You are here: Home - Credit Cards & Loans - News -

Payday lenders My Money Partner and Swift Sterling collapse

0
Written by: Paloma Kubiak
16/12/2019
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.”

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week