Lending on Zopa

[johnk]

Does anyone lend on Zopa or had ny experience of it. I would like to give it a try but am worried about having to fill in a massive tax form ach year. I'm on PAYE at the moment so don't fill any forms in.

[twix123]

Have no experience of Zopa Ltd., BUT the company is no longer authorised by the Financial Services Authority, authorisation was cancelled on 23rd September 2008. Looking at the date they were first authorised, they probably applied as a firm of Insurance Brokers, not money intermediaries, therefore any loans that you made would not be protected by any compensation schemes.

Should you go ahead, any return you made would have to be declared to HMRC via a tax return and would be subject to Income Tax at your marginal rate.

I am not aurthorised to give you any advise on the matter, but I would be very wary of this scheme!

[johnk]

Thanks Twix, I think I'll give it a miss.