How do I re-validate my bank details?

For customers who registered their bank account with us before 2018, we need you to re-add your details so that we can validate them. The validation process means we can confirm that the bank account you withdraw to really belongs to you. Here’s how you do this: Login to Zopa Open your investment Hit the ‘Access money’ button Select ‘Withdraw from holding account’ If you need to re-validate, you’ll see a red banner. Click the ‘Verify bank details’ button If you have no bank details registered, you’ll be prompted to enter them so we can verify your account. If you have bank accounts linked to your account that we haven’t been able to verify, you’ll have the option to upload a bank statement. Just hit the ‘Upload statement’ button and you’ll be taken to our document upload screen We’ll need a full bank statement dated within the last 3 months with transactions showing your name, account number and sort code. This can be a PDF, a scan, or a clear photograph taken with your phone. Please note, it can take up to three working days to verify your documents. The following are not valid submissions: Images of bank cards & cheque books Screen shots from banking app or internet banking Photographs of computer screens showing internet banking Account balances or Account summary pages

How do I close my Zopa account?

As long as you don’t have any active Zopa products, we can start the account closure process for you. If this is the case, please get in touch. You'll need to provide the following verification details: Your full name Your date of birth Your email address Your address and postcode Once we’ve started the account closure process, you won’t be able to log in to your Zopa account. However, we're legally obliged to securely store your data for 6 years after closing a Zopa product – after this, your account and data is automatically deleted. If you still have an active Zopa product, check out our FAQs for what you’ll need to do before getting in touch: I have a loan or car finance I have a credit card I have a Smart Saver I have fixed term savings I use Borrowing Power

How do I close my Zopa investment?

We’ve made it simple for customers to close their Zopa investments and ISAs. All you need to do is: Log in to Zopa Open the investment or ISA you want to close Make sure your account balance is £0 Underneath your investment summary, you’ll see the option to close your investment account Hit ‘get started’ and you’ll be able to download any statements you need before closing your investment or ISA Please be aware, this process only closes your investment or ISA – not your Zopa account. Your Zopa log in details and marketing preferences won’t be affected. Also, if you have another Zopa product, like a Fixed Term Savings account, this won’t be impacted either. If you do want to close your Zopa account completely, check out this FAQ.

What is an automatic withdrawal?

Automatic withdrawals are the simple way for you to send money from your Zopa holding account to your bank account, without having to log in and go through the manual process. All you need to do is pick a trigger amount. For example, if you set a trigger of £500, every time your holding account reaches that level, we’ll automatically send all the money from your holding account to your bank account the following morning. Please note, the payment could take up to three working days to reach your bank account and the amount you receive may be slightly above your trigger amount if repayments made by borrowers lift you above that threshold. Here is a step-by-step guide on how to set-up an automatic withdrawal.

Are there any fees associated with peer-to-peer investments at Zopa?

Loan servicing fee We apply a loan servicing fee to each loan contract, which is deducted directly from each borrower repayment before the principal and interest is passed on to investors. The cost of the loan servicing fee may vary between investment products. A loan servicing fee is: A monthly fee, calculated using the Zopa Servicing Rate under the Loan Contract to cover the cost of administering Loan Contracts and which may include a Safeguard Contribution (to the extent that the full amount for the Safeguard Contribution was not included in the Borrowing Fee) 1% loan sale fee We charge a 1% administration fee when selling loan in Classic, Core, and Plus. This is applied to the proceeds from successful loan sales, and deducted from the final amount before being put into your holding account. We will always display an estimate of the 1% loan sale fee cost before you confirm your loan sale. However, this is an estimate, and may change (for example if we can’t sell the full amount you have requested). Market rate adjustment In the event you wish to cash out any Market Loan before it is repaid by selling it to another investor, there may be a market rate adjustment. This means you may not receive the full value of outstanding capital of your loan if it has a lower projected return than an equivalent new loan today. Example: You may try to sell a loan with £10 of outstanding capital. If the projected return for a similar new loan today is the same as your loan and the borrower has not missed a repayment, the buying investor will pay you £10. If the projected return for a similar new loan today is higher than your loan and the borrower has been inconsistent with repayments then an appropriate market rate adjustment is made and the buying investor may pay you £9.80. Any outstanding capital deducted from the buying investor’s purchase price represents the additional projected return they would expect to earn if they had acquired an equivalent new loan today. Any market rate adjustments consider interest rate changes and how well your loans have been performing to date. We regularly update our Investor Principles.

