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Post by elpasi on Jun 30, 2017 8:35:26 GMT
I opened my ISA with £2k on the launch day, and over the course of the last couple of weeks, pennies have constantly been disappearing while it's been moving from 'New Money' to actually being invested. It went to £1999. Then £1998. Now it's at £1995, but still moving downwards very gradually. I emailed Zopa about this, and I reproduce the complete response below.
If anyone else is having an issue like that, just thought you should know that they're currently trying to fix it!
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aju
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Post by aju on Jun 30, 2017 12:31:52 GMT
oops!
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Greenwood2
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Post by Greenwood2 on Jun 30, 2017 14:22:17 GMT
Also discussed on the 'ISA Core and Plus lending rate' thread. Or similar anyway, negative interest on plus.
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Post by misotu on Jul 1, 2017 8:33:01 GMT
This appears to be disappearing capital, rather than negative interest! Oh Zopa. I was just starting to think that the bad old, seat-of-the-pants days were over. But clearly not  Love the airy response. "Oh yeah, we keep losing client money down the back of the sofa. Don't worry, it's only loose change and we know exactly where the rest of your money is. We'll fix it at some point and pay you back. Honest. I won't promise to get back to you with an update on something as trivial as losing our customers' money, but I am here for you if you want to talk about something completely different. xxxx " |
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aju
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Post by aju on Jul 1, 2017 16:44:07 GMT
These things happen, they had a whole years worth of issues with money being repaid to many of us in 2015 I think it was when the SG was created and fees were dropped but don;t quote me. Trouble is this changed the statements downloads and it meant people like me who had downloaded the statements files religiously every month for their own excel tools to monitor monthly returns etc had to redownload them again for accuracy. At least they told us about the issue at the time - sort of, mind you some of us only found out about the statements issues after a while though. My stats all went out for about 5 months before I realised why zopa summaries seemed to be different to my reported summaries.
Ah the good old days. when software projects were tested to the nth degree by people who were specialist at testing ;-). These days I think many of the agile developments rely heavily on user testing. I guess thats why MS releases next months updates as optional this month before they become required updates next month. Apparently this gives the users a chance to test them a month early before they are dropped on the unsuspecting users as a required option. Stuff still gets through though.
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wapping35
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Post by wapping35 on Aug 6, 2017 9:59:19 GMT
If anyone is interested I did follow up with Z on this issue and received a reply on Friday , as below (I know it is covered in a few threads in June/ early July):
EDIT: This impacts both Zopa Plus ISA and Z+ non-ISA, indeed for me at least the non-ISA impact is far larger, albeit not as easy to track.
======================
Good afternoon XXX,
Thank you for your email and patience, I can appreciate that it has been a month since our last correspondence.
I looked further into this case for you and was told that we are still in the process of looking to reimburse investors for this discrepancy, however, the technicalities of doing this is proving to be a lengthy process. At this stage we cannot provide you with an accurate timeframe of when this issue will be rectified, but this will be done as soon as possible.
Please rest assured this is something we are looking into but if we don’t find the exact discrepancy within a reasonable timeframe, we will look to compensate you with a slightly increased amount of what you have lost as gesture of goodwill and to represent your patience whilst we dealt with this matter. I’ll take this on personally to get a resolution for you.
If you have any questions, please do not hesitate to let me know.
Kind regards
XXXX XXXX
Client Services
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Greenwood2
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Post by Greenwood2 on Aug 6, 2017 12:47:28 GMT
Thanks for that, I expect I'm affected but very difficult to tell. Please let us know if or when this is resolved.
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aju
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Post by aju on Aug 8, 2017 11:39:45 GMT
If its any consolation the CS guy I've been talking to has made a record of me and and a commitment to making sure when this is resolved my account will be restored accordingly. I understand from him that the leak is fixed but rounding up the people affected is not so easy.
I think this also affects the main Zopa accounts as well.
