Lender Failure - What Happens?

herbert_goon

Hi all

I have an unsecured personal loan with a lender that I hear may be in difficulties. I don't know the exact amount owed but it's about 9k and I pay about £120 a month - I think there are 7 or so years to go!

What would happen if the lender "goes under"? I am fully prepared to pay off the remainder of the debt, but to have to stump it up in one go who be a little unpalettable!

Anybody here familiar with the form in these situations?

Thanks in advance

S

petermb_2

Another company would undoubtedly step in to take over the loan book. If a company were to fold the liquidaters would certainly find a buyer.
You would then continue under the same terms and conditions.

herbert_goon

Excellent thankyou I thought as much.

Thanks again

Simon