High-cost lender Indigo Michael enters administration

A high-cost lender, the business provides customers with running account facilities. These are credit agreements with no fixed or minimum cost.  

During the administration process, the affairs, business and property of the company will be managed by the joint administrators. It does not, however, change the payment terms and conditions of customers’ loans with these all remaining subject to the existing payment terms agreed on and customers and the firm should continue to make payments in the usual way.  

Lending will also continue for consumers who have used their accounts within the last 30 days, however those who have not used their running account credit facility within that period – or currently have arrears on their account – will not be able to access any further lending.  

Regulator the Financial Conduct Authority, meanwhile, has said it’s in regular contact with the firm and the joint administrators regarding the fair treatment of customers.