MMP Financial Limited, trading as My Money Partner and Swift Sterling, has been placed into administration.

The FCA made the announcement that Chris Laverty, Trevor Patrick O’Sullivan and Helen Dale of Grant Thornton were appointed as joint administrators on 9 December 2019.

MMP Finance Limited is a payday lender, which lends small sums to customers until the next payday, or for a period of a few months.

Following the appointment of the joint administrators, who have said they will update customers as soon as possible, the FCA revealed there will be no new lending activity, and that all outstanding loans will remain subject to the terms agreed with the company.

According to the company’s terms and conditions, borrowers should continue to make payments in the usual way.

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