UPDATE Advancis was dissolved in December 2023
Advancis Ltd, trading as Buddy Loans, went into administration on 7 September 2021.
Buddy Loans was a small guarantor lender. Its loans were typical of the UK guarantor market – between £1,000 and £10,000 lent on a 1-5 year term at a 49.9% APR. The FCA describes these loans as “high cost”.
Buddy’s slogan was:
If you’ve got a good BUDDY, you can get a loan!”
Advancis’s last available accounts show that in 2019 it had 48 members of staff and a loan book of under £25 million.
Buddy was the first guarantor lender to go into administration. TFS followed them into administration in February 2022.
Contents
The cost of paying refunds
Like all high-cost lenders Buddy Loans will have struggled during the early stages of the pandemic. It’s hard to keep lending when you can’t tell who will still have a job in a few months and when Covid-19 payment breaks weren’t clearly shown in credit records.
But it is likely that Buddy Loans’s decision that they were insolvent was caused by having to pay customer refunds. Not just the complaints in progress but the likelihood these will increase in future. Like other guarantor lenders, Buddy Loans has had an increasing number of affordability complaints and many of them have been upheld by the Financial Ombudsman (FOS). Here are a couple of recent FOS decisions against Buddy Loans:
- Mr G should not have been accepted as a guarantor because he had a lot of other debt and would have struggled to repay the loan;
- Mr M should not have been given a loan as he was becoming reliant on credit and already failed to pay some loans he had only recently taken out.
Reading the FOS decisions on Buddy Loan complaints, it feels as though there was a systemic problem of not making enough checks. It seems that “having a good buddy” isn’t enough for good lending decisions. And the application process (below) that emphasises speed isn’t likely to encourage accuracy:
What administration means for customers
The administrators have now published their proposals, see below.
This is likely to follow the standard pattern for high-cost lender administrations.
It is the administrators’ role to realise the assets of a company and divide them between the creditors. This distribution can take a long time – a year or more.
Customers, past and present, borrowers and guarantors, are potential unsecured creditors because they may have a claim against the company eg for unaffordable lending.
The administrators say:
Buddy Loans has been working to develop a methodology for identifying customers who may have suffered a loss as a result of Buddy Loans’ lending practices. Such customers may be eligible for redress.
The Administrators intend to finalise the methodology for identifying customers who may have suffered loss, with a view to putting in place a scheme in which customers with valid redress claims who are owed compensation can be identified and calculated.
Current customers can benefit from getting their loans reduced or cleared. But the Buddy Loan administrators are already warning there may be no cash to be distributed:
Whilst the position at the outset of the administration is uncertain, current indications are that there may not be sufficient realisations to enable a dividend to be paid to unsecured creditors. This means that former customers with redress claims may not receive any payment. If we’re ever in a position to make a payment to unsecured creditors, then we will contact you and advise what action needs to be taken.
Current loans
Current loans still exist on the same terms. You are not expected to pay the full amount immediately.
The administrators will probably want to sell the current loan book to a debt collector (with the likely exception of loans that are due to finish soon.)
Having your loan sold isn’t anything to worry about – most debt collectors are a LOT nicer to deal with than most guarantor lenders! And the debt collector will not expect you to repay the full amount immediately.
But the administrators will probably wait to sell the book until claims for unaffordable lending have been determined. A borrower may be able to get their balance reduced or cleared by a refund – only cash payouts are reduced to a small percentage, possibly nothing.
The Administrators Proposals
The Proposals were published in November 2021. They are a report by the administrators to the company’s creditors – all current and previous customers are “unsecured creditors” if they have an affordability complaint upheld.
The proposals say:
Based upon present information, the Joint Administrators do not anticipate that realisations from the Company’s assets will be sufficient to enable us to make any distribution to unsecured creditors.
This means that customers who have repaid their loans will not get any refunds, even a very small one.
But for people with a current loan:
If, however, a current customer is found to be due redress, this should reduce the outstanding balance of the customer’s loan.
and:
As and when a scheme of redress is agreed, affected customers will be contacted by the Company and will receive an explanation of what this means to them and their outstanding loans.
You may think the administrators’ fees are too high but they are standard.
