P2P/social lending – Advice? Anyone tried it?

mlbtheshow said:
Can you 'not' declare this to the taxman, or is it easy for them to find out via Zopa etc?

Thats putting me off, not the fact that I hate paying taxs for everything these days... but im probably too lazy to work it out and would make a right hash of it all.

Surely if I only invest 1k per annum and make say 90 quid in the year on interest, then the tax man cant touch any of that?
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I'm sure they could, it just like being taxed on interest in a normal savings account. I would have thought that in your personal account area on Zopa it would tell you exactly how much interest you have made over the period of a year. Maybe someone who has used the site can confirm this?
 
CocoPops said:
Funnily enough I've just signed up to Zopa after reading it here.
I offered £50 @ 5%

It then splits it into £10 at varying interest rates for different groups.

Figured, I'd dip my toes before putting more money in.
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Added another £100 this month.

As someone said, until I understand how it works fully, I'll stick with "gambling" money, ie amounts I can afford to lose.

I do like the concept though :)
 
Hi all - a reply

First off - I have to declare a personal interest as I started to use Zopa about 5 years ago and ended up joining the company. As such it's best if I don't go on about it.

Instead if you have questions you could try the Zopa forums at http://talk.zopa.com/

Here you should find a number of lenders (and the odd borrower) who can fill you in on the risks and rewards, without it sounding like a sale pitch.

Hope this helps – one question for everyone here- why are you taking about saving money all I every do is spend at overclockers.co.uk ;)

Roger
 
cm1179 said:
(sorry for the bump)

any others got any experiences on this please?
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Disclaimer: I work for and lend at Zopa!

I saw Roger posted a link to our forum last November - and I agree that it's a great place to go for in-depth Zopa Talk (ironically, that's the name of the forum, har-de-har), but since I'm the marketing person, I'll post some links to customer reviews. I know, I know, they're not as valuable as a reply from another forum poster, but hope they may be informative anyhow :p

Here are a couple of reviews on Lending http://www.rateitall.com/i-6402818-zopa-lending.aspx and another bunch on Borrowing http://www.rateitall.com/i-6402825-zopa-loans.aspx from Zopa.

Hope that helps and have a great weekend!

Marie
 
I lend at Zopa.

Only have £180 in there, but have had since October last year and have made £3.24 :)

Whilst it's not a big investment, I'm happy with the way it works and for me it's a place for holding cash until such time as I need it.
 
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