Do I have to pay tax on the money I earn by lending?

All returns are paid without any tax - even basic rate - deducted, so you should declare your gains to the HMRC. At the end of the tax year we'll make an annual income statement available to you to download from your account showing the total gross interest you've received over the previous 12 months. Find out how to declare your Zopa earnings. Zopa provides an annual statement to make it simple to declare your earnings to the HMRC for tax purposes. In June 2016 we updated our tax statements to reflect changes to HMRC’s guidelines regarding tax relief for bad debt: From tax year 2015/16 bad debt can be offset against interest income. Repayments on defaulted loans should be treated as taxable income (where they were previously eligible for tax relief). The amount of income tax you pay is dependent on your individual circumstances and may be subject to change in the future. The Personal Savings Allowance (PSA) was introduced for the 2016/17 tax year onwards and allows lower bracket tax-payers to earn up to £1,000 per year (£500 for higher earners) in savings income tax free. Your peer-to-peer (P2P) earnings are covered by your PSA, which means you can already benefit from tax-free earnings with Zopa (and / or any other P2P platforms you may use). From 2016/17 tax year all peer to peer lending companies with full FCA permissions will be able to offer an Innovative Finance ISA. This will allow lenders to invest up to £20,000 a year (annual allowance for the 217/18 tax year) in a P2P platform tax free. Read more about our Innovative Finance ISA.

As of 30 November 2020, the Safeguard Fund was wound down with the remaining balance paid to investors. Investors affected have received email communications about the payment and how this impacts them. We retired products with Safeguard coverage 1 December 2017. From 2013 to 2017, some of our products were offered with coverage from a provision fund called Safeguard. During that time, it was a tax-efficient way for investors to offset bad debt against interest on their loans. It worked by buying up bad loans and paying back the investor. And, to date, all claims on Safeguard have been paid out. In 2015, HMRC made some changes. New guidance meant investors could make a claim for tax relief on peer-to-peer losses directly. With the primary reason for the fund now removed, we took the decision that from 1 December 2017, we could retire all products with Safeguard coverage. The Zopa Safeguard is a fund held in trust by a not-for-profit organisation. As the fund is held in trust this means the money in it cannot be used by Zopa and there are rules for how the fund can be used. The fund was created to step in if a borrower gets into financial difficulty and can’t keep up with their repayments, to the point where they are behind on their loan by at least four months’ worth of repayments. At this point the Trustee and Zopa would work in conjunction to give you the money you are owed (the remainder of the money you lent them, plus any interest due on it up to that point in time). The Safeguard fund has covered all bad loans since it launched, but of course there is some risk it may not always be able to do so. The fund is not covered by the FSCS. Find out more about what happens if Safeguard is unable to step in. Zopa provides the money for the Safeguard fund. When a borrower is approved for a Zopa loan they pay a fee which covers the basic running costs of the company, including our loans team and the technology behind our website, and a contribution to the Zopa Safeguard. To determine the rate for the borrowers (the APR), the tracker rates add an applicable borrower fee which includes an amount to cover Zopa Safeguard.

I'm an investor, why is there a Zopa soft search on my credit file?

If you’ve recently validated your bank details with us, this is probably the reason you’re seeing a soft search from Zopa on your credit file. When we validate your bank details, we sometimes need to run a soft search on your credit file to help us confirm that the bank account that’s being linked to your Zopa investment is really yours. This step leads to better protection for the money you invest with us. It’s important to note that this is what’s known as a ‘soft search’, meaning it’s invisible to others reviewing your credit file and has no impact on your credit score.

