iwant2retire, on 27 June 2012 - 09:56, said:
mfaxford has explained how things work pretty well. Just to add that if a processing match is rejected then the tenner or whatever will return to the offer from which it came
unless that offer has been closed by you. If money that had been in processing has gone back to your holding a/c as you say then you've closed one or more offers to have caused that to happen. It's not a problem but now you know why it occurred.
I think you mean you have 4 new offers rather than 4 new loans? I don't understand why you feel the need to have so many? Ideally set up one and include all of the markets you wish to lend to. If you want to set up a 2nd offer, again to all markets at slightly higher rates that's fine but remember you could end up lending more than a tenner per borrower. If you have multiple offers there's a possibility you could really over expose yourself per borrower. I've never created an unfunded offer, when money is in my holding a/c I put it in my offer(s) manually. I'm not sure how the system will allocate your money to the offers that are unfunded. I'd suggest closing those offers and making things really simple for yourself for a while. When money arrives in from either borrower repayments or your funding add it manually to the offer(s) you wish to top up.
When setting up a new offer Zopa suggest
Please note that if you have more than one active Lending Offer, one borrower could get a slice of money from each offer, which increases your exposure to that borrower. This is why we recommend you have only one active offer, unless you are sure you understand how this could affect your overall returns.
and this is partly why
The A*-C markets form a sliding scale of credit-worthiness and any rates you offer will automatically be offered to markets of lower risk of the same term. So, if you offer to the C36 market at 10%, this rate will also be available to B36, A36 and A836, but it won’t be available to any of the 60 month markets. Remember your money will be lent out in each market according to how expensive it is, so this rate might be competitive in C markets but could be at the back of the queue in A markets.
Note that the Young markets do not form part of this sliding scale of A*-C borrowers, so offers made on these markets will not be available to A* - C borrowers and vice versa
As for selling by RR the process is quick (minutes) providing there are lenders who are willing to buy at the rates your loans are set at. Don't forget loans that have ever missed a payment don't qualify to be RR'd. As others have said the selling fee will cut into your profit, FWIW I'd put the funds you might need at a future date somewhere else and only add to Zopa what you know can run the full term. You can always use RR for emergencies.
Just seen you last post. Get rid of/close the unfunded pink/yellow/psychedelic offers or you'll confuse yourself, (and the system more than likely). Keep the offer which you've got money in at the moment and add to it using the £ symbol in edit offer. I think it depends how much you told the unfunded offer that you wanted to lend? that could be what's causing the problem. It defaults to £10, maybe you changed it?
bigfoot12, on 27 June 2012 - 10:34, said:
Some people do take longer than others to withdraw their money,
Borrowers have no say at all as to when they get their paws on the loan money. They can influence the speed by choosing to pay the additional fee to have their application fast tracked and they can get additional documentation to Zopa promptly but it is entirely up to the underwriters when the loan is approved and disbursed.
Edited by figures18, 27 June 2012 - 11:25.
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