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Administration is a legal process which is used when a company is, or is likely to become, unable to pay its debts (i.e. the company is insolvent). Control of the company is passed to appointed ‘Administrators’ who have to be licenced insolvency practitioners.
The Administrators must act in the best interests of the company’s creditors. Creditors are all those people or businesses that are owed any money by the company. Creditors will be repaid in a strict order of priority as defined by the law but, as the company is insolvent, not all creditors will be repaid in full.
An Administration places a ‘moratorium’ around the Company. This means that any legal action against the Company is automatically stopped. This includes, for example, legal action by people who are owed money by the Company.
TFS Loans Limited will still be collecting loan repayments in the normal way, as they fall due. However, TFS Loans Limited will not be offering any new loans.
No, it does not change the terms of your loan. It is important that you continue to make payments as normal. This can have a positive impact on your credit score and is part of your contract.
If you start to have any financial concerns or think that meeting your TFS Loan repayments may cause you to miss any priority debts (your rent or bills, for example), you should contact us on 01268 740 755. You can also find further information in the Loan FAQs. These details may change during the Administration so please do check the website to make sure that you’re using the most up to date contact details.
The Administrators of TFS Loans are in the process of devising a methodology for dealing with customers who may have suffered a loss as a result of TFS Loans’ lending practices. Such customers may be eligible for redress.
Once this methodology has been implemented, the Administrators intend to utilise this for dealing with customers who may have suffered loss, so that customers with valid redress claims who are owed compensation can be identified and calculated.
Should any redress be due, this could reduce your outstanding loan balance or entitle you to lodge a claim for a distribution in the Administration, but in the meantime it’s important that you continue to make repayments. This can have a positive impact on your credit score and is part of your contract.
Customers who consider that they may have potential claims for redress should contact the Company in writing using the complaints@tfsloans.co.uk mail address.
If you’re a former customer and have settled all your loans in full, any redress due will rank as an unsecured creditor claim in the Administration. The extent of any payments to unsecured creditors will depend on the level of realisations achieved from the Company’s assets. Whilst the position at the outset of the Administration is uncertain, current indications are that there may be sufficient realisations to enable a distribution to be paid to the unsecured creditors.
Please note that the timing and the amount of a distribution, if any, is uncertain at this stage. You should also note that it can take a significant amount of time to deal with a matter of this complexity.
Whilst any customer is entitled to obtain legal advice, there is no need for you to incur the cost of doing so. There are free legal advice services available, such as through Citizens Advice. More information can be found here: www.adviceguide.org.uk
It is important that you continue to make payments as normal. This can have a positive impact on your credit score and is part of your contract.
If regular payments are collected through a Direct Debit, Continuous Payment Authority (‘CPA’), or by a debt management Company, you do not need to take any specific action as a result of the Administration, and your payments should continue as usual.
No, it does not change the terms of your loan. It is important that you continue to make payments as normal. This can have a positive impact on your credit score and is part of your contract.
If you start to have any financial concerns or think that meeting your TFS Loan repayments may cause you to miss any priority debts (your rent or bills, for example), you should contact us on 01268 740 755. You can also find further information in these FAQs.
TFS 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
Yes, our team are still here to support you. You can contact us by telephone 01268 740 755 or email collections@tfsloans.co.uk. These details may change during the Administration so please do check the website to make sure that you’re using the most up to date contact details.
Nothing will change: your guarantor will remain on your loan agreement unless otherwise agreed.
If you’ve been called recently by anyone claiming to be a representative of TFS Loans and asked to provide updated payment details, you should contact the TFS Loans Customer Support team as soon as possible.
Fraudsters can take advantage of a Company going into Administration: TFS 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.
Should you start to have any financial concerns, or think that meeting your TFS Loan repayments may cause you to miss other priority debts (your rent or bills, for example), please contact our Customer Support Team as soon as possible, the details of which are on this website. We will always treat you fairly if you are experiencing financial difficulties and will talk to you about what we are able to do to help; our telephone number is 01268 740 755.
For some further information and guidance about how you can manage arrears that you may have then you can contact free sources of debt advice, for example:
| Citizens Advice | www.adviceguide.org.uk | To find your local office, look online or in your phone book |
| National debtline | www.nationaldebtline.org | 0808 808 4000 |
| Stepchange | www.stepchange.org | 0800 138 1111 |
While we cannot offer you specific financial advice, we will always try and help you and may be able to arrange an affordable repayment plan. In the event that you do not make a payment when it falls due, we will always try our best to contact you and work things out. It is important that you speak to us at an early stage of any repayment difficulties to agree a way forward.
If we are unable to get in touch with you then we will contact your Guarantor to discuss your account, where relevant. We may ask your Guarantor to step in and make any missed repayments if we are unable to contact you and your account remains in arrears.