Why don’t my product and holding account totals add up to my Zopa Total?

When loan customers make a monthly repayment, the capital and interest they pay must be divided across many different investors due to how we diversify funds. We divide all repayments into micro-pennies, to 8 decimal places, which allows for a greater level of accuracy and fairness overall. To report whole pence to you, we must then round these micro-pennies up or down. This creates small discrepancies against your Zopa Total. Here’s an example of a micro-penny repayment: A loan customer makes a repayment of £105 of capital and interest combined. The £105 must then be divided across 62 investors who all contributed to the loan (let’s assume each investor contributed the same amount of capital to the loan). £105 / 62 = £1.6935483 per investor, which is credited to your account. However, our reporting would round this down to £1.69 as the nearest whole pence. Here’s an example of a Zopa Total discrepancy: An investor has £21.394 in Core and £30.7930 in Plus. In the dashboard, we report to the nearest whole pence: £21.39 in Core, £30.79 in Plus, and a Zopa total of £52.19. This is because £21.394 + £30.793 = £52.187 which rounds up to £52.19. However, £21.39 + £30.79 = £52.18, so it appears as though the product totals don’t add up to the Zopa total.

How will I know the returns of each of my products?

For Core and Plus investors, when you log into your account and open your investment, you can scroll down to the 'Performance' section to see a summary of your earnings. As Zopa Classic and Access are legacy products which have been retired for some time, we aren't able to show a performance breakdown in the same way that we do for Core and Plus. For more information about how your returns are calculated, go to the "How are my returns calculated?" FAQ.

If a loan defaults in this tax year, but isn’t recovered until next tax year, does that recovery count towards my annual allowance?

No, it doesn't. If a loan defaults in one tax year but is recovered in another, it simply adds back in to your IFISA balance. The only exception is if you close your IFISA or transfer it to another provider. Then we'll need to pay the money into a non-ISA account so those funds will lose their ISA status.

What type of ISAs can I transfer my Zopa holdings into?

You are able to transfer into a cash ISA, a stocks and shares ISA or another Innovative Finance ISA. However, you should always check with your new provider whether they accept transfers from Innovative Finance ISAs before you make your request.

Can I get an update on a transfer out that I already requested?

If you’ve requested a transfer out and it’s been more than 30 days since the funds were available as cash in your holding account, please send us an email to investorhelp@zopa.com.

Is the Zopa ISA flexible?

The Zopa ISA is no longer flexible, as we’ve stopped taking new money into the Zopa investment platform. This means that if you withdraw money from your Zopa ISA, you won’t be able to put it back into the platform.

How has the purchase of my loans affected my ISA?'

Your Zopa ISA loans were purchased as part of the retail portfolio sale. But don’t worry, this did not affect your ISA allowance and the funds from the sale were directed to your holding account. As all your loans have been purchased, you can initiate a transfer out with another ISA provider, so you can keep the ISA tax-free wrapper. If you want to learn more about transfer outs, check out our FAQ.

Do bonuses and interest count towards my ISA allowance?

No, the interest you earn on your investment and any bonuses you benefit from with Zopa aren’t counted towards your ISA allowance.

How do I set up an automatic withdrawal?

Automatic withdrawals are the simple way for you to send money from your Zopa holding account to your bank account, without having to log in and go through the manual process. To set one up, simply follow these steps: Login to your Zopa account Open the investment you want to set up an automatic withdrawal for Click ‘access money’ Select ‘Withdraw from holding account’ Click the ‘Set up and automatic withdrawal’ option Choose your trigger amount and the account you want to send money to Hit ‘save changes’ Once this is done, every time your holding account reaches your trigger amount, we’ll automatically send all the money from your holding account to your bank account the following morning. Please note, the payment could take up to three working days to reach your bank account and the amount you receive may be slightly above your trigger amount if repayments made by borrowers lift you above that threshold ISA investors should not use this approach if they wish to retain their ISA investment in a tax-free wrapper.

What happens in the event of my death?

