When to offer payment

northbridge

Received this response to my complaint;

“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 on 2026. Just to let you know, as there are multiple credit referencing agencies, it can take 30-60 days for the removal of the data.

You can create a plan according to your affordability with our Repayments Team, which will be reviewed periodically and should any agreed plan become unaffordable, this can be reviewed sooner upon your request.”

I’ve received a further 2 default notices for x2 Newday credit cards so expect those to happen at the end of the month.

I’m still waiting on defaults from credit cards with NatWest, Vanquis, Lendable (loan), Capital One and Asda so I’m not sure when is the best time to offer an instalment. Realistically I can only afford about £1-5 per month per debt.

What information do I need to give Zopa? I still owe £3K. What happens if I can’t meet their demands? Will this default again? Will it be sold? This is new territory for me so any advice welcome.

RAS

Is the message regarding the Zopa loan in response to an affordability complaint?

Have you put in any other affordability complaints?

Once a debt is defaulted, no further defaults can be issued.

How much in total do you owe? What sort of emergency fund have you managed to save?

sourcrates

A debt can only default once, it means the agreement between you has ended by mutual consent, it cannot be resurrected again, ever.

Zopa may be considering your account for sale, those decisions are taken at a much higher level than their customer service will have access too, for now they are offering you a payment plan at an affordable rate, so its up to you whether to take up the offer or not.

ManyWays

How large are your other debts and have you made affordability complaints about them too?

£1-5 a month is a token payment, not an installment. It kicks the can down the road. Do you expect your situation to improve at any point?