The lack of money for refunds reflects the way the company was run and the failure of the FCA to insist that a lender has adequate capital to pay refunds. It isn’t the administrators’ fault.
The Redress Scheme for current loans
The administrators developed a scheme for determining which open loans may have been mis-sold. This found that:
- 2,768 loans were eligible for redress
- the open balances on these loans have been reduced by c £1m
- no interest will be charged on outstanding loans eligible for redress
- cash refunds will be payable to certain customers, guarantors and third parties in respect of post-Administration loan payments (i.e. payments made since 7 September 2021) on affected loans that have resulted in overpayments as a result of the redress adjustments subsequently applied to the loans.
because this was applied automatically, there was no need for people to make a claim to the administrators.
Loans sold to 1plus1
The administrators have sold c 1,900 open and non-defaulted loans to 1plus1 in February 2023.
So far there has not been an announcement about what will happen to the outstanding loans which have defaulted.
To talk your situation through with a debt adviser, borrowers and guarantors can phone National Debtline on 0808 808 4000.
Comments are now closed on this article.
Pete says
Anyone else had their emails ?
Leanne Hardacre says
No, nothing. Feeling a little annoyed that things are so slow and still not aware if my complaint has been upheld.
Checking my emails daily like everyone else I guess hoping for a resolution soon.
Antonio says
How you make a complaint to buddy loans because I’m fed up with them !!! Sharks !!
Tim Trott says
The FOS ruled against Buddy Loan’s 2 months before they entered into administration. Today Buddy Loan’s emailed me saying that I’m not entitled to claim a redress payment and I will have to continue paying the loan that the FOS determined as mis-sold.
George says
Wow so you had a FoS decision that wasn’t upheld by Buddy? That’s absolutely terrible!
Did you see the email to send if you don’t agree with buddy’s decision? … worth sending an email
The emailed me too saying I wasn’t entitled to redress, I never had an ombudsmen decision though but I’m still going to email them further.
Timothy Trott says
On the 2nd of July 2021 the FOS sent Buddy Loan’s their findings, they had 14 days to accept it or appeal the decision, they wanted to appeal the findings, the FOS asked why they wanted to appeal and gave them 7 days to state the reasons. They ignored that request from the FOS, combing the times given to them by the FOS they had until the end of July 2021 to respond fully, they didn’t and dragged it out until they decided it was time to enter administration.
Jade Partington says
I had the same. I was missold the loan. Not eligible for redress. Not paying them another penny! They’ve had the loan and £4,000 in interest!
Sara (Debt Camel) says
how much do they say you still owe? Have you talked to your guarantor about this?
Timothy Trott says
Buddy Loan’s say I owe over £6k but in the FOS findings they wanted the interest removed leaving only the amount I borrowed to repay. I’ve paid over the amount I borrowed.
Is it not obvious that they are rejecting legitimate claims and even FOS because they don’t have the money to pay all the claim’s laid against them?
My guarantor hasn’t paid anything either as I sent him the FOS investigation and it’s findings thinking that it was done and dusted. I’ve been in contact with the FCA and I’m waiting for their response before I decide if I take it to the county court.
Sara (Debt Camel) says
The administrators should have told you how you can appeal their decision.
You cannot go to the county court to challenge an administration decision… You have to show the administrators are in breach of the Insolvency Act 1986. Schedule B1 covers the conduct of an administration. You have to be very clear which part of the Insolvency Act you think the Administrator is in breach of. I think action has to be taken in the Business & Property Courts which are part of the High Court.
Leanne Hardacre says
I’ve had my reply too and not entitled to redress. I was just hoping they would have just cleared the rest of the loan as all I’m paying is the interest.
To complain about the decision I need 3 months bank statements prior to Buddy loan, this would show I was already in debt and there was irresponsible lending on buddy’s behalf. I also had 2 jobs, the 2nd was relief and not always guaranteed. I had this conversation on the phone with Buddy loans and clearly remember disclosing my debts and that I was struggling financially to pay them. The reason I remember is I was shocked when they excepted my application. Is that right Sara?
Can you advise please, I really don’t want to be chasing around if it’s just going to be thrown out again.
