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SF Buddy Loans Administration
Important Information About Buddy Loans And Your Claim
Please read the following information carefully!
s Enter Administration
Case Ref:
Your Update
We write to advise you that Advancis Limited t/a Buddy Loans (the ‘Company’ or ‘Buddy Loans’) was placed into Administration on 7 September 2021, and that Shane Crooks, Antony Nygate and Kiri Holland were appointed as Joint Administrators (the ‘Administrators’).
If your claim is awaiting a Final Response, FOS Assessment or Final Decision unfortunately your claim will now be provided to the Administrators. It will rank as an Unsecured Creditor claim in the Administration.
If you have received an offer from Buddy Loans and are awaiting payment, we regret to inform you that they are now unable to pay this. Your claim will now need to be re-assessed through the Administrators. Payments to unsecured creditors will depend on the level of realisations achieved from the Company’s assets.
We are now awaiting further updates from the lender and we will update you accordingly once an update is available.
If you would like additional details on Buddy Loans’ decision to enter Administration, please go on to their website www.buddyloans.co.uk which includes detailed information about what the Administration means as well as further guidance for customers like yourself.
What Happens Now
We are awaiting further updates from the Administrators and will be in touch with further updates.
Please note this may be in several months time.
Please therefore ensure your contact details remain up to date.
As Buddy Loans has entered Administration, the amount you will receive in compensation will reduce.
Typically this can be as little as £0.10 in the £1.00
Example;
A refund of £1,000 may be reduced to £100
Unfortunately we are unable to determine the amount of time it will take for the Administrators to complete the wind up of Buddy Loans.
From experience, it may take up to 18 months before compensation is provided.