In the event of the death of an investor the loan contracts still stand but the benefit passes first to the estate of the deceased and then, if appropriate, on to the ultimate beneficiary. The value of the portfolio is calculated on the date of death as the total capital outstanding plus any funds not yet loaned out. Once Zopa are informed and sent a certified copy of the death certificate we would stop the account from lending more funds and provide details of the account to the administrator or executor. Before any financial changes can be made to the account we would require a certified copy of the Grant of Probate for our records. Zopa will continue to recover repayments and interest earned on existing loans for the benefit of the deceased lenders estate, until we are permitted to distribute the funds as instructed by the executor, which can be monthly, quarterly etc as agreed with the executor. This process continues until the outstanding loans are fully repaid or otherwise come to an end. Be aware the continuing receipt of interest on existing loans may give rise to a tax liability and the executor will need to address this with Her Majesty's Revenue & Customs or other tax authority as appropriate. Unfortunately, we cannot recover funds that are still on loan to borrowers and not due to be repaid yet; in order to retrieve these funds, the executor, administrator or ultimate beneficiary would need to allow the repayments to accrue within the holding account, before withdrawal. There is an option to sell the portfolio of loans, for a 1% fee, rather than wait for them to be repaid over time. This can be done through our Rapid Return facility although there are certain restrictions to this policy, which can be found here. If the executor wishes to utilise the Rapid Return facility, upon receipt of satisfactory evidence and compliance with any other Zopa requirements, the personal representative will be permitted to utilise the Rapid Return facility on behalf of the account holder's estate. The standard conditions for this facility apply and any loans that cannot be transferred will continue to run their course; the representative will have access to the funds as and when they are available. Zopa is unable to change the name on a lender's account as the agreement itself cannot be transferred into another individual's name. A lender is however able to make a request in their Will to leave the funds in their Zopa account and proceeds to a particular individual, although this will be subject to the laws of probate. The important things to consider are how they want the available funds at the date of death to be administered as well as any monies not yet due, i.e. capital outstanding on active loan contracts and the expected interest and repayments on them. In both cases the more explicit the instructions the better (i.e. who the recipients are and how much each should receive) as we have a duty to act in strict accordance with the individual's Will. In order to meet your wishes, we would simply require the appropriate documentation from your nominated solicitor to carry out these requests. Once probate is completed and we have the relevant documentation we would then deal directly with the beneficiary.

How do I turn off my automatic withdrawal?

If you want to turn off your automatic withdrawal, simply follow these steps: Login to your Zopa account Open your investment Hit the ‘access money’ button Select the ‘withdraw from holding account’ option Click ‘amend’ on the automatic withdrawal banner Hit remove this automation.

How safe is my money?

As a sensible lending platform we have contingency plans designed to protect you the in the event that Zopa was to cease trading. Any money held in Zopa and not lent out is in a segregated account, meaning your money does not form part of Zopa's assets.

Is it possible to withdraw money from the queue?

Yes, you certainly can. It’s all managed from your investor dashboard in four simple steps: Log in to your account and open your investment Once in, scroll down to the 'Investment breakdown' -- or 'Invested in' section if you're on mobile' -- and hit the ‘manage’ button on the investment you want to update On the manage page, scroll down to the 'being matched' section. If you have any money waiting to be matched, you can move this to your holding account without paying any fees by pressing the 'stop funds being matched' button, and then hitting ‘continue’ The money from the queue will then be directed to your holding account and is available to withdraw

Why can’t I add new funds to my investment?

The P2P investment side of Zopa is closed. Through the purchase of the peer-to-peer portfolio, all investors have now received their funds back. You can find more information on the closure in the ‘Changes to P2P investments’ section of our FAQs.

How long will it take to transfer my ISA?

Once funds are held as cash in your investor holding account, we normally aim to complete ISA transfer out requests within 30 days, which is in line with HMRC guidance. However, due to the volume of requests we expect over the coming weeks, things may take longer than normal.

How are my returns calculated?

