016 11:25:09 GMT
The last time I put any new money into zopa - i.e. from the outside world - was over 12 months ago at least.
I have been transferring money, over the last 5/6 weeks, into Zopa+ I now have a headline amount of just over a £1000 but every now and again the
"In the new money queue"
item has a few pounds in it. Where does this "new" money come from as I haven't added any new money for so long. It seems to have arrived since zopa started the new recycling to a particular brand options. Now those that have debated the zopa lending engine in the past will know that zopa used to recycle money as a priority over new money. Has this now changed or is zopa as confused as I am about all this and the recent changes.
Just wondering if anyone has any ideas
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Greenwood2
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Post by Greenwood2 on May 11, 2016 11:42:02 GMT
Have you manually moved money from your holding account into Z+, rather than waiting for it to be automatically added by your lending preferences? If you do it becomes New money. Sometimes it doesn't move immediately from holding as it is being recycled and I have been tempted to move it manually and then get put to the back of the queue.
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aju
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Post by aju on May 11, 2016 13:20:25 GMT
I guess up until the option to recycle money to a different product option was available I was pushing it manually from holding on a daily basis. I thought that changed a couple of weeks ago and I then used to the auto recycle option. I did move some stuff quickly at the time but since then the austo recycle option was added I did everything automatically.
Zopa has intimated that the reason the item has suddenly appeared is as a result of making a number of changes recently!. I don't understand as the item suddenly appeared since yesterday and its also very curious that an entry on my statements for Safeguard recovery today for exactly the same amount has also appeared.
I've asked if that is relevant will see what happens
Edit:
zopa responded as follows (I got permission as long as I leave out names) ...
"The £x.xx funds came through from your Zopa Classic product. This is because you previously had Zopa Classic configured to lend repayments into the Zopa Plus product. Our system categorises funds from Classic as Safeguard payments. This is because the Classic product is covered by our Safeguard trust.
When Safeguard payments are automatically reinvested into a non Safeguarded product such as the Zopa Plus, the funds are treated as new money for queue purposes. This is why you have the £x.xx in the new money queue."
So as far as I can tell if you are switching from one scheme to another find out when your payments are due and do it on a lull - the time to lend could be severely restricted although to be fair its most likely that safeguarded repayments are not going to happen very regularly and even then at very small quantities for most of us.
Sadly a lot of these nuances are not in the Zopa principles and I think they should be but that's another story.
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Greenwood2
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Post by Greenwood2 on May 12, 2016 8:17:41 GMT
I haven't noticed any of my recycled funds going into the new money queue, most of mine is also coming out of Classic into Plus. At present I only have funds in the repayment queue. I'll check for a few days and see if any funds go into new money.
Edit: Re-reading your last post if it's just the Safeguard Recovery money, I could understand the payment from the safeguard fund effectively going into your holding account and then into plus arriving as new money.
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aju
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Post by aju on May 12, 2016 15:10:39 GMT
Yes it was just the safeguarded returned money that matched the new money queue entry.
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