Money issues can be hard to talk about, but help is there if you need it. Please contact our Customer Support Team, the details of which are on this website. The following organisations may also be able to offer you free and independent advice:
If you’re experiencing personal difficulties, below are some organisations that may be able to support you:
The Administrators of TFS Loans are in the process of devising a methodology for dealing with customers who may have suffered a loss as a result of TFS Loans’ lending practices. Such customers may be eligible for redress.
Once this methodology has been implemented, the Administrators intend to utilise this for dealing with customers who may have suffered loss, so that customers with valid redress claims who are owed compensation can be identified and calculated.
Should any redress be due this could reduce your outstanding loan balance, but in the meantime it’s important that you continue to make repayments. This can have a positive impact on your credit score and is part of your contract.
Customers who consider that they may have potential claims for redress should contact the Company in writing using the complaints@tfsloans.co.uk mail address.
The Administrators of TFS Loans are in the process of devising a methodology for dealing with customers who may have suffered a loss as a result of TFS Loans’ lending practices. Such customers may be eligible for redress.
Once this methodology has been implemented, the Administrators intend to utilise this for dealing with customers who may have suffered loss, so that customers with valid redress claims who are owed compensation can be identified and calculated.
Any redress due to former customers who have repaid their loans will rank as an unsecured creditor claim in the Administration. Payments to unsecured creditors will depend on the level of realisations achieved from the Company’s assets. Whilst the position at the outset of the Administration is uncertain, current indications are that there may be sufficient realisations to enable a distribution to be paid to the unsecured creditors.
Please note that the timing and the amount of a distribution, if any, is uncertain at this stage. You should also note that it can take a significant amount of time to deal with a matter of this complexity.
Former customers who consider that they may have potential claims for redress should contact the Company in writing using the complaints@tfsloans.co.uk mail address.
We will contact existing customers once the redress scheme has been agreed in order to advise what this means for you. If any redress is due this could reduce your outstanding loan balance, but in the meantime it’s important that you continue to make repayments. This can have a positive impact on your credit score and is part of your contract.
If your outstanding loan balance is calculated to be less than the amount of redress that you are owed then we expect your loan balance would be reduced to nil. However, until this is confirmed in writing it’s important that you continue to make repayments. This can have a positive impact on your credit score and is part of your contract. Payments made will be held in a separate account by the Administrators and refunded to you should the redress owed to you be greater than your loan balance.
All cash redress payments have now ceased, so you will not receive the amount offered. We will be writing separately to any customers who have accepted an offer of redress. We will also be looking at the extent to which any redress claims may reduce your current balance or otherwise fall as unsecured creditor claims.
The redress owing to you could reduce your outstanding loan balance, or extinguish it, but in the meantime it’s important that you continue to make repayments. This can have a positive impact on your credit score and is part of your contract.
If you are a former customer and have settled all your loans in full, any redress due will rank as unsecured creditor claim in the Administration. Payments to unsecured creditors will depend on the level of realisations achieved from the Company’s assets. Whilst the position at the outset of the Administration is uncertain, current indications are that there may be sufficient realisations to enable a distribution to be paid to the unsecured creditors. Please note that the timing and the quantum of a distribution, if any, is uncertain and this is subject to change. You should also be made aware that this may take a significant amount of time to deal with due to the complexity of the case.
If you are a repeat customer of TFS Loans (for example, you have ‘topped up’ your loan or taken out another loan(s) in the past), we will look at all of your loans (past and present) to determine what compensation you may be entitled to, and the extent to which any redress claims may reduce your current balance or otherwise fall as unsecured creditor claims.
We will make any changes that are needed to the individual credit files for all customers (both current and former). This will happen automatically in due course and you do not need to take any action.
To contact the FOS, please visit: www.financial-ombudsman.org.uk/contact-us
You may wish to contact your CMC and discuss the situation. Your claim will be treated in the same way whether or not you are with a CMC.
We’re sorry that you’re unhappy. Speak to the Customer Support team if you’ve got any concerns. You can also email our team direct on complaints@tfsloans.co.uk if you don’t want to speak to a Customer Support Associate.
Please be aware that any complaints which relate to irresponsible lending will be dealt with in line with the redress scheme being finalised by the Administrators, as set out, above.
Please be aware that any complaints which relate to irresponsible lending will only be dealt with in line with the redress scheme being finalised by the Administrators, as set out, above.
Loans are subject to status and affordability. *Consolidating debts may increase the term and the total amount payable.
Before entering into any credit agreement please make sure you can afford the monthly repayments, we recommend that you seek independent advice if you are unsure of any of the terms of our agreement. There may be other taxes or costs, not paid through us or charged by us, that you have to pay in connection with the agreement.
Late repayments can cause you serious money problems. For help go to www.moneyadviceservice.org.uk
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