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Do I have to pay back a personal loan for a procedure done at a medical facility that is closed?

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Do I have to pay back a personal loan for a procedure done at a medical facility that is closed?

Hello Gardeners,

 

I read somewhere that if a school closes the debt obtained from that particular school is no longer applicable. I had a small medical procedure done in 2015 and took out a personal loan through United Credit. Aqua Finance is who I actually pay. I was curious to know since the facility closed within a year of me getting the procedure...am I still liable for the debt owed?


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4 REPLIES 4
Community Leader
Mega Contributor

Re: Do I have to pay back a personal loan for a procedure done at a medical facility that is closed?

Yes you are 

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Message 2 of 5
Frequent Contributor

Re: Do I have to pay back a personal loan for a procedure done at a medical facility that is closed?

Yes, you are still liable to pay.

Think of it this way - Someone went to Sears, bought an applicance and charged it on a credit card. Promptly, the following month, Sears filed for bankruptcy and shut down. Today, the store does not exist where it once stood - and you are still liable to pay back the "loan" on that credit card.

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Message 3 of 5
Community Leader
Senior Contributor

Re: Do I have to pay back a personal loan for a procedure done at a medical facility that is closed?

Yes. It’s not the loan company’s fault that the school went out of business. You borrowed from the loan company. You used those funds to pay for a procedure, so you have to pay it back.
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Message 4 of 5
Legendary Contributor

Re: Do I have to pay back a personal loan for a procedure done at a medical facility that is closed?

Even if debt is owed directly to a party as opposed to a creditor who holds a loan, if that party goes out of business, their accounts receivable assets likely have a legal heir, and can stil be pursued.

Message 5 of 5
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