Sara (Debt Camel) says
Send them the bank statements! This is the normal way to prove that a loan was unaffordable. You can get statements even from closed accounts but you need to get on with this fast and tell them you will be sending statements.
George says
Just had my email, not the outcome I was hoping for and I feel absolutely gutted! I am not eligible for redress. Well at least I’ve had the email so I know the response now, there was an email at the bottom to send a response to if you think there had been an error so I’ll have to try that I suppose and go from there. Good luck to the rest of you, I really hope you get a better outcome than me!
Jade Partington says
I had the same. We are a very low income family as I am disabled and husband is my carer with 3 young children. I have paid the loan in full plus £4,000 in interest. Apparently I don’t qualify for redress. I have replied to the email. I can’t believe it.
George says
I’m just waiting on bank statements (as my old account closed) and I will be sending my appeal. I am absolutely gutted too!
Keep me updated on how you get on too
Pete says
Had my email too , not eligible absolutely gutted , will be sending a new complaint in
Lauren says
Hi Sara
They have asked me to send them 3 months of bank statements prior to the loan and 3 months after and also a copy of my credit report at the time the loan was taken out . I went through to Experian and they said they can’t provide that as they only hold data for 2 years due to new GDPR rules. Do you know how I can access a copy of my credit report from 2018? Thanks
Sara (Debt Camel) says
That isn’t possible. just send them a copy of your current credit report. that covers what hjas happened in the last 6 years so it will be fine for showing what your situation was in 2018.
Faye says
Hi I have recieved my email saying I am entitled to redress and to give bank details I think if I am right have said I have paid 2, 565.26 after the loan was satisfied does this mean there refunded me this amount? I have gave bank details so fingers cross I recieve within 14 days
Sara (Debt Camel) says
do you mean you were the borrower and you paid the loan amount plus 2565?
Faye says
This is want I was sent
What this means for you
In line with the above, the Company is now taking the following actions in respect of your loan:
Credit file adjustment: the entries relating to your Buddy loan will be removed from
your credit file. It is expected that this will happen within 3 months of the date of this letter.
Loan balance adjustment:
the balance on your loan account on the Appointment Date was £4,564.55. The balance has been written down to nil and your loan account has been closed
Unsecured claim: at the Appointment Date, payments of £592.55 in excess of the amount borrowed had been received.
This will be an unsecured claim in the Administration. The Administrators have added this unsecured claim to the schedule of claims and you do not need to take any action to register this claim.
In the event that there is a dividend available to the Company’s unsecured creditors, part of the parmad alaim maka
Sara (Debt Camel) says
Did you carry on paying the debt after the administrators were appointed? If so, do you know how much you paid after that point?
Faye says
I have been paying them since they have gone into administration I pay 299 a month but the last couple of months I haven’t been as on maternity now and I don’t get much so not sure how much I have paid.
Sara (Debt Camel) says
so obviously stop any future payments immediately with your bank.
I’m sorry you need to add up what you have paid them since administration started on 7 September 2021. It may be that you will get this amount repaid in full – that email from the administrators can be read as suggesting that but doesn’t say it directly.
The amount you paid which is more than you borrowed before the administration started is the £592.55 number in that email. You will NOT be paid this in full – it is a “claim in the administration” and you may get a percentage of back later when it is know if there is any money to be paid out.
Jade Partington says
They rung me the other day after being sent an email stating I wasn’t eligible for redress. I hung up on them because I didn’t need them demanding more money off of me. They’ve had £11,000 from me (£4,000 interest) I’m a disabled individual who they never done affordability checks on. I’m petrified.
Sara (Debt Camel) says
did the email you got tell you that you could appeal?
what is your guarantor’s financial position like?
Jade Partington says
Yeah I’ve send an email to appeal.
My guarantor is working but has a lot of debt. From looking at his credit report his was really bad at the time of the loan being taken out. Mine was non existent according to the details.
Sara (Debt Camel) says
did your guarantor make a claim to the administrators too?
is he buying or renting?
Jade Partington says
He rents his property. He literally owns nothing.
No he didn’t because we did this after they went into admin but we didn’t know this had happened if that makes sense.
