shimself
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Post by shimself on Mar 23, 2016 8:59:53 GMT
Zopa was really nice zopa when I started (in 2006!)
Even during the crash the defaults that did happen were easily outweighed by the additional interest
Then along came silly old RS with their provision funds, so Zopa thought oh no we are losing customers, we have to copy them, thus Safeguard, so now all of a sudden they instituted platform risk. I took 2/3rds of my money out over time (and discovered TC THC and everyone else, so that was ok in the end)
Now for most of my time with them I emailed every January to ask for a statement for tax according to the French tax year, so it's not as if it was a secret that I was no longer UK resident. But the other day in a fit of tidiness I asked them to change the address on my account from redacted_in_UK to my actual address. And they get awfully narked, they tell me I am not allowed to invest with them any more because of their principles (it means t&c I think)
Oh well I said, tell you what I'll close the account, you can abide by your principles and you'll be shot of me. OK they say, but not without the 1% penalty. You just let the money dribble back over the years, and don't forget to log in and withdraw it occasionally because we still won't do that for you automatically.
NASTY Zopa
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ashtondav
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Post by ashtondav on Mar 23, 2016 9:21:11 GMT
Nothing nasty about that. Just as with ISAs you can't hold an account if resident abroad, and have to abide by the rules for withdrawals (as you would with an ISA).
No, the real nasty thing is you can't lend in Z+, even though it was launched a week ago.
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shimself
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Post by shimself on Mar 23, 2016 9:36:05 GMT
Nothing nasty about that. Just as with ISAs you can't hold an account if resident abroad, and have to abide by the rules for withdrawals (as you would with an ISA). No, the real nasty thing is you can't lend in Z+, even though it was launched a week ago. Actually I can hold an ISA and buy and sell investments within it and reinvest dividends (at least HL think so), what I cannot do is add new money. Zopa are not letting me reinvest The ISA rules are of course set by law. Zopa are just choosing to be like that, and why nasty is because they are just managing it, 1 arbitrarily at whim, and 2 in the most inconvenient customer-punishing way they can devise. (Being an ISA has no effect, there is no tax advantage in France)
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toffeeboy
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Post by toffeeboy on Mar 23, 2016 12:12:47 GMT
I might be completely wrong but I thought the requirement to be in the UK was because of the contracts that are written up for each new loan therefore you can't make any new loans as a none UK resident nothing to do with receiving interest or anything like that.
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Post by propman on Mar 23, 2016 14:19:03 GMT
No, the real nasty thing is you can't lend in Z+, even though it was launched a week ago. Not to mention that the Zopa Access currently provides instant access by ensuring the money stays in the queue!
PM
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Post by takeshi on Mar 23, 2016 15:18:30 GMT
No, the real nasty thing is you can't lend in Z+, even though it was launched a week ago. Not to mention that the Zopa Access currently provides instant access by ensuring the money stays in the queue!
PM
I can confirm Zopa Access works - you can put money in the queue - leave it there for a week and then withdraw it  (all with no Fee!)
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wapping35
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Post by wapping35 on Mar 23, 2016 15:32:54 GMT
Not to mention that the Zopa Access currently provides instant access by ensuring the money stays in the queue!
PM
I can confirm Zopa Access works - you can put money in the queue - leave it there for a week and then withdraw it Also the 0% interest on Access & Plus is tax free... Without the use of an ISA...What a wonderful product innovation...
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jo
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Post by jo on Mar 23, 2016 16:10:30 GMT
I just got lifted on Zopa Access.
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Post by newlender on Mar 23, 2016 16:56:34 GMT
I can confirm Zopa Access works - you can put money in the queue - leave it there for a week and then withdraw it Also the 0% interest on Access & Plus is tax free... Without the use of an ISA...What a wonderful product innovation... Higher rate taxpayers will be even better off, of course.
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james
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Post by james on Mar 24, 2016 6:04:37 GMT
Just as with ISAs you can't hold an account if resident abroad You may not subscribe new money to an ISA if not tax resident in the UK (with certain Crown business/spouse exceptions) but there are no restrictions on what you can do with existing money if you do have an open account. You do not have to be an actual UK resident, merely tax resident will suffice and since this is decided on a whole tax year basis you can be full time living in another country either before or after subscribing, for a while, and can subscribe while full time living abroad in this situation and continue to do so until you tell the ISA manager that you are no longer tax resident (and you're required to do that). The ISA manager is required to confirm that you will be a UK tax resident if you give a non-UK address at any time. You can continue to subscribe even after telling an ISA manager that you expect to become non-tax resident. The current year subscribed money has to be removed from the ISA if you then later tell them that what you expected did happen and you weren't tax resident. A firm opening a new account is required to get you to affirm a statement that you are a UK tax resident before opening an account for you , even if no new money will be subscribed to it. This can limit transfer ability. You can make this assertion while not living in the UK and giving a non-UK address. If it turns out that you are not UK tax resident the money will have to be removed from the ISA. A firm doesn't have to offer all of the flexibility that the ISA regulations permit. In theory a person with UK domicile could give non-UK living addresses for decades if they never reach a point where they become tax resident elsewhere. Say if they spend their life on a boat moving around the world.
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(all with no Fee!)