What happens when a borrower misses their repayment(s)?
Zopa receives notification from the banking service that a Direct Debit repayment has failed. This could be due to insufficient funds in the borrower’s account, or an issue with the Direct Debit instruction. Unless there is an exceptional mitigating factor that has affected the ability to take payment (such as a technical issue), Zopa then pursues the course of action described below. Establish contact and agree repayment • On the day the Repayments team are notified of the failed payment, they attempt to make contact with the borrower by phone to establish the reason for missing the payment. If they are unable to speak with the borrower, the team follow up both by email and letter. The team continue to try to contact the borrower every few days until a response is received and the circumstances for non-payment can be determined. • Usually this is a one-off occurrence due to personal circumstances, and the team will arrange for full repayment of the arrears, or if the borrower cannot a
