Zopa loan default

johnboy13

Hello, 

My Zopa loan is just about to go into default, when I don't pay on Friday. What will happen next?

Will it get sold to a debt recovery company or will they take me to court?

Thanks

JB 

enthusiasticsaver

It will probably be sold on if unsecured. Not immediately though. The debt recovery team will probably write to you a few times. There is a process to go through. Depends on amount though but in most cases they don’t go to court. Why are you defaulting and do you have any other debts? 

johnboy13

Hi, thank you for replying. Got other debts to creditors but only small. Owe a friend £4,000 and owe Zopa £17500. Got ill in October and I've only just returned back to work, so was unable to pay their £587 per month, paid it once out of the last 5 months. There also want me to start clearing the arrears and to pay another £360 four days later, each month. Got into debt with my friend when I was on the sick. My friend is OK about it and will except monthly payments but I can't afford to pay them both.

ManyWays

That is an extremely large loan, was it affordable before your illness or were you already struggling? If it was difficult before, an affordability complaint may be useful, getting interest removed from the balance and letting you make a lower payment

johnboy13

Got the loan out April 24 paid untill I fell ill, the amount is including interest they have put on at the beginning of the loan. Obviously I'm bk at work after over 4 months off but unfortunately I'm unable to do the overtime now which is a killer.