If you have a store card and the store goes out of business...?

Question

Do you still have to pay that card back??

Answer 1

If you are asking about a store credit card, the answer is of course. The company may have gone bad, but you still own the money.

Answer 2

Yes, you should still pay the card back.  The store went out of business but the financial institute most likely did not or they sold it to another one.  You are responsible for your payments that you spent.  

Good Luck

Answer 3

Yes, because the company or store liquidates off all its receivables before or during bankruptcy to pay off debitors.  Usually it will be to a 3rd pary debt collector or a bank who groups together various uncollectible debts and packages them as CDO instruments to trade on wall street.  Similiar to how mortgages work and why we are in the real estate mess that we are in.

Answer 4

Yes.  There is always someone who takes over the business and collects the money that is due them.  You do not want to mess up your credit history.  Pay it.

Answer 5

Yes, they will come after you.  Usually store cards are backed by banks or other creditors which are more then likely not out of business and even if they did go out of business, they would sell your account to someone else.  

Answer 6

yes you do, the store isnt the one who actually lends u the money, they get the money from either a bank or other finance place, and they just give them the business, you might wait long enough to hear whats happening with what u owe to them though or u may never hear from them at all, it really depends what the agreement was with the finance company who they dealt with, you should have ur agreement from when u took the store card out and this normally states the name and address of the company who lent u the finance for ur card, I would seek advice though from the citizens advice bureau as years ago I bought a car on finance and I went up there one day not long after I purchased the car as the car was faulty and the place was empty shut down totally, the contract and legal agreement I signed didnt state the finance company so I couldnt contact anyone I went to cab for advice and they told me to wait and someone would contact me regarding it, Im still waiting the car was c**p though lol but I ended up getting it free! so u may be lucky!

Answer 7

its people like you that probably bankrupted them in the first place .

Answer 8

Yes. The debt will be purchased from the company during the bankruptcy. Your obligation to the company is considered an asset to them, because you will pay it back, with interest.

Answer 9

Oh, my gosh...I have never seen such a rampant case of people asking if they still have to pay for goods they bought, albeit on credit before today.

The answer was yes for the couch, and is still yes. Just try not paying that card back and soon you will have collections agents calling you trying to collect.

Answer 10

Yes, they probably have someone that handles those accounts. Just because they went out of business, dosent mean you dont owe them for the items you purchased on credit.  

Answer 11

Do you mean credit card for a certain store?   If so, yes, you still have to pay for it.   I am sure you will get a notice to where to send payments.   But I would think you would pay to the same address that you have before.   (unless notified different).....There should be a number on the back of the card.

Answer 12

Yes. They are assets and are usually sold to another financial institution. If you do not pay it then it will go into collections. I also had three department credit cards that went out of business but I continue to get statement until I paid if full and the cards were later cancelled.

Answer 13

yes.