I am a former customer of TFS Loans and have paid my loan back in full, but I believe that I may be entitled to redress. What do I need to do?

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.