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Valued Member
talulah
Posts: 84
Registered: 05-02-2008

My Rich Uncle?

I have private loans from this company, and they went bankrupt in february. Dies anyone know how thhis will affect me?
4/28/08-EQ 668
5/2/08- EQ 687 TU 670
6/15- EQ 722!!! TU 687
Senior Contributor
txjohn
Posts: 4,214
Registered: 09-12-2008

Re: My Rich Uncle?

Their assets (including your loan) will go into receivership.  The loan proceeds will be used to liquidate the companies liabilities.  Most likely your loan will be sold to another lender who will notify you at that time.

 

Be sure to continue to make your payments.  Their BK does not remove your liability nor will it prevent it from being reported against your CR if you do not make the payments.

 

You can contact the OC to clarify if there is any change in mailing addresses if you pay by mail.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549