Zopa - help help help!!

nomorecc

Hi All

Unfortunately got myself into a sticky situation... I own my own house and also have a Zopa loan amongst other things that I am simply no longer able to afford paying due a huge change in circumstances.

I’ve set out a I&E and That I’ve sent to creditors already and have plans in place. However my agreement with Zopa was taken out in 2016 before they were FCA regulated, I’m concerned that if I contact them to offer token payments then they will not cooperate under the FCA guidelines, take me to court and cause hell for me.

Is this the case?

Please help!!!!!

I&E shows £55 a month free for all debts. Have made a pro-rata offer.

sourcrates

Hi,

Taking legal action will give them no more guarantee of getting their money back, any judgement payment is set according to your budget, so your pro-rata offer it would be.

You can always vary a judgement as well, so unless a county court judgement will affect your work in some way, I cannot see how they can cause hell for you.

nomorecc

Thank you sourcrates.

As they're a P2P lender, I think what I'm trying to understand is that they are not part of the CCA realm and thus don't need to comply so much and thus the stress it will cause. especially having depression alot has happened in the last year for me.

I don't want a CCJ or balliffs coming around!!!!!

I'm just trying to clarify their collections process and what would happen if i defaulted or was unable to continue repayments as i'm not protected by a CCA.

sourcrates

I think it’s best you engage with them, they appear to have a process in place, as long as you talk to them, they should be able to offer some kind of arrangement:

https://blog.zopa.com/2015/06/12/zopa-s-arrears-management-process-explained/

EssexHebridean

Also worth putting together your full SOA so you have a clear idea of your exact budget under your new financial constraints - if you wanted to post it into here then we'd be happy to cast an eye over it to see if we can spot any savings you may have missed?

Treadingwater02

I had two Zopa loans that now form part of my DMP, I'm not going to lie..............they weren't the easiest to deal with I made lots of phone calls to them and followed it up with emails and eventually it did work they accepted my reduced payments (mainly because they couldn't do anything else) just over a year later they sold my debt to a collection agency who accepted the terms of my DMP.

I think the main issue for Zopa was they do not communicated very well between departments which meant I was receiving letters/calls from different people within the same company but as I said eventually it did get sorted.

nomorecc

Yes they seem very difficult.

Did they add arrears to what you already owe?

What debt collection company?

fatbelly

As above, your SOA is fundamental to this process

In addition to the arrangements described above, P2PS might also initiate legal action in a very small number of cases wherein, in P2PS’ judgment, the borrower is not paying back amounts that are affordable for the borrower

So your SOA has to show reasonable figures that justify the amount you are repaying.

sourcrates

nomorecc wrote: »

What debt collection company?

It wont be a collection company, it would be a debt purchasing company, big differance, it would be someone like Cabot, Link, Lowell, or any one of a dozen others.

All would accept your reduced payment offer backed up by a copy of your budget.

nomorecc

sourcrates wrote: »

It wont be a collection company, it would be a debt purchasing company, big differance, it would be someone like Cabot, Link, Lowell, or any one of a dozen others.

All would accept your reduced payment offer backed up by a copy of your budget.

My worry is that they will try for balliffs and a charging order.... as the debt won’t be the same as a normal CCA debt as it’s not The same contract/agreement

sourcrates

nomorecc wrote: »

My worry is that they will try for balliffs and a charging order.... as the debt won’t be the same as a normal CCA debt as it’s not The same contract/agreement

The options for enforcment are the same as any CCA regulated debt, except that with this debt, they could if they wished, transfer up to the High court for them to enforce.


Now this is only likley to happen if you have significant assets, which i assume you havent got, as long as you keep making the lender aware of your budget, and your circumstances, they will be unlikley to spend more money on bailiffs, with no guarentee of getting anything back.