Your Net Annualised Return (NAR) is the annual rate of return on your investment over its lifetime. It is based on actual borrower repayments you’ve received, minus service fees and losses due to defaults, and includes any recoveries we’ve made on your behalf. It is a measure of your performance so far and is not a forward-looking projection. Here’s how it looks in your dashboard: Why can’t I see my NAR? There are some account states that we don’t show a NAR for. These are: If you’ve been investing for under 12 months If you’ve had no active loans in your portfolio since February 2021 If you’ve performed an asset transfer of loans into or out of your investment – due to an ISA transfer, for example – since February 2021. For accounts in these states, NAR can give a misleading impression of how your investment has performed, which is why it’s not shown.

How is the average interest rate calculated?

You’ll find this in the ‘Loan book’ section of your investor account. It’ll look like this: This is the weighted average borrower interest rate of all of the loans you’re invested in, minus the loan servicing fee. It is ‘weighted’ because you’ll have invested more in loans at some rates than others, so we give those rates extra importance or ‘weight’. It does not take into account expected defaults. This is why your average loan interest rate will be different to your Net Annualised Return and the advertised projected return range on the website.

How was the price of my loans calculated?

All of your loans were acquired at face value, including performing loans, loans in arrears and defaulted loans.

Why do you need my national insurance number?

HMRC requires us to ask for this. It's used to check that you don’t go over the £20,000 yearly ISA allowance and have only opened one of each type of ISA per tax year.

How do I withdraw money from my Zopa holding account?

To withdraw from your holding account, all you need to do is follow these steps. Login to your Zopa account Open your investment Select the ‘Access money’ button Click ‘Withdraw from holding account’ Select ‘Make a single withdrawal’, then enter the amount to be withdrawn on the next screen. Once done, your money should arrive back with you within 3 to 5 working days. You will also see an option to set up an automatic withdrawal. Automatic withdrawals are a simple way for you to send money from your Zopa holding account to your bank account, without having to log in and go through the manual process each time. You may find this useful if you are looking to gradually wind down your investment while limiting the amount of idle money sitting in your holding account. Learn more about automatic withdrawals.

How can I access my money from the new lender products?

There are two ways you can access your money from our investment products. 1. Sell your loans to access a lump sum If you want to withdraw a lump sum, you need to sell your loans to other investors. This service is always available as long as there are other investors to give your loan a new home. It's a speedy but not immediate service, as it isn't like an instant access bank account. For Zopa Classic, Zopa Core and Zopa Plus there is a 1% fee associated with this service. If customers in Zopa Access wish to sell their loans, those loans will be prioritized for sale on the secondary market above loans from other lending products. If the loan you're selling is at a lower rate than the lowest rate on a similar new loan today, you'll need to pay a small amount to the investor taking over your loan. This covers the extra interest they could have earned by buying a new loan instead. Finally, accrued interest is not paid to the seller. If you have repayments due in 3 days, for example, but request a loan sale before then, you will not receive those repayments. 2. Collect your repayments in your holding account You can choose to send all of your repayments directly to your holding account, from where you can withdraw it at no charge. However, it's important to remember that money in your holding account does not earn any interest. To keep your money active, you can set your repayments to go back into a product, where it will be automatically relent at the latest rates. You can change where your repayments go via the "Manage" tab in my Zopa.

Why can't I reinvest into Access or Classic?

Overtime we’ve changed the investments available to our investors. If you have ever used Zopa Classic or Zopa Access you may still see this active on your dashboard, but only our current products, Core and Plus, can be reinvested in.

How do repayments work?

Throughout the month, you'll receive repayments from each of your borowers. These are made up of your initial investment and interest. You'll receive these each month until the loan is repaid or, in some cases, the loan goes into default. We anticipate a certain amount of money plus interest each month from each borrower, but sometimes they pay back a little more or they end up repaying early. So the monthly repayment can vary. You can choose to either automatically reinvest these repayments, or direct them to holding, where you can manually reinvest or withdraw the money.

How long can I lend my money out for?

