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    ArnieH's Avatar
    ArnieH Posts: 68, Reputation: 1
    Junior Member
    		  
    #1

    Feb 26, 2009, 01:19 PM
    What will happen to outstanding debt?
    This may sound like a stupid question, but here goes:
    What happens if the financial institution to which you owe money goes under?
    Will the money still have to be paid to someone?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #2

    Feb 26, 2009, 01:33 PM

    Technically, yes. There are lending institutions that go bust; 'Goldome' comes to mind; in the 1980's, Goldome made a lot of home improvement loans. The accounts receivable may be found, or they may not. The debt is owed, never the less; the wise course would be to save your payments in an interest bearing account until the opportunity comes to pay it off.
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