i have a loan and the company are going bust. they keep ringing saying i have to pay all the outstanding loan in one go is this true

[jo35]

[ummmm]

You'll have to look at the 'terms and conditions'

[jno]

depends on the terms of the loan; but I'd have thought not.

[jo35]

thank you il read the terms

[rowanwitch]

Contact national debtline for advice or visit their website its incredibly helpful... basically though my understanding is You can't be forced to pay back an unsecured loan if to do so would place you 'in distress' but they will explain more.... I suspect what will actually happen is the company will sell on the loan and you will need to renegotiate terms with a new company, just do not agree to pay more than you can afford... Voice of experience

[themas]

If you are up to date with your payments & the loan is for a fixed term (check the terms & conditions as advised) then I don't see how they can force you to repay the full loan.

If they do sell it on to another company the same terms will apply as apply now, so you should not be asked to increase your repayments unless there is something in the terms whhich allows for this.

[Paydayin1hour]

Look over the terms and conditions of your agreement. Media URL: http://www.payday-direct.co.uk/
Description:

[chas2008]

they are either bust or not !! if they are your debt would then be in the hands of the recievers/administrators.
It is technicaly illegal to trade or continue business if they are insolvent ie, 'going bust', although in reallity that doesnt stop many companies trading.
To be honest contacting you by phone is a bit odd or are they too scared to put it in writing?..
who is this company ?? out of interest