CFO Lending Limited (CFO) formally entered into administration on 6 April 2017.
The FCA has been working with the administrator for CFO to ensure the fair treatment of and continuity of service to customers.
Customers who are owed a cash payment by CFO, either under the redress scheme or following an upheld complaint, should wait for the administrator to contact them.
The administrators will contact customers in the very near future to provide an update on the process and details on who to contact with queries.
The administrators are Paul Boyle and David Clements of Harrisons Business Recovery and Insolvency Limited.
Background
CFO entered into an agreement with the FCA to provide over £34 million redress to more than 97,000 customers for unfair practices. These serious failings took place at the firm dating back to its launch in April 2009 and caused detriment to many customers. The firm has provided over £32m of redress to customers by writing down or reducing existing loans. However, over £2m of cash payments to former customers have not yet been made.
What you should do if you still owe CFO Lending money
Borrowers who are experiencing financial difficulty should contact the administrators to discuss their options.
If you are struggling with your debts, there are free debt advice services that can help you. You can find out more on the Money Advice Service website.
Where you can find further information and advice
If CFO customers require more information about how they will be affected, they should visit the Harrisons website, email [email protected] or call 0161 850 9912.
Alternatively, you can call our Contact Centre on 0800 111 6768 (freephone) or 0300 500 8082, or use our webform to get in touch.