adrian77
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Post by adrian77 on Jul 22, 2017 15:17:15 GMT
About 2 weeks ago I started to sell loan parts from my accounts as I am buying a house in France and have pre-booked Euro currency contracts etc. There I was with my schedules all on the spreadsheet and what progress was their with my sales - zero. In fact my cancelled sale was still in the queue 1 week later ( I just can't work that out). I complained to Zopa and explained I was about to lose the house with a 2000€ penalty plus a hefty fee for the Euro contracts etc.
To their credit they did intervene and arrange for the funds to arrive in my account and also waived the selling fee. Clearly they have a major problem at their end which is really annoying a lot of people. But I accept their efforts for being pro-active so happy to praise people when appropriate - just don't talk to me about FC!
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Post by wyndstryke on Jul 25, 2017 13:49:31 GMT
Because of the release of the ISAs, everyone has been selling in order to buy into them (due to rules from the regulators, only cash can be transferred into the ISAs, not assets). As a result it's taking ages to sell anything. Glad that they intervened in your case.
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aju
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Post by aju on Jul 25, 2017 14:11:44 GMT
I've picked a fair few loans that are SG so thanks guys who are selling - I haven't checked but hopefully they will remain as SG items in my ISA portfolio until maturity and if they default I will get the SG payment. I can't see why the sales should be so slow though are quite long waits sometimes on the queues.
At the moment it's not top of my priorities but does anyone know come December does returns and interest recvd go into holding and can then be directed to ISA's if I haven't used up my allowance. Just wondering.
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nairda
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Post by nairda on Jul 25, 2017 14:23:52 GMT
To say that Zopa loan sales and purchases are glacially slow would be an understatement. This is akin to the captain of the Titanic observing that the dining room tablecloths look a little damp today.
OK, I appreciate that if a lot of people are trying to sell that would slow the process somewhat, but if it is lenders moving to an ISA surely the loans would be purchased as fast as they were being sold. My confidence in Zopa is rapidly declining, and I have lost all faith in Rate Rigger Setter.
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aju
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Post by aju on Jul 25, 2017 14:35:51 GMT
I think that the money transferred after sale is subject to queue rules and therefore waits as long as any other new money. I certainly have picked up a large number of SG marked loans that are not technically available in ISA core and ISA Plus. Now i'm only guessing but these are most likely people selling SG loans to release money to ISA. If its not that then there is definitely a serious run on the bank for want of a better term to use.  |
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nairda
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Post by nairda on Jul 25, 2017 14:51:52 GMT
I dread to think what it will be like when, if ever, the free sellout starts. If it is as time limited as has been stated by Zopa no one will achieve a free sellout.
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Post by wyndstryke on Jul 25, 2017 17:31:32 GMT
I dread to think what it will be like when, if ever, the free sellout starts. If it is as time limited as has been stated by Zopa no one will achieve a free sellout. They just sent an email saying that the free sellout period is being delayed while they (continue to) work on upgrading systems / software to be able to sell faster.
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Mick
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Post by Mick on Jul 26, 2017 9:32:29 GMT
Slow Computer? Now a Delay in fee free sale.... Is this passing the smell test?
Mick.
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Post by newlender on Jul 26, 2017 9:42:00 GMT
Having just gone through a very prolonged sale in order to transfer from Investing (Access) to ISA Core, it struck me that if I had really been in need of the cash rather than just transferring I would have been in trouble. I know that I've read here somewhere that Zopa makes special arrangements in really extreme cases but is it not time to somehow split the re-allocation of funds sales from those requiring just the cash? Does anyone know if the slowdown is mainly due to re-allocations, cashing in or new money? It can't be new investors of course, but it could be established folk putting the maximum into their ISA. Did I read here somewhere that a forum member wanted to transfer a £100K ISA pot? ( Smugness alert.........., I did forecast on this forum a while back that the fee-free sell-out would not happen in July!).
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Post by misotu on Jul 26, 2017 12:13:08 GMT
I'm not selling any of my legacy loans but am buying in my ISA product. Have just picked up a huge number of SG loans this morning, way more than I'm used to seeing on a daily basis, almost doubling the SG proportion of my ISA loanbook to just under 25%. So I hope that is an indication that the system maintenance over the weekend addressed the problems with rapid returns and is now translating into much faster selling for frustrated sellers.
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aju
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Post by aju on Jul 26, 2017 14:37:58 GMT
My my you have been fortunate with 25% SG.
Mine is roughly 10% value and 14% number of loans. I've just gone under £1000 in matching today so added some more funding to both of us. I can't keep up at the moment as when I put it in it was just under 1000 and now its stuck in wait mode and its down to 926. Trouble is I have a finite amount so want to keep investment levels to easy numbers.
I picked up 17 SG to day so far, not complaining about that.
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Post by misotu on Jul 27, 2017 5:17:03 GMT
Safeguard loans account for exactly 13% of the value of Mr M's ISA Core loanbook, so I'm almost double what he has.
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Post by newlender on Jul 27, 2017 7:36:12 GMT
9.7% here. I wonder if any of the Access loans I've sold to fund the ISA have re-appeared in my ISA portfolio. Are Zopa allowed to sell loans back in this way - I suspect not? I'll do a search in my all-time loan book for a few of the new ISA loans to see what comes up. Trouble is that the all-time Excel file (Investing) is so big these days that it makes my eyes hurt - my ISA one is quite small of course as there are fewer than 400 entries so far.
Edit - just looked at Excel. Can't see any so far.
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aju
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Post by aju on Jul 27, 2017 8:39:21 GMT
One thing about some of the SG loans I have noticed is that there are quite a few where the comments show they have struggled in the past but things seem to be back on track at the moment. Even in full screen these comments are not always that obvious, fortunately I have stylish adjustments on the report screen and can see all the comments immediately but most people probably wouldn't even see them.
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nairda
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Post by nairda on Jul 27, 2017 12:35:34 GMT
Mrs Nairda's Core Isa has 19 loans so far, 17 of which have SG.
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