Lending platform enters administration

Administrators have been appointed to lending platform Amplifi Capital.

Amplifi, via the Reevo Money brand, offered unsecured personal loans. Amplifi also supported Credit Unions through the provision of customer loan origination and servicing activities. This was performed through the My Community Finance brand, which operated as an authorised credit broker. Customers were also introduced to the credit unions’ savings products through My Community Finance. 

Robert Spence and Gareth Slater from Interpath have been appointed joint administrators of Amplifi Capital (UK).

While attempts were made to restructure the business, ultimately the challenging position of the business meant that this wasn’t possible and, as such, the directors took the decision to file for the appointment of administrators.

On the appointment of the Joint Administrators, all new lending ceased. Amplifi continues to service outstanding loans from customers and provide ongoing services for the credit unions it supports for both the loan and savings products they provide.

Customers are reassured that the Company’s customer service team continues to operate as normal.

Customers should continue to make repayments of outstanding loans in the usual way. It is important that customers continue to make payments on outstanding loans as they fall due, as not doing so is likely to impact their credit rating/profile and their ability to borrow in the future.

Whilst Amplifi supports the credit unions in servicing their savings products, all customer funds associated with savings are held by the credit unions and not Amplifi and therefore are not affected by Amplifi entering administration. Those savings are also subject to FSCS protection.

Rob Spence, Director at Interpath and joint administrator, said “Our immediate priority is to continue to ensure that the service provided to customers is maintained, whilst also exploring options to transfer servicing of the customer loan books to an alternative provider in an orderly manner. Customers are advised to continue to make loan repayments as usual.”

“Regrettably, the administration has resulted in 68 members of staff being made redundant. A further 43 employees have been retained by the joint administrators to assist them with their duties. The joint administrators and their team will be providing any support to those impacted by redundancy, including supporting them with claims for monies owed to the Redundancy Payments Service.”