Zopa letter

dan_wise

Hi,

So a repayment plan I was on with Zopa for 3 months has just come to an end.

They have sent me a letter today (dated 17th Feb) informing me that "my loan will soon go into default." But then it also says "Get in touch today to avoid a Notice of Default." So does this mean it's in fact a notice of arrears and I have more than the typical 2 weeks to catch up before it defaults?

As soon as I get paid on Friday 6th March I will be able to make up the deficit, I'm just worried about that potentially being a few days too late. Seems odd that they could do this before my next normal repayment date?

Obviously I will try and contact them when I'm finished work, I'm just really worried about it.

Thanks,
Dan.

fatbelly

Have you checked what is currently showing on your files? it is probably Arrangement to Pay so a default is neither here nor there.

If you can afford to pay and get back on track without causing yourself hardship later in the month, then of course you should do that.

Otherwise continue paying what you can afford

dan_wise

So, a little update…

I contacted them on pay day (Fri 6th Mar) to clear the arrears. They call this a 'Promise to Pay.' Timeline since:

6th Mar: Promise to pay agreed, payment of £528.67 made via online portal (debit card payment)
7th Mar: Payment shows in my online banking as processing
11th Mar: Email received from Zopa claiming they haven't received it, despite still showing as pending their end
12th Mar: 2 missed phone calls from Zopa (was sleeping, currently working night shifts to try and clear my debts as fast as possible)
12th Mar: Regular direct debit of £215.46 due out on this date now showing as processing in my online banking
12th Mar: Zopa's online portal claims the extra payment I made was only £313.21 but now shows as having gone through, even though my online bank statement shows £528.67 was paid - the difference is my usual direct debit amount, but this extra payment was made to cover the shortfall in my payments from December through February, the March direct debit is very much separate
12th Mar: Complaint raised with Zopa because I don't understand what's happened to the missing £215.46 and why they are chasing me over phone and email while transactions are still pending.

So stressful honestly.

ManyWays

That does sound stressful, but these things are usually sorted out pretty quickly, you just have to persevere.

If this loan has been hard from early days, you could look at an affordability complaint to Zopa. We have seen quite a few people win complaints against them, then the interest is removed and you only have to pay what you borrowed. but I would leave this until the current payment / DD situation has been resolved.

dan_wise

My complaint was upheld and they offered £50 compensation. Better than nothing, and certainly puts my mind at rest.

They had received the full amount, apparently it's just a weird quirk with their systems where it deducts the monthly contribution from the amount if it's close to the direct debit date.