Fernwood Financial Limited has entered liquidation, the Financial Conduct Authority (FCA) has announced.
The regulator stated that Michael Howarth of Aurora Equity & Development Limited had been appointed as the lending firm's liquidator.
Fernwood Financial is no longer lending and has now stopped all collections.
The FCA said that the liquidators are writing to all current customers informing them hat their loan balances have ben written off in full.
As a result, customers do not need to make any further payments to the firm and customers should cancel any automated payments with their bank.
The regulator also said that it was in regular contact with the firm and the liquidator regarding the fair treatment of customers.
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