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

[tisha130]

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I read somewhere that if a school closes the debt obtained from that particular school is no longer applicable.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?

[Remedios]

Yes you are 

[Anonymous]

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.

[CreditInspired]

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.

[RobertEG]

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.