2007-09-15 05:40:31 · 8 answers · asked by The Shadow 3 in Business & Finance ➔ Personal Finance
No, this wouldn't never happen!
The most likely thing that would happen is that the loan company would be bought out and taken over by another company. The new company would still collect the loan.
If that didn't happen then the loan company would be put into administration, and the administrators would have to pay everyone the loan company owed money to, creditors, inland revenue and staff etc. To do this, they would sell off all the assets (including your loan), and the company that bought your loan would continue with your loan on the original terms.
Whatever happened your loan would never just "disappear"!
2007-09-15 07:42:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No your loan is an asset of the company and would be sold by the administrators to another creditor.
2007-09-15 05:46:21 · answer #2 · answered by Johnny 7 · 1⤊ 0⤋
Most loans are bought out by other loan companies. You will find yourself with a new creditor. (This happened to me with my credit card).
2007-09-15 05:44:52 · answer #3 · answered by Alletery 6 · 2⤊ 0⤋
Yo 1922--- great idea but no cigar.this time... Your loan will be bought by another company to write mortage checks too... OK..
2007-09-15 05:51:13 · answer #4 · answered by Gerald 6 · 0⤊ 0⤋
I doubt it as you would either be chased by the Receiver or the company who took over.
2007-09-15 05:45:55 · answer #5 · answered by Anonymous · 1⤊ 0⤋
I doubt it very much. You will owe whoever takes over or those acting for the shareholders.
2007-09-15 05:50:30 · answer #6 · answered by Spiny Norman 7 · 0⤊ 0⤋
if only
2007-09-18 06:58:31 · answer #7 · answered by Barbie V 6 · 0⤊ 0⤋
i hope so
2007-09-15 05:45:31 · answer #8 · answered by big dave 4 · 0⤊ 2⤋