George says
Hi jade,
Just to say I answered buddy’s call today (I actually didn’t realise it was them as I probably would have ignored them)
It really wasn’t as bad as I thought it was going to be! I think the lady I spoke to was called Becky (she was really lovely actually) she basically said to go for the appeal and was really hopefull for me it will be upheld. (Not that she had any control over the outcome unfortunately she said it goes to complaint dept and then onto ombudsmen)
She said currently I’m 4 months in arrears and at month 6 they’ll add a default to both mine and my guarantors credit file (… mine I’m not bothered about but the guarantor is my mum so I don’t want that for her) she suggested I appeal but that can take 8 weeks from the point of me sending in my complaint by which point the default will be added. She said to call her back at the end of the month (which is when I get paid) and we can discuss … she suggested just making some sort of payment at that stage to prevent the default and await the results of the appeal.
Just to note my loan was for 8,500 and I’ve paid back 9,200 so In terms of the balance I’ve paid that off and it’s just the interest now.
I’m hopeful the appeal is successful but this lady I spoke to was understanding too … honestly make the call it’s not as bad as you think it will be … even ask for Becky as she seemed like she genuinely wanted to help!
… and feel free to message me here, I’m always keeping an eye on updates
Wesley field says
Appeal it get your bank statements I did, I don’t know if I’ll win it tho as it shows I had a massive gambling problem and they just feed my habit do you think i should win that as they never asked for my bank statements because if they did it would of shown them that at one stage I gambled £1k in a day so do you think I should win?
Wesley field says
Also I’ve paid buddy £3.6k since the administrators got appointed
Sara (Debt Camel) says
what I feel isn’t really of much use to you. But for what it’s worth, yes i think you should.
Wesley says
So do you know if it’s a percentage or all the Money back?
Sara (Debt Camel) says
how large was the loan? and how much had you paid them before administration?
Wesley says
12k I paid back £3.6 while in administration
Sara (Debt Camel) says
how much did you repay before the administration?
Wesley field says
About £8k before the administration
Sara (Debt Camel) says
so you haven’t quite repaid the 12k you borrowed. In that case if your claim is upheld you wouldn’t get any cash refund .
Wesley fiemd says
No I borrowed £7.5 that’s all paid back, then over £4K interest
Sara (Debt Camel) says
ah that was what I was asking about.
Right, if you win the claim then it is possible that the payments you made during the administration may be repaid in full but that isn’t clear at the moment – see my comment early here https://debtcamel.co.uk/buddy-loans-administration/comment-page-2/#comment-495098
Any payments of interest made before the administration will be treated as a claim on the administration and ypu will only get a percentage of them repaid at some future date.
Wesley says
My gurantor had a £8k loan out week before the buddy one, also was a gurantor to my amigo one 2 months before so do you think that’s worth sending over
Sara (Debt Camel) says
Unless your guarantor made any payments then they have no claim nor the loan as been repaid..
Buddy may not have assessed the guarantor’s affordability properly but that does not help your affordability complaint.
Jade Partington says
Ok so what about my case?
Loan was £7,000.
Paid back £11,574.07.
£2,667.96 was during administration period (11/09/21-11/05/22) then I stopped paying as advised by the ombudsmen.
They are still asking me for an additional £5,920. Which would mean the overall loan including interest is £17,494.07.
I can not afford it. And I’m really scared if I’m honest.
Obviously the cost of living has made life a lot harder but we still have a ridiculously low income and have done since 3 years before the loan as I’m registered disabled and my husband is my full time carer.
Guarantor is on an ok wage but has low credit rating and is only renting (in London) so stupidly high. His credit rating was low at the time of loan and mine was non existent.
Sara (Debt Camel) says
so if your appeal is upheld, the balance will be cleared and you may get some or all of the money paid during the admininstration refunded.
it would have been good if your guarantor had made an affordability complaint – I don’t know if this is too late to do this – he should ask.
If your appeal is rejected but your guarantor’s claim is upheld and they are released, then you just have a standard unsecured loan. Do you have any other debts at the moment? One option would be a debt relief order for you that would clear this debt and any other arrears on bills etc that you have. See https://debtcamel.co.uk/debt-options/dro/
If your appeal is rejected and so is your guarantor’s claim, then you could still go for a debt relief order but then your guarantor would be expected to pay. As he has other debts now, a debt releief order may be a good options for him too.
