Banks Going Bust - What's The Score If You Owe Them Money?

SunshineGal_2

Every day in the news there's another bank or loan corporation facing bankruptcy as a result of the credit crunch. What I'm wondering is that, if that happens to one with which you have a loan and the firm isn't bought out by another company, is your debt written off? If so, I'll pray for the well-deserved collapse of Picture Finance!

x

marshallka

SunshineGal wrote: »

Every day in the news there's another bank or loan corporation facing bankruptcy as a result of the credit crunch. What I'm wondering is that, if that happens to one with which you have a loan and the firm isn't brought out by another company, is your debt written off? If so, I'll pray for the well-deserved collapse of Picture Finance!

x

I would think your debt will be passed on the a debt agency.. They don't just write them off.

firesidemaid

didn't i read on here the other day that there is something up at picture finance?

have you taken a look at their website recently?

daveb80

SunshineGal wrote: »

Every day in the news there's another bank or loan corporation facing bankruptcy as a result of the credit crunch. What I'm wondering is that, if that happens to one with which you have a loan and the firm isn't brought out by another company, is your debt written off? If so, I'll pray for the well-deserved collapse of Picture Finance!

x

I was going to ask this exact same question! (as I have a loan with the Halifax)

marshallka

This is on their website now

Your loan has been transferred from Picture Financial Services Plc to Picture Home Loans (No.1) Limited or Picture Home Loans (No.2) Limited. The terms and conditions of your loan, including your account number, remain the same. You should continue to quote your account number in any correspondence.

jonesMUFCforever

If a bank in the UK should go under you will still owe the money to whoever takes it over (even the government) on the same terms and conditions.

SunshineGal_2

jonesMUFCforever wrote: »

If a bank in the UK should go under you will still owe the money to whoever takes it over (even the government) on the same terms and conditions.

I did say in my original post "...if...the firm isn't bought out by another company...".

SunshineGal_2

marshallka wrote: »

This is on their website now

Your loan has been transferred from Picture Financial Services Plc to Picture Home Loans (No.1) Limited or Picture Home Loans (No.2) Limited. The terms and conditions of your loan, including your account number, remain the same. You should continue to quote your account number in any correspondence.

I had to laugh, though - the company must have been on the brink of collapse - it was sold for one pound!

:T

marshallka

SunshineGal wrote: »

I had to laugh, though - the company must have been on the brink of collapse - it was sold for one pound!

:T

Often when there are other firms continuing in the same group i think its a fiddle and a con.. Often done by very clever people.

di3004

marshallka wrote: »

Often when there are other firms continuing in the same group i think its a fiddle and a con.. Often done by very clever people.

Yes I totally agree.:mad:

Especially if its the same directors !!!

CLAPTON

SunshineGal wrote: »

I did say in my original post "...if...the firm isn't brought out by another company...".

if the company wasn't bought by another company then its assetts would be sold.
It assetts would include your debt