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Post by kevin1841 on Dec 5, 2016 8:41:40 GMT
Hello People - First time poster here On their site it states 'You can check your Weekly Update email and live tracker in My Zopa for the latest information. We recommend you log in to My Zopa and check the tracker before making a transfer.' My last 'weekly update' email was on the 23rd September. I complained about this last week and was told that everybody was in the same boat, and that they were working on the problem. (I think I might have had the wool pulled over my eyes, as nobody appears to have mentioned that on here) Also, where is the 'live tracker' in My Zopa? I seem to have followed every link possible but no luck. It's probably staring me in the face. Its in the middle of the "MY Lending" page: I got my weekly email/update fine (yesterday). I would just call them. OK, looks like I was being particularly daft here... I was expecting a 'live tracker' to give me some indication as to how long my current 'New Money' is likely to take to be lent. As for the weekly email - I'll get on to them again this morning. Thanks for your reply, and hope that your investments grow to a wapping 36 very soon 
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Post by Ton ⓉⓞⓃ on Dec 5, 2016 9:06:09 GMT
Normally lending slows down at this time as there are less Borrowers in December but in January it picks up again when everyone seems to be sorting out there debts. I used to avoid loans in Jan thinking the Borrowers might be less organized, I don't bother now
The other slow down comes in the summer when people again think about enjoying themselves.
With business loans they slow in a similar way, Christmas and summer, partly as the key movers lawyers & others are away.
Has anyone noticed any other patterns?
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Post by jackpease on Dec 5, 2016 9:49:05 GMT
Has anyone noticed any other patterns? I'm not sure that it's an 'other' pattern but I think zopa's move is part of an accelerating pattern of diminishing returns that many vocal forumites still seem oblivious to. The weekend paper financial sections highlighted a new Santander mortgaage offer for a 2.2% five year fixed rate mortgage deal with cashback and NO fees. Yeh - sure - that's for a good risk - but it is quite extraordinary. Some forumites are clearly cross at Ratesetter/SS/FC etc etc reducing rates - demanding better quality loans/retention of high rates/accusing of profiteering - what choice do the platforms have? I think Zopa has been quite brave in being the first to come out and basically say 'we can't do business at the safe end of the loans spectrum at these rates'. I think they are setting a pattern that other low risk 'safe' lenders such as RS/Wellesley/Landbay are going to have follow and it sort of removes the bottom 'safe' end of lending from the P2P world. If a platform is not taking in new money, does their business model mean they can keep making money? Jack P
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seeingred
Member of DD Central
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Post by seeingred on Dec 5, 2016 12:00:29 GMT
I suspect the problem is not solely with the supply of good quality borrowers (so many people still binge on credit and some are a good risk) but with so many savers finally getting tired of 0.1% bank accounts and deciding to take the plunge into what they now see as an established and safe end of the P2P market.
Only a few years ago Zopa was still 'new' and relatively unproven. Now it is seen as a very safe pair of hands by many more people. The changes to Santander 123 accounts(and similar moves by other banks) has led to many more people looking for a home for a few thousand.
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Post by wyndstryke on Dec 5, 2016 18:33:19 GMT
OK, looks like I was being particularly daft here... I was expecting a 'live tracker' to give me some indication as to how long my current 'New Money' is likely to take to be lent. As for the weekly email - I'll get on to them again this morning. Thanks for your reply, and hope that your investments grow to a wapping 36 very soon I've been getting the weekly emails fine. The trouble with email is that it's not a reliable service - there are several links in the chain which can go wrong easily (for example, by being caught by a spam filter). However ... the weekly emails contain zero useful information regarding our individual accounts, only general stuff like queue lengths and total amount Zopa lent out. They removed the account specific information due to concerns about confidentiality.
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Post by kevin1841 on Dec 6, 2016 7:55:31 GMT
However ... the weekly emails contain zero useful information regarding our individual accounts, only general stuff like queue lengths and total amount Zopa lent out. It was 'queue lengths' I was particularly interested in. I put some money in the queue just before the announcement. Had I seen the (assumed) rising queue lengths I may have gone elsewhere - It would still be handy now, as it would help me make the decision to leave the money queuing, or pull it out.
