These customers definitely lucked out!
I remember a couple of years ago when a UK bank closed its credit card lending and my £3200 was wiped, I was rather pleased, so I know how they will feel.
No way! I didn’t realise this was a common thing. I just assumed they’d sell the debt on to another company if they were exiting the market, but I guess if the total debt is relatively small it may be more cost-efficient for them to just write it off than spend millions on a migration.
It’s not a debt as such though so they can’t sell it, they can sell the credit card business which is more common place, but if they don’t, they just wipe the balance.
Raphaels Bank wiped balances in 2016 another bank a few years earlier.
One or two a year do it world wide, we generally only hear of the big ones in the press though.
Shame Tandem couldn’t go bust…
Any chance of Barclays pulling out of the UK market? That would be great…
No no no no no and triple no
Yeah this would be so good right now lol