When I contend Finance Company I meant the lender which I performed the loan from. Does this meant we have to compensate off the total debt immediately? Or we get divided with not profitable anything more? Or we go on to compensate off the debt underneath the strange conditions specified when the association was operating?
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{ 2 comments… read them below or add one }
Another company will, most likely, buy them out and offer you a low buy out for your debt. This CAN be a good thing, if you can pay it in a lump sum.
Keep making your regular payments…. nothing really changes.
The best you will get in this situation is a letter informing you that you have to make the check out to another lender soon because they bought your loan.
The terms of your loan don’t change, no matter who owns it.
Unless it is a credit card… but then anything can change at any time.