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Post by newlender on Jul 8, 2017 6:49:45 GMT
I've just received my weekly update. They have extended the loan sale period from 10 to up to 20 days. I sold some Access loans in mid-June (to put into the ISA) and the sale has still not fully completed. No wonder they have changed the date for the free sale of other products which are switched into the ISA - they clearly can't cope with re-allocating all the current Access sales in a decent time frame and couldn't possibly manage a wall of new money from more sales. I'd put money on the fee-free ISA switch being put back to August.
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nairda
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Post by nairda on Jul 8, 2017 10:15:02 GMT
For the second time I have had it with Zopa, it was clearly a mistake returning to them last year. Not only do they keep changing their products, and it seems to me, always to the disadvantage of lenders, but they then they add insult to injury by making selling loans a tortuous process.
I think the time has come for Mrs N and myself to sever all ties to Zopa as quickly as we can.
My last loan sale on Ratesetter took minutes so clearly something is very wrong with Zopa.
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seeingred
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Post by seeingred on Jul 8, 2017 11:28:21 GMT
I PUT SOME LOANS UP FOR SALE - 8000 WORTH of classic stuff.
Sales were unusually slow. At the end of the sale period they tell me less than 4000 have sold. All I got was a standard email.
I've asked them if I pay the 1% sale fee on the 8000 or only on the sub-4000 they actually managed to sell.
First time I've had this problem - very annoyed.
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ashtondav
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Post by ashtondav on Jul 8, 2017 11:45:02 GMT
So why aren't they selling? I thought there was so much lender demand that new lenders aren't being accepted.
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nairda
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Post by nairda on Jul 8, 2017 13:27:57 GMT
So why aren't they selling? I thought there was so much lender demand that new lenders aren't being accepted. Agreed, nothing seems to stack up these days.
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Post by elpasi on Jul 9, 2017 10:26:19 GMT
What if they're struggling to sell due to diversification rules?
It's entirely possible, mathematically, that everyone with money waiting to be invested already has a £10/£20 slice of some absolutely massive loans, meaning that the part attempting to be sold through Rapid Return has no candidate accounts to be sold to.
This seems eminently feasible - if you restrict the number of users you end up with some inactive accounts just rolling their money back in with reinvestment, and some people actively depositing, and only the people actively depositing are taking on the majority of each new loan, and when you try and sell through Rapid Return, you're also almost exclusively selling to these actively depositing people...
The danger is, if this is true, the logical conclusion becomes "We need more people on the platform or less diversification" to fix the Rapid Return problem, combined with "If we increase the amount of people on the platform, we will run out of loans and the maximum per lender will have to be imposed at some low value."
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seeingred
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Post by seeingred on Jul 10, 2017 9:47:30 GMT
Here is part of reply and apology from Zopa - see my post above.
"Our loan sale system has not been working optimally in recent weeks, the reason being due to a strain on the system. This strain is a result of the amount of sale requests currently going through and related to people moving money into their newly opened ISAs with us. We do understand and apologise for any inconvenience caused by this and have subsequently begun to put in improved systems to deal with the demands."
Zopa are in effect offering free transfers into their ISA at the moment, complicated by the fact that you are not allowed by HMRC rules to simply transfer in your own loans. You need to sell and rebuy.
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aju
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Post by aju on Jul 10, 2017 13:58:31 GMT
Its probably the equivalent of a run on a bank ;-)
There are problems across a lot of zopa at the moment not just on selling loans ...
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