What are my loan repayment options if I've been affected by the Coronavirus?

Updated a month ago

If you’re concerned about the impact of Coronavirus on your Zopa loan, credit card or hire purchase finance, the important first step is to get in touch with us if you think you won’t be able to make your repayment.

For loans and hire purchase finance, fill in this simple online form to let us know your current circumstances and we’ll get back to you as soon as possible.

For credit cards, please call our repayments team on 020 3196 0091. We’re open Monday to Thursday 9am-5:30pm and Friday 9am-4pm.

There are several options to get you back on track, for example, we can freeze or reduce your repayments for a while, to give you some breathing space until your income returns to normal.

For some customers, a payment freeze might not be the best option. This is because the missed payments start to build-up and you’ll need to be able to pay them in the future. Often, for a short time, a reduced payment plan is the better solution, as you’ll continue to pay off the balance of your loan, hire purchase finance or credit card and minimise your account arrears growing. What’s more, if you have a credit card with us, we’ll continue to charge interest on your balance as usual during your payment freeze.

If your finances have been affected by the Coronavirus, we won’t be reporting payment freezes or payment reduction arrangement to credit reference agencies (CRAs), like Experian and Equifax, for the duration of your initial arrangement. This means that your credit score won’t be impacted during this time. However, it’s important to know that, if you are seeking credit in the future, this isn’t the only consideration lenders look at when they determine whether to lend to you. Once your chosen option has ended, we will resume credit reporting.

Whichever option is right for you, we’ll do all we can to make the process as stress-free as possible and we’ll always let you know what’s happening so you can feel in control.

Free impartial financial advice is on hand

There are not-for-profit organisations you can contact for financial advice. The two below are impartial, confidential and free.

National Debtline
0800 808 4000

Monday to Friday 9am-8pm.

Stepchange
0800 138 1111

Monday to Friday 8am-8pm or Saturday 8am-4pm.

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