Jade Partington says
Has anyone had Co to your calls from buddy loans but not had any correspondence to their appeal? I’m ignoring all calls. I find this absolutely disgusting!
Wesley field says
Anyone heard of Buddyloans regarding there apeal there ignoring my emails
Andy macdonald says
Nothing yet mate
l rich says
Hi all
I had a £10000 gurantor loan in june 2019 and continue to pay £395 a month, Ive paid £15,800 back already. and the loan doesnt finish until june 2024. so potentially £7900 still to pay.
I havent had any emails from anyone regarding my account. Is there anything people would recommend i do without getting myself into ant issueswith the administrator ? and where are the contact details for the administrator please?
Any help would be very much appreciated
Sara (Debt Camel) says
are the repayments affordable for you?
what about your guarantor, would they have been able to make all the payments on the loan from the start and still been able to pay their own debts, bills and living expenses?
Lee says
Hi, I’m a guarantor for a Buddy Loan, I’ve had absolutely no correspondence from the company whatsoever about the administration of the company from the company, or the administrators.
Am I still able to file a complaint to anyone regarding the loan being unaffordable for the borrower and have myself removed as a guarantor, or is it too late?
Thanks
Sara (Debt Camel) says
Is the loan still underway? Are you making or have you made payments?
Lee says
The loan is still ongoing and payments have been made, repayments still currently being made too.
Sara (Debt Camel) says
Is it being paid by you or by the borrower?
Lee says
I’m paying the loan back as the guarantor currently, as the borrower cannot afford to pay it.
Sara (Debt Camel) says
Then the borrower needs to make a complaint about that urgently. Although you could complain it is much more difficult for you as the borrower can produce their own bank statements to support their complaint.
Wesley field says
Any advice for my response from my appeal they said no but on my statements it proves I had a massive gambling problem before the loan and that I was talking credit out fro gambling need advice on what to do now
Sara (Debt Camel) says
How large was the loan?
Wesley field says
£7.5k I paid 11k back
Sara (Debt Camel) says
Is the loan fully repaid.
Wesley field says
Yes I have paid it all
Sara (Debt Camel) says
Then if your complaint is upheld you would become an unsecured creditor – at the moment the administrators are saying they do not expect there will be ANY money to distribute to unsecured creditors. Not just a bit, zero.
See the latest progress report https://find-and-update.company-information.service.gov.uk/company/08089541/filing-history
George says
Hi, from what I understand you had to file a complaint by 1st November (this was in regards to the redress scheme)
Sarah, I’ve had a look at companies house and the administrators have been granted a 12 month extension. Do you think it’s going to take until sept 2023 (when the extension was until) to wrap this up? Just feel like it’s been dragging so much. If the outstanding loans were sold off to debt collectors (which I believe is what the administrators are proposing) where does that leave the guarantors? As in – are they still liable for loan payments if the customer doesn’t pay or does it become a new separate agreement with just the customer? Thanks
Sara (Debt Camel) says
It’s pretty normal for administrations to be extended.
If the loan is sold the guarantee remains in place.
Gareth says
hello.
I had a FOS decision upheld last year to which buddy loans ignored and have now been denied redress under the scheme
Correspondence was not forthcoming and dismissed the FOS decision detail i shared with them and demanded the bank statements etc
This was from an account which is closed and has proven difficult to get in a timely manner which has now resulted in being past the deadline of 1st November.
Buddy are now refusing to consider my appeal, is there anything i can do here?
i’m appealing to them for more time as if they had engaged 18 months ago we wouldnt be here and its been difficult getting hold of statements as the account i had was closed as part of a DMP.
I’m absolutely gutted as i’m certain the bank statements, once i get them, would support the appeal being upheld
Sara (Debt Camel) says
Did you not send statements to FOS?
Gareth says
i did but what i sent them i cant access on my email and have changed jobs since then so is likely to be on an old laptop
i’ve got some of what i need from the bank but its slow going as the account is shut
Sara (Debt Camel) says
I’m sorry, it would have been good to have got copies of those statements as soon as the administration started.
