Zopa Default

Fluffykittens_me

Hiya, just looking for a bit advice please. Had an email from Zopa saying they have issued a default notice on my loan and if I dont reply to this the full amount will be due. I'm assuming this is what I'm waiting for? They've said if I donr contact them then the full amount incl interest will then be due. ( I currently have an affordability complaint in with them which they have acknowledged) At what point do I contact them to set up a payment arrangement? Once the interest is added I will owe just over 20k 😭 thanks for any help. 

Grumpelstiltskin

Do nothing until it appears on your credit report, that saying full payment will be due is what they have to say but don't just accept an E Mail.

sourcrates

That is what a default notice has to legally say to comply with CCA legislation, your full balance has always been due, but under your credit agreement you had the option of paying by monthly instalments, when an account defaults, that regulated option is removed, and the agreement becomes null and void.

Once the default shows on your credit file, you can be certain your agreement has ended, and neither you nor the lender are bound by its terms any longer, so you can then make an informal proposal to repay the debt, but its more than likely your debt will be sold or assigned to a collector quite quickly, so best to wait and see who writes to you asking for payment.

Fluffykittens_me

Thanks to you both, just making sure. I'll sit tight for now.