Zopa Affordability Complaint - Nearly there...

Ktaylor86

Thanks OP for sharing this, I am going to look into this. 

I had 3 loans with Zopa running together, all now defaulted and sold on and part of a DMP. So with all the benefit of hindsight unaffordable. I wonder if I have a case too. 

Where did you go for initial information to check potential eligibility? Many Thanks 

allystar

Finally got the email from Zopa and it says:

"Further to the outcome of your referral to the Financial Ombudsman Service, I am arranging the remedial action.

I am sorry for the delay. Thank you for your continued patience.

According to the contract your total amount payable would have been £30,681.61. You will not be making any payments towards the interest nor any payment greater than the funds you have been provided with, which was £20,000.00 

Zopa will no longer report the loan agreement to the Credit Reference Agencies, and we will remove the loan from your Credit File, this includes any previous negative impact including the default registered.? Just to let you know, as there are multiple credit referencing agencies, it can take 30-60 days for the removal of your data. 

Looking into the payments received so far, as of 17 June 2025 you have paid Zopa £2122.25. Therefore, your remaining balance owing to Zopa is £17,877.75 to make up the £20,000.00 Zopa credited you with."

While I know I need to pay...and will start in the next month or so - this is one less black mark on my credit file   

CurlyTop11

@allystar thanks for sharing this success story, as it initially pushed me to finally try and file an affordability complaint on a couple of my debts. I have just had first response and a rejection back from Zopa. They have stated that they were aware my debt at the time was almost the same amount as my gross salary, with credit cards and a loan, but as it was for consolidation, that the claim isn't valid. I am just wondering from your process, did you appeal directly with Zopa first, and then to the FOS? If so, how did you do this?

Also, are they correct in saying because it was consolidation, it doesn't matter? Or is this their way of a simple push back?

Many thanks for any advice, it is much appreciated.

ManyWays

I would send this straight to the Ombudsman. Just because a loan was for consolidation doesnt mean it was affordable, it may have been cheaper than than the cards you cleared but still not affordable, so you end up using the cards again. 
Most lenders wont change their mind if you try to appeal to them, it just wastes your time.