We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Do debts still have to be repaid to a loan company that's gone into administration?
My brother owes a debt to Curo Transatlantic Ltd and they've gone into administration. Another company called Lantern Debt Recovery have taken over the debt and offered a 70% reduction. Is my brother obliged to pay this as the debt was with Curo Transatlantic Ltd and if they've gone into administration, I'm hoping that's the end of the matter and my brother doesn't have to repay a penny further?
0
Comments
-
Yes, he does."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
-
My brother owes a debt to Curo Transatlantic Ltd and they've gone into administration. Another company called Lantern Debt Recovery have taken over the debt and offered a 70% reduction. Is my brother obliged to pay this as the debt was with Curo Transatlantic Ltd and if they've gone into administration, I'm hoping that's the end of the matter and my brother doesn't have to repay a penny further?
Administration doesnt change anything, the loan book has been bought by Lantern Debt Recovery.
Yes he still has to pay it.0 -
Thanks both.0
-
The loans are an asset of the company and have some value so the administrators will sell them to get some money back for Curo Transatlantic Ltd's creditors.
Is there a time limit for the 70% reduction? I suspect the reason for the high discount is to get a large influx of money in to offset Lantern's costs for buying the debt but it may only be valid for a short period of time.May you find your sister soon Helli.
Sleep well.0 -
Wow, they have reduced what your brother owes by 70% - winner.
As long as the paperwork checks out then pay it, but I would want to check with companys house to make sure they have actually gone pop and not just a scammer.0 -
foxy-stoat wrote: »Wow, they have reduced what your brother owes by 70% - winner.
As long as the paperwork checks out then pay it, but I would want to check with companys house to make sure they have actually gone pop and not just a scammer.
Very good point to make sure it is legit before handing over any money.
Also make sure you have it in writing that it is a full and final settlement, so no one comes after you for the other 30% at a later date.0 -
dresdendave wrote: »Very good point to make sure it is legit before handing over any money.
Also make sure you have it in writing that it is a full and final settlement, so no one comes after you for the other 30% at a later date.
Other 70%!0 -
My brother owes a debt to Curo Transatlantic Ltd and they've gone into administration. Another company called Lantern Debt Recovery have taken over the debt and offered a 70% reduction. Is my brother obliged to pay this as the debt was with Curo Transatlantic Ltd and if they've gone into administration, I'm hoping that's the end of the matter and my brother doesn't have to repay a penny further?
Hi,
"Lantern" are a particulaly distasteful debt collection agency, now based in pudsey, the previous name they traded under was "Morormile Finance".
They earned a reputation for ignoring the rules, breaking the law, not following due diligence, and been outright liers and cheats.
They were severly reprimanded and fined by the FCA a couple of years ago, and have since been put on notice to improve their buisness model, and their dealings with the public, they were operating on a temporary licence, but are now fully authorised.
Anyway, they will have bought this debt for a few quid, so, in order to assertain his position, your brother should send Lantern the provit letter, available from the stickies on the DFW forum page.
They cannot demand money from you unless they hold the correct legal paperwork for the account.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
70% discount - always a good sign they don't hold the correct paperwork to legally enforce it. As stated, prove it letter and go from there.::A0
-
it doesn't matter if the debt was bought for a few pounds or even a penny. The full debt is still owed unless a discount is offered.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.8K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.1K Work, Benefits & Business
- 616.3K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards