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Buddy Loans, the guarantor lender, enters administration

14 September 2021

Advancis LTD, the guarantor lender which trades as Buddy Loans, has entered administration.

Buddy Loans will continue to operate but will be making no more new loans.

As per a website notice, the FCA are working closely with the lender to ensure customers are treated fairly and in line with the FCA guidance, as outstanding loan balances are collected.

Shane Crooks, Kiri Holland and Antony Nygate from BDO LLP have been appointed as joint administrators through the process.

Since there are no planned changes to the processes of operation, guarantors will only be contacted if the lender needs to be in touch.

Credit Strategy report more.

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