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Frodo in Administration

annmaria2
annmaria2 Posts: 43 Forumite
Sixth Anniversary
edited 8 May 2013 at 4:26PM in Debt-free wannabe
Hello All

I currently have an overdraft account with Frodo Financial. I only found out today the company has gone into administration. What is going to happen with my debt please? Someone has told me I will have two months only to repay my debt. Is this true?
Any advice will be greatly appreciated
«13

Comments

  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    annmaria2 wrote: »
    Hello All

    I currently have an overdraft account with Frodo Financial. I only found out today the company has gone into administration. What is going to happen with my debt please? Someone has told me I will have two months only to repay my debt. Is this true?
    Any advice will be greatly appreciated.

    Many Thanks

    Ann

    I would imagine who ever takes on the accounts will let you know what will happen with the account, whether they ask the debt to paid within 2 months is up to them.
  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    15832001.png
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Thanks for that Fermi.
  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    Contact the administrators. email/address in my previous post.

    As far as I'm aware, there is no set time-scales or deadline that you MUST pay by. But speak to them to see where you stand.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • annmaria2
    annmaria2 Posts: 43 Forumite
    Sixth Anniversary
    Thank you for your help. Phoned and they did confirm it will be 2 months to repay.
  • gizmo111
    gizmo111 Posts: 2,671 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    What sort of debt did you have with them?
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • annmaria2
    annmaria2 Posts: 43 Forumite
    Sixth Anniversary
    It is flexible overdraft. Limit 4k currently 2,5k in debt. I could repay within 3-4 months but not in 2. This is quite unexpected and harsh to demand return of money within 2 months.
  • gizmo111
    gizmo111 Posts: 2,671 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Well wait until they contact you and offer what you can afford to pay, theres not a lot they can do if you can't pay it back in the new timescale.
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • rizla_king
    rizla_king Posts: 2,895 Forumite
    annmaria2 wrote: »
    Phoned and they did confirm it will be 2 months to repay.

    Or else what exactly?

    They may want it within 2 months, but if you can't manage that then it's just tough.
    Still rolling rolling rolling...... :) <
    SIGNATURE - Not part of post
  • annmaria2
    annmaria2 Posts: 43 Forumite
    Sixth Anniversary
    They did mention passing my debt to debt collection if i will not repay within two months. I think its really unfair.
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