The Anonymous Widower

Zopa’s Credit Checking

I’ve just received my financial statement for the tax year ended on the 5th April 2011 from Zopa.

The interesting line says that the capital written off this year due to bad debts was nothing. Incidentally, I’ve only had three contracts go bad in 2,500, that have been written and they have cost me just over £300 out of over £50,000 invested.

So on those figures, I think I can say that Zopa checks on who they accept for loans are very good.

Perhaps if some banks had been as careful we wouldn’t have had a banking crisis!

May 10, 2011 - Posted by | Finance | ,


  1. The banks have seemed to have been throwing money at people with poor credit records. Indeed when I was ill and sat watching daytime TV, the number of adverts for sub-prime loans was unbelievable. On the odd evening programme I watch on commercial channels the adverts for Wonga and other pay day loans dominate. My daughter says she knows people who take one out every month and are basically using it as a very expensive overdraft facility. These are people living beyond their means, rather than living in genuine poverty.

    Comment by liz | May 10, 2011 | Reply

    • You know my views on pay day lenders and Wonga.

      Comment by AnonW | May 10, 2011 | Reply

  2. I completely agree. I was in fairly poor, run down part of Manchester, sat at traffic lights, my caught a huge sign in the window of the one of the shops that they offered loans against people’s cars, you gave them the log book, they gave you the money, you had a month to pay it back. If that isnt illegal, it should be.

    Comment by liz | May 10, 2011 | Reply

  3. I haven’t been quite as lucky as you with bad debt on Zopa but it’s still way below the predicted levels at around 2% across all markets.

    Comment by Ollie Clark (Leeds Freegle Owner) | May 10, 2011 | Reply

    • I’ve only lent in A*, A and B markets, although I did lend in Y at the start. But I don’t lend too much to the same person.

      Comment by AnonW | May 10, 2011 | Reply

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