22 August 2025 , 20:26
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It sounds like a dream come true: getting a loan that you never have to pay back.
But that’s exactly what’s happened to thousands of customers in the northwest of England, after a payday lender went bust and wiped all of their debts overnight.
Fernwood Financial Limited, based in the northwest of England, is no longer lending and has now stopped all collections from clients.
It’s not all good news, though, as scammers are already reported to be posing as the firm to prey on those looking for support. Here’s what we know so far and how to keep your finances safe.
How to get your Fernwood Financial loan cleared
The good news is, there’s not too much admin involved. If you’ve taken out a loan with Fernwood Financial Limited, you do not need to make any further payments.
‘Customers should cancel any automated payments with their bank and should contact the liquidators immediately if anyone contacts them seeking payment,’ says the Financial Conduct Authority (FCA).
The liquidators are writing to all current customers informing them that their loan balances have been written off in full, but if you have questions, get in touch with them – don’t wait for a call.
Deputy Editor