Received first default notice

northbridge

Received my first default notice though the post for a Zopa loan. It says lender for this agreement is Plata Finance ltd (formerly Zopa ltd) which is news to me. No mention of Plata in credit agreement.

Do I need to do anything at this stage? It’s given me a deadline of beginning of May to pay arrears (which obviously I can’t afford to do) and advised further action will be taken such as credit agreement terminated, notice in writing served demanding payment in full and default registered with CCA’s.

fatbelly

II think Plata bought up Zopa loans in 2022. You do not Have to do anything but if your plan was to make payments once it is defaulted then you can now think about starting, with a view to making the first payment once the default is confirmed

SpireCaptain

https://forums.moneysavingexpert.com/discussion/6663517/received-first-default-notice

That doesn't sound like a Default has been registered yet by the wording saying further action will be taken like termination of the credit agreement if the arrears aren't paid by the start of May.

Keep checking your credit file for the default marker appearing. It may take a while yet. They can't issue a default until the credit agreement is broken.

sourcrates

Standard default notice sent under sec 87(1) CCA, giving you 14 days to settle the breach to your agreement.

If you do not take the action specified, your account will be defaulted.

This is what you are, presumably, waiting for, so just allow the process to complete, and do nothing for the time being.

About a month from now, check your credit file and see if the default has been registered, once it has, you can start paying whoever writes to you.