High-cost lender collapses

High-cost lending firm Fernwood Financial has entered liquidation.

Thousands of customers of the company will have had their debts wiped out following the company’s collapse. Liquidators are contacting clients to inform them of the debt write-off, and the Financial Conduct Authority (FCA) has confirmed that customers need not make further payments and should cancel automated transactions.

The firm is no longer lending and has now stopped all collections.

Michael Howarth of Aurora Equity & Development has been appointed as the liquidator.

Customers do not need to make any further payments to the firm. Customers should cancel any automated payments with their bank and should contact the liquidators immediately if anyone contacts them seeking payment.