GONE BUST Payday loan firm goes bust and customers have ALL their debts wiped

Fernwood Financial Limited, a high-cost lender based in the northwest, entered liquidation on June 27.

The firm is no longer lending, the Financial Conduct Authority (FCA) said, and has stopped all collections.

Liquidators from Aurora Equity & Development Limited are writing to all current customers informing them that their loan balances have been written off in full.

Customers with the firm do not need to make any further payments, and have been urged to cancel any automated payments with their bank.

They have been told to contact the liquidators immediately if anyone contacts them seeking payment.

This isn’t what would usually happen. If a payday loan company goes into administration, customers tend to be asked to pay off their debts.

The FCA has also warned customers of Fernwood Financial to stay alert to scams.

“If you’re contacted unexpectedly by someone claiming to be from Fernwood Financial or Aurora Recovery, please end the call and contact them using the details above.”

If you have any questions about your loan, you can contact the liquidators by email on sk@aurorarecovery.co.uk and hello@aurorarecovery.co.uk.

Full Article – https://www.thescottishsun.co.uk/money/15240522/payday-loan-firm-bust/?utm_source=chatgpt.com