Zopa Loan - Possibility?

FoxtrotUniformCharlieKilo

Thank you Jamesd for the response with purely facts instead of opinions. I will defenitly be looking at the Credit card section you recommended, although I doubt with my very little history (only 4 accounts in total) I would be able to obtain one. I am however still with the same company in my new job so I will still have the steady income from the same employer.

Far to many other worthless comments to respond to, I suggest some people see the original post regarding my "new leaf", I have never been living out my means, I just spent money on things I shouldn't have in hindsight (oh isn't hindsight such a wonderful thing, I wish I had the same crystal ball some of you seem to have). I have learnt from those times of not having any responsibility to children or my own home. Now with the new job, I want to clear everything I owe and start with one outgoing payment. My level of current debt is £2400, which is about 8% of my annual salary. Hardly crippling.

Fancy feeling the need to look through historic posts from 18 months ago. Strange person.

I won't be making any contribution to the topic anymore so thank you for anyone who was maybe intending on giving further useful information but please don't waste your time posting as I won't be looking.

drbesty

It's actually 11.75% of your annual gross salary, still not too bad. People are entitled to their opinions and in general people on this forum are averse to debt, try not to get in a twist about it

JonnyBravo

FoxtrotUniformCharlieKilo wrote: »

I won't be making any contribution to the topic anymore so thank you for anyone who was maybe intending on giving further useful information but please don't waste your time posting as I won't be looking.

It'll be a different user name when you realise they were right then?
See you in 3 years.

izools

I took out a Loan from Zopa in October - #4000 at 12.9% APR over 36 months -

I freely admit this is because I chose to spend money that I didn't have at the time - I built up a small amount of credit card debt kitting out my flat without having had sufficient savings at the time I moved out of my mother's house after Bankruptcy. But, many of us can attest to the strong... incentive, shall we say, of moving out of a parents house even if this means borrowing a little - especially as a grown adult, not a teenager

I built up a bit of an Overdraft whilst working part time for my local authority as it didn't quite cover my meager and minimalistic living expenses - but it was the only IT work available.

I am now in a position whereby I haven't touch my overdraft in 6+ months, don't have any credit cards, and have plenty enough surplus to overpay the loan and save for unexpected expenses.

None of this, however, negates the fact that I wouldn't have a four grand loan if I had planned better. I feel I handled my choices in the most responsible way possible, and implemented suitable changes to ensure I don't borrow again.

I have to say, however, that if I were any of my friends, I would have borrowed the money and made no changes to my style of spending. I would have maxed my credit cards and overdraft again, have no means of buying groceries or having a pint towards the end of the month, and be in the market for a loan double the size to consolidate again fairly soon.

Loans should only be applied for by those responsible enough to understand what changes they need to implement to ensure they never have to do the same thing again. I feel that perhaps OP isn't quite there yet as he wants to borrow mainly for the purpose of supporting purchases that he is too impatient to save for - not for the purpose of saving money - i.e. getting your debt at a better rate than it is already at, or refurbishing your house ready to be put on the market, with a greater equity increase than the amount borrowed.

I personally feel this "Borrowing for planned, unaffordable purchases" is not an attitude conducive to using a loan as a positive move forwards to a more stable financial future - maybe if OP had come here saying "My ex mrs / mum / dad has told me I have 30 days to get out of her house and whilst I have a stable income and modest salary, I don't have the readies to leave" it would make sense to pay for immediate expenses the way a loan would allow.

00ec25

00ec25 wrote: »

I have had numerous people pay off in well under 36 months

you will have to convince lenders like me to risk our money on you personally, we will want to ask all sorts of questions.

they (we) have no control over how you spend it so the wise Zopa lender ignores what you say as its outside our control,

jamesd wrote: »

00ec25 please declare an interest if you have any financial interest in Zopa lending.

what? was I too subtle for you?

jon_boy75

HEY! Where's my 'thanks'? I spent literally seconds typing that up, expending vital brainpower in the process.



I blame Nick Clegg for your predicament

Dabooka

I didn't spend ages trawling through your past posts, it literally takes a couple of clicks, and I only did that because I recalled both your username and the way your posts are well written and presented (which stands out quite a bit!). However, I also remembered you being dismissive in the past of the replies you didn't "like", which appears to be a continuing pattern.

Basically, you appear to have a good grasp and a better understanding than most on how to try and secure a good deal for credit, but completely and naively dismiss the possibility you are spending above your means in the first place. Go back and read your self proclamied position on money from 18 months ago, compare that to your current position and ask yourself how you're £1800 in debt to family and the bank.

Failing that, continue to be be self assured by all means and we'll see you in another 18 months bleating about a "change in cirumstances" that won't be either your fault or forseen and how you now stuggle with an issue with a credit card / bank / loan / car finance. No one here wants to see that. Get your pay rise, use it to clear your family debts and overdraft and then you'll be laughing.