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Post by pauljoanss on May 12, 2016 19:39:20 GMT
I have £20k sitting in Classic "New Money Queue" for well over a week and nothing invested.
The information says that Zopa is investing £1 mill (approx) per day and there is £2.5 mill (approx) in queue, therefor my money should have reached the top after 2.5 days.
Have I misunderstood the process?
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Post by blanik on May 13, 2016 6:26:01 GMT
I have £20k sitting in Classic "New Money Queue" for well over a week and nothing invested. The information says that Zopa is investing £1 mill (approx) per day and there is £2.5 mill (approx) in queue, therefor my money should have reached the top after 2.5 days. Have I misunderstood the process? Recycled money ( auto-relend ) gets priority over new money. Also the way the queue system works is that you money will not be matched gradually over time. When your 20K gets to the front of the new money queue, if needed, it will move in a single transfer into the processing queue ( matching to borrowers ) which is where the loans are formed from and where Zopa claim the 2 days processing. blog.zopa.com/2014/11/24/lending-queue-faq-blog/Zopa used to show the position in the new money queue, but this information is no longer available.
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Post by pauljoanss on May 14, 2016 8:48:31 GMT
Many thanks, it is now a lot clearer and I have just seen my money has moved into the matching process. These things are not explained very clearly on the site and I could not find this info under help.
As a general comment on P2P it seems to be a general feature that there is always a "waiting" period that is not well advertised. In standard savings accounts we are used to instant deposit and interest, so waiting weeks or more is a surprise, but on reflection it is the nature of the matching process.
Ratesetter is the best, providing you accept market rate then I have always found that your money is matched within one day.
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Greenwood2
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Post by Greenwood2 on May 14, 2016 13:59:24 GMT
Also there is a huge repayment run at the start of the month (many loans make payments on the 1st), so money added near the start of the month tends to take longer to lend.
(Be careful using market rate on Ratesetters, see the recent posts on 'Market Rates' under the Ratesetters platform section.)
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aju
Member of DD Central
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Post by aju on May 20, 2016 9:16:05 GMT
I've now lent a £1000 into Zopa Plus by re-routing repayments from Classic and pre-safeguard. Initially using manual methods and later using auto tools as they came on stream.
A lower 5 figure sum took about 8 weeks to create enough (£1000 min) repayments, capital and interest, to start lending in Zopa Plus and my Acquired dates range from 13th - 19th May, some are still in W-pending (18th and 19th) but I'm happy with the lend rate - I guess new money will take a bit longer.
I'm happy also to know that should I want a £1000 cash it takes about 2 months without penalty, however, I have never removed any of my zopa investment since I started so not sure when I will need to use that method.
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