Early repayment Zopa

[sammc123]

Hi guys not sure if anyone can help me here but I am a little confused and need something clearing up. In October I took a loan of £14000 from Zopa at an extortionate rate of 24.5% meaning if I leave the loan for the 5 year term the total payable would be £23266! Now I am hoping to pay back this loan early in full in Jan/Feb. What I really need clearing up is would I pay back the £14000 plus whatever interest has been accumulated in the previous 5 months or would I pay the £23266 as if I had the loan for the full 5 years?

I do apologize if this sounds like a daft question to you guys but I am a little worried I could be charged the enormous amount of nearly £10k for taking out a loan for 5 months!

[Sarnie]

The full interest is only payable if you kept the loan over the whole term......

[garylythgoe]

Just go on the site and you should be able to see/request the early settlement figure.

[Soov535]

http://help.zopa.com/customer/portal/articles/2406...

[bigandclever]

sammc123 said:

from Zopa at an extortionate rate of 24.5%

But someone's got to pay for the gun they hold to your head.

[Soov535]

bigandclever said:

sammc123 said:

from Zopa at an extortionate rate of 24.5%

But someone's got to pay for the gun they hold to your head.

This!!

[JapanRed]

sammc123 said:

Hi guys not sure if anyone can help me here but I am a little confused and need something clearing up. In October I took a loan of £14000 from Zopa at an extortionate rate of 24.5% meaning if I leave the loan for the 5 year term the total payable would be £23266! Now I am hoping to pay back this loan early in full in Jan/Feb. What I really need clearing up is would I pay back the £14000 plus whatever interest has been accumulated in the previous 5 months or would I pay the £23266 as if I had the loan for the full 5 years?

I do apologize if this sounds like a daft question to you guys but I am a little worried I could be charged the enormous amount of nearly £10k for taking out a loan for 5 months!

You will be charged only for the length of time you've had then loan, plus maybe an extra 2-3 months interest for settling early.

[Sharted]

There is a mandatory method of calculating the settlement figure, just call them and ask for one.

They won't shout at you.

[shep1001]

You took a loan out & did not do your due diligence to understand the terms of the loan?

[Trabi601]

£14k.

24.5% APR

No wonder we're fked.

[bazza white]

This is nothing compared to some on the money saving expert forums.

[AyBee]

Trabi601 said:

£14k.

24.5% APR

No wonder we're fked.

No, we're fked because people take out loans and don't even know how much they have to repay - my first questions when taking out a loan would be "how much" and "when"

[Soov535]

Trabi601 said:

£14k.

24.5% APR

No wonder we're fked.

:rofL;

No we're fked because people are not bright enough to work it out, or if they are they are too greedy to care.

[Trabi601]

Soov535 said:

Trabi601 said:

£14k.

24.5% APR

No wonder we're fked.

:rofL;

No we're fked because people are not bright enough to work it out, or if they are they are too greedy to care.

That's kind of my point.

What kind of idiot takes out a loan of £14k at 24.5% APR?

[Ian82]

Trabi601 said:

That's kind of my point.

What kind of idiot takes out a loan of £14k at 24.5% APR?

You would be amazed at how many people don't look st the cost of credit or interest rate, an affordable monthly repayment is enough for most people to sign on the dotted line as it is an affordable or achievable figure

[EddieSteadyGo]

Trabi601 said:

Soov535 said:

Trabi601 said:

£14k.

24.5% APR

No wonder we're fked.

:rofL;

No we're fked because people are not bright enough to work it out, or if they are they are too greedy to care.

That's kind of my point.

What kind of idiot takes out a loan of £14k at 24.5% APR?

Someone who has a poor credit rating and most likely some level of track record of not repaying the principle sum to the lender.

[zedx19]

Just log onto your Zopa account, go to my account and it tells you everything, including how much left you have to repay and a button to repay the loan in full, including how much that would be. You can even click a button saying, "Repay my loan" and within 3 days they'll take the full amount from your account. I took out a loan with them over 5 years which I've recently repaid early, found the whole process extremely easy.