Payday lender runs out of credit!!

Hardly a day goes by when we don’t hear about payday lenders for one reason or another!

However the latest news is that Basildon based payday lender Money Republic, entered into administration at the end of January.

Claiming to be different to the rest and offering lower APR rates and longer repayment periods, Money Republic quite simply could not repay its own debts and had a huge deficit between what it was owed and what it owed to others.

Maybe this is a sign of the times for payday lenders and the message is clear – don’t use them!!

It is important for anybody facing financial difficulties, whether personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.

To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.

Redman Nichols Butler has had a York office for over 5 years now and specialises in advising SME businesses in York and North Yorkshire.  The Redman Nichols Butler York office address is Westminster Business Centre, Nether Poppleton, York YO26 6RB.  The staff at the York office regularly provide insolvency and business recovery advice to people and businesses in Scarborough, Ripon, Northallerton and York.

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