23 replies to this topic

[RogerGrumble]

I transferred some money from my bank (First Direct) to Zopa yesterday.  So I would expect it to show up this morning - but it hasn't.  Normally money paid in shows up around 9.30, perhaps 11am at the latest.  Gone 12 now and no sign.  Could it have got caught up in RBS problems?

I'm surprised not to have seen anything on the forum (or any other communication from Zopa themselves) on the impact of the RBS problems on Zopa members (unless I've missed something?)

Has anyone else got money into their Zopa account today?

I suppose it's possible that my bank decided not to use FP for once (though they always have before); I don't have a way of knowing.

If it fails to show up at all - who do I complain to in the first instance - Zopa or FD?

--RG

[figures18]

What time did you initiate the payment from First Direct? As a rule of thumb a good deadline to use is 1630, latest 1700 for it to be included in the credit file from RBS that would have arrived at Zopa this morning.  If you sent it later/much later then it'll no doubt arrive Thu morning.  Can't comment on delays otherwise as I didn't send any in overnight.  If it isn't in by Thu morning, as you say usually around 0930 then I'd double check with First D that it did actually leave then speak to Zopa about it.

Or it could be due to this

Ann Hodson, on 26 June 2012 - 11:20, said:

Was perplexed for a few seconds when I found my new funds sent yesterday morning hadn't arrived - I'd forgotten Zopa banks with RBS.  

Edited by figures18, 26 June 2012 - 11:22.

[Ann Hodson]

No, my funds haven't arrived either and they were sent around 9am yesterday. Also from First Direct, coincidentally but I'm doubtful that's significant, given what's happening over at RBS at the moment.  

I assume that this is the issue but perhaps Zopa could confirm whether funds going in and out of Zopa have been affected?

[figures18]

Ann Hodson, on 26 June 2012 - 11:24, said:

I assume that this is the issue but perhaps Zopa could confirm whether funds going in and out of Zopa have been affected?

Nothing on Zopa Twitter or Facebook and yes, it would be good for an announcement to be made across the board if there are delays being experienced.  Where are those flag waving Mods  

[PoohBah]

figures18, on 26 June 2012 - 11:36, said:

Nothing on Zopa Twitter or Facebook and yes, it would be good for an announcement to be made across the board if there are delays being experienced.  Where are those flag waving Mods  

Over here!  I will give Zopa a prod.

It could be that the problem - if it is indeed to do with the RBS issue - may be affecting some sources but not others, rather than the account as a whole.  We shall see.

[sl75]

Borrower repayments still seem to have been arriving... or have they? (perhaps the notifications of failed DDs are getting delayed, potentially causing all manner of headaches if RBS tell Zopa a few days later that particular payments didn't really happen after all )

[RogerGrumble]

figures18, on 26 June 2012 - 11:18, said:

What time did you initiate the payment from First Direct? As a rule of thumb a good deadline to use is 1630, latest 1700 for it to be included in the credit file from RBS that would have arrived at Zopa this morning.

Thanks, I should have mentioned that I initiated the payment around lunchtime yesterday, well before the end-of-day cutoff.

[mfaxford]

I started a transfer on Friday (I think daytime, but can't remember for sure, on second thoughts it might have been thurs evening but the bank statement shows it as friday) and it doesn't appear to have arrived yet either.

I'm assuming it's delayed by the RBS issues but was going to poke zopa a bit later if it still hasn't arrived - It's been a while since I last transferred funds so I couldn't remember how long the morning processing took.

[Ann Hodson]

What I am wondering (on the assumption that it is the NatWest/RBS debacle that's the cause) is what length of backlog they are experiencing. It might be that people need to set up very early transfers if they want to be sure of boosting their funds on offer over the weekend. All the publicity indicates there are backlogs but I can't tell whether they are extending over hours or  (gulp) several days.

[tianimo]

Yes, unfortunately the RBS debacle does affect some Zopa transactions.  Our Finance Manager has been on the phone to them several times a day since the problems started at the end of last week.

Our ability to send batch files and receive notifications is still operational, so we are disbursing loans, effecting lender withdrawals and running the DD facility to collect loan repayments.  Our ability to receive exception reports isn't inhibited.  Individual customers who bank with RBS/NatWest etc may experience an issue with being able to make a DD payment, but RBS/NatWest is taking responsibility for the consequences of this.

