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, the important first step is to get in touch with us if you think you won’t be able to make your repayment. The best way is to fill in this simple online form to let us know your current circumstances and we’ll get back to you as soon as possible.
There are 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 and minimise your account arrears growing.
In both cases, if your finances have been affected by the Coronavirus, we won’t be reporting payment freezes or payment reduction arrangements to credit reference agencies (CRAs), including Experian, Equifax and TransUnion, for the duration of your initial arrangement. This means that your credit score won’t be impacted during this time. It’s important you understand that we will resume credit reporting once your chosen payment option has ended.
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.
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