Do I have to pay adminstrators of Company that went bust?
A year later I received a letter from an administration company who had bough the debt asking for the money I had owed to MFI. Stupidly I had spent the money on other things as I thought it would never come to light. My partner has now lost his job and I can't afford to pay them back, they have agreed to let me pay monthly and there is a payment due on the 15th of this month.
If I cant pay them do they have the same rights as a normal finance company to send my details to a debt recovery company where I would get default notices or CCJ etc? I have not signed a contract with them and I have heard they only spend so much time trying to get debts in and who would it be benefiting if I paid it anyway?
Any answers would be appreciated.