Gareth says
thats completely fair, its the first time i’ve been in this position so i didnt know any better.
Is there anything else i can do to sort this out? is there any escalation?
Sara (Debt Camel) says
you could email one of the administrators and say you will be making a formal commplaint if they don’t give you time to get the statements, pointing out they should have asked for them before
Jade says
Basically who ever has taken over Buddy loans has just about as much compassion for Buddy customers as Buddy loaned did. They’ve completely ignored my appeal but Buddy keeps trying to contact me. No letter have ever been sent to me about Buddy loans. I shall just carry on ignoring them. There is absolutely no way now I could carry on paying them anyway due to the cost of living. I’m -£458 down a month as it is and priority bills can no longer be paid due to it.
Just to confirm, I’ve paid the loan and £4000 interest. All I have left to pay is £5,000 more in interest they want from me!
Sara (Debt Camel) says
what is your guarantor’s position?
Jade says
He’s working but he’s only just about bringing home the amount to pay his rent and bills. He doesn’t own anything. But I shouldn’t have to pay any more. They’ve had more than enough. They never did full checks. I’m disabled and unable to work due to my health.
Sara (Debt Camel) says
Has he made a complaint asking to be removed as the guarantor?
James says
Does anyone have the contact details of the administrators as buddy loans don’t want to give me their details…
Sara (Debt Camel) says
The administrators name are here https://www.fca.org.uk/news/news-stories/advancis-ltd-enters-administration
Find their email addresses by putting the names into here https://www.insolvencydirect.bis.gov.uk/fip1/
Andrew says
I never received an email or even knew I could put in a claim? Now I’m too late to do so? They never notified me of anything to do with redress am I missing something?
Sara (Debt Camel) says
do you still have a loan from them?
Andrew says
Yes still currently have a loan ongoing making regular payments. The loan ends in 2024 currently paying £276.67 have been since 2019.
Sara (Debt Camel) says
do you feel the loan was unaffordable at the time it was given?
James says
I’d like to know how many people had their claims for unaffordable lending upheld by their own in-house checking team. Seems to be most customers got a standard NO so Buddy don’t have to repay monies or reduce customer balances. They also say you can’t appeal to the FCA ombudsman anymore. I’m trying to come to a settlement with them on my balance but they are not making it easy. They want all my bank statements to prove I’m in financial difficulties before they will consider reducing my settlement figure despite having repaid nearly all of the original loan amount and now I’m paying the interest portion off. They’ve frozen my payments while they look at my situation but have threatened my guarantor with defaults and CCJs etc
Jade says
They don’t have a clue it seems. I received an email today with different figures to what I was given over the phone. I’ve paid the loan in full plus over £4000 in interest and they still want over £5,000 from me. I need to go on a DRO but I’m not putting the guarantor in that position when Buddy loans is in the wrong. Never had a paper copy, or contract, never had proper financial checks done. It’s disgusting. The FOS have failed here massively.
Sara (Debt Camel) says
Well the FCA really. They are the regulator that should have checked Buddy abided by the rules and had enough capital to be able to afford to pay complaints.
Andrew says
So I received this today.
You may be aware that Advancis Limited t/a Buddy Loans was placed into administration on 7 September 2021, and that Shane Crooks, Antony Nygate and Kiri Holland were appointed as Joint Administrators.
On 1 February 2023, certain loans were transferred to 1Plus1 Loans Limited (‘1Plus’).
As a result of the transfer your obligations to repay the loan, in accordance with its terms, are now owed to 1plus1. We attach a letter from 1Plus1 which sets out in more detail what this means for you, what to do about on-going payments, and who to contact if you have any questions.
It is important to note that the terms of your loan, including the monthly repayments, will not change as a result of the transfer to 1Plus1.
Please address any further communications directly to 1Plus1, who can be contacted using the following contact details:
George says
Yep I received the exact same thing … although the figure they have quoted when I checked the 1plus1 website is completely different (and over £1000 higher) compared to what buddy told me and what is showing as outstanding on my credit report.
Jade Partington says
I received exactly the same. I searched 1plus1 and looked at the genuine (negative reviews) and so many people are saying they are a scam company because of how bad they are. Very concerning.
