Loan company in to liquidation

cmiddleton89

Hi there, I’m unsure what to do I have a loan taken out with a company which is now going in to liquidation, I’ve been told that if I don’t pay the balance by the 6th of November (less than 2wks notice) it will have a negative impact on my credit report and the account will be closed as being unpaid, is this true in what they’re saying or are they scare mongering? I spoke to a customer advisor and they told me to contact their payments team to possibly come up with a settlement figure however they can only be contacted via email to which I’ve received no response. Also all information other than my contact and personal details are on the companies website, no information of the loan or outstanding amount? Please help as I’ve worked very hard the past couple of years to improve my credit score, thanks in advance

bradders1983

Name the company.

macman

Any debts due at the time of the liquidation will be sold on by the liquidators, or written off. 
Your credit score is a fictitious number which lenders can't even see, so don't worry about it. What matters is your credit history.
You have a contractual agreement to repay £x per month, they can't just tear that up and default you because they are going into liquidation.

cmiddleton89

bradders1983 said:

Name the company.

Swift Sterling

cmiddleton89

macman said:

Any debts due at the time of the liquidation will be sold on by the liquidators, or written off. 
Your credit score is a fictitious number which lenders can't even see, so don't worry about it. What matters is your credit history.
You have a contractual agreement to repay £x per month, they can't just tear that up and default you because they are going into liquidation.

Ah I see, thank you! 

bradders1983

cmiddleton89 said:

bradders1983 said:

Name the company.

Swift Sterling

https://www.yourmoney.com/credit-cards-loans/payday-lenders-my-money-partner-and-swift-sterling-collapse/

The second paragraph answers your question.

As an aside, that is dated December.  So why have they only just made this idle threat to you now?

cmiddleton89

bradders1983 said:

cmiddleton89 said:

bradders1983 said:

Name the company.

Swift Sterling

The second paragraph answers your question.

As an aside, that is dated December.  So why have they only just made this idle threat to you now?

Yes it’s incredibly frustrating, I’ve not been informed of any changes other than 22nd of this month, just had a quick search and this is the first contact I’ve had in over a year

bradders1983

Maybe go over their heads and speak to the liquidators (Grant Thornton)

samlarson

bradders1983 said:

cmiddleton89 said:

bradders1983 said:

Name the company.

Swift Sterling

https://www.yourmoney.com/credit-cards-loans/payday-lenders-my-money-partner-and-swift-sterling-collapse/

The second paragraph answers your question.

As an aside, that is dated December.  So why have they only just made this idle threat to you now?

I think that they are threatening everyone right now because they want to squeeze out as much money they could before Christmas holidays