Anyone ever hear of Zopa?
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(To estimate it, just multiply the size of a Zopa CD times the difference between the maximum Zopa CD rate that the investor could take and the actual rate they do take. This is an estimate since Zopa will usually have a default amount of Help built in for each Zopa CD, too.)
Once calculated, Help on Zopa becomes simply a reduction in the net monthly loan payment that a borrower needs to pay. While it's not actually cash, it acts that way.
Since borrowers may receive help from any number of other Zopa members, it's possible for a Zopa Loan borrower to have his entire loan paid off, if they receive sufficient help from other Zopa members. That's why we say the Zopa Loan is "the loan that can make payments for you."
Buyers of a Zopa CD can choose whoever they'd like to help. They can search for borrowers to help based on where they live, or what happened to them, a shared interest, or by loan purpose. They can also choose simply to help family or friends. In fact, it's a great substitute for lending money directly to a family member or friend, since with Zopa you won't have to worry about whether they will pay the loan back.
Are there tax issues surrounding Help?
We've researched this issue with our own experts, and we believe that there are not any special tax issues surrounding Help.
Everyone's tax situation is unique, however. You should consult your tax advisor about your particular case.
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