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Do I need to let you know that I may have a redress claim or register with you?

Do I need to let you know that I may have a redress claim or register with 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 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 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.

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