anyone used zopa

[Glaucus]

http://uk.zopa.com/ZopaWeb/

I'm looking to consolidate my debts as I totally failed to pay them of this year, it's not a lot compared to some 4.5k but the amount of interest is ridiculous (the saving in interest will pay for 2/3rds of the loan payments) and means a loan makes great sense, as well as that my current loan has 2 payments left on it.


It talks about paying back early, but I don't really understand, I assume the loan is split over several lenders and you can only pay back these lenders in full one at a time?

Also it asks for company telephone number, will they be contacted and who's best to put down, just general HR?
Also doesn't say anything about what documents they want if it.

[Burble]

I've not used them myself but one of the direct reports has. He put me down as the contact and I was asked to confirm his position, salary and length of employment. Pretty standard stuff.

[Desmo]

I think it they take care of everything for you so if you decide to overpay or pay back early, they decide where that money goes depending on each lenders criteria.

I applied for a small loan a few years back (£3k) and was refused, despite having an impecable credit history. Wasn't given any reason why it was refused either.

[Glaucus]

Thanks, clicked on the submit button today. So here's looking forward to maybe conquering my debt, which I've been meaning to do for the last 5 years.

[Matblack]

I might be tempted to be on the other side of the equation on Zopa, at least I'd feel my savings were helping someone rather than making a banker even richer!

MB

[LeperousDust]

I've just managed to shift credit card and overdraft debt (maybe 3k tops tbh), not much either but it's nice be all over :) Good luck mate! Now i need to actually keep doing the same kinda "saving" so i actually have some moeny to travel with! Fingers crossed!

[zopa_adam]

Hi guys,

Hope you don't mind me dropping into your conversation. Thought it would be handy to answer some of your questions.



It talks about paying back early, but I don't really understand, I assume the loan is split over several lenders and you can only pay back these lenders in full one at a time?

Also it asks for company telephone number, will they be contacted and who's best to put down, just general HR?
Also doesn't say anything about what documents they want if it.

You can pay back your loan early, and at no extra cost.

Your loan is broken down into £10 blocks, with most lenders giving £10 each, and others more depending on what they have set in their account. When you make a repayment it spreads it out over all the lenders.

We ask for your employment details to confirm you say where you work, so general HR would be fine. If we require any documentation, one of our underwriters will give you a call.


I applied for a small loan a few years back (£3k) and was refused, despite having an impecable credit history. Wasn't given any reason why it was refused either.

Sorry to hear you was refused a loan, since our lenders are real people like you and I we have to be rather strict on who we lend out to. And as you mention we can't give a specific reason as to why you was declined. However we do recommend trying again after 6 months.

I might be tempted to be on the other side of the equation on Zopa, at least I'd feel my savings were helping someone rather than making a banker even richer!

Glad to hear your tempted! If you have any lending related questions we've got a great bunch of guys on our forums (who are members themselves) who will be more than happy to help. I won't post a link as I wouldn't like to spam your forum, but the link is easily found on our website.

I'll keep an eye on this thread incase any of you have any more questions.

Have a good one guys!

[Piggymon]

Welcome to BD :)

[BBx]

:shocked:

:D

BB x

[Desmo]

Thanks for posting Adam. Feel free to post the link if you think it will help, you're clearly not here just to spam :)

BTW, Adam has a zopa.com email address so is genuinely from the site.

[Glaucus]

Wow, very odd but helpful. Is your job to trawl through google searches?

[zopa_adam]

Thanks for posting Adam. Feel free to post the link if you think it will help, you're clearly not here just to spam :)

BTW, Adam has a zopa.com email address so is genuinely from the site.

Thanks Desmo, and thank you all for the warm welcome!

For those interested, the link to our forum is http://talk.zopa.com - there's plenty of lenders and borrowers there who will give you a genuine answer to any of your questions.


Wow, very odd but helpful. Is your job to trawl through google searches?

Google Alerts is our tool. I receive an email when 'Zopa' is mentioned on forums and blogs, and if we feel we can help then we pop in to answer any questions.

[semi-pro waster]

Interesting, I'm kinda tempted to put up some cash as a lender, it's not going to be huge amounts at the moment but I'll need to investigate a bit further before committing.

[Glaucus]

Why do i never listen to my own advice. Got declined and 99% sure I know why. Moved house 10months ago and only updated main account and credit card, other accounts Updated over christmas. So of course my credit is now split over 2 addresses and as such last time this happened wad declined and told they want 3 months matching. All but one account is now showing up with the right address,on creditexpert will either have to wait and throw more money down the drain or see what my main bank will offer, but assume they will be happier.