The Sun Discusses Zopa
I was a bit surprised at this story about peer-to-peer lending that appeared in The Sun.
It is a fair factual article, which should make readers think about what they should do with their money.
The Dates Muck Up Zopa Returns
Some weeks ago, I said that my Zopa return since the beginning of the year was over 9 %. It’s now dropped to 8.73 %.
It’s nothing to worry about, as the large payments made on the first of the month, are stuck in the system, due to the four day weekend.
Wonga Might Float in the US for $1.46billion
According to this report in the Telegraph, legalised loan shark, Wonga may float in the US for $1.46billion. Here’s the first paragraph.
The controversial company, criticised by the Office of Fair Trading and shadow business secretary Chuka Umunna, has discussed with investment banks the prospect of a float on the Nasdaq or New York Stock Exchange.
This company and the possible float, shows two of the worst faces of banking.
Let’s hope all the publicity, gets the government to do something about companies like this.
A Pair of Wongas
Wonga is now targetting the business market.
A Pair of Wongas
Did they give the drivers a bonus to be in convoy?
Paying by Phone
They are discussing this on BBC Breakfast this morning.
It won’t work for me, as I use a 12 year old Nokia 6310i. In fact, I’m now going the other way, taking just one credit card, my camera and my Freedom Pass with me, when I go travelling or shopping in London. I sometimes leave the phone at home anyway, as when I’m in the Underground, there is no signal.
Pasty Tax
As a coeliac, I can’t eat pasties and most takeaway food, so the pasty-tax was for me creating a level playing field in taxation.
It just shows how the country wants to eat themselves to hell and then travel there in a dump truck.
Should We All Pay Bank Charges?
The UK is one of few countries in the world, Australia and India are others, where if you keep your account in credit, you effectively get free banking. There is an article in the Telegraph, describing how Andrew Bailey of the Bank of England feels this banking model should end, as it encourages things like mis-selling to get the money in other ways.
I always remember my friend, David, who rose to be Buisiness Banking Director of a major clearing bank, said that they made a third of their profits, by lending money overnight.
Now I want with a bank that doesn’t apply charges for direct debits and transfers, keeping most of my money in Zopa. In other words, I own the overnight money at a better rate than my bank will give me.
The banks are going to hell, and I’ll make sure, that I’m not in their handcart
FaceBook Renames Itself
To celebrate the performance of its shares, Facebook has changed its name to Facebomb.
As I left the site some time ago and wouldn’t deal in the shares at all, I can’t say this all bothers me. To paraphrase Marx, it’s a club I wouldn’t join, just because they’d have me as a member.
Bus Adverts Must Work!
Or at least they must have done for Wonga after their series of adverts a couple of months ago. As they are now using a whole new set of adverts for their Wonga for Business product.
A Wonga for Business Advert
The adverts are everywhere on a bus route near you.
On the other hand, they have been criticised by the OFT according to this report.
Ivan Massow Joins Peer-to-Peer Lending
Peer-to-peer lending is growing fast, with new companies starting up seemingly every week.
Now entrepreneur, Ivan Massow has joined the party with a company called Massow’s Angels.
This was reported in the Independent yesterday, under a title of How Peers Can Solve Borrowing Headaches.
This is part of the report.
Funding Circle recently reported that its customers invested £6.1m in the first two months of this year and the total amount saved and borrowed at Zopa, the UK’s first peer-to-peer website, passed the £200m mark last week. Such growth prompted Andy Haldane, the head of policy at the Bank of England, to say that such peer-to-peer lenders could ultimately replace high street banks.
As if the banks hadn’t got enough problems.
Note that the Indie talks about the Peer-to-Peer Finance Association, which is a trade body created to ensure standards in the industry.
I have lent money through Zopa for several years now and get a reasonable return. In some ways though, my guarantee is in the figures, that I track every day in a spreadsheet and the fact that the company is totally open about the processes it uses. The processes must work, as at the end of May 2011, I’d earned 6 % since the start of that year. The figure is now 9.3 % for 2012, with ten days to go of the month of May.
