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Post by blanik on Feb 7, 2017 20:04:03 GMT
Hi Tom, loans "chunked" in max £20 pieces (and most are of this size, there are some at random number, but not less than £9). Lent our at on the morning of the 25th, Fully invested (kind of) yesterday (6th). Noticed that it has issue where remaining to match balance is low, my remaining £7 was never matched, and my wife had £2 stuck for the whole day as well. Had some early repayments, so now things got slightly skewed, but still 12 days is long... I also use RS, with max 1 day bidding wait my average is at 4%, so it is (from my limited experience) much faster and also at a higher rate. Time will only tell how it will continue though... If your normal match is £20 then the random odd loans smaller than this will be partially repaid loans sold by other lenders that you have purchased. It is also possible to match £10 rather than your normal £20 if that was the last remaining amount required to form a new loan. When you have less than £10 remaining in "Matching to borrowers" you will get no more matches until the balance is above £10. (Long ago by having an offer below £10 you could cherry pick only 'sold' loans rather than new ones but Zopa closed that loophole).
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marie
Posts: 38 
Likes: 15
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Post by marie on Mar 11, 2017 14:46:21 GMT
Does anyone elses weekly update email only contain queuing and matching times for access, whilst classic and plus is missing? I don't have any money in access so it can't be down to only having queued/matched loans on access in the last week..
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amphoria
Member of DD Central
Posts: 156 
Likes: 124
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Post by amphoria on Mar 11, 2017 15:41:43 GMT
Does anyone elses weekly update email only contain queuing and matching times for access, whilst classic and plus is missing? I don't have any money in access so it can't be down to only having queued/matched loans on access in the last week.. At the bottom it states Demand in Classic and Plus is exceptionally high. New money transferred in the last 10 days or 12 days respectively is still working its way through the queue.I have not put any new money in since August. Repayments are still being invested regularly.
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marie
Posts: 38
Likes: 15
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Post by marie on Mar 11, 2017 18:17:59 GMT
Does anyone elses weekly update email only contain queuing and matching times for access, whilst classic and plus is missing? I don't have any money in access so it can't be down to only having queued/matched loans on access in the last week.. At the bottom it states Demand in Classic and Plus is exceptionally high. New money transferred in the last 10 days or 12 days respectively is still working its way through the queue.I have not put any new money in since August. Repayments are still being invested regularly. Aha, I should have read more carefully! Although it is a bit annoying that it takes so long for the monies to start earning interest, it's a positive sign that people want to invest more money in the platform, so much that it is causing queues..
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bg
Member of DD Central
Posts: 1,368
Likes: 1,929
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Post by bg on Apr 18, 2017 12:49:33 GMT
Hi there, New member here (I was on the old Zopa forum back in the day, though). I'm returning to Zopa after a long time away, as I'm looking for a very flexible P2P site where I get a modest return on my investment but it's easy to move cash in and out. My plan is to use it as a savings account where I put aside a bit of money for annual things like insurances, Christmas, holidays etc. i.e. I'll be adding to it monthly then withdrawing "chunks" throughout the year. I thought one of the "easy access" products like Zopa Access or Ratesetter Rolling would be ideal. I would normally just use a savings/current account but I'm using all the good ones already for my cash and they are all capped in terms of the amount they pay interest on (not a problem with P2P). I transferred a small amount (£100) into Zopa Access on Sunday though and it's still not been matched to any borrowers. I see there is no visibility of the queue length any more though. Any ideas how long I'd typically wait to get matched with small monthly investment of new cash? Or is there anywhere I can see the lending queue length? The delay is probably only going to be a few days but it's obviously eating into what will be a limited return anyway (3.1% currently). Thanks, Andy I'd be vary cautious of using Zopa Access as a liquid place to keep your money. My experience so far is that it takes several days for the money to be returned to your holding account and although there is no Zopa fee there can be a significant exit fee applied. I want to remove my remaining balance from this account and currently they want to charge me a 4.8% interest rate fee - so in effect over 18 months interest on something I deposited earlier this year. Ridiculous. I could understand slightly if rates had been going up but that is not the case. I would advise anyone wanting an account like this to look at using Asset Capital's QAA or Ratesetter's rolling account where there are no such fees, you can get your money out quickly and rates are generally higher to boot.
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Post by portlandbill on Apr 19, 2017 12:34:03 GMT
i understood there was no "fee" - therefore no cost - to take money out of Access. Is that not right?
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bg
Member of DD Central
Posts: 1,368
Likes: 1,929
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Post by bg on Apr 19, 2017 14:00:24 GMT
i understood there was no "fee" - therefore no cost - to take money out of Access. Is that not right? There isn't but there is an interest rate charge....that is its the difference between market rate and the rate you invested at (if the rate has gone up since you invested) over the term of the loans. So if you invest at 2% in 5y loans and the new market rate is 2.1% then you get charged 0.1% x 5 = 0.5% or something to that effect. You get no benefit if the rate has gone in your favour (so a money spinner for them) For me it makes little sense as the whole thing is so black box. You are just investing in the product. I would understand if i was investing in a 5y product and then wanted to get my money out early. Here I have invested in an access product and now they are saying it costs 4.8% to get my money out. Net effect is I will never use Zopa again.
