Credit, Collections & Insolvency News
High-cost lender TFS Loans has collapsed into administration following claims of ‘unaffordable lending.’
The company was a guarantor lender, requiring a family member or friend to cover repayments if the borrower couldn’t.
TFS would lend between £3,000 and £15,000 on a one to five-year term basis at between 30% and 70% interest, with a representative APR of 39.9%.
Allister Manson and Trevor Binyon of Opus Restructuring have been appointed Joint Administrators of the company
TFS will continue to operate, although it will not be making any new loans. The company is working closely with the Financial Conduct Authority (FA) to ensure that customers are treated fairly and to collect outstanding loan balances.