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High-cost short-term lender Novaloans enters administration
High-cost short-term lender Novaloans – trading as Cash4UNow – has entered administration, the Financial Conduct Authority (FCA) has confirmed.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Because of this, the firm is no longer lending – however the regulator has said all existing loan agreements remain in place, with the firm’s joint administrators – Mike Kienlen and Daryl Warwick from Armstrong Watson – updating customers as soon as possible.
The family-run business was founded in 2011, with its offices based in Limewood Business Park in Leeds. As of this week (24 October) the company’s website could not be accessed.
As part of its announcement, the FCA has said its administration doesn’t change the payment terms of conditions of customers’ loans, with these being the same as when the loan was taken out. It also remains subject to the same regulatory rules and requirements as it did before its administration.
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