nrw
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Post by nrw on Aug 25, 2017 9:04:07 GMT
I put ~£157k up for sale in Zopa Plus two days ago. As of now, ~£500 has been sold ~=£250 / day.
Ergo, at this pace it's going to take ~21 months to sell my loan parts.
One would assume a market imbalance, with not enough buyers out there. That would be frustrating, but understandable.
But no. There are substantial queues / cash drag deploying capital for existing investors - and new investors can't even sign up because there's insufficient loan origination. Perhaps I'm missing a trick, but this doesn't compute in my little brain. Phone call time.
I spoke to (a very helpful) customer service dude, who explained that each loan part has to be manually transferred by someone at their desk (presumably with an inkwell and quill).
You cannot be serious.
Fintech? Maybe fin, not much tech.
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Post by wyndstryke on Aug 25, 2017 10:09:47 GMT
I spoke to (a very helpful) customer service dude, who explained that each loan part has to be manually transferred by someone at their desk (presumably with an inkwell and quill).
My (much smaller) sale from Access happened quite quickly, much quicker than could be achieved if the transactions were being done manually. I'm moving money into the ISA, and most of the stuff I'm picking up is under safeguard (57% !) hence other people's sales from Access or Classic.
One of their recent emails said something to the effect that they had sped up the sale of normal sized loan chunks, but they still needed to work on selling oversized chunks. How big are the individual parts of your loan?
-- Edit: Found it, it was in the weekly email.
So yet another reason to diversify heavily & aim for £10 chunks I guess.
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kaya
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Post by kaya on Aug 25, 2017 10:29:31 GMT
I can blow that theory away, because I've managed to get just £10 liberated, out of 3k, also taking 2 days. A similar near-2year prospect!
The website is even slower, easily the worst in existence. Be glad to get out, if I ever do.
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Post by wyndstryke on Aug 25, 2017 10:36:30 GMT
I can blow that theory away, because I've managed to get just £10 liberated, out of 3k, also taking 2 days. A similar near-2year prospect!
That's because you've only just reached the front of the selling queue (and 2 days is pretty good time for the queue, it was a lot longer a few weeks back). The pattern is nothing while you are queued, and then the sale happens quite quickly (a few days). You should get about 2950 back within a few days (the remaining part being what they can't sell - usually because that borrower is in the expecting-payment phase).
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nrw
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Post by nrw on Aug 25, 2017 10:57:15 GMT
I can blow that theory away, because I've managed to get just £10 liberated, out of 3k, also taking 2 days. A similar near-2year prospect!
That's because you've only just reached the front of the selling queue (and 2 days is pretty good time for the queue, it was a lot longer a few weeks back). The pattern is nothing while you are queued, and then the sale happens quite quickly (a few days). You should get about 2950 back within a few days (the remaining part being what they can't sell - usually because that borrower is in the expecting-payment phase).
But how can there be a buying queue and a selling queue, other than technical inefficiency?
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Post by wyndstryke on Aug 25, 2017 11:18:39 GMT
But how can there be a buying queue and a selling queue, other than technical inefficiency?
Both have queues, I would guess for two reasons - firstly so that someone who has been waiting longer gets priority, and secondly to stop the servers being overloaded.
-- Edit: Found the email.
This is from one of my many 'update on your loan sale' emails (I've been doing a series of small sales to invest into ISA & keep to the £10 chunk size, so I've been through this process quite a few times now)
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kaya
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Post by kaya on Aug 25, 2017 11:29:16 GMT
My £10 was actually probably just normal repayments, me having made a rash guess/assumption, given that the website is useless and won't download statements. Just have to hope I pressed the ''sell'' button before nrw! |
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Post by wyndstryke on Aug 25, 2017 11:32:35 GMT
My £10 was actually probably just normal repayments, ...
Yeah probably so. 2 days did seem rather quick to reach the front of the queue. When you do reach the front of the queue you'll probably find 1500 or so appears overnight.
My newest batch (as of 45 minutes ago) will be behind you in the queue, so at least you know you aren't at the end  .
-- Edit:
You can actually see exactly how much is just from replayments and how much is from the loan sale - click the product you are selling on, then click on 'sell loans'. It will tell you how much you are trying to sell, and how much has actually been sold so far. It'll stay at zero until you hit the front of the queue.
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Post by jevans4949 on Aug 26, 2017 14:18:34 GMT
Just checked my ISA loan book spreadsheet. I put in £1000 about the beginning of August, and dribs and drabs from non-ISA repayments since, and have acquired 106 loans. Of these just 8 have a loan start date before August. If there is a lot of market churn going on with people selling non-ISA loans, I would have expected more by now. Why on earth should this require manual intervention? Shouldn't Zopa have thought of this before launching the ISA?
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Post by wyndstryke on Aug 26, 2017 16:34:35 GMT
Well, the the selling process only got faster in august, it was very slow June and July.
I think the manual intervention is only needed with the largest loan chunks (see the first email I quoted above).
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Post by danegeld on Aug 26, 2017 21:39:48 GMT
Back in early July I requested a £4K sale out of Access. After 20 (working?) days, the sale was aborted; I received less than 50% of my request, and the following email:
I am now 12 (working?) days into a new £10k sale, and so far ~60% has been realised. So, most definitely an improvement. But, I still think overall sale performance is pretty abysmal. And the name "Access" is a bit of a bad joke.
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dorset
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Post by dorset on Aug 30, 2017 9:21:23 GMT
Is there any way to see where you are in the queue? I have had £1.5k in the queue since Saturday and nothing yet.
Having sold frequently over the years with RS and FC I did not realise how clunky the Zopa sale process is.
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kaya
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Post by kaya on Aug 30, 2017 11:03:49 GMT
My 3 k from a week ago is now 80% sold, so there is movement in that queue...
(Edit)....but then actually getting the transfer into my bank takes yet another 3 days (still waiting)....are Zopa the slowest on the planet? Not quite, my last transfer out of Rebs took a whole week.
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Post by wyndstryke on Aug 30, 2017 11:25:31 GMT
Not that I know of.
Yesterday I had no sales, but as of this morning I'm now 68% sold from the sale I started on the 25th ... so only 5 days to reach the front of the queue. However because this was over the long weekend and the website was down, I'm sure the queue time would have been affected one way or the other, so I don't think this is representative. I would suggest expecting a full week.
The first batch I sold took something like 6 weeks (started 22nd June and finished 4th Aug I think) ... it felt like a lifetime lol. Been far faster since then.
Going back a few years, there was no way to sell loans at all, so getting your money back would take 3 / 5 years. Rapid Return was introduced after a while, which was helpful.
I'm just transferring into ISA so I don't have that delay. 3 days is par-for-the-course for any transfer which doesn't use the faster-payments system.
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Post by danegeld on Aug 30, 2017 21:38:52 GMT
14 days into my sale, and 88% sold. Still slow, but much improved over two months ago.
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