Zopa Loan Financial Help - Does it even exist?

CXG1979

With the cost of living and my mortgage going up drastically, I reached out to Zopa to say I was going to struggle to make my payments over the next few months until I can catch up with myself after taking this hit.  I spent over TWO HOURS on their chat with an agent with her quizzing me on income and mental health etc, only for her to then just refer me to a debt help company.  Has anyone actually been assissted with some real help on their loan? I'm trying to be pro-active here rather than letting it default and hurting my credit score.  Anything like extending the term to bring down the payments, or a 3 month payment break?  Two hours of my life I'm not getting back for basically chuff all help!! I don't want to have to go down the IVR route. Thanks.

CliveOfIndia

CXG1979 said:

I'm trying to be pro-active here rather than letting it default and hurting my credit score.

I'll begin by saying you can safely ignore your meaningless score.  A default would, however, have quite a big impact on your credit history, which is what really matters.

CXG1979 said:

Anything like extending the term to bring down the payments, or a 3 month payment break?

Either of these two options, if they agreed to it, would have a similar impact on your credit history, so they're (at best) only marginally better than defaulting in terms of the impact to your credit record.

CXG1979 said:

I don't want to have to go down the IVR route.

A good starting point is to complete an SOA: https://www.lemonfool.co.uk/financecalculators/soa.php

Fill it out as honestly and accurately as you can, select the "Format for MSE" option and paste the results here.  Other forum members can then get a view of your situation and offer some objective and unbiased advice on your best approach.

RAS

IVAs are not suitable unless you have a LOT of debt and an asset to protect like a house. Does that sound like you?

The SOA is a starting point. That'll help you and us, if you choose to share it, to work out what strategy would work for you.

Just for the record

An Arrangement to Pay marker stays on your credit record for 6 years after the debt is paid off.
A default drops ff your credit record after 6 yeads even if you still owe money.

Counter-intuitive isn't it?

ManyWays

Is your situation really going to be better in a few months? Because if the reason for your difficulties is higher mortgage, bills, groceries, etc, then that isnt likely to change, is it? If you need a long term solution, then that is what you need to look at, not a few months "break" of some sorts (which will normally impact your credit record anyway.) Post an SOA and lets all have a look.