Zopa. Neither a borrower nor a lender be!

newmoneyuser

You may wish to wait until next month, currently at the start of the month they are due to

1) Add their 1% service fee to all loan rates.
2) Remove the 2% offer to lenders who wish to lend to A grade borrowers
who wish to borrow for 3 years.

If do make these changes, the rates available could change within a week.


A rated loan at around 20:41 Sunday, a blank indicates that the
funds were not available.

.........6M....12M..24M...36M..48M...60M

£1000 4.8% 4.9% 5.7% 4.5% 6.8% 7.2%
£2000 4.9% 5.0% 5.8% 4.6% 7.4% 8.1%
£4000 5.1% 5.2% 6.1% 5.0%
£6000 5.6% 5.5% 6.4% 6.2%
£8000 5.8%

Ted_Bloke

newmoneyuser wrote:

"Zopa is constantly working to improve the service that it provides to its Members – to make the experience of borrowing and lending money as rewarding as possible, both financially and socially.

I am delighted to announce the following important new developments:..."

The above is not a direct Zopa reply but a QUOTE BY an investor called newmoneyuser of something he has received and not necessarily an endorsement right? Zopa has not itself replied to the questions raised in the last few posts, right? Or not right?

Else this post could be confusing.

stgeorge_2

I signed up for Zopa like all good money savers to get my Credit Score and for that reason only.
The site is a farce.
When I went through to get my Score I was asked by Equifax to confirm details they had on me.
I made a mistake and Zopa Shut Me Out.
They then went on to Check I was genuine. TWICE.
That could of been my fault as I tried to log in again to see if I could access my Credit Score.
It seems that whenever you make a mistake in Zopa that your Identity is checked with Equifax.
THIS GOES DOWN AS A SEARCH!
Meaning of course that you could be desperate for Credit.
WATCH OUT AND BEWARE.
At no time did I request they contact me.
Oh, and I could find no way of deleting my Account with Zopa. (Any Ideas?).
Below are my Zopa E-Mails to give you an idea of a potential problem.

I TRIED ACCESSING MY ACCOUNT.
MY ACCOUNT IS NOW LOCKED.
NOT ONLY THAT BUT AFTER ACCESSING MY EQUIFAX CREDIT REPORT I FIND THAT YOU HAVE DONE TWO SEARCHES.
WHAT ARE YOU TRYING TO DO SCREW UP MY CREDIT RATING.
THE LAST THING I WANT TO DO IS HAVE A THIRD CREDIT CHECK DONE BY YOU WITH EQUIFAX.
PLEASE DELETE ME FROM YOUR DATABASE.
I WANT NOTHING MORE TO DO WITH YOUR SITE.
YOURS,
xxxxxxx

---

Original Message

---

From: "Zopa Operations" <[email="general&#64;zopa.com"]general@zopa.com[/email]>
To: xxxxxxxxxxxxx[email="anton2000&#64;ntlworld.com"]@ntlworld.com[/email]>
Sent: Monday, January 23, 2006 3:07 PM
Subject: RE: User contact request: [email="xxxxxxx&#64;ntlworld.com"]xxxxxxx@ntlworld.com[/email]



> Hi there
>
> Thank you for your email.
>
> I have now altered your account so that the next time you log in to your
> Zopa account you will go through the credit check process again.
>
> You will not be able to fully complete the process, as the system will
> recognise you have been through more than once, at this point simply email
> us to let us know, and we will be able to make the necessary changes.
>
> If you have any questions; please feel free to contact me or any of the Zopa
> Member Services team at [email="contactus&#64;zopa.com"]contactus@zopa.com[/email].
>
>
> Kind Regards
>
> Martine Degge
>
> Zopa Member Services Team
> Zopa Limited
> www.Zopa.com
>
> Zopa is the first lending and borrowing exchange. What we do is very simple:
> we put people who want to lend in touch with creditworthy people who want to
> borrow. And because there's no middleman - the borrower pays just a 1%
> exchange fee to Zopa upfront - both benefit.
>
> To find out more, visit www.zopa.com
>
> If you would like information on our Founder Member Scheme please contact
> [email="giles&#64;zopa.com"]giles@zopa.com[/email]
>
> If you think you've been sent this email in error please tell us by emailing
> [email="emails&#64;zopa.com"]emails@zopa.com[/email]
>
> Our registered office is: 3rd floor, 36-38 Mortimer Street, London W1W 7RG.
>
> Our company registration number is 05197592.
>
> .
>
>

---

Original Message

---

> From: xxxxxxxxxxxxxxxxxxxntlworld.com]
> Sent: 23 January 2006 09:04
> To: Shabana Mehboob
> Subject: Re: User contact request: [email="xxxxxxxxx&#64;ntlworld.com"]xxxxxxxxx@ntlworld.com[/email]
>
> I did not request to be contacted re my telephone number.
> It seems your site does not function properly on many counts.
> For your info anyway my tel no. is xxxxxxxxxxxx.
>
> I did get as far as going through to Equifax when I requested my credit
> score.
> Because I made a mistake when entering some details with Equifax I not only
> did not get a chance to re-enter the correct information your site now
> states that it cannot confirm my identity. So I can proceed no further with
> finding out my Credit Score or look for a potential loan.
> If you can re-set my account so I can get my Credit Score and then Check to
> see what loans are available fine.
> If not it would be quicker for me to use other methods and therefore I would
> like to be removed from your site completely.
> Many Thanks,
xxxxxxx
>