Because borrowers repay monthly, your money isn't tied up for a fixed duration. If you have automatic reinvesting on, then that money isput towards buying new loans. If you don't, it goes into holding and waits for you to decide what to do with it: reinvest it at Zopa, or withdraw it to spend on whatever you like. And if you need to access your money while it's still lent out, you can always sell your loans to other investors (rememebr there's a 1% fee associated with this). So there's no fixed term, and no upper time limit on investing. It's entirely up to you.

How do I update my reinvestment settings?

There are a couple of ways you can do this. If you want to update the reinvestment settings on an individual investment level, just: Login to your account Open your investment Navigate down to your investment breakdown, or invested in section if you're on mobile, and click the ‘manage’ button on the investment you want to update the settings of Scroll down to the ‘loan repayments’ section From here you can update your reinvestment settings If you choose to stop reinvesting, all borrower repayments for this product going forward will accumulate in your holding account. Please note, previous borrower repayments may still be in a queue waiting to be matched to loans. If you wish to stop these funds from being reinvested, you will need to do the additional step of clicking “Stop funds being matched” on the same screen. This will take all funds waiting to be matched for that product out of the queue and into your holding account. If you have multiple investments and want to turn reinvestment off for all of them in one go, there’s a quick way to do that. After you’ve logged into your account and opened your investment: Hit the 'access money’ button Select the ‘turn off all reinvestments’ option You’ll see a quick summary. Take a read through and if you’re happy to turn off all reinvestments, click ‘understood’ Please note, if you also want to take existing funds out of the matching queue (i.e. from previous repayments), you will need to manage this for each product as described in the steps above.

How much will I lend to each borrower?

The exact amount will vary depending on how much money you have in the platform. Previously, we broke investments down so that no borrower would hold more than 1% of the amount initially invested. However, thanks to an upgrade we made to the tech our P2P platform runs on in February 2021, we’re now able to break your investment down into even smaller chunks, so we can diversify your investment more. That means, no borrower will now receive more than 0.5% of the total amount you invest. So, for example, by investing £1,000, 200 borrowers will each get £5.

What happens if I stop a loan sale?

You can request to cancel your loan sale at any time. Proceeds from loans already sold will be available in your holding account and any loans that were queued to be sold will be taken out of the queue. Loan sale fees and market rate adjustments will only apply to loans that have already been sold, and not on loans that were taken out of the queue.

Can I make money available without selling loans?

Selling loans isn’t the only way to make money available. You can also: Manage repayments You can make money available without paying fees by turning off reinvestments. When you do this money will slowly accumulate and become available in your holding account. Here’s how to do this. Log in to your Zopa account and open your investment Once in, scroll down to the Investment breakdown. Once here, hit the ‘manage’ button Once you’re on the more details page, scroll down to the loan repayments section. From here you can turn reinvestment off by clicking the ‘Stop reinvesting’ button. Move money due to be invested Money isn’t instantly invested in loans, when you invest it takes some time to find the right loans to diversify your investment. Therefore, you may have money which is ‘Due to be invested.’ This can be instantly moved to your holding account without paying fees. Here’s how to do it: Log in to your account and open your investment Once in, scroll down to the Investment breakdown. Once here, hit the ‘manage’ button Once you’re on the manage page, scroll down to the being matched section. If you have any money waiting to be matched, you can instantly move this to your holding account without paying any fees by pressing the 'stop funds being matched' button

Can I still fall outside of my personal projected range?

Your actual performance can still fall outside of your projected return range. This can be the result of a change in the way you use Zopa, for example if you turned off reinvestments or sold some of your loans. Or it would be due to external factors, like a change in the wider economy, which has led to significantly different credit conditions affecting borrowers' ability to repay their loans.

How can I see what I have earned?

When you log into your account and open your investment, you can scroll down down to the 'Performance so far'section to see a summary of your earnings. For a more detailed look at your earnings, head to your Statements page for a month-by-month view of earnings, bad debt, bonuses, and recoveries.

Is Zopa accepting new ISA transfer ins?

No, we’re no longer accepting ISA transfer ins.

How do I access my money by selling loans?

