Frodo in Administration

annmaria2

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

DCFC79

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

DCFC79

Thanks for that Fermi.

fermi

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.

annmaria2

Thank you for your help. Phoned and they did confirm it will be 2 months to repay.

gizmo111

What sort of debt did you have with them?

annmaria2

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

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.

rizla_king

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.

annmaria2

They did mention passing my debt to debt collection if i will not repay within two months. I think its really unfair.