Shane Crooks, Antony Nygate and Kiri Holland were appointed as Joint Administrators (the ‘Administrators’) of Advancis Limited t/a Buddy Loans (the ‘Company’ or ‘Buddy Loans’) on 7 September 2021.
Buddy Loans will continue to operate, although we will no longer be making any new loans. We are working closely with the Financial Conduct Authority (‘FCA’) to ensure that customers are treated fairly and in line with FCA guidance whilst we continue collecting outstanding loan balances.
Below we’ve provided some further information together with FAQs regarding the Administration and what it means.
Fraudsters can take advantage of a company going into Administration; Buddy Loans will never ask you for your bank details over the phone. As such, you should treat any unexpected cold calls or conversations of this nature with suspicion.
The Administrators act as agents of the Company and without personal liability.
If you’re an existing Buddy Loans customer, it’s important that you continue to make repayments. This can have a positive impact on your credit score. Our team is available to help customers in the normal way.
To contact us with any queries or to make a repayment we’re available Monday to Thursday from 9am to 5pm; on Friday from 9am to 4pm; and on Saturday from 9am to 1pm on 0161 850 4141 or via email to customerservices@buddyloans.com
If you start to have any financial concerns, or think that meeting your Buddy Loan repayments may cause you to miss any priority debts (your rent or bills, for example), you should contact us on 0161 850 4141. You can also find further information on our website here: www.buddyloans.com/faqs
There are no planned changes to the Buddy Loans processes, which means that if you are a guarantor then we will only contact you if we need to, for example because your buddy has missed too many payments. You can find our guide to being a guarantor here: www.buddyloans.com/guide-to-being-guarantor
Buddy Loans will no longer be able to offer new loans, including new loans to existing customers. You could speak to a Credit Union or Community Development Finance Institution for possible alternative options.
Credit Unions are community savings and loans providers. They can offer affordable loans to people within their local area. Credit Unions may be able to lend to people whose circumstances might mean they struggle to get a loan from other lenders. They often have branches as well as phone and online support. To find one in your area and to see if you are eligible to join visit www.findyourcreditunion.co.uk
Community Development Finance Institutions (‘CDFIs’) are community lenders that offer affordable and flexible loans alongside free access to advice. There are a number of CDFIs across the country. You can apply for a loan from a CDFI either online or over the phone and there are branch services available in some areas. Search for a CDFI by visiting www.findingfinance.org.uk
If you currently or previously provided services to Buddy Loans then please speak with your normal point of contact. Alternatively you can send an email to the Administrators’ team at: BRCMTLondonandsoutheast@bdo.co.uk