Published on June 21st, 2016 | by FinanceLoophole0
Can’t Pay Zopa Loan
Zopa is a well established and regarded peer-to-peer lender. According to their website they lend £2m a day to people. But just like any other lender people can have problems paying back their Zopa loans. People have borrowed money from Zopa to pay for things like weddings, home improvements, pay off credit card debt or a new car, among other things. Our specialist debt adviser have provided us with information which can help you if you can’t pay a Zopa loan. This advice will help you to clear your Zopa debt as quickly as possible.
We are regularly contacted by people with a Zopa loan debt ranging from £500 to £15,000 – the average loan debt that they cannot pay back is £5,500. It is not unusual for people who contact us about not being able to pay a Zopa loan to also have additional debts with their credit cards, other loan providers or outstanding utility bills.
What Can I do if I Can’t Pay Zopa Loan Debts?
The first thing to do is don’t panic it’s just money, and will not be a problem as long as you follow a few simple rules. People often get their debts totally out of proportion to the severity of the situation, they loose sleep, it affect their relationships, they drink too much to try to forget. Non of this will help anything.
The majority of the people who have had a problem with their Zopa Loan repayments have had a significant changes in their personal circumstances. This change has affected their cashflow in one way or another. This significant change in their personal finances has made it difficult or impossible to pay back their Zopa Loan debts over the agreed timescale.
On many occasions the first time someone actually realises that they have a repayment problem is when the direct debit they have set up is declined by their bank or building society. We always advise that you keep on top of any loans you have to make sure they don’t get put of control – finding out by bouncing a payment is never a good way to find out as it severely limits your ability to respond accordingly.
Don’t try to look for a quick fix to your Zopa debt problems – in our experience quick fixes don’t end up with good results. We cannot offer you a quick fix here, we know of a few (which don’t work in the long-term) But don’t let that stop you from letting us know if you do find a quick fix that works for you. Just fill in the form on the right hand side of this page to let us know how.
How Can I Pay My Zopa Loan?
If you can’t pay your Zopa loan you have a few options available to you to pay your Zopa debts. These options will depend on the amount of money you have and the value of your assets.
You can pay your debts in instalments by setting up one of the following:
- Debt Management Plan – an agreement with Zopa managed by a professional debt management company
- Administration Order if you have had a county court judgment (CCJ) or a High Court judgment (HCJ) against you for debts under £5,000
- Individual Voluntary Arrangement which is managed by an insolvency practitioner
If you can’t pay your Zopa debts because you don’t have enough money or enough assets you can sell, it may be best to apply for a Debt Relief Order or Bankruptcy Order.
In Scotland the rules are different to those in England and you can arrange a Debt Payment Programme from the Debt Arrangement Scheme.
If you are having problems because you cannot pay your Zopa Loan payments you can get help from a number of specialist financial companies who will manage your debt problems directly for you. This is often a good idea if your loans are complex – having a number of outstanding loans, loans of a large outstanding amount, or being threatened by the bailiffs. We have had good feedback from people who have used Bright Debt Solutions – you can see if they can help you fill in this form with your details and they will get back to you.
If the situation is less complex and you only have a single loan of a small amount outstanding with a single creditor, you are more likely to be able to sort this by using a free debt advice service – See below for more information.
What Happens If I Don’t Pay My Zopa Loan Debt?
If you are late in making a payment to Zopa, they will involve a debt Collections Agency (DCA). The DCA will charge you a variable administration fee for the work it does in attempting to collect your Repayments (“Late Payment Fee”). Zopa’s Late Payment Fee is 22.5% of the amount that is overdue to Zopa (this amount includes any interest that may have accrued on the overdue loan amount). If Zopa choose to use a field agent to further the collections process, a Late Payment Fee of 40% of the overdue amount is charged. Oddly you don’t get a clear indication of the costs you will be charged as the Collections Agency reserves the right to waive or change the percentage that will be charged (over which neither the Lender nor Zopa apparently has any control).
There are additional charges and fees which may also apply if you do not pay off your Zopa loan in the agreed time and fail to make repayments to your Zopa debt.
- Tracing charges – finding you if you cannot be contacted – £25
- Document retrieval and copying up to 20 pages – £35
- Debt counselling service fee – if you fall into arrears and they cannot contact you – £80
- Litigation costs and expenses – includes legal fees and expenses -£variable (but won’t be cheap)…..
How To Contact Zopa Loans
If you are having problems paying your Zopa loan, the first thing you need to do once you realise you are having a problem, is contact Zopa on 0203 770 5960 and let them know you are having a problems making your loan repayments.
Zopa customer services are available Monday to Thursday (9am to 5:30pm), and Friday (9am to 5pm). You can contact them by
Telephone: 020 7580 6060
Or mail them at : Zopa Ltd. 6th Floor, 90 Fetter Lane, London, EC4A 1EN
Complaining About Zopa
In the first instance you should direct any complaints to Zopa (details above) They will keep you informed of their investigation into your complaint. They should resolve the complaint within four weeks of receiving it.
If within eight weeks of receiving a complaint they are still unable to resolve the matter, they will send you a final response. If you don’t however agree with their final response you should refer your complaint directly to the Financial Ombudsman Service. They can be contacted by phone on 0800 023 4567 or at www.financial-ombudsman.org.uk. You also have the right to make a complaint directly to the Financial Ombudsman Service.
If you think Zopa has used your information inappropriately Zopa is registered with the Office of the Information Commissioner (No. Z879078). You should contact the Office of the Information Commissioner to make a complaint.
Zopa Limited is authorised and regulated by the Financial Conduct Authority, and registers with the Financial Services Register under firm registration number 563134.
Free Debt Solutions If You Can’t Pay Zopa
For smaller loan amounts (under £1000) and where there is just a single creditor (who you owe money to) you may find it easier to go to a free debt advise service :-
For larger amounts and where more than one creditor is involved :-
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