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Zopa

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Hi

I joined Zopa ages ago in order to get my credit rating (not bad :))

I just received a phone call from them offering a "free £30" to lend on the Zopa exchange, to which I agreed. He said there is no catch, I don't need to put any of my own money in and it's just to get used to Zopa.

I don't want to play with this if any of my own money's at risk. Does anyone else have a similar experience of this? I was assured there was no catch, but I'm sure they won't just give me thirty quid for nothing????

Any ideas, anyone?

Rich
#145 Save £12k in 2016 Challenge: £12,062.62/£12,000.00 Beginning Balance: £5,027.78 CHALLENGE MET
#060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
This is the secret message.
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Comments

  • I 'm still waiting for Zopa to go belly up!
    I certainly won't be putting in a peny of my money into this!
  • RichyRich
    RichyRich Posts: 2,091 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It's not my money though, it's theirs :) I'm not gonna put any of my own money into it
    #145 Save £12k in 2016 Challenge: £12,062.62/£12,000.00 Beginning Balance: £5,027.78 CHALLENGE MET
    #060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
    This is the secret message.
  • Deemy
    Deemy Posts: 3,683 Forumite
    So your going to lend £30 ? :)
  • RichyRich
    RichyRich Posts: 2,091 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Not until I know it's 100% risk free.

    He said he'd email me with the details by Thursday so will check the small print carefully.

    Rich
    #145 Save £12k in 2016 Challenge: £12,062.62/£12,000.00 Beginning Balance: £5,027.78 CHALLENGE MET
    #060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
    This is the secret message.
  • RichyRich wrote:
    Not until I know it's 100% risk free.

    He said he'd email me with the details by Thursday so will check the small print carefully.

    Rich


    'Lend' and 100% 'risk-free' are words that DO NOT go together!
  • Do you really want to be lending now with bankruptcies increasing by the day?
    :rotfl: :dance: _party_ :grouphug: Laughing all the way...:EasterBun :kisses3:
  • RichyRich
    RichyRich Posts: 2,091 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I will not be lending any of my own money, only the free £30 Zopa reckon they are going to give me. I don't care if I lose that, as long as there's no way any of my own money can disappear too...
    #145 Save £12k in 2016 Challenge: £12,062.62/£12,000.00 Beginning Balance: £5,027.78 CHALLENGE MET
    #060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
    This is the secret message.
  • Deemy
    Deemy Posts: 3,683 Forumite
    People must be mad to lend on Zopa :p

    Why take the risk ? lend to a bank or building society... I.e. a savings account :D

    If you want risk then look at the stock market, at least the potential rewards are comparable to the risks ;)
  • Juni_3
    Juni_3 Posts: 170 Forumite
    Bank and building society rates suck given the amount they lend the money back for.

    I'm already overexposed to the property market and the stock market.

    This might not work but at least it's different. I get increasingly frustrated at how difficult it is to actually make a decent living off savings.
    Debt in 1993: £35,000 | Debt in 2006: £0 | Assets in 2006: £2.3m and counting. :j

    Anything is possible with hard work, determination and the love of a good woman. :D

    There is no upper, middle or lower class. Simply those that have class and those that don't. ;)

  • Juni wrote:
    Bank and building society rates suck given the amount they lend the money back for.

    I'm already overexposed to the property market and the stock market.

    This might not work but at least it's different. I get increasingly frustrated at how difficult it is to actually make a decent living off savings.

    How do you work that out?
    Best rate savings accounts pay upwards of 4% gross, base rate is what 4.5%? and best rates for personal rates are around 6%.

    The spread goes towards running large amounts of branches , computer systems etc, Internet banking systems and of course bad debt.

    Twenty years ago I would have agree with you but the world has moved on a lot since then.

    How are you overexposed to the property market?
    How are you over exposed to the stockmarket?

    With a little planning you should be able to stay ahead of the game.
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