If anyone affected wants to ensure its fixed for them then they really should be notifying Zopa customer services of any issue. I kept records of the screens showing the issue for my ISA account at least.
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wapping35
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Post by wapping35 on Aug 11, 2017 16:06:17 GMT
Zopa have now addressed this issue on their Blog. ============ blog.zopa.com/2017/08/11/9644/========= Update on loan sale pricing Posted on 11 August 2017 by Andrew Lawson in Investments and Our products One of the ways investors can access their money early is by selling active loans to other investors on the secondary market. When investors sell their loans we work out their value, and compare them to new loans. If the loans being sold are worth less than new loans, the seller compensates the buyer for the difference, which is reflected in the loan’s price. This happens as part of the loan sale process, which we manage for you. Recently, we made some changes to how we work out the value of these loans for more accurate pricing. Due to a technical issue, some investors may have paid too much when buying or selling loans. This made it seem as though a small amount of money had disappeared from their account; however, no money has been lost. We have now fixed this issue, and will be refunding impacted investors the difference between the amount paid and the true value of the loans bought. If you were affected by this, we will send you an email next week letting you know your money is on its way and confirming the exact amount of the refund.At Zopa, we take the pennies as seriously as the pounds and we’re sorry for any worry or inconvenience this issue may have caused. If you have any questions, please contact our Investor Services team. |
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aju
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Post by aju on Aug 11, 2017 16:59:25 GMT
You beat me to it, I just came her to post the exact same thing. ;-)
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wapping35
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Post by wapping35 on Aug 17, 2017 17:08:52 GMT
My refund e:mail arrived this afternoon. The amount sounds correct.
EDIT: I have just emailed Zopa back on the intention to code the refund as "RR Interest", I am asking if this is appropriate since the repayment is lost capital not interest, the difference being lost capital would not be taxable.
The repayment is partly ISA and partly non-ISA, so for the non-ISA portion this is relevant.
=============
Hi XXX,
We’re sorry, but we made a mistake and some of the loans you recently bought had the wrong price. You ended up paying too much for them and it may have looked like money had gone missing from your account. We’re refunding the difference, which is £29.13.
We’ll do this automatically, and you should see this in your account in the next few weeks. The rebate will be logged as “RAPID_RETURN_INTEREST_COVER_RECEIVED”, which you can see if you download your monthly transaction statements.
Once again, we’re really sorry for the inconvenience caused. If you have any questions, please contact our Investor Services team.
Best wishes,
Andrew Lawson
Chief Product Officer
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Post by wyndstryke on Aug 17, 2017 17:25:39 GMT
Yeah got mine 7 minutes ago too (for much smaller amount of money, but also looks accurate).
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ashtondav
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Post by ashtondav on Aug 18, 2017 7:06:22 GMT
I do wonder if, without spreadsheet gurus like you guys, whether these issues would be identified and resolved. Thanks.
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Post by wyndstryke on Aug 18, 2017 15:34:08 GMT
EDIT: I have just emailed Zopa back on the intention to code the refund as "RR Interest", I am asking if this is appropriate since the repayment is lost capital not interest, the difference being lost capital would not be taxable. The repayment is partly ISA and partly non-ISA, so for the non-ISA portion this is relevant. I've just had a second refund email, specifically referring to ISAs. So I suspect your email was only referring to your non-ISA investments?
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wapping35
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Post by wapping35 on Aug 18, 2017 15:45:42 GMT
EDIT: I have just emailed Zopa back on the intention to code the refund as "RR Interest", I am asking if this is appropriate since the repayment is lost capital not interest, the difference being lost capital would not be taxable. The repayment is partly ISA and partly non-ISA, so for the non-ISA portion this is relevant. I've just had a second refund email, specifically referring to ISAs. So I suspect your email was only referring to your non-ISA investments? Yes you are correct. I too just got another refund email for the ISA account. I am waiting a reply on the tax position of the non-ISA refund.
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