NYCU Loan

keane2012

Hi All
can anyone advise the liability involved on loans with the failed North Yorkshire Credit Union
personally i cant see how the loan should be repaid as it was taken with them and they are insolvent?
can anyone advise of the legal status of this?
Thanks

somethingcorporate

I doubt it will mean your loan will be written off - in fact I am 100% certain it will not. The liquidators will probably be calling them in on their creditor's behalf as they will have a duty to mitigate the impact so any assets (such as outstanding loans) will still be held to term.

You could always give the office a call on 01904 676663 as it advises on the NYCU website and see what they say.

Tixy

The liquidators have a duty to wind up the company and to achieve the best result for the investors/shareholders in the company by collecting in amounts due/sell assets and to pay off any debts.

Its likely that your debt will legally be sold on to another company, and that you will legally owe that company.

Moneymash

Whilst you wait for news I would continue setting aside the loan repayments, so you are not stung with a nasty demand for any payments missed (where you have already spent the money).