34 YEARS OLD LONDON WORKING MAN NEEDS TO CLEAR EXISTING LOAN!!
Loan purpose
Consolidate existing debts
Listing ends:
22.05.2008 - 10:11 AM (Ended)
Personal profile
WHY I'M BORROWING
I need the £12,500 to clear off my existing loans, so I have nothing further to repay apart from my Zopa loan.
WHY I'M A SAFE PAIR OF HANDS
I have no other outgoings. I live with my parents, so I have no rent or mortgage. I have no outstanding debts at the moment (after I clear it with my Zopa loan and I have a monthly income of £1666.00 per month (gross).
THE STATE OF MY FINANCES
As said above, I will have no further loans or debts to pay apart from my Zopa loan. I have always cleared all my finance payments on time, so I have excellent credit rating.
I WILL NEED THIS LOAN IN FULL, OTHERWISE I WILL BE DECLINING MY LISTING OFFER... SO CAN YOU HELP ME?
£
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| 1 | 1606pgs | £10.00 | 5.00 % | 16.05.08 23:20 | |
| 2 | opeless | £10.00 | 7.00 % | 16.05.08 23:50 | |
| 3 | zoot | £10.00 | 10.00 % | 12.05.08 12:24 | |
| 4 | coldturkey4 | £50.00 | 10.00 % | 14.05.08 10:50 | |
| 5 | gifthorse | £40.00 | 11.50 % | 15.05.08 15:04 | |
| 6 | HappyHappy | £10.00 | 12.00 % | 14.05.08 21:45 | |
| 7 | amberwillow | £10.00 | 12.49 % | 16.05.08 18:12 | |
| 8 | Shiggaddi | £50.00 | 12.50 % | 15.05.08 21:11 | |
| 9 | mowisqu | £30.00 | 12.97 % | 15.05.08 05:50 | |
| 10 | cornetto | £10.00 | 14.00 % | 12.05.08 12:46 | |
| 11 | mrtaximan | £10.00 | 14.00 % | 12.05.08 15:07 | |
| 12 | thesmileyone | £10.00 | 15.00 % | 12.05.08 18:21 | |
| 13 | MadMichael | £40.00 | 15.00 % | 18.05.08 03:10 | |
| 14 | Serra | £20.00 | 15.60 % | 21.05.08 13:20 | |
| 15 | glynzopa | £10.00 | 15.99 % | 19.05.08 11:03 | |
| 16 | pardeep | £10.00 | 16.00 % | 13.05.08 16:55 | |
| 17 | Serra | £20.00 | 16.60 % | 21.05.08 10:45 | |
| 18 | Serra | £20.00 | 17.60 % | 21.05.08 13:03 | |
| 19 | Serra | £20.00 | 18.60 % | 21.05.08 13:04 | |
| 20 | SkyRider | £10.00 | 19.50 % | 14.05.08 18:17 | |
| 21 | Serra | £20.00 | 19.60 % | 21.05.08 13:05 | |
| 22 | mowisqu | £20.00 | 19.98 % | 14.05.08 06:02 | |
| 23 | toprates | £10.00 | 20.00 % | 12.05.08 10:32 | |
| 24 | deltadunarii | £10.00 | 20.00 % | 14.05.08 19:11 | |
| 25 | TWI | £100.00 | 20.00 % | 14.05.08 19:47 | |
| 26 | cruckbeam | £10.00 | 20.00 % | 19.05.08 17:45 | |
| 27 | loadsacash | £10.00 | 20.00 % | 21.05.08 14:38 | |
| 28 | TingB | £10.00 | 20.00 % | 21.05.08 15:05 | |
Questions about this listing
Lenders are invited to ask questions to borrowers. Borrowers will be notified of
any questions and can answer if they wish. They may choose not to respond to questions
that are too intrusive though.
Question asked on:
Monday, 12th May 2008
Question asked by:
hdh1948
Question:
I think you are being ridiculous. Only an idiot would lend you money at 5% p.a. when much more can be obtained elsewhere. You give no details of your income and expenditure. Do you really expect us to belive that you can live in London on £500 per month including debt repayment? As you claim to have such a huge surplus each month, why not use that to pay off your loans? I suggest you stop wasting our time and withdraw this request. Sorry to be so blunt, but Father Christmas does NOT exist!
Answer:
Be more polite MR RIDICIOUS. I dont care if others live or not live in London at £500 per month, but I do. If you read my listing properly, I have stated that I live with parents so I have no rent or mortgage. £500 is the maximum I spend for household shopping and utilities. And please you dont have to tell me how to pay off my loans. I have other sources to clear off my debts so if I dont get good result, I will be withdrawing my request without your suggestions thank you very much! And if you dont believe in my £500 per month living in London, I suggest you consult a debt management consultant for yourself!!!
Question asked on:
Monday, 12th May 2008
Question asked by:
Tonyu
Question:
Hi,
If you look at the other people who are asking for loans they are all around 10%, so you've almost no chance of people deciding to lend to you at 5% when they can get 10% one line up or down.