James ziggy says
Is it possible this is a shell company set up by buddy loans to avoid the administration process of their original company and sell their loan book and outstanding debt to this new company and charge the debtors even more money to clear their loans? Nothing would surprise me with buddy who seem intent to squeezing every last bit of money from people
Sara (Debt Camel) says
No – you may not have heard of them but they have been on my list of guarantor lenders for several years.
Jade says
Anyone else being harassed by 1 plus 1 loans? Has anyone had success with their situations?
Jade says
I asked them to see a wet signature of my agreement they said they couldn’t provide one. I said my loan and agreement was with Buddy loans and not 1plus1 and therefore I owe 1plus1 nothing. I paid my loan and over £4,000 interest.
It’s a joke.
I also had an email stating that 1plus1 were going to try any bank details Buddy loans obtained to take the money. My email also stated my loan was for £7,500 which I paid back!
Sara (Debt Camel) says
a CCA agreement does not need a wet signature to be legally valid
the fact your agreement was with Buddy loans is not relevant as Buddy’s rights under the agreement were sold to 1+1.
are you saying you have repaid the loan in full?
Jade says
Yes. I paid the loan in full plus over £4,500 in interest.
Sara (Debt Camel) says
was that all the interest added to the loan?
Jade says
Yes it was the interest added to the loan (the £4,500) and £7,500 was the loan. So I’ve paid over £11,500 in total. X
Sara (Debt Camel) says
In this case you need to ask them for a statement of the account, saying that you do not beleive any money is owed as the debt has been paid in full.
George says
I have set up a payment plan with them … I’ve come to the conclusion this loan needs to be repaid now … tried twice with buddy to complain due to unafordability and they’ve refused my claim! Paying 1plus1 now and made the first payment to them on my payment plan last week.
Andrew says
I tried to do the same so it works out cheaper, but they declined to do this for me, said I had to keep up with the previous amount otherwise they would have to take it from my guarantor! The guarantor said he didn’t sign anything with 1plus1, spoke to 1plus1 and they said this is irrelevant as the loan contract was sent to them! 5 year loan should have ended next year, according to 1plus1 it end December the year after!
Sara (Debt Camel) says
ask them to supply a copy of the consumer credit act agreement for the loan.
George says
… just when you thought you could finally put the Buddy loan/1plus1 loan comments to bed!
Earlier on this year I queried my loan amount that’s outstanding with 1plus1 as the figures differed quite dramatically with what Buddy loans told me was outstanding.
Basically when I set up my payment plan with Buddy loans it was agreed over the phone that the balance was £5200 (agreed in December/Jan). The girl I spoke to also agreed to suspend the interest being accrued and basically have the loan set at £5200 and I’d pay it off at £100 per month.
George says
So when the loan was transferred to 1plus1 (I think in feb/Mach) I got a letter from them stating the amount was £7600. I queried this with them and after a couple of emails back and forth they advised me they were adamant it was £7600. Told me to email Buddy if I had any queries and surprise surprise I never received a response from Buddy! I requested copies of phone conversation and evidence of amount transferred over to 1plus1 – never revived anything!
As everything was verbal with Buddy (I know my mistake, should have got it confirmed in writing) my question is really where do I stand?
The only evidence I’ve got of the outstanding amount due to Buddy as at January 2023 is the figure showing on my credit report (which pretty much matches the £5200 Buddy agreed I owed
Sara (Debt Camel) says
I suggest you ask 1plus1 to produce the CCA agreement for the loan and a Statement of Account.
Use the templates in this article https://nationaldebtline.org/fact-sheet-library/credit-agreements-getting-information-ew/
At the same time, get your bank statements that show all the payments you have made to Buddy so you can check if the statement of account is correct.
Jade Partington says
So 1 plus 1 have added more money (not the charges) to my account, taken my guarantor to court and demanding he pays more than he should.
He’s not working and I’m disabled with horrendous health issues atm.
The ombudsman told us to stop making payments as we had already paid the loan off and was now paying off the horrendous £10,000 interest.
I don’t know what to do but I’m scared.
Sara (Debt Camel) says
has your guarantor defended the court case, or does he now have a CCJ?
what is your guarantor’s financial situation?