Following this action, the members of Uncle Buck have placed the firm into Administration.
Paul Boyle, David Clements and Anthony Murphy, insolvency practitioners of Harrisons Business Recovery and Insolvency have been appointed as administrators to manage the firm’s business and affairs. The FCA will continue to supervise Uncle Buck and is in close contact with the administrators with regard to the fair treatment of customers.
Historic issues at Uncle Buck
Uncle Buck’s 2018 accounts were published in January 2019 and revealed significant growth in its loan book but a deteriorating financial position. In light of this we reviewed the viability of Uncle Buck’s business model. Our findings from this, and the need to protect consumers, led us to ask Uncle Buck to consider all options to address the situation and to raise more capital. Despite attempting to do so, Uncle Buck was unable to raise the capital needed to continue in business.
Information for customers of Uncle Buck
What you should do if you still owe Uncle Buck money
All existing loan agreements remain in place and will not be affected by the administration. However, the firm is no longer able to issue new loans.
Where you can find further information and advice
If customers of Uncle Buck have any questions about how Uncle Buck going into administration affects them they should call the consumer helpline on 01959 543400 (within opening hours or visit the administrator’s website).
Borrowers who are experiencing financial difficulty in repaying their loans should contact the administrators to discuss their options.
What if you are impacted by coronavirus (Covid-19)
We are closely engaged with firms to understand the potential impacts on consumers of coronavirus. All firms must treat customers fairly and consider the needs of those potentially affected by the impact of coronavirus. This includes firms in administration.
We are aware some consumers may be put under additional financial pressure, so if you are experiencing payment difficulties, you should contact the administrators as soon as possible and tell them about you situation. We expect lenders to provide appropriate forbearance in response to temporary payment short-falls due to the coronavirus.
For any other financial concerns, the Money and Pension Service offers free and impartial support.
What if you have complained to Uncle Buck
The administrators will issue further details about how they intend to deal with outstanding complaints. Administrators’ proposals are normally issued around 8 weeks from the start of the administration.
Being Alert to Scams
All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from Uncle Buck or the administrators, please end the call and call them back using the number for the administrators above.
Customers who have ongoing cases at the Financial Ombudsman Service
Please contact the Financial Ombudsman Service via its website or calling its helpline on 0800 023 4567.
Financial Services Compensation Scheme (FSCS)
There is no FSCS cover for consumer credit lending.
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