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Post by dualinvestor on Dec 6, 2016 8:12:55 GMT
However ... the weekly emails contain zero useful information regarding our individual accounts, only general stuff like queue lengths and total amount Zopa lent out. It was 'queue lengths' I was particularly interested in. I put some money in the queue just before the announcement. Had I seen the (assumed) rising queue lengths I may have gone elsewhere - It would still be handy now, as it would help me make the decision to leave the money queuing, or pull it out. They dropped the timing information when they introduced plus back in the Spring. For a while there was nothing then amount lent per day and total queue as it is today. In theory one divided by the other gives time to lend but I have always found it occurs even quicker than indicated both for repayments (that get priority) and new money. On a different tack the governor of the Bank of England said last night that only 2% of households have £5000 or more in deposits so if/when ISAS get approved the impact on platforms is not likely to be a sudden inflow of new money just transfer of existing accounts to a rax sheltered status
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Post by BrianC on Dec 8, 2016 14:32:39 GMT
Well in the days leading up to the suspension I'd been adding £100 a day going all in to Plus. It was slow to lend so had backed up to £800 as "New Money". The last of that £800 has now moved in to the "matching to borrowers" stage and at the rate it's being lent may be all gone by tomorrow. So there can't be much money left in the plus queue. No idea about classic of access but they were usually similar. So can we expect open for money on Monday maybe? I certainly think Zopa need to come up with a plan to manage this issue better.
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Post by jackpease on Dec 8, 2016 15:43:32 GMT
>come up with plan
I suspect the only other option would be yet another cut in rates. I suspect that they've decided that if the rate drops it will cause more lender annoyance than freezing deposits and lending at current rates.
Landbay seems to have a perma-queue of unlent funds and i suspect it must be looking at deposit freeze too, it worries me if platforms can't make money work for them even if they are paying us interest.
Jack P
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Post by bracknellboy on Dec 8, 2016 19:37:48 GMT
Or cause the 'Q' in ACs QAA to take on an entirely new and heavily emphasised meaning.....
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Post by dualinvestor on Dec 9, 2016 7:48:34 GMT
..... On a different tack the governor of the Bank of England said last night that only 2% of households have £5000 or more in deposits so if/when ISAS get approved the impact on platforms is not likely to be a sudden inflow of new money just transfer of existing accounts to a tax sheltered status In 2015/16 around £80bn was subscribed to new ISAs, of which just under £60bn was cash ISAs and the rest was S&S ISA (and yes 75% of the UK adult population waste their ISA allowance on a cash ISA rather than using a S&S ISA ...). Total value of all ISAs was £520bn, which was split roughly £270bn cash ISA and £250bn S&S ISA. By comparison total P2P origination YTD is just £3bn. P2P isn't even a rounding error in market capital terms, most bond issues are bigger. So it's quite possible that much of the IFISA money is simply substitution from taxable accounts but it requires very little additional marginal capital from IFISAs to impact P2P rates. A 4% share of new ISA money is more that enough to absorb all P2P origination year-to-date. I suspect even 1% (£800mm) is enough marginal capital to push rates noticeably lower. Transfers of old ISA money into P2P (if allowed) could totally crush rates over a period of months. As p2p possesses a far lower amount than 1% of the total savings market I cannot forsee it getting an additional 1%of the USA market. Despite the obvious attractions of P2P in higher rates I think everyone here overestimated the impact of P2P in the market as a whole. I stand by my prediction most money in IFISA will be deposits that are already in P2P
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SteveT
Member of DD Central
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Post by SteveT on Dec 9, 2016 8:11:26 GMT
I stand by my prediction most money in IFISA will be deposits that are already in P2P By extension, do you reckon the £45 million or so that Assetz Capital has now attracted into its QAA/30DAA accounts was also already in P2P? I, for one, am convinced it was mostly languishing in bank and building society deposit accounts before it spotted the bright lights of 3.75%
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dandy
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Post by dandy on Dec 9, 2016 9:17:11 GMT
money supply is much greater than loan demand on virtually all platforms ... so isn't the volume of ISA demand a moot point? However much there is, it seems that it will have nowhere to go
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Post by GSV3MIaC on Dec 9, 2016 10:38:38 GMT
money supply is much greater than loan demand on virtually all platforms ... so isn't the volume of ISA demand a moot point? However much there is, it seems that it will have nowhere to go It's certainly 'greater' on most platforms, - less convinced about the 'much'. If you look at the member numbers and consider your own positions, most platforms are fairly slowly acquiring new members (faster on newer platforms, then it slows down), and existing lenders are ramping up their deposits (while the platforms try to ramp up loan origination to match). The issue/difference with ISA money is that the 'ramping up' could suddenly be a big 'step function' .. either because a lot of Joe Public suddenly see it as 'safe' as well as 'attractive', or because many of the existing lenders decide to move a few % of their extant S&S, or cash, ISA money (Not sure about you, but I have lots more in PEP/ISA wrappers than I do in P2P right now. I wouldn't move it all, but a few %, yeah sure .. ).
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Post by BrianC on Dec 9, 2016 11:45:57 GMT
Just tried a cheeky £100 bank transfer to see if it would sneak through. Within minutes I had an email saying it was being returned and that they'd email me when deposits will be accepted again. Oh well.
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