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Post by portlandbill on Apr 19, 2017 14:05:49 GMT
i understood there was no "fee" - therefore no cost - to take money out of Access. Is that not right? There isn't but there is an interest rate charge....that is its the difference between market rate and the rate you invested at (if the rate has gone up since you invested) over the term of the loans. So if you invest at 2% in 5y loans and the new market rate is 2.1% then you get charged 0.1% x 5 = 0.5% or something to that effect. You get no benefit if the rate has gone in your favour (so a money spinner for them) For me it makes little sense as the whole thing is so black box. You are just investing in the product. I would understand if i was investing in a 5y product and then wanted to get my money out early. Here I have invested in an access product and now they are saying it costs 4.8% to get my money out. Net effect is I will never use Zopa again. Really?! That's not what I expected at all. Is there a similar charge for classic and plus?
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bg
Member of DD Central
Posts: 1,368
Likes: 1,929
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Post by bg on Apr 19, 2017 14:09:36 GMT
There isn't but there is an interest rate charge....that is its the difference between market rate and the rate you invested at (if the rate has gone up since you invested) over the term of the loans. So if you invest at 2% in 5y loans and the new market rate is 2.1% then you get charged 0.1% x 5 = 0.5% or something to that effect. You get no benefit if the rate has gone in your favour (so a money spinner for them) For me it makes little sense as the whole thing is so black box. You are just investing in the product. I would understand if i was investing in a 5y product and then wanted to get my money out early. Here I have invested in an access product and now they are saying it costs 4.8% to get my money out. Net effect is I will never use Zopa again. Really?! That's not what I expected at all. Is there a similar charge for classic and plus? Yes.....there is this charge but also the Zopa fee on top (which I believe to be 1%)
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rushy
New Member
Posts: 4
Likes: 8
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Post by rushy on Apr 19, 2017 15:38:26 GMT
i understood there was no "fee" - therefore no cost - to take money out of Access. Is that not right? There isn't but there is an interest rate charge....that is its the difference between market rate and the rate you invested at (if the rate has gone up since you invested) over the term of the loans. So if you invest at 2% in 5y loans and the new market rate is 2.1% then you get charged 0.1% x 5 = 0.5% or something to that effect. You get no benefit if the rate has gone in your favour (so a money spinner for them) For me it makes little sense as the whole thing is so black box. You are just investing in the product. I would understand if i was investing in a 5y product and then wanted to get my money out early. Here I have invested in an access product and now they are saying it costs 4.8% to get my money out. Net effect is I will never use Zopa again. I put £2000 in Access in early March. I asked to sell the loans yesterday and I got quoted of £9.61 for the interest rate charge, I've only made £2.34 in interest up to now so if I sell the loans i'll lose over £7. Like portlandbill I thought the account as the name implies is an Access account and I didn't expect to be charged to get my money out. Also noticed this "For successful loan transfers, all interest accrued on the loan since the borrower's last repayment will also be passed on to the new lender." in their information so we lose out with that as well.
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Post by Ton ⓉⓞⓃ on Apr 19, 2017 18:52:36 GMT
I took out £2.1k just before 5th April 2017 (i.e. the beginning of the month) I had no charge, it had been in there for a few months but well less than a year. I know Zopa talks about "Trackers Rates" and when the loan your selling is below the current ones you pay the diff. so selling at the start of the month shouldn't have any effect, part of me still wonders.
I've looked around the site but I can't see the current Tracker Rates, any ideas?
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Post by blanik on Apr 21, 2017 18:51:37 GMT
When you sell loans, then the loans the do not require interest compensation are sold first, so if you only sell part of your portfolio then the chances are you will not have to pay compensation.
The only saving grace is that any benefit from the accrued interest, or selling loans above the current rate, goes to the purchaser and not Zopa.
From a system point of view you can see why excluding accrued interest is simpler, there is no need to do any calculations, the purchaser just gets the next repayment in full.
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ashe
Posts: 53
Likes: 36
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Post by ashe on Apr 22, 2017 17:09:01 GMT
I may be new to all this, but I'm a bit confused as to why this charge on withdrawals is a problem to some.
Do some people think if the Access rate suddenly shot up to 5% that there would be no issue if everyone could withdraw with no fee/costs and start to relend at 5%?!
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bg
Member of DD Central
Posts: 1,368
Likes: 1,929
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Post by bg on Apr 22, 2017 17:18:31 GMT
I may be new to all this, but I'm a bit confused as to why this charge on withdrawals is a problem to some. Do some people think if the Access rate suddenly shot up to 5% that there would be no issue if everyone could withdraw with no fee/costs and start to relend at 5%?! But they haven't. The access rate is now 2.9% which is the lowest it has ever been. All my investments were made when the access rate was higher than this but still I am charged when I withdraw. Also the rate on the account is lower to allow for such access. Other platforms have equivalent accounts and do not make similar charges (ie AC and RS).
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bg
Member of DD Central
Posts: 1,368
Likes: 1,929
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Post by bg on Apr 22, 2017 17:28:33 GMT
I may be new to all this, but I'm a bit confused as to why this charge on withdrawals is a problem to some. Do some people think if the Access rate suddenly shot up to 5% that there would be no issue if everyone could withdraw with no fee/costs and start to relend at 5%?! Another thing - I have £960 lent. The withdrawal interest rate charge is currently £49.90. For that to be right interest rates would have had to move a hell of a lot.
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