Zola Loan Blackberrycurved

#1
I have a Zopa loan and has loan people go they've been good. Except I'm trying to clear it early and they seem to be hindering me a bit. I have a DD for £136 paid to it every month. I want to add extra payments so I set up a SO for £40 as I'm freelance that's good because when I'm really poor I am still paying the £136. However, when I make an extra payment they reduce the DD. I have asked them not to do this to keep it at £136 but they won't. So the extra payment is never an extra payment. They say I can pay off the whole amount or make a lump sum but I can't afford to do that. Help

#3
They're not in it to help you out, they're in it to make money.

If they've told you they'll take a lump sum payment, then that's what they'll do. You can try their website but don't be surprised if they don't accept it.



If you can overpay by a little bit, and they won't accept it, save that extra money in a interest giving account until you have enough to pay it all off.



What does it say about overpayemnts in their T&Cs?

#4



They're not in it to help you out, they're in it to make money.

If they've told you they'll take a lump sum payment, then that's what they'll do. You can try their website but don't be surprised if they don't accept it.



If you can overpay by a little bit, and they won't accept it, save that extra money in a interest giving account until you have enough to pay it all off.



What does it say about overpayemnts in their T&Cs?
Originally posted by -taff


Zopa accepts small payments like that via their website, they are actually pretty cutomer oriented for a loan company, and reason they don't just accept extra direct wires to the account is because there is missing paperwork that declares it as overpayment.

#5
it is an annoying part of Zopa, every other loan I have had, I have made regular over payments and the overpayment has been used to reduce the term while keeping the normal payment the same. This also seems to result in a bigger interest saving.



But with Zopa regardless of the size of the lump sum/over payment they recalculate the monthly DD so the term stays the same. If you intend to make regular monthly overpayments I don't think zopa are the best choice,, I know rate setter uses overpayments to reduce the term, I don't know why zopa does not allow this.

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