Hi all,
Just a note of warning about Zopa.
After having tested the waters by joining and depositing 500.00 in their 'Holding account' and waiting a week or so and seeing none of it was still not lent out, I decided to withdraw my lending offer. The rate I offered was on the low side at 5% over a 12 month period, but still no takers. After looking into the figures on their website it seems there are plenty of lenders, but very few borrowers. So rather than wait weeks or possibly months with my money sitting in their holding account earning absolutly zero interest I decided to cut my losses and request that they transfer my
500.00 back into my bank account. As there was no way of doing this on their website, I sent them an email on Friday to request this transfer and to date still haven't received a reply or acknowledgement. This is despite a promise "that we'll get back to you in 3 hours with a reply from a real person if you mail us between 8am and 5pm, seven days a week. Outside those hours we'll turn it around within 24 hours".As email is the only form of contact with Zopa, I am wondering at this stage if how I will get my money back if they don't answer my emails. So if your thinking of becoming a lender with Zopa - beware!!!
Steve.