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ZOPA

Any other investment discussions eg. peer to peer lending
Andy46
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ZOPA

#62479

Postby Andy46 » June 24th, 2017, 12:11 pm

Hi,

I'm just reading through the latest proposition from Zopa and have a question or two.

1. Does ZOPA interest count towards the £1k tax free annual allowance each individual has before having to pay interest?

2. ZOPA are offering existing investors in July the chance to sell existing loans and transfer the money to the IFSA in one go. Presumably this means all the money go back in holding to be lent, losing interest while it waits? ZOPA have stated the normal 1% sale fee will be rebated in August, however, in the small print of the weekly email i received today it goes on to say 'However, if the loans you’re selling have lower interest rates than the current market rate, you may have to pay the difference to compensate the purchasing investors. Here’s some more information about how selling loans works.

3. What happened to the forums on ZOPA's website?

4. Will the new offerings affect the 0.5% additional interest which is paid to early investors with ZOPA?

Personally I much preferred ZOPA when it first started, i felt it was a much more 'friendly' company, but now its just your typical faceless organisation.

DrBunsenHoneydew
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Re: ZOPA

#62523

Postby DrBunsenHoneydew » June 24th, 2017, 1:59 pm

1. Yes

2. I suspect that is right - you miss a few days interest as usual

3. They were closed by Zopa, and users set up a new independent board at http://p2pindependentforum.com/board/33/zopa

4. Existing bonus systems continue

Andy46
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Re: ZOPA

#62716

Postby Andy46 » June 25th, 2017, 1:10 pm

Hi,

Ta for the reply.

2. A few days interest? ......... it can take ages to lend out can't it. I've not put any fresh money in for years, but the last time I put £1k in it took weeks / months to lend out meaning a lot more than few days interest lost. Is this no longer the case, does money get lend out faster now?

I think i'll be trickle feeding my money into an ISA as it comes out of existing loans.

Thanks

DrBunsenHoneydew
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Re: ZOPA

#62732

Postby DrBunsenHoneydew » June 25th, 2017, 2:53 pm

Andy46 wrote:Hi,

Ta for the reply.

2. A few days interest? ......... it can take ages to lend out can't it. I've not put any fresh money in for years, but the last time I put £1k in it took weeks / months to lend out meaning a lot more than few days interest lost. Is this no longer the case, does money get lend out faster now?

I think i'll be trickle feeding my money into an ISA as it comes out of existing loans.

Thanks


Zopa have got a grip on this and stop new money being deposited if the queues get too long. In fact they are refusing new Investors at present, but existing members can carry on. They put the Queuing and Matching times in their weekly email if you subscribe.

Average times investors spent in queuing and matching before completing each stage last week:

Product: Queue Time & Matching Time
Access: 0 days & 4 days
Classic: 2 days & 1 day
Core: 1 day & 1 day
Plus: 8 days & 8 days

Andy46
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Re: ZOPA

#62742

Postby Andy46 » June 25th, 2017, 3:42 pm

Hi.

Thanks again. I had seen that, but didn't believe it considering it took so long to lend last time i tried. I suppose I could always test the water in July when transfers are essentially free and start with a lump sum, then if it all gets lent out quick sell and transfer the rest before the end of july.

Thanks

Andy46
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Re: ZOPA

#62746

Postby Andy46 » June 25th, 2017, 3:49 pm

Hi

Another couple of questions please

a) Presumably if i open an IFSA with ZOPA this tax year, I will be able to open another IFSA with another provider next year, assuming I add no additional fresh capital to my zopa IFSA?

b) what happens with ZOPA when you reach 20K which i understand to be the limit, I guess your not allowed to put any fresh capital into your account once your balance reaches this, but can you continue to re-invest the interest payments?

Thanks

Andy46
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Re: ZOPA

#80222

Postby Andy46 » September 10th, 2017, 12:51 pm

Hi,

Has anyone heard anything further with regards to the offer of being able to sell your zopa holdings, transfer them to the new IFSA and get the 1% fee refunded?

Thanks

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Re: ZOPA

#80402

Postby toofast2live » September 11th, 2017, 1:55 pm

Andy46 wrote:Hi

Another couple of questions please

a) Presumably if i open an IFSA with ZOPA this tax year, I will be able to open another IFSA with another provider next year, assuming I add no additional fresh capital to my zopa IFSA?

b) what happens with ZOPA when you reach 20K which i understand to be the limit, I guess your not allowed to put any fresh capital into your account once your balance reaches this, but can you continue to re-invest the interest payments?

Thanks



a) Yes. If you have a 2017/2018 ifisa with Zopa in the 2018/2019 tax year you can open a new ifisa with a new provider.

b) Yes. the whole objective of ISAs is that interest or dividends accumulates tax free.


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