anyone used zopa

Glaucus · 30-12-2010, 18:33

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 · 30-12-2010, 19:39

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 · 30-12-2010, 22:11

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 · 07-01-2011, 15:56

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 · 07-01-2011, 16:15

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

zopa_adam · 07-01-2011, 23:47

Hi guys,

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

Quote:

Originally Posted by AcidHell2

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.

Quote:

Originally Posted by Desmo

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.

Quote:

Originally Posted by 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!

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!

LeperousDust · 07-01-2011, 17:49

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!

Piggymon · 08-01-2011, 00:15

Welcome to BD

BBx · 08-01-2011, 00:15

BB x

Desmo · 08-01-2011, 00:17

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.

30-12-2010, 18:33	#1
Glaucus Absinthe Join Date: Jun 2008 Posts: 1,855	anyone used zopa 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. __________________ Last edited by Glaucus; 30-12-2010 at 18:38.

30-12-2010, 22:11	#3
Desmo The Last Airbender Join Date: Jun 2006 Location: Pigmopad Posts: 11,915	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. __________________

07-01-2011, 15:56	#4
Glaucus Absinthe Join Date: Jun 2008 Posts: 1,855	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. __________________

07-01-2011, 16:15	#5
Matblack Baby Bore Join Date: Jun 2006 Location: Svalbard Posts: 9,770	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 __________________ "we had roots that grew towards each other underground, and when all the pretty blossom had fallen from our branches we found that we were one tree and not two"

07-01-2011, 17:49	#7
LeperousDust Bananaman Join Date: Jul 2006 Location: Liverpool/Edinburgh Posts: 4,817	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! __________________

30-12-2010, 19:39	#2
Burble Rocket Fuel Join Date: Jul 2006 Posts: 7,826	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.

08-01-2011, 00:15	#8
Piggymon Lara Croft Join Date: Jun 2006 Location: PigmoPad - Braintree Essex Posts: 8,604	Welcome to BD __________________ BF% 28/08/08 - 21%

08-01-2011, 00:15	#9
BBx Reverse SuBo Join Date: Jul 2006 Location: London Posts: 8,673	BB x

08-01-2011, 00:17	#10
Desmo The Last Airbender Join Date: Jun 2006 Location: Pigmopad Posts: 11,915	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. __________________

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