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.