A MAJOR high-cost loan firm with 150,000 customers is on the brink of collapse.
Indigo Michael, owners of SafetyNet Credit and Tappily are lining up insolvency experts, according to Sky News.
![Major high-cost loan firm with 150,000 customers on the brink of collapse – check if you’re affected Major high-cost loan firm with 150,000 customers on the brink of collapse – check if you’re affected](https://www.thesun.co.uk/wp-content/uploads/2023/01/overwhelmed-woman-holding-bills-front-751491476.jpg?strip=all&w=960)
The firm could collapse within a matter of days[/caption]
The company employs roughly 250 people and has about 150,000 active customers.
It comes after the Financial Conduct Authority placed major restrictions on Indigo Michael which meant that it had to temporarily stop lending.
SafetyNet Credit gives you a credit limit which you can borrow up to – as a type of rolling credit.
This means it isn’t a loan you repay then have to apply for another.
For example, if you have a limit of £500 and withdraw £400 and then repay that, you can immediately take out up to £500 again according to Debt Camel.
The lender then chooses how much you have to repay and will take it for you with the help of open banking.