What do I do

mrteapot

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 

mrteapot

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]

You just need to keep repaying as normal. 

fwor

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

Why should I pay for a company thats closing ? Isn't it just dead money 

Edi81

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]

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

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

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.