Got a bone to pick with Zopa? Options

[debtkill]

So I think it's fair to say we're pretty much all impressed at the business model and potential behind Zopa, but judging by many of the posts here the practical application could have been a little better.

Currently what do you feel Zopa is doing wrong or could be doing better?

[chancer]

be more open about the bugs in the system

be more open about the schedule for fixing them

[Benji]

The Zopa model has my complete buy-in. The concept is fantastic but the execution is patchy.

With any financial service provider you access online you expect 100% accuracy of all the data presented to you. All financial institutions offering web-based services spend hundreds of thousands on quality assurance and testing. Zopa obviously didn't spend a lot on Quality Assurance and it's glaringly obvious. It is for this reason I will no longer add funds into my account.

From reading on these boards over recent months I have seen countless complaints that the site is displaying inaccurate information and I have also experienced it personally when the value of my holding account was quoted differently depending on which page I looked at. I would not accept my high-street bank so I'm not going to accept it from Zopa, a company I entrust my hard earned cash with.

There's also the recent discussion regarding the borrower that passed away, sad as this is, why did Zopa not send an email to each and every lender just to inform them? it's our money, and Zopa, if you know where it is and what has happened to it you should JUST TELL US! - We shouldn't have to email you and ask you questions about the whereabouts of our money.

My auto re-lends are turned off now.

Sorry.

[easteregg]

Currently what do you feel Zopa is doing wrong or could be doing better?

Communication, communication and communication. It is my money they are holding, not theirs, so I expect to know who, what, when and why someone is late or defaulting. To date I have not had this information. When I have requested it I don't get any replies.

With any financial service provider you access online you expect 100% accuracy of all the data presented to you. All financial institutions offering web-based services spend hundreds of thousands on quality assurance and testing. Zopa obviously didn't spend a lot on Quality Assurance and it's glaringly obvious. It is for this reason I will no longer add funds into my account.

I also couldn't agree more with that comment. The data has to be accurate and easy to find. I can't easily find which of my 500 borrowers is late.

[debtkill]

Thanks for the replies so far guys. Please keep them coming - this thread is invaluable for people currently sitting on the fence like myself.

[jamesd]

debtkill, there are lots of glitches around but the model and core systems get the job done. So long as the lending periods and returns meet your needs I recommend that you proceed.

Do note that I'm not currently lending via Zopa because it's not appropriate for my current needs - access to the money within a two months maximum - but that's not because I have reservations about the company or process. I have recommended Zopa to my mother for some of her money, as a superior alternative to Premium Bonds.

If you aren't fully using your stocks and shares ISA allowance, I doubt that I would consider use of Zopa to be appropriate, though - the growth potential of S&S ISA investments is higher than that at Zopa. Zopa is good for fixed interest for those paying low tax rates or who can't get comparable or better returns from corporate bonds, emerging market bonds or bank regular saver accounts. Or for those who just don't trust the investments available via ISA investing.

[Tim]

Thank you all for your comments. All feedback is useful.

We are aware that we have not been 100% on top of communications here on the BB in the last few weeks. We are looking to amend that situation. Please email any of the senior management team if serious things are surfacing here to which we should be responding and are not: I am UK CTO & COO (tim@zopa.com), Giles is UK MD (giles@zopa.com) and Tanya is UK Sales & Product (tanya@zopa.com).

If you have specific query about your own account the best and fastest way to get a response is to email Linda's team on contactus@zopa.com.

[elljay]

Tim, good to see you and other people from Zopa posting here. Please can you advise who is responsible for communication with members within Zopa. (CCO? )

When the BACS/late payment issues blew up two months ago we were assured that we'd be advised when things were fixed. I understand that a number of things on the development plan have been or are close to being completed. I guess I was expecting to see regular updates (at least monthly?) to that thread to let us know the latest. Please can you advise your plans. Thanks.

[Tim]

Tim, good to see you and other people from Zopa posting here. Please can you advise who is responsible for communication with members within Zopa. (CCO? )

When the BACS/late payment issues blew up two months ago we were assured that we'd be advised when things were fixed. I understand that a number of things on the development plan have been or are close to being completed. I guess I was expecting to see regular updates (at least monthly?) to that thread to let us know the latest. Please can you advise your plans. Thanks.

At the moment the "CCO" is Tom (I'll let him know his new title Monday): he is tasked with watching these boards closely in the next week, answering queries and escalating any issues. Tanya, Tom's boss, is sorting-out our communications strategy. In the meantime, it's Linda's team on contactus@zopa.com for specific queries.

Regarding development plan, we are planning a general interactive Q&A this coming Monday (13th) at 2pm with Doug (Zopa CEO), Giles (UK MD), myself and some other Zopa staff. Justin is arranging the logistics. We can address the devt plan at that time.

[kirklean]

At the moment the "CCO" is Tom (I'll let him know his new title Monday): he is tasked with watching these boards closely in the next week, answering queries and escalating any issues. Tanya, Tom's boss, is sorting-out our communications strategy. In the meantime, it's Linda's team on contactus@zopa.com for specific queries.

Regarding development plan, we are planning a general interactive Q&A this coming Monday (13th) at 2pm with Doug (Zopa CEO), Giles (UK MD), myself and some other Zopa staff. Justin is arranging the logistics. We can address the devt plan at that time.

Finally, some descent sort of response from Zopa and it makes sense. Good to see that eventually people do take notice. It may take a little while but I am sure that the hard work that is happening behind the scenes will pay of and make us a little happier. Nobody likes to slate a product and I do think that Zopas aims are essentially quite good so I would be willing to give it another chance should some genuine progress be seen to be made.
Thank you for the more reassuring post Tim and do enjoy the remainder of your weekend.