Following the notice that was sent to you in November about the termination of your credit agreement with us and our decision to close Koto Card Limited (trading as ‘The Credit Thing’), we are writing to inform and give you notice that from 1st April 2024 your remaining balance is assigned to Countrywide Collection Services (‘CWCS’) who now own the account. 

This assignment is part of our ongoing activity to close the company and is not associated with anything negative on your account. If your account is up to date it will continue to be up to date so long as you continue to make at least your minimum payment each month. You can continue to manage your remaining balance as you have been to this point and CWCS will provide ongoing customer support in all matters relating to your account through a company called Scott & Mears Credit Services Limited. The assignment of your balance to CWCS will not have a negative effect on your credit report. 

If your account is in arrears, you are in an arrangement or your debt is being managed by a third-party, ownership will transfer to CWCS and continue as usual. CWCS will honour all existing arrangements and will offer support for any customers who may be worried about their financial situation.

What happens next?

CWCS will advise you on what to do next and how your payments can be transferred over to Scott and Mears Credit Services. Some important things for you to know are:

• CWCS will explain who to contact, how to contact them, make future payments that are due, and how to get help and support.
• The monthly minimum payment you need to make will be calculated in the same way it is now, and you can continue to pay this amount until your balance is repaid in full.
• Payments will still be due on the last day of each month. This means the first payment to them will be due on 30th April 2024.
• We stopped charging you any interest in December 2023 to make it easier for you to repay your balance. This will continue and no further interest will be added to your balance once it has been reassigned.
• Once the transition is complete The Credit Thing app will be discontinued and you will no longer be able to use it. 

A word of thanks

We would like to take a moment to say thank you for using The Credit Thing. We endeavoured to create an accessible financial services product with a great customer experience that welcomed everyone, especially those that were unable to get similar financial services elsewhere. We wanted to disrupt the UK financial services market in a positive way, but sadly we were unable to complete our mission and sustain the business.

If you have any questions about this notice, you are still able to chat with us in the app for a short while longer or alternatively email us at support@thecreditthing.com. From April onwards, please use the contact information provided to you by Scott & Mears Credit Services for ongoing help and support.

Koto Card Limited (trading as ‘The Credit Thing’)