All The Best,
T
Answer:
Hi
My local bank has offered me a preferred rate loan of 5.5% but before I take their offer, I'd see if I can get anything with Zopa. If not, I will decline my listing offer, but I guess I'd give Zopa a shot as Zopa offers early repayment option at no extra charge. So far I have got 2 offers in under one hour, so I'd see what happens... No hard feelings with any lender!
Question asked on:
Monday, 12th May 2008
Question asked by:
bennybank
Question:
I'm sure we can't beat 5.5% from your bank so I would cancel your listing and borrow from them :-)
Answer:
Hmm I guess I will see what happens within the next 7 days (as my listing is live for 10 days). If I dont see Zopa giving me better than 5.5%, I will cancel as you suggest and as hdh1948 also suggested earlier.. thanks for your comments!
Question asked on:
Monday, 12th May 2008
Question asked by:
sl75
Question:
Within the last month the best rate I've seen a listings loan complete at was just over 8%. I've only noticed one listings loan complete at a rate below 7%, and he said he was "publicising this listing on various forums linked with my real name", and thus presumably had various friends and acquaintances bidding on the listing lowering the rate.
If you are really able to get a 5.5% rate on unsecured borrowing from the bank (either as an APR, or with a fee equivalent or less than Zopa's 94.25), you may as well go for it - you can always use a savings account or other investment [Zopa lending?] in place of any overpayments you might have made.
Good luck with this listing anyway if you do decide to let it keep running.
Answer:
Thanks for your comment, it is useful to know what lenders experience have to say. As I have said above, I will see what happens within the next 7 days. I have got 3 offers so far, so doesn't look very promising. I guess I will still keep it running for 7 days and if my bank beats Zopa, then I will definitely go to my bank for a loan!
Question asked on:
Monday, 12th May 2008
Question asked by:
eddygorge
Question:
Which local bank is offering you 5.5% for an unsecured loan? Get down there quick and snatch their hands off before they change their mind. You will never achieve a better rate than that here.
Answer:
Thanks for your suggestion. The bank usually offers 7.9% but because of my excellent rating with them, they have given me a 5.5% APR valid up to the 31st May 2008. So I still have enough time to see if Zopa does the trick for me. If Zopa does not work for me, trust me mate.. I will be going to my local Bank before the 31st May 2008.. no harm in trying isnt it? Sorry I cannot name the bank, as they said this offer is not publicly available, they have just mail shot a number of their valued customers. Thanks!
Question asked on:
Monday, 12th May 2008
Question asked by:
fluppet
Question:
Hi Harpal
A few questions which I hope you won't mind.
Given that you have such a large surplus now on a monthly basis, how is it that you have ended up with a debt of this size?
Was this run up before or after you started living on £500 per month?
Also if you have ~£1k spare per month and so could presumably pay this amount off in about 12 months why are you asking for a loan over 48 months?
best wishes
fluppet
Answer:
Hi,
I guess I was a bit stupid by taking a brand new car in 2005 with reduced monthly repayments on a final balloon payment of £12,500 or they will repossess my car. So I have £12,500 to pay them by the 1st of June 2008. To answer your other question, I am saving the £1000 spare per month so that I can raise a high deposit to buy a house within the next 4-5 years... I just think getting a loan at a low APR will help me to make small monthly loan repayments while at the same time, using the £1000 spare surplus to save up for my new house dream.. Thanks for your questions anyway!
Question asked on:
Tuesday, 13th May 2008
Question asked by:
simonh83
Question:
what car do you have that leave you with a baloon payment of over 12k after paying money monthly for a min of 12 months?
in the listing you talk about loanS, but in the answers you only talk about one loan?
Answer:
Hi, I have a Mercedes which I purchased for £24,000 (that time I was in a better salaried job). The end of the initial three year agreement is coming to an end now and because I opted in for the reduced monthly repayments, I now have a balance of £12,500 to pay them by the 1st of June 2008 or they will repossess my car. I guess I'd see if Zopa does the trick for me in 7 days and if not, I'd go for the preferred rate to my bank as suggested by some Zopa members too. No harm in trying out for 7 days.. And yeah I guess the loanS spelling was an error, it is just one loan (i.e. the car finance) that I need to clear off. Or if I am fortunate to sell the car, then I wont need any loan. I have it advertised on another car sales website. See what happens within the next 7 days. Thanks for your question anyway.
Question asked on:
Tuesday, 13th May 2008
Question asked by:
Tonyu
Question:
Hi
If the ZOPA flexiblity on paying the loan off early is important to you, why not go for a ZOPA Market loan? It will still be above 10%. Your loan here on ZOPA Listings will definitely NOT come togther for you, I'm sorry to say. Some interesting advice maybe, but no loan on listings.