---

Original Message

---

> From: "Shabana Mehboob" <[email="General&#64;zopa.com"]General@zopa.com[/email]>
> To: <[email="anton2000&#64;ntlworld.com"]xxxxxxxxxxntlworld.com[/email]>
> Sent: Sunday, January 22, 2006 12:41 PM
> Subject: RE: User contact request: [email="xxxxxxxxxx&#64;ntlworld.com"]xxxxxxxxxx@ntlworld.com[/email]
>
>
> > Hi xxxxxxx
> >
> > Thanks for your email and support for Zopa.
> >
> > Please reply to this email with your new telephone number and we will
> update
> > your records.
> >
> > If you have any further enquiries please email us at [email="contactus&#64;zopa.com"]contactus@zopa.com[/email].
> >
> >
> > Kind regards
> >
> > Shabana
> > Zopa Member Services Team
> > Zopa Limited
> > www.zopa.com
> >
> > Zopa is the first lending and borrowing exchange. What we do is very
> simple;
> > we put people who want to lend in touch with creditworthy people who want
> to
> > borrow. To find out more, visit www.zopa.com
> >
> > If you think you've been sent this email in error please tell us by
> emailing
> > [email="emails&#64;zopa.com"]emails@zopa.com[/email]
> >
> > Our registered office is; 3rd floor, 36-38 Mortimer Street, London, W1W
> 7RG.
> > Our company registration number is 05197592
> >
> >

---

Original Message

---

> > From: [email="joinus&#64;zopa.com"]joinus@zopa.com[/email] [mailto:joinus@zopa.com]
> > Sent: 21 January 2006 14:57
> > To: [email="customermaint&#64;zopa.com"]customermaint@zopa.com[/email]
> > Subject: User contact request: [email="xxxxxxxx&#64;ntlworld.com"]xxxxxxxx@ntlworld.com[/email]
> >
> > User Mrxxxxxxxxxxx has requested to be contacted.
> > Request type:
> > ChangePhoneNumber;
> > Member email:

newmoneyuser

The quote was from a email sent by Zope to its members (which includes me), so it is a statement from Zopa, sorry for any confusion caused.

newmoneyuser wrote:

"Zopa is constantly working to improve the service that it provides to its Members – to make the experience of borrowing and lending money as rewarding as possible, both financially and socially.

I am delighted to announce the following important new developments:..."

The above is not a direct Zopa reply but a QUOTE BY an investor called newmoneyuser of something he has received and not necessarily an endorsement right? Zopa has not itself replied to the questions raised in the last few posts, right? Or not right?

Else this post could be confusing.

newmoneyuser

To stgeorge

I can not comment on the customer support problems you are having as a customer I've not needed to use it so far.

On their web site they do state the following regarding the type of searchs they do

---

Initially Zopa requests a "Credit Quotation" and an Identity Verification search. These types of search, whilst visible on your credit record, do not impact on your credit score. Other types of search, such as a Subsequent Enquiry search - also do not impact your credit score.

The only time that your credit score is impacted at Zopa is when you actually borrow. In this instance, a Credit Application search is made - and this search is visible to other credit providers in the country. This is the same as a Credit Application search made via any other bank - as all companies accessing credit records on behalf of individuals must subscribe to a standard set of rules and procedures laid down by SCOR (the Standing Committee on Reciprocity).

---

Glad

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [email="abuse&#64;moneysavingexpert.com"]abuse@moneysavingexpert.com[/email].

newmoneyuser

There is a very long thread on Zopa here

http://forums.moneysavingexpert.com/showthread.html?t=34667

newmoneyuser

Well its been a week and a half, so what has happened in the time.

So far out of the £1000, £400 has been allocated to loans being processed while £30 has been lent out to Borrowers. This indicates that the proccess of completing a loan takes some time maybe over a week. They do detail the process on their web site within the blog.

After watching my account over this period, it looks like they turn down a lot of borrows as the amount allocated can drop. This makes a lot of sence as Zopa is not able to increase the rate offered to the borrow if they find the lending risk greater than expected in the way other lenders can.

A rated loan at around 21:41 Sunday, a blank indicates that the
funds were not available.

.........6M....12M..24M...36M..48M...60M

£1000 4.8% 5.0% 5.6% 4.4% 6.7% 7.2%
£2000 4.9% 5.1% 5.8% 4.6% 7.2% 8.5%
£4000 5.2% 5.3% 6.2% 5.1%
£6000 6.1% 5.5% 6.7% 6.6%
£8000

When compaired to last week's figures, many rates have increased by .1%, also there are fewer fund in the market so no offer was available at £8,000.

dixdixon

I registered with zopa a while ago out of curiosity/how good the rates were, got a credit score of 551.
Had a phone call a couple of days ago, they have credited my account with £30 to lend with, if successful I get to keep all the interest and original £30. I know Its a incentive to get me going, but I will watch & wait & see. I might just be money for nothing!!

cheers
dixdixon

Attention_2_Detail

Thanks for these useful insights. I agree they probably need to address the issues to ensure they succeed in the longer term.