Novaloans Ltd trading as Cash4unow (“Nova”) entered administration on 23 October 2023
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Customers should continue to make payments against outstanding loans as usual, as not doing so is likely to impact their credit score.
Mike Kienlen and Daryl Warwick of Armstrong Watson LLP were appointed as Joint Administrators (“the Joint Administrators”) of Novaloans Ltd t/a Cash4unow (“Nova”, or the “Company”) on 23 October 2023 (the “Administration”). Nova previously provided short term high cost finance to consumers.
All new lending ceased prior to the appointment of the Joint Administrators.
Credit Resource Solutions Ltd t/a COEO (‘‘COEO’’) have been instructed by the Joint Administrators to collect all outstanding loans. This will not affect any payment arrangements currently in place. COEO can be contacted here:
If you are having difficulty making your repayments, please contact COEO on 01422 324510 or info@creditresourcesolutions.co.uk. Customers who are struggling financially can also get free and impartial guidance from www.moneyhelper.org.uk.
For further information please read the FAQs below prepared by our Joint Administrators.
The Company entered into administration on 23 October 2023. Nova is no longer issuing new loans.
Please continue to make payments against your outstanding loans as usual. If regular payments are collected through a Continuous Payment Authority (“CPA”), or by direct debit or standing order, or by a debt management company, you do not need to take any specific action as a result of the administration, and your payments should continue as usual.
If you make payments directly to the Company by the way of debit card or otherwise, you should continue to make payments through your online account.
You will need to repay your loan as normal and should continue to make payments in the usual way, as not doing so is likely to impact your credit score. The Company will continue to update your credit file as usual.
Credit Resource Solutions Ltd t/a COEO (‘‘COEO’’) have been instructed by the Joint Administrators to collect all outstanding loans. This will not affect any payment arrangements currently in place. COEO can be contacted here:
If you have any queries about the Administration, please email Help@armstrongwatson.co.uk
The administration does not impact any outstanding loan balances. Therefore any payments due in respect of your outstanding loan balances should continue to be paid as normal.
The administration does not impact any balances outstanding and therefore please continue to make payments to any IVA or debt management companies as usual.
Your credit file will be updated as usual depending on the repayment of your loan.
Nova will not be lending again in the foreseeable future.
Nova entering administration means that it is insolvent and does not have sufficient assets to pay its debts in full. In an insolvency, all unsecured creditors receive an equal share of those funds which are remaining after the costs have been settled and both the secured and preferential creditor claims are paid in full. The remaining funds are distributed equally to all unsecured creditors with a valid claim, based upon the value of their claim.
The level of the dividend to creditors is set by the funds which remain available after asset realisations are complete, and the costs have been paid, together with the level of creditor claims we receive. The Joint Administrators have a statutory duty to treat all unsecured creditors equally.
You can submit a proof of debt for your claim by filling out the creditor claim form found at https://www.ips-docs.com/case/01710/N0vAloan$
However at this stage it is uncertain whether there will be any return to unsecured creditors.
The Joint Administrators will work with the Financial Conduct Authority to understand the commercial viability to quantify any potential redress for current customers, and how this will impact their outstanding loan balances.
If you believe you have received an offer of redress but have not yet been paid the redress, unfortunately the company is unable to pay you as a result of it having entered administration. Your redress will be an unsecured claim against the company and you will be an unsecured creditor. The company will maintain a record of customers who have agreed redress claims but not yet been paid, and the Joint Administrators will contact these customers in due course with further information relevant to unsecured creditors of the company.
Any refunds due prior to the administration will be treated as an unsecured claim against the company. Any overpayments made during the administration as part of the normal course of business will be refunded.
Customers and creditors will not be approached by FCA, Armstrong Watson LLP or the Joint Administrators directly unless we are responding to your request. Customers will only be contacted by COEO, or Company staff directly in relation to any outstanding loan account, or in response to your request.
Do not give details of any claim or any personal or bank account details to anyone who approaches you alleging that they work for the FCA, Armstrong Watson LLP, the Joint Administrators or the Company, or otherwise. If you do require assistance or are unsure as to the validity of any correspondence you have received, please email Help@armstrongwatson.co.uk
If you are unhappy with any aspect of our service, we would like you to get in touch:
Via the website:
Customers can contact the Company via its website https://www.cash4unow.co.uk/ where a representative from the complaints handling team will respond to any queries.
By email: Complaints@cash4unow.co.uk, Mon – Fri: 9:00am to 5:30pm, Sat – Sun: Closed
Please note that the complaints handling team will be available in a limited capacity during the Administration.
The Joint Administrators will provide an update to customers on the treatment of any existing complaints currently being handled by FOS in due course.
In the meantime, please contact the Financial Ombudsman Service by referring to their website or calling their helpline on 0800 023 4567.
The Joint Administrators act as agents of the Company and without personal liability. The affairs, business and property of the Company are being managed by the Joint Administrators,
Mike Kienlen and Daryl Warwick. Daryl Warwick is authorised to act as an insolvency practitioner in the UK by the ICAEW. IP number 9500. Mike Kienlen is authorised to act as an insolvency practitioner in the UK by the IPA. IP number 9367. Both are bound by the Insolvency Code of Ethics. The Officeholders are Data Controllers of personal data as defined by the Data Protection Act 2018. Personal data will be kept secure and processed only for matters relating to the appointment
CASH4UNOW.CO.UK is a trading name of Novaloans Ltd, Company Number 07639288, Registered Office 7 Limewood Way, Leeds, LS14 1AB. Data Protection number: Z2724368. CCTA membership number: CCTA 874. Novaloans Ltd is authorised and regulated by the Financial Conduct Authority, FRN 672320.
