ISLAMABAD – Authorities in Pakistan announced court-supervised recovery process for UdharPaisa and Barwaqt loan users after both companies were placed under liquidation by Islamabad High Court.
Borrowers can still settle their outstanding loans and update their credit records, but only through official bank accounts and a strict verification process. The move ensures that only properly documented payments are accepted, with no involvement of agents or informal channels.
In latest update, Securities and Exchange Commission of Pakistan (SECP) issued public notice revealing a strict, court-monitored repayment and settlement mechanism for borrowers of the UdharPaisa and Barwaqt digital lending apps, sending a strong message to defaulters and users alike.
The development comes after orders from Islamabad High Court, under which Microcred Financial Services Limited (operating UdharPaisa) and Seedcred Financial Services Limited (operating Barwaqt) have been placed under formal liquidation supervision. In a key appointment, Advocate Syed Ishfaq Hussain Shah has been named the Official Liquidator to oversee all recoveries and financial settlements for both companies.
Borrowers are still being given an opportunity to settle their outstanding loans and restore their credit histories. However, authorities have made it clear that repayment must follow a highly controlled, court-approved procedure. Users are required to first obtain their credit reports from Tasdeeq Information Services Limited and DataCheck Limited. After reviewing both reports, they must identify and pay the higher outstanding amount shown.
Payments are to be made exclusively into designated bank accounts at Bank Makramah Limited, and only through physical bank branch deposits.
For UdharPaisa (Microcred Financial Services Limited in liquidation), payments must be deposited into:
- Account Title: M/s. Microcred Financial Services Limited (In Liquidation)
- Account No: 0418586002000323
- IBAN: PK48BMLP0418586002000323
For Barwaqt (Seedcred Financial Services Limited in liquidation), payments must be deposited into:
- Account Title: M/s. Seedcred Financial Services Limited (In Liquidation)
- Account No: 0418586002000321
- IBAN: PK05BMLP0418586002000321
Authorities strictly prohibited the use of mobile wallets, digital apps, online transfers, or any third-party payment channels.
Borrowers must carefully fill out deposit slips including CNIC, name, contact details, and payment purpose. A stamped bank receipt must be retained as official proof of payment.
After completing repayment, users are required to send supporting documents—including CNIC copy, deposit receipt, and credit reports—to the official email addresses liquidatormicrocred@gmail.com and liquidatorseedcred@gmail.com
Following verification, the Official Liquidator will forward updated settlement details to credit bureaus within approximately four weeks, ensuring borrowers’ credit records are corrected and updated.
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