Individual Lender fundings sent to Zopa have been affected.  RBS are still unable to confirm which transactions have definitely cleared since Friday 22nd June, and in some cases are yet to provide details such as the customer reference.  We have to err on the side of caution here so are refraining from posting any funds received until we are sufficiently confident the transaction has cleared and has been allocated the right reference.  This does mean posting of fundings is being delayed, which is frustrating but necessary.

[blackburne]

It's an ill wind!  I've matched a couple of loans midweek which I don't normally do. presumably due to a shortage of funds.

[Ann Hodson]

Thanks for the update Tianimo but do you have any indication at all of the position regarding getting funds into Zopa by Friday? At what point can I hope to see the funds I sent yesterday credited, do you think? And how long do RBS think the backlog is?  I appreciate that you are in a difficult position here, but your post is so vague that it suggests that RBS have absolutely no clue about what is going on at the moment! Is this actually the case?

[figures18]

Ann Hodson, on 26 June 2012 - 19:26, said:

Thanks for the update Tianimo

Not sure if this helps but this is what Zopa have posted on Facebook.

Due to the RBS/NatWest technical problems that have been widely reported, if you have transferred some money to lend out at Zopa since Friday 22nd June, RBS haven’t been able to confirm receipt of the funds yet (or in some cases, the unique reference you provided). We are speaking to RBS several times a day and will continue to do so until they’ve rectified the issues. We will keep you posted.

It seems from what Tianimo has said here and has been posted 'over there' the only thing Zopa can do is keep chasing them. Even if RBS do give an indication of lender funds receipts until they actually arrive here in the credit file everything's on hold. Obviously Zopa want funds in for the weekend as do the lenders who've sent them across.  Ideally RBS will want to work through the backlog even if it means money movement over the w/end and this can be dealt with by Zopa Sat/Sun if the file arrives out of working hours.

Certainly at the moment I wonder if it would be wise for Zopa to send out an e mail to lenders about funding delays.  Not everyone reads the forum   or Facebook and it may cut down on query e mails/phone calls and tweets...

Edited by figures18, 26 June 2012 - 22:53.

[tianimo]

Morning all,

Unfortunately I am being as concise as I can: getting consistent and reliable information is a bit of a challenge at the moment.  I have reviewed the situation this morning and it looks like they are now up to date with clearing our transactions, though they have not carried over the payment references for a number of transactions - from the looks of things it affects anything received on 22nd June.

We will get all of those with a reference credited this morning - and as many of those without the unique reference, where possible - and will follow up with an email to Lenders.

[Biscit]

I have a borrower who's repayment day is 23rd and the repayment is still showing "uninitialised" rather than Failed or Paid.

Then again, a quick thought, 23rd was Saturday, so should have been part of last nights payment run.

[marshall2k]

I think the repayment run has stalled, auto top up hasn't kicked in. I added some holding account funds to my offer manually.

[tianimo]

Repayment run did stall but was pushed through earlier this morning.  That run includes the tiny number of people who make their loan repayments on 26th of the month.

We have been working our way through the 'anonymous' BACS fundings as well - I don't think the team have quite finished but we have been able to identify the majority of those where RBS haven't provided the reference.

[mfaxford]

tianimo, on 27 June 2012 - 14:22, said:

We have been working our way through the 'anonymous' BACS fundings as well - I don't think the team have quite finished but we have been able to identify the majority of those where RBS haven't provided the reference.

Good to hear.

I'm pleased to report my money has appeared in my Zopa account - Now to just get it lent out!

[RogerGrumble]

tianimo, on 27 June 2012 - 08:42, said:

We will get all of those with a reference credited this morning - and as many of those without the unique reference, where possible - and will follow up with an email to Lenders.

My funds showed up in my Zopa account around lunchtime - appreciate your efforts sorting this mess out. Hope it calms down soon!

--RG

[Ann Hodson]

My funds have all been credited, thanks.

I am very much in agreement with figures' comment regarding emailing lenders. I don't use facebook or twitter for this kind of thing given that I access on-line and have supplied my email address. A short email explaining the position would have been appreciated.