ZOPA lost £3,000 of my money

Lovely_biscuit29

I opened a ZOPA instant access ISA in May after seeing it recommended on the Martin Lewis site, 2 months ago I tried to withdraw some of my savings and was told it would show in my linked account within 2 hours. After a week of it not arriving I contacted Zopa to ask what had happened. They said they couldn’t do anything and referred me to the receiving bank who advised ZOPA need to recall the payment as it was not showing as received. After hours of calls and emails. ZOPA finally admitted that they had linked my ISA to the wrong account and would recall the payment. They gave me £50 compensation and said the funds would be back in my bank account in 21 working days. 21 working days have now passed and the money has still not been returned. I contacted ZOPA again and they said they are dealing with it but have given no indication of when I can expect the money. They have also not corrected the issue of linking the wrong account. 

This means I cannot access any of my money and still don’t know the where abouts of almost £3,000 of my savings. I have had to borrow from family to pay my build and delay booking a family holiday. I’m at my wits end. Has anyone had the same experience with ZOPA and can anyone offer advice? Thank you

xylophone

You opened an ISA with ZOPA and linked your current account?

 ZOPA has confirmed that you gave  the correct sort code /account number/reference of your current account  but that there was

an error at their end so that the wrong details were recorded?

This resulted in your requested withdrawal being sent to an unconnected person's account?

If this is the case, surely ZOPA should have taken steps immediately to ensure that your correct details were recorded,

reimbursed your ISA and then processed the withdrawal? 

 It seems to me that  the fact that they have to recall the payment made in error is really nothing to do with you.

They made the mistake and if necessary must bear the loss?

Farway

Make an official complaint to Zopa, using their online page, should you need to go to FSA then the sooner official complaint made to Zopa the better

https://www.zopa.com/contact/complaints

Naturally keep all correspondence, dates etc

eskbanker

Farway said:

Make an official complaint to Zopa, using their online page, should you need to go to FSA then the sooner official complaint made to Zopa the better

It'll generally be more productive to take such matters to FOS (Financial Ombudsman Service) than the Food Standards Agency....

masonic

I'd agree that they should refund first. Whether or not they are able to recover the money they sent to an incorrect bank account is a matter for them.

boingy

eskbanker said:

Farway said:

Make an official complaint to Zopa, using their online page, should you need to go to FSA then the sooner official complaint made to Zopa the better

It'll generally be more productive to take such matters to FOS (Financial Ombudsman Service) than the Food Standards Agency....

On the other hand the FSA might be much quicker and the result might be the same. ;p