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Payday lenders My Money Partner and Swift Sterling collapse

Paloma Kubiak
Written By:
Paloma Kubiak

Payday lenders My Money Partner and Swift Sterling have gone into administration.

Grant Thornton UK LLP has been appointed as administrator of parent company MMP Financial Limited and all new lending activity has stopped.

A statement on both sites confirmed that all outstanding loans remain subject to the original terms agreed and borrowers should continue to make payments.

It added that customers with complaints should continue to approach the company in administration. Complaints will then be assessed and if valid “dealt with as unsecured creditors of the administration estate”.

MMP Financial Limited is the latest in a line of payday lenders to go bust. Since the UK’s largest payday lender Wonga went into administration last year, QuickQuid, 247 Moneybox and Piggybank have also collapsed.

Peter Briffett, CEO of financial wellness and income-streaming app Wagestream, said: “To lose one payday lender in a week may look like good fortune, but to lose three looks like cause for celebration.

“Payday lenders are falling like dominoes, with My Money Partner and Swift Sterling following Piggybank into oblivion within the space of a few days.

“Consumers are firmly turning their back on companies that bled them dry for years, as they realise there are more alternatives than ever to high-interest loans.

“Christmas is traditionally a time when payday lenders see an opportunity to squeeze money from the vulnerable, so it’s great to see consumers fighting back.”