liquidation

[stu-n-shell]

right qiuck question guy's. last year i bought a sofa from land of leather on finance over four years with the first year payment free. so at the end of this month my payments are due to start but ive heard that land of leather are going into luiquidation. so what im asking is if they are will i still have to pay for my sofa as there wont be a company to pay.

[AlexR]

It's not land of leather you would be paying, it's a finance company. So yes of course you'll have to pay.

[J222JRA]

i cant imagine mate that you wouldnt have to pay but im not sure how it would happen....maybe the liquidaters would take on the finance agreements the company had.

[gixerbhoy]

Yeah, most of mine are hitachi (sp) who I'm paying not actually DFS and stuff.

[stu-n-shell]

i think some of the paper work has debenhams on but arent they loosing a fairbit of money aswell.

[Ryan]

i think some of the paper work has debenhams on but arent they loosing a fairbit of money aswell.

Most finance deals are with a preferred bank associated with the company, which is often why you have an external credit check.

Not the company itself.

As you are effectively borrowing from the bank, a company going into liquidation will not effect your outstanding 'debt'

[J222JRA]

i dont think debenhams are closing down any time soon mate....sorry to burst your bubble.

My mrs alone keeps debenhams in business lol

[gazwhittle]

Most finance deals are with a preferred bank associated with the company, which is often why you have an external credit check.

Not the company itself.

As you are effectively borrowing from the bank, a company going into liquidation will not effect your outstanding 'debt'

spot on , the finance company sort of loan the money to the company and you pay the finance company back plus interest.

[stu-n-shell]

ok cheers guy's expected id stilll have to pay but though id ask

[Viper]

even if it was the company you owed the money to you would sitll have to pay as i would expect they would call in all the money they were owed

[Ryan]

even if it was the company you owed the money to you would sitll have to pay as i would expect they would call in all the money they were owed

You dont owe the company money though you owe the finance company/loan company (bank)

[Viper]

yeh i know, but i was saying even if that wasnt the case..