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Post by newlender on Jul 31, 2017 9:19:57 GMT
I sold over £3k of Access loans to put into the ISA on the day they announced it. I kept waiting and waiting (to mid-July) and eventually saw that there was about £30 of loans not sold and this was causing my settings to stick. So I clicked cancel and I was instantly allowed to adjust my settings. Probably because it was a tiny amount, but worth a try.
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Post by wyndstryke on Aug 4, 2017 14:22:56 GMT
wyndstryke, I have no personal experience of this but read another poster very recently who had the same issue but found it's possible to go back in and "cancel" the sale. After that, reinvestment settings can be changed again. Got the impression it was straightforward - wish I could remember who it was who posted the informnation! I've done the cancel, it took a number of days to process (maybe a week? I didn't keep track properly). >"wish I could remember who it was who posted the information!" Could have been me, I think I posted something about it when I figured out how to do it. So set reinvestment to how I want it, and started a fresh sale. Turns out that reinvestment is automatically turned off when you start a sale ... d'oh. Interesting thing though, I got sent a different version of the 'loan sale' email which I quoted on the previous page. Now it looks like instead of keeping the sales going forever, they're going to automatically cancel whatever is remaining after the 20 days is up (probably a good thing). (The red highlighting is mine). Unlike the original sale where I had a decent amount back with the first few days, I've had nothing sold yet. So probably behind a load of other people also trying to sell. Guess I'll be one of the first to discover when they turn on their new selling system because hopefully that'll break the logjam. -- Edit: And another update from Zopa, this time in the weekly email: (The red highlighting is mine)
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Post by misotu on Aug 5, 2017 6:59:47 GMT
"What happens if we can't sell all your loans?
If we’re unable to sell them we’ll let you know we’re taking the loans off the market. You can then choose to wait until they mature, or attempt to sell your eligible loans again another time."
Have to admit that I'm finding this baffling. With all the ISA funds on offer I can't comprehend how it's possible that people can actually fail to sell their loans, unless the rates of those loans are too low. System problems notwithstanding - all that should do is slow sales down, not makes sales impossible, surely? Even if things are so bad that they're having to process "Rapid" Return sales manually?
I don't run the xirr function on my loanbook so I don't have a feel. But is it possible, particularly with older loans, that so many of those at higher rates have been taken over by the Safeguard fund that Zopa actually can't sell huge numbers of loans at sub-2% and still achieve their predicted rate of return? That doesn't seem to make sense - according to my Zopa summary my older loans average a rate higher than that currently projected for Core. I assume that ought to be true generally. So why do Mr M and I have thousands on offer between us waiting to be lent at a time when Zopa have a squillion loans they are failing to sell? To the point where they may have to take those loans off the market?
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Post by newlender on Aug 5, 2017 7:24:03 GMT
I suspect that, like me, most people have sold their Access portfolio to re-invest into the ISA product. The two announcements from Zopa that they will not be offering fee-free sales in the near future and that cash ISAS can't be transferred in will just accelerate this process. One thing is clear though - don't put in money that you might need in a hurry! In my case, trying to sell £400 (the remains of my Access loans) into the ISA is proving tedious and I've had the email that I might not be able to have all the cash for a while - that's not what I signed up for and means that I shan't be putting in any new money, just moving gradually into the ISA. I'm hoping eventually to transfer >£13k of legacy product from Investment to ISA and I have a feeing that I'm going to have to take a hit by paying the fee.
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aju
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Post by aju on Aug 5, 2017 10:19:12 GMT
Doesn't the ISA product have to be redeemable as and when the customer wants it. If I wanted to transfer my ISA I hope there are different rules especially if a customer wants to transfer their whole ISA to another provider how would that work?.
I'm sure its all defined in the FCA ISA rules but I agree with others that people are largely selling to move funds into the ISA funds. I am certainly picking up roughly 10% of ISA loans in Core as Safeguarded Loans. I'm not complaining either as I never expected to have SG protection on ISA loans.