All THe Best,
T
Answer:
Hi Tonyu, I am starting to believe that I wont get the rate I want from the listing, but no harm in trying isnt it. All you members have been really helpful with your comments, which I will keep in my mind if in case I cancel this listing and decide to take a loan in the near future again. If I have to take a market loan, hmm maybe I'd go to my bank! Take care!
Question asked on:
Tuesday, 13th May 2008
Question asked by:
james72
Question:
hi harpal
intresting to see that you can get 5.5% you sure its not 15.5%? i find it very hard to believe a bank will offer you that rate, i have been with my bank for over 17 years and they never offer me those rates, especially in todays climate. what type of mercedes do you have and what apr are the financing company charging you. might have a buyer!
Answer:
Hi James72,
I also found it hard to believe, but I have checked with my bank and they have stated it in writing that their typical APR is 7.9% but for high credit rated customers, they are giving a one off loan deal at 5.5%. I guess this is because of the current financial market situation. I have a C180K Silver Mercedes SE Avantgarde 1.8 2005 model. I purchased it for £24,000 and the mileage is just 16,300 compared to other three year old cars with mileage above 40,000+. It has full service history and is MOT pass worthiness. I will either be lucky to sell it before the end of May 2008 for £16,000 (so I can clear the £12,500 from it and leaving me £3,500 to buy a second hair car, which I have in my mind to buy a used car for £3,500 I have seen). Or if I am not lucky to sell the car, I guess I will take the loan from the bank or if Zopa does the trick for me in 7 days and if not, I will cancel my listing but will see this experience as a good experience from other Zopa member comments
Question asked on:
Tuesday, 13th May 2008
Question asked by:
hdh1948
Question:
I am so sorry that my first question upset your sensibilities, but the fact remains that anyone lending to you at 5% will have to pay a 0.5% fee to Zopa, and after paying tax at standard rate, that means that a lender's nett income will be just 3.6%. Cash ISAs can be obtained at around 6%. Do you understand now why I think your application is ridiculous?
Answer:
Ok far comment, and as I said above, I will still keep this listing going on for 7 days from date of set up. I dont see myself getting the same rate from Zopa as I have from my bank, so as you initially said, yeah I think I will delete my Zopa listing in the 7th day unless I get surprised with a good rate, which I very much doubt it. Thanks for your contribution with your comments.. No hard feelings!
Question asked on:
Tuesday, 13th May 2008
Question asked by:
plmr
Question:
Hello,
Why yo do not get ths loan for 5.5%? It is with no doubt one of the best in the market. Thanks plmr
Answer:
Hi mate, yeah I know it is the best rate. That offer is open for me until the 31st of May 2008, so I will go to the bank by that date. As I said before I see no harm in seeing how Zopa works for the 7 days. But I am very certain that the bank option is where I will be heading. Thanks!
Question asked on:
Wednesday, 14th May 2008
Question asked by:
1606pgs
Question:
Hi Harpal,
Why don't you take the bank's offer, sell the car, and put the money on LOAN into Zopa - you'll end up quids in.
Answer:
THIS MESSAGE IS FOR 1606PGS:
I am still trying to sell the car. I guess if I sell the car, I will use that money to pay off the finance outstanding and then either buy a used car for the remaining left over or partially pay for a used car and use some of it to lend out. But if I dont sell the car, I guess the bank loan will fully be used to pay off the car debt. I'd see what happens, thanks for your comment!
THIS MESSAGE IS FOR HDH1948:
Hmm apology for what, I did say no hard feelings, so if I have no hard feelings, I dont think I have to apologise to anyone. I guess the 1% offer I have received is no good sign for me as you say it is above the rate I am requesting for. I guess I'd see how Zopa works really, that is the prime reason my listing is still on. Chill mate!
Question asked on:
Wednesday, 14th May 2008
Question asked by:
hdh1948
Question:
Congratulations on receiving 1% of the offers you need, albeit at over three times the rate you are asking. Still, you have eight days to go to get the other 99%. Do you not think that you owe me an apology?
Answer:
I am still trying to sell the car. I guess if I sell the car, I will use that money to pay off the finance outstanding and then either buy a used car for the remaining left over or partially pay for a used car and use some of it to lend out. But if I dont sell the car, I guess the bank loan will fully be used to pay off the car debt. I'd see what happens, thanks for your comment!
Question asked on:
Saturday, 17th May 2008
Question asked by:
zoot
Question:
How much do you want for the car?
Answer:
Hi Zoot, the lowest I will accept is £15,000 though I have the car on sale for £16,000. If anyone is interested, email me at UK_Topscorer@hotmail.com (not the same email registered on Zopa for Security reasons, and pls no spam or junk emails)... Email your contact details... Hmm AND I WANT TO THANK ALL THE ZOPA MEMBERS FOR GIVING ME THEIR COMMENTS, BUT I WILL BE DELETING MY LISTING TOMORROW AT 5PM... I just have not got the response I needed from the listing. Thanks again to everyone!
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