Micro Lend

julesu83

Hi all, I am a bit of a newbie on these forums but wanted a little bit of advice. I am on a DMP with StepChange at the moment, and one of my debts is with Micro Lend. As some of you may have heard, they recently had their credit license revoked by the OFT. I can't say I am surprised as the owner's tactics in chasing money were quite frankly disgusting (not to mention illegal).


My rather long winded question is, having heard nothing from Micro Lend, or a 3rd party, can I consider this account settled or would I still need to pay back the outstanding amount?

[Deleted User]

You'll need to pay back the amount to whoever ends up owning the debt.

fermi

Sounds like the debts have been sold to another company.

See: http://www.legalbeagles.info/forums/showthread.php?47704-Micro-Lend-Uk-Credit-Licence

fermi

Talk to StepChange. The DMP should carry on as before, substituting the new lender once you have details.

Sounds like you may get hassle from the new lot, but if you do then just report them. OFT/FCA etc, and complaint to the FOS for starters.

See an example: https://forums.moneysavingexpert.com/discussion/4766832

julesu83

Brilliant, thanks for that.