Zopa : has anyone out there any experience of this ?

poetess

:confused: Have some money from the sale of a property, put half in lloyds and half in Kaupthing. Total novice on investing, it is 400k and I am living off the interest at the moment until something exciting comes along. Have been advised to put some money in Zopo, the website looks ok, basically you put money in (up to 25k unless you seek a money lending licence) and it is loaned out at various risk levels, producing various degrees of interest. Have any of you done this ? Advice welcome.

isofa

Do you mean Zopa? Run a search it has been discussed on numerous occasions.

MagicBurd29

I decided to dip a toe in the water a week or two ago, just £1000.

Then after seeing in detail how it really worked, and how much time and effort seemed to be required to obtain return better than good savings accounts, and the somewhat "under development" nature of the system, and then adding in concerns about increasing likelihood of bad debt levels rising, I decided it wasn't for me.

I laud the aim, and if I had more time on my hands I've be inclined to pursue it as an altruistic hobby.