By maybe perhaps not having to pay the mortgage, you chance damaging your credit score and credit rating.

By maybe perhaps not having to pay the mortgage, you chance damaging your credit score and credit rating.

Some conditions and terms for loan have a transfer clause inside them, to ensure that in the event that loan is transported for reasons uknown, to whomever to get the mortgage, you nevertheless owe the loan.

Therefore we are getting the short end of the stick, the insolvency laws and how assets and debts are handled in insolvency, are there to try and minimise a creditor’s loss while it may appear that as consumers and borrowers.

The FCA circulated a declaration Wonga that is regarding going Administration: “The FCA continues to supervise Wonga once it really is in management and it is in close experience of the proposed administrators pertaining to the reasonable remedy for clients.”

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