A year ago we bought a £600 colour TV set on credit, but the store has now closed down. So far we’ve paid off £160 to their agents, will our payments be affected by the firm going into receivership?
Probably not. Most firms make arrangements with independent finance companies to provide their customers with credit facilities, so if this was the case you should continue your monthly payments in the normal way. In the unlikely event that the store ran its own scheme you will still owe the money to the receiver. Incidentally a finance company providing such credit is in law the seller, so where a shop goes into receivership action can be taken equally against the finance company if the product proves defective in any way.