How do I sell my loans? If you need access to money that you have lent to borrowers before they are due to pay it back, Zopa has a tool to help sell your loans to other lenders. You can sell your loans by signing into your Zopa lending account and selecting the ‘Access money' button. Do I have to pay a fee? We charge a 1% admin fee for all successful transfers made via this tool, apart from transfer from Zopa Access (which was discontinued in 2017). Do I have to sell all my loans? You can use this tool to sell some or all of your loans. If you only want to access some of your money, you can select a specific amount to sell. Will I receive all my outstanding capital back? What is a "market rate adjustment"? There may be situations where the interest rate on loans you wish to sell is lower than the current market rates. So that other lenders can still buy those loans from you, an extra amount needs to be credited to them. This amount represents the extra interest they would expect to earn if they lent out the same amount of money in a similar loan, but at the current rate. How do you decide which loans to sell? In order to minimise the effect of the above mentioned credits, when you sell your loans we prioritise selling your youngest loans first. If the requested amount cannot be reached just using these loans, we will then start to transfer loans at a lower rate, starting with the smallest differences in rate. You can sell loans that have previously been in arrears: however be aware that capital you receive for selling these types of loans may be less than you'd receive for loans that haven't ever been in arrears. Some loans cannot be sold: find out more about loans which are ineligible for sale. We can't guarantee you'll be able to access the full amount you've requested via this loan sale. Some of your loans may be ineligible for sale, or other investors may not be available to buy them at this time. If, after multiple attempts, we're unable to sell them we'll let you know we're taking the loans off the market, and you can choose to wait until they mature, or attempt to sell your eligible loans again another time. How does selling loans work? After you’ve made your request, it will be added to our loan sale queue before we start selling. We then break loan sale requests down into stages, selling a set amount of loans at a time. This means investors may see gaps between funds being returned to their holding account, but rest assured we will try to work through the full amount of your loan sale. Please note, we can’t always guarantee you’ll be able to sell your loans, as sales are dependent on demand from other investors.

I want to sell some loans - which ones are eligible?

Loans that are currently up to date on their repayments are eligible to be sold. This includes: Loans which have previously missed repayments but have since returned to contractual payments: however, be aware the amount you receive for selling these types of loans may be less than you’d receive for loans that haven’t ever missed repayments Loans that have been on the Coronavirus payment arrangements but have returned to contractual repayments and have no new arrears. They must have ended their arrangements at least three months before being sold. Not all loans are sellable. This could be because: The loan is currently behind on repayments – it’s not fair for the buyer to take on a loan which is not currently paying back. The loan has defaulted.

Could I have opted out of the sale?

Under the terms of the Zopa Principles, investors weren’t able to opt out of the sale, as Zopa purchased your loans at face value. As we’re no longer matching investor funds to new loans, we believe this is the best outcome for investors. The purchase locked in any returns you’d already earned and ensured your funds were available to withdraw from your holding account in a timely manner, rather than having to wait for your investment balance to wind down over up to five years.

Which of my loans were sold?

All the loans in your portfolio were included in the sale. Loans that were sold will show as ‘Closed’ in your loan book. Your defaulted loans will show as ‘Settled’.

What happened to my defaulted loans?

Any defaulted loans in your portfolio at the time of the sale were acquired in the purchase. When a loan defaults, the value of that loan drops to £0, which is why you didn’t receive a payment for these loans. However, through our regular debt sales, a lot of the defaulted loans in the P2P portfolio had already been sold off. We concluded our last debt sale in September 2021. It’s important to be aware that many of the defaulted loans that were left in investors’ portfolios were likely already in default before the September sale but were ineligible for purchase. A loan may be ineligible for a debt sale for a few reasons, such as if it’s held by a vulnerable customer or someone in a bankruptcy agreement. In these instances, the chance of making recoveries is significantly reduced. As we paid face value on loans that were already in arrears, this should more than make up for any money that may have come through in recoveries from loans that had already defaulted.

What's happening with my investor bonus?

