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I got a loan but I couldn't pay
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Hello
My Friend get £3000 loan from Zopa 15 Months ago and £15000 From HSBC 8 months ago to run a business. He lost him business and also his employer fired him from factory becuase of health condition. he couldn't pay back loans. so he talk with HSBC and they told him we couldn't do anything becuase you get very low income from support and we put your name in the black list for 5 years and we will close your HSBC account.
He didn't contact to Zopa yet . My question is : Zopa is like HSBC ? They put his name on black list ? What kind of trouble they can make for him , he has nothing except a £200 car ! Any problem like (prison, Court or ....)
I wonder if you advise me .
My Friend get £3000 loan from Zopa 15 Months ago and £15000 From HSBC 8 months ago to run a business. He lost him business and also his employer fired him from factory becuase of health condition. he couldn't pay back loans. so he talk with HSBC and they told him we couldn't do anything becuase you get very low income from support and we put your name in the black list for 5 years and we will close your HSBC account.
He didn't contact to Zopa yet . My question is : Zopa is like HSBC ? They put his name on black list ? What kind of trouble they can make for him , he has nothing except a £200 car ! Any problem like (prison, Court or ....)
I wonder if you advise me .
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Comments
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Debt collectors then court.
I'll keep an eye on my Zopa loan book to see if I am one of his victims0 -
By black list what they will mean is enter a default on his credit file. Other potential lenders will see that he has not repaid the loan and it will make it difficult for him to get credit and get things like mobile phone contracts etc.
Defaults stay on your credit file for 6 years.
Creditors can also choose to take court action for unpaid debts.
You cannot go to prison for unpaid credit debts in the UK.
Is he paying anything to his hsbc loan at present? even a small token payment at all?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
This is why I am very wary of investing my hard earned savings in Zopa.I used to think that good grammar is important, but now I know that good wine is importanter.0
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iolanthe07 wrote: »This is why I am very wary of investing my hard earned savings in Zopa.
Zopa appears to have changed its business model.
When I first lent money borrowers wrote a proposal, explaining what they wanted a loan for, and punters could select who to lend money to. The APR on the first few loans I made was 9%. :T
Now Zopa appears to choose borrows for you and only offers two interest options: 3.8% over three years or 5% over fives years.
It seems far less personal now and not much different to traditional lending and borrowing.0 -
Zopa will want to lend as much as possible (within reason) to maximise their fees.
The fact they dont suffer defaults makes it a great business model, for them at least.
They do seem to be lending to more risky borrowers than in the past, and a lower rates.0 -
Debt collectors sometime take ages to act, sometimes they're really quick. I think it depends on the company or maybe the amount.0
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KrystianOCO wrote: »Debt collectors sometime take ages to act, sometimes they're really quick. I think it depends on the company or maybe the amount.
Random post alert.0 -
Low interest rates must be hurting Zopa.
With personal loans now at around 3.3 % (for best creditworthy customers) why would anybody want to borrow from them - meaning they have to take on more risky business to sustain their lending book.0
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