There are some situations in which you're unable to use the loan sale process:
- If one of your borrowers is currently in a late status, you won't be able to pass on the loan to someone else.
- If we are in the process of collecting a repayment from one of your borrowers, we won't be able to transfer that loan straight away. However, once the repayment has been collected you can transfer it on, with the benefit of having received a little more interest.
- If there aren't enough available lenders to pass your loans on to.
For Zopa loans issued before the introduction of Safeguard in 2013:
- If the loan was made to the borrower via Zopa Listings. (Zopa stopped offering new loans via Listings in July 2011).
- If you made the loan under your own Consumer Credit Licence. This is because your borrower(s) will have signed contracts with you that could only be taken over by new lenders with their own CCL. Not only does Zopa no longer facilitate lending under individual CCLs, but it wouldn't be a user-friendly experience for borrowers to be asked to re-sign new contracts with new lenders during the life of their loan. Of course, you will be able to transfer any loans you've made since revoking your Licence, subject to the criteria mentioned above.