For investors who receive the early adopter bonus, here’s what to expect for December 2021 and January 2022. We usually calculate investor bonuses based on your invested balance on the 27th of the month. Given we completed the first stage of purchasing investors’ loans before that date in December, we decided to honour the bonus based on your investment as of 1st December, before any loans were sold. This was applied on 17 December and appeared as a ‘goodwill payment’ in your statement. We completed the purchase of the remaining loans on 14 January 2022, and therefore no bonus will be paid from January onwards.

What’s changing with my investment?

After lots of deliberation, we decided to close the peer-to-peer (P2P) investing side of our business. To make this as smooth as possible for our investors, Zopa Bank bought the entire P2P loan portfolio at face value, so investors received their investment balance back in full. The purchase completed on 14 January 2022.

When did the purchase of my loans complete?

The purchase of loans started in December, taking place in stages and completing on 14 January 2022.

Why did you stop P2P investments?

Sadly, over the last few years, customer trust in P2P investing was damaged by a small number of businesses whose approach led to material losses for customers investing in those platforms. Linked to this, the changing regulation in the sector made it challenging to grow our P2P business while remaining commercially viable. We therefore decided to fully focus on Zopa Bank. We deliberated over a number of options for how to close the P2P side of our business and we believe the sale of your portfolio in full to Zopa was the best outcome for our customers. This locked in the returns you’d already earned and ensured all your funds were available to withdraw from your holding account on 14 January 2022. We want to say a massive thank you to all of you joined us on this journey and we hope you’ll continue as a Zopa customer into the future.

How do I transfer my ISA to a new provider?

In order to retain the tax-free treatment of any ISA funds deposited in previous tax-years (2020/21 and earlier), you’ll need to initiate a transfer-in request with a new ISA provider who will then get in touch with Zopa on your behalf. If you withdraw the money to your own bank account, this could impact your tax-free allowance. To make your request, you’ll need your ISA reference number, which you can find in the ‘my details’ section of your Zopa account. Then, these are the steps you’ll need to follow: Wait for the amount you want to transfer out to build up in your holding account Complete an ISA transfer form from the new ISA provider The new ISA provider will contact us with your instruction We’ll transfer the money from your holding account to your new provider If you request a full transfer out, we’ll only be able to start processing this when all your loans have been purchased. This means there may be some delays in processing your transfer out if you request it before the purchase is complete For funds deposited in the 2021/22 tax year, Zopa’s flexible ISA allowance means that as well as requesting an ISA transfer, you could also choose to withdraw these funds directly from the platform and use them to fund an ISA as long as this is deposited before 6 April 2022. While ISA transfer requests should be handled online from start to finish, if your new provider asks for our address it is: Zopa, 1st Floor, 47-49 Cottons Centre, Tooley Street, London, SE1 2QG In some instances, your new provider might also ask for Zopa's account number and sort code. These are as follows: Sort code: 16-00-30 Account number: 10212420

Where can I find my annual income statement?

To find a downloadable, PDF version of your annual statement or tax year statements, all you need to do is follow these steps if you're on a desktop computer: Login to your account Open your investment Scroll down to the performance section (underneath your investment breakdown) Click 'statements' You can then use the dropdown menu highlighted below to toggle between different statements. Just select the one you want and then hit the ‘Download statement (PDF)’ button If you're trying to do this on a mobile device, the steps are ever so slightly differnet. Here's what you need to do: Login to your account Open your investment Scroll down to just above the Performance section You'll see a small box titled 'performance', highlighted in the image below. Tap this and you'll see a list of options. Select 'statements' and from here you can use the dropdown menu to toggle between different statements. Just select the one you want and then hit the ‘Download statement (PDF)’ button If you're looking to close your Zopa investment, you can download your statements as part of that process. Check out this FAQ for more details.

How do I find my ISA reference number?

When requesting to transfer your ISA to a new provider, you’ll need your ISA reference number. Here’s how to find this: Log into your Zopa account Click your name in the top right-hand corner and select ‘my details’ Scroll down and you’ll see your ISA reference number