Zola Loan

Blackberrycurved

I have a Zopa loan and has loan people go they've been good. Except I'm trying to clear it early and they seem to be hindering me a bit. I have a DD for £136 paid to it every month. I want to add extra payments so I set up a SO for £40 as I'm freelance that's good because when I'm really poor I am still paying the £136. However, when I make an extra payment they reduce the DD. I have asked them not to do this to keep it at £136 but they won't. So the extra payment is never an extra payment. They say I can pay off the whole amount or make a lump sum but I can't afford to do that. Help

Arleen

Easiest solution will be to go the their website and make the extra payment through there every month? It doesn't have to be in full.

-taff

They're not in it to help you out, they're in it to make money.
If they've told you they'll take a lump sum payment, then that's what they'll do. You can try their website but don't be surprised if they don't accept it.

If you can overpay by a little bit, and they won't accept it, save that extra money in a interest giving account until you have enough to pay it all off.

What does it say about overpayemnts in their T&Cs?

Arleen

-taff wrote: »

They're not in it to help you out, they're in it to make money.
If they've told you they'll take a lump sum payment, then that's what they'll do. You can try their website but don't be surprised if they don't accept it.

If you can overpay by a little bit, and they won't accept it, save that extra money in a interest giving account until you have enough to pay it all off.

What does it say about overpayemnts in their T&Cs?

Zopa accepts small payments like that via their website, they are actually pretty cutomer oriented for a loan company, and reason they don't just accept extra direct wires to the account is because there is missing paperwork that declares it as overpayment.

firewire1200

it is an annoying part of Zopa, every other loan I have had, I have made regular over payments and the overpayment has been used to reduce the term while keeping the normal payment the same. This also seems to result in a bigger interest saving.

But with Zopa regardless of the size of the lump sum/over payment they recalculate the monthly DD so the term stays the same. If you intend to make regular monthly overpayments I don't think zopa are the best choice,, I know rate setter uses overpayments to reduce the term, I don't know why zopa does not allow this.