Zopa - declined

Elbee

jamesd wrote: »

Elbee, First thing is, don't be too disheartened. Something around 80% of people who apply are turned down. In your case it seems almost certain that you have too much existing debt to qualify for the markets but the listings part has less strict tests and you may qualify there.

Alternatively, have you considered 0% with 4% fee credit card deals like the 16 month one from Virgin? That lets you transfer the balance transfer money directly into your current account and it can be cheaper than a standard loan. article and this If you haven't cleared the card by the time the 0% deal ends you can use a balance transfer subject to acceptance with the new card, to extend the term for another balance transfer fee. Cards tend to be cheaper than loans for smaller amounts, a few thousand, and shorter terms. For the largest amounts it can be hard to get a high enough set of credit limits to meet the target loan amount.

If the need isn't urgent another option is to use a and put all of your normal spending on the card, using the money you're not spending on normal things to pay for the work on the house. This avoids the initial super balance transfer fee so it can be cheaper.

Declaration of interest: I both have loans via Zopa and offer to lend via Zopa. It's currently unlikely that my offers to lend will be accepted and I'm not currently interested in lending via listings.

Yes I've considered the above but I liked the ethics behind Zola to be honest. Your comments have made me feel a bit easier - Ive never missed payments on anything and take credit responsibilities very seriously. I know I'm not overstretching us but could see how it appears.
Sorry if your quote looks odd byut I've had to remove links to reply as I'm still new .

CLAPTON

Elbee wrote: »

I can see it looks bizzare but there are several reasons for what I've done/want to do. The debts aren't an issue - they're on low rate blance transfers and the loan is for something personal that I would like to pay for on my own withou using joint savings. I don't want to leave us potless and if the building soc had honoured their word I could have done it on the mortgage. House worth £300k mortgage £71k so it wouldn't have been a stretch but I understand what your point is and appreciate your comments.

whatever do you mean 'debts aren't an issue' etc etc

makes absolutely no financial sense what so ever.

if you had no debts then you could fund this yourself

geandre

Hi - also with Zopa you have to be over 26 to apply and like someone else said thier acceptance rate is really low.

Elbee

CLAPTON wrote: »

whatever do you mean 'debts aren't an issue' etc etc

makes absolutely no financial sense what so ever.

if you had no debts then you could fund this yourself

The debts aren't an issue in that the repayments are made on time and not spiralling out of control. Not that being in debt is not an issue.

We can fund this ourselves - like I've said we have savings and could fund it. We could also use the savings to pay the debts but I don't want to be without any savings because you never know what's round the corner. It may not be the greatest financial sense but my query was about the listings on Zopa not about what I could do if I had no debts. Thank you for you comments though - I have taken them on board.

jamesd

Elbee, don't be concerned, your reasoning does make sense: borrowing facilities can be withdrawn, savings can't be. There's value in having the money available and it's worth paying for that value.

Elbee

geandre wrote: »

Hi - also with Zopa you have to be over 26 to apply and like someone else said thier acceptance rate is really low.

Well past 26 unfortunately!
I have looked at my files - no probs apart from a naughty late payment by Next - they didn't pull the debit and told me they wouldn't mark it as late. The accounts been closed a while now and I trusted them. Snooty letter coming up.

Elbee

jamesd wrote: »

Elbee, don't be concerned, your reasoning does make sense: borrowing facilities can be withdrawn, savings can't be. There's value in having the money available and it's worth paying for that value.

Thank you - I need the security of having that money right where I can get it in dire circumstances. Perfect financial sense, it's not, but it's my security blanket.

cos_2

Elbee - thank you for this post that reminds me of how Zopa works. I've logged in to have a nosey as I wasn't sure about the listing part. It's pretty interesting! A great way to let people explain their situation. I've now been tempted to transfer a wee bit cash to lend in their market. Commission coming your way!!!

Cheers,

Cos.

elbe

geandre wrote: »

Hi - also with Zopa you have to be over 26 to apply and like someone else said thier acceptance rate is really low.

That's not quite correct. Those aged 20-25 fall into the Young markets everyone else is in the main markets. Listings are for all ages 20+