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Zopa Loan Refund Claims

If you ever had a loan from Zopa Loans, you may be able to claim compensation if the lender increased your credit limit without checking you could afford the repayments.

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Zopa loan claims

A staggering number of loans offered by notable loan providers fall under the category of mis-selling. As the market for financial products like loans continues to grow, more people than ever before are falling into debt due to unaffordable loans. If you have taken out an unaffordable loan from Zopa, then you might be eligible to make a claim against them to seek compensation. At Claims Bible, we can help you understand your rights and fight for you to win your case against Zopa.

What are Zopa loan claims?

With the cost of living crisis external link icon light blue adding strain to many household budgets, financial lenders have seen a significant rise in loan applications. Many of these financial lending companies have capitalised on this by providing financial products like loans without considering the financial strain it may cause customers. By foregoing things like affordability checks, external link icon light blue customers quickly realise that the loan they have taken out is unaffordable. If you believe that this has happened to you, then you can make a claim against Zopa for unaffordable lending practices.

How to check your eligibility for an unaffordable loan claim

Determining your eligibility for an unaffordable loan claim is quite straightforward, particularly if you enlist the services of experts like Claims Bible. We’ll look at your case to look for the following factors:

  • Inadequate Affordability Assessment: Was an affordability assessment performed during your application for a loan?
  • Expensive Interest Rates: Was your loan offered to you with expensive interest rates that were not clearly explained to you?
  • Early Repayment Charges: Did Zopa charge you for making repayments early?
  • Rolling Loans: Were you offered or recommended to take another loan out to pay for your existing one?
  • Unclear Loan Terms: Were the terms and condition of the loan unclear or difficult to understand?

How to make a Zopa unaffordable loan claim

If you’re wanting to make an unaffordable loan claim against Zopa, Claims Bible has made the process as simple as possible for you. Here’s how it works:

  • Sourcing Evidence: We’ll want to gather as much evidence as possible to support your claim. This might include key documents like terms of the loan and bank statements to show financial hardship.
  • Lodging a Complaint: When we have all of the evidence we need, we can move on to drafting an official complaint to Zopa.
  • Communicating With Zopa: Once we have your complaint ready, we’ll formally submit it to Zopa to give them an opportunity to provide you with a settlement.
  • Escalating to the Financial Ombudsman Service (FOS): If Zopa’s settlement isn’t sufficient, then we can escalate the claim to the FOS, external link icon light blue who will act as impartial parties during a tribunal to make a ruling.

The deadline to submit your Zopa loan claim

In the UK, there are a few deadlines external link icon light blue to be aware of when making unaffordable loan claims. You’ll have six years from the first time you knew the Zopa loan was mis-sold to you and was unaffordable. There is also a deadline if you want to escalate your claim to FOS, which is six months from when Zopa gave you a final response about your claim.

How much is a Zopa unaffordable loan claim worth?

Due to the individual nature of unaffordable loan claims, your Zopa claim value will depend on the outcome of the case. Your overall compensation will factor in several variables, including the value of the initial loan, how much financial strain it placed on you and the amount of interest you paid. You could potentially receive the loan principal back, as well as any interest you had paid and additional compensation for financial hardship.

How to start your claim against Zopa

Starting your unaffordable loan claim against Zopa should begin by speaking to a specialist who can help with your case. Our experts at Claims Bible know these claims well and utilise a tried-and-tested framework to make things as simple and stress-free as possible. By working with us, we can start your claim for you and strive to reach a settlement that benefits you.

Let Claims Bible help you settle a Zopa unaffordable loan claim

Let our professionals at Claims Bible take all of the stress out of your unaffordable loan claim against Zopa. We can guide you through the entire process, help you understand your rights and what you’re owed, as well as provide you with a clear path to a successful claim against Zopa.

Why choose Claims Bible?

100% Confidentiality

Being discreet is part of our business, our legal representatives will never discuss your case without your permission.

Proven Track Record

So far we’ve handled over 10,000 cases and claimed back over £2,000,000 for our clients so you are in safe hands.

Claim Professionals

We partner with specialist firms so your claim is handled by an expert who is familiar with your type of claim.

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