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In 2015, I took out a personal loan with CircleBack Lending…

In 2015, I took out...
In 2015, I took out a personal loan with CircleBack Lending to cover short-term costs of moving and home improvement. Since then, CircleBack has gone out of business. I have always paid on time (auto-pay) and all is well, but if the company no longer exists, where is my money going? How will I pay it off in full? How can I manage my account? The p2p loan model only does a "soft pull" of your credit and the loan doesn't show on your credit report. What happens if I don't pay if the company is not in existence??
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Answered in 4 minutes by:
10/17/2017
socrateaser
socrateaser, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 39,978
Experience: Retired
Verified

Hello,

When a business becomes insolvent, it sells its receivables to its creditors. If you are continuing to pay on the loan, and your payments are not being returned, then some creditor is accepting payment. If you want to know who that creditor is, and you cannot find them, you can stop paying, and I can practically guarantee that they will suddenly appear and demand payment.

I'm not necessarily encouraging you to stop paying, but it is reasonable that you know who you're paying. And, if for some reason no one tries to collect (which I believe is about as likely as a snow storm in Tahiti), then you will be free of the debt.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. Note: If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.

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socrateaser
socrateaser, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 39,978
Experience: Retired
Verified
socrateaser and 87 other Consumer Protection Law Specialists are ready to help you
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Customer reply replied 8 months ago
Thank you for the advice!

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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