8 September 2021
Advancis Limited (known by its trading name, Buddy Loans) went into administration on 8 September 2021.
In September we said that we were aware that Wonga had gone into administration and that due to the nature of the business, there was no protection offered to consumers under the Financial Services Compensation Scheme.
We’ve since been working with the administrators, Grant Thornton, to clarify the impact on the cases we have with us and whether we’d be able to work any new cases brought to us.
Grant Thornton has confirmed that whether claims will be accepted – that is, whether complaints will be upheld and whether someone becomes a creditor – and the amount of redress they will then receive, is now a decision for the administrators. Grant Thornton is writing to potential creditors to explain this and the next steps they’ll need to take.
This means we won’t be able to progress any complaints about Wonga any further, or work any new cases brought to us. As a result, we’ll be transferring complaints about Wonga to Grant Thornton as the administrators. We’ll be writing to individual consumers to explain this and to let them know that they don’t need to do anything further at this stage and that Grant Thornton will get in touch directly.
For further information, please see the FCA website.
8 September 2021
29 July 2021
Welcome to Ombudsman News. In this edition, we share new content on our approach to complaints about flood damage, and resources on our SME website for small businesses with complaints caused or impacted by the pandemic. And in our latest blog, we take a look our support for Papyrus UK and Business2Schools.