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Post by wyndstryke on Aug 5, 2017 16:06:35 GMT
Doesn't the ISA product have to be redeemable as and when the customer wants it. If I wanted to transfer my ISA I hope there are different rules especially if a customer wants to transfer their whole ISA to another provider how would that work?. From what I can see from looking at several providers, the various IFISAs aren't particularly liquid and their secondary markets aren't always fast. Having said that, I tried searching but couldn't find any definitive statements about it.
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ilmoro
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Post by ilmoro on Aug 5, 2017 17:08:25 GMT
P2P loans are excluded from the rules requiring providers to permit transfers out as it is recognised that they can be an illiquid product.
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aju
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Post by aju on Aug 5, 2017 17:17:16 GMT
Doesn't the ISA product have to be redeemable as and when the customer wants it. If I wanted to transfer my ISA I hope there are different rules especially if a customer wants to transfer their whole ISA to another provider how would that work?. From what I can see from looking at several providers, the various IFISAs aren't particularly liquid and their secondary markets aren't always fast. Having said that, I tried searching but couldn't find any definitive statements about it. It appears I made too many assumptions, you may well be right. I'm not sure that a receiving bank would be too pleased to actually receive an ISA in drips and drabs whilst the actual thing sells out. I did find some stuff on ISA generally that had IFISA info www.gov.uk/individual-savings-accounts/transferring-your-isa
I guess in zopa's case the fee may speed things up, but live defaults may be an issue.
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aju
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Post by aju on Aug 5, 2017 17:24:21 GMT
P2P loans are excluded from the rules requiring providers to permit transfers out as it is recognised that they can be an illiquid product. if they are excluded then why does the government not say this in the site I quoted above. Also Zopa seems to have provided for this option www.zopa.com/lending/isas/transfer-outAlthough there are some caveats such us no guarantee to sell all loans with loans unable to be sold seeming removed from ISA and placed in non ISA zopa account/products although. I looked for clarification that this was only selling this years ISA but its not clear. Quite why they have to transfer non salable loans to non ISA is beyond me but I guess they didn't really think it through yet.
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Post by GSV3MIaC on Aug 5, 2017 17:36:08 GMT
I'm fairly sure that the 30 working days transfer time is for CASH held in your IFISA .. how long it takes to turn things into that cash is not defined. Zopa/RS may be relatively liquid (at a price) but many IFISA platforms are not.. you need a buyer, you can only sell at par (so there may not be one), and your 'holding' may be tied up in a long drawn out recovery, with completely unknown NPV. "Folks need to realise that P2P is not a readily realisable investment". 8>. As for transferring the ISA contents out (to yourself) as 'specie' (stock, loan parts, whatever), that is likely as prohibited as transferring stuff in that way .. I assume it still has to go via an open market.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 5, 2017 18:27:55 GMT
The only transfer that has a specific regulatiin on transfers is cash isa to cash isa must take a max of 15 days. Everything else can be determined by provider T&Cs. The industry body has guidelines which is where the 30days for S&S transfers comes from. Section 4.3 in guidance notes and the section on transfers.
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Post by wyndstryke on Aug 13, 2017 21:24:23 GMT
Not sure if they've done all the work on increasing the speed of selling loans, but my second tranche of sales finished quite a bit quicker than the first set. Instead of selling 99% and sticking there for weeks, I submitted it on the 30th July, it queued for a while, then sold quite quickly and completed by itself today (13th Aug) rather than having to be cancelled manually after a month.
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aju
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Post by aju on Aug 14, 2017 10:42:12 GMT
In my ISA's I've been getting a high percentage of sold loans (<£10 ranging from 26p! up to £9.87) and many of them in ISAcore (23% ) are SG protected too. Lending seems to have slowed up a bit in the last 3 days for both mine and Mrs aju's lending, hopefully it will pickup again soon.
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