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What do I do

mrteapot
mrteapot Posts: 2 Newbie
First Post
edited 5 May 2021 at 9:20AM in Loans
Just heard about provident today . As existing customers do we carry on with repayments or will it be taken over by another company ? Any help would be appreciated 

Comments

  • Both me and my mum are existing customers with the provident company in Bradford . After the recent news in the T&A were not sure whats going to happen. Do we keep up repayments or will another company buy it out ?? Any help would be greatly appreciated 
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 5 May 2021 at 12:17PM
    You just need to keep repaying as normal. 
  • fwor
    fwor Posts: 6,838 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You've asked the same question twice, but the answer is no different here than in the other thread. Even if the loan book is taken over by another company, you need to carry on with the repayments.
  • mrteapot
    mrteapot Posts: 2 Newbie
    First Post
    Why should I pay for a company thats closing ? Isn't it just dead money 
  • Edi81
    Edi81 Posts: 1,467 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Failure to pay will make it difficult for you to
    get credit in the future. 
    Just because they have closed doesn’t mean they won’t come for the money you owe. 
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 5 May 2021 at 8:01PM
    mrteapot said:
    Why should I pay for a company thats closing ? Isn't it just dead money 
    No.  It stops you worsening your credit history further and saves you late payment fees and further interest.

    The debt doesn't just magically disappear just because they are no longer issuing loans.
  • GeordieGeorge
    GeordieGeorge Posts: 499 Forumite
    500 Posts Name Dropper
    mrteapot said:
    Why should I pay for a company thats closing ? Isn't it just dead money 
    You still owe it, and will continue to owe it to whoever takes over the loan book. Why don’t you want to pay it back? You are clearly not in a great place already, if you are borrowing from them, please don’t make this the point at which it all spirals out of control.
  • macman
    macman Posts: 53,128 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 6 May 2021 at 7:23AM
    mrteapot said:
    Why should I pay for a company thats closing ? Isn't it just dead money 
    No it is not. The debts don't just magically vanish when a company is wound up. The liquidators will sell the loan book on to try to pay the creditors, and you will continue to pay the new owner. Until they advice you of any new arrangements, you continue to pay just as before.
    No free lunch, and no free laptop ;)
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