I already have a Zopa loan

Why is Zopa changing advance notice from 10 working days to 3 working days?

What is advance notice?
‘Advance notice’ is the notification you receive before a Direct Debit collection. This notification advises you of the collection amount, date and frequency of your payments. We’ll provide this to you before the first collection in your repayment schedule and then again if there are any changes to the amount, date and frequency of your future repayments.

Why don’t I receive advance notice before every collection?
When you enter into a loan agreement with Zopa, we set up a monthly repayment schedule for you, with fixed Direct Debit collection amounts. If you stay on this schedule - making no changes to your repayment date or amount - then the details of advance notice will be the same as when you first received your loan. That’s why we won’t send notice for each collection.

Why would my repayment amount change?
There are a few reasons why your repayment amount might change. If you make a lump sum payment, this reduces the total balance on your loan and can change your future monthly repayment amount.
If you change your repayment date, the amount of your next repayment will be adjusted to recalculate interest between the original date and the new one. Your payments will then proceed as normal with the original amount.

What is Zopa’s advance notice period?
Previously Zopa have had an advance notice period of 10 working days. On 28th May 2019, we are changing this to a 3 working day advance notice period.

How does this give me more flexibility when I am making changes to my repayments?
By providing you with 10 working days of advance notice, we are more restricted with the days in a month when we can help you make changes to your repayment date or a change that would affect your repayment amount. From 28th May 2019, we will be able to assist you in making these changes up to 3 working days ahead of your next collection whilst also providing you with the right amount of advance notice.

Last Updated: 25 April 2019, 02:47pm

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