Buddy Loans

Shane Crooks, Antony Nygate and Kiri Holland were appointed as Joint Administrators (the ‘Administrators’) of Advancis Limited t/a Buddy Loans (the ‘Company’ or ‘Buddy Loans’) on 7 September 2021.

For alternative loan options see below.

Buddy Loans

Guarantor Loan

Buddy is no longer trading as it has gone into administration

Buddy Loans will no longer be able to offer new loans, including new loans to existing customers.

Since the Appointment Date, the Administrators have worked closely with the Company’s key stakeholders, including its secured creditors and the Financial Conduct Authority (the ‘FCA’), to finalise the methodology and scheme of redress (the ‘Redress Scheme’).

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Allcreditloansnet Representative 49.9% APR

Representative Example: Borrow £3,250 over 36 months at a Representative Rate of 49.9% APR at an annual interest rate of 41.16% (fixed), you pay 36 instalments of £158.57. Total charge of credit is £2,464.57, total amount payable £5,714.67.

What does representative APR mean?

About Buddy Loans

Buddy was set up by Nicholas Zapolski and Guy Mackenzie in 2013 and is the trading name for Advancis Limited; both had a rich background within the financial services industry.

Details of the Buddy Loans Redress Scheme (for more info see their website)

Prior to the commencement of the Administration on 7 September 2021 (the ‘Appointment Date’), Buddy Loans had been working to develop a methodology for identifying customers who had potentially been provided with an unaffordable loan as a result of Buddy Loans’ lending practices, in order to determine whether such customers were eligible for redress.

Since the Appointment Date, the Administrators have worked closely with the Company’s key stakeholders, including its secured creditors and the Financial Conduct Authority (the ‘FCA’), to finalise the methodology and scheme of redress (the ‘Redress Scheme’).

The Redress Scheme has now been finalised and Buddy are starting to contact customers (and associated guarantors) who had an outstanding loan at the Appointment Date which has been identified as being eligible for redress.



Questions

Shane Crooks, Antony Nygate and Kiri Holland were appointed as Joint Administrators (the ‘Administrators’) of Advancis Limited t/a Buddy Loans (the ‘Company’ or ‘Buddy Loans’) on 7 September 2021.

Buddy Loans will continue to operate, although they will no longer be making any new loans.

Buddy specialised in ‘guarantor loans’, their previous loan* features:

  • Type: guarantor loan
  • Amount: £1,000 – £10,000
  • Term: 12 – 60 months
  • APR: 49.9% representative

As of writing, we have no information that will indicate that Buddy Loans will start lending again.

No.

Buddy is one of a number of lenders who are no longer on our panel for a variety of reasons, others include:

Doorstep Loans

  • Provident Personal Credit – the Provident business was closed on 31st December 2021 so is no longer lending.
  • Greenwood Personal Credit – never directly on our panel, Greenwood Personal Credit was acquired by Provident in 1977, and as above has closed and is no longer lending.
  • Shopacheck – never directly on our panel, Shopacheck was acquired by the Perpignon Group and merged with Morses Club in March 2015 (who are on our panel).

Guarantor Loans

  • Amigo – currently not lending.
  • FLM – the old name of Amigo Loans.
  • TFS – has gone into administration and is not lending.

Company Info


Companies House Info


Company Name:  Advancis Limited

Co Reg No: 08089541

Website: buddyloans.com

Address: C/O BDO LLP, 5 Temple Square Temple Street, Liverpool, L2 5RH

FCA Registration


FCA Ref No: 718849

Firm Name: Advancis Limited

Principal Place of Business: One Newmarket Avenue, White Horse Business Park, Trowbridge, Wiltshire, BA14 0XQB, UNITED KINGDOM

Data Protection Info


No Longer Registered


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