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RoseRed1234
Posts: 12 Forumite
in Loans
Welcome Finance are in administration and I owe them about 6000.
What happens to my debt if the company ceases to exist? Surely if they can't repay their creditors they will have to fold?
Does anyone understand how this all works?
Thank you.
What happens to my debt if the company ceases to exist? Surely if they can't repay their creditors they will have to fold?
Does anyone understand how this all works?
Thank you.
0
Comments
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Your debt will be bought by someone else (at a reduced price) and you will them owe them instead - and you will still owe the full amount.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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Oh, I hadn't thought of that.
Thanks for the quick response though. :T0 -
If it is ever sold on, then it would make it more likely that the new owner would accept a reduced full & final lump sum settlement - if you were ever in a position to offer one.
In fact if you were in that position now you might find welcome would agree to a reduced offer - if you do ever consider it have a read of this and the template letter - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offersA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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