Where financial firms enter into administration, experience is that fraudsters may sometimes approach customers and investors claiming to be able to assist them to recover their investment in return for an advance fee. Sometimes the fraudsters claim to be from the company or the Administrators. You should be wary of any unexpected call, email or other contact which asks you for money in this manner. FCA guidelines are available at:

www.fca.org.uk/consumers/protect-yourself-scams

Q&A

Administration


An Administration is an insolvency procedure regulated by the Insolvency Act 1986.

The Joint Administrators’ role is to realise the assets and distribute them for the benefit of creditors. The Administration will last for an initial period of 12 months but may be extended.

The Joint Administrators will provide regular updates to creditors, this includes customers that are owed redress as they will be creditors of the Firm. Any persons or companies who believe they are a creditor of a Firm in Administration should send their claims to the Joint Administrators.


The Firm, Uncle Buck Finance LLP ( “Uncle Buck / the Firm”) filed its application for an Administration Order on 27 March 2020.

The Firm’s financial position has been deteriorating, and despite attempts to raise the capital needed to continue in business the Firm was unable to do so.

The FCA raised concerns that Uncle Buck was failing to meet the adequate resources Threshold Condition.

Given the severity of these concerns, the FCA required Uncle Buck to stop lending to customers.

Following this