Short-term lender falls into administration
Administrators have been appointed for lending business Novaloans Ltd (trading as Cash4UNow).
Mike Kienlen and Daryl Warwick, of Armstrong Watson LLP, have been confirmed as joint administrators of the Leeds-based firm and they have instructed Credit Resource Solutions Ltd – trading as COEO – to collect all outstanding loans.
An update published on the Financial Conduct Authority website states: “The firm is no longer lending. However, all existing loan agreements remain in place and the joint administrators will update customers as soon as possible.
“The firm’s administration doesn’t change the payment terms and conditions of customers’ loans, these are the same as when the loan was taken out. The firm remains subject to the same regulatory rules and requirements as it did before its administration.
“Customers should continue to make repayments as normal. Failure to do so could affect your credit records. Any payment arrangements currently in place won’t be affected.
“Novaloans Ltd’s customers won’t be covered by the Financial Services Compensation Scheme (FSCS) as consumer credit lenders aren’t covered by the scheme.”
Novaloans, a family-run business founded in 2011, employed 38 people according to its total exemption full accounts made up to 31 May 2022. Its offices are at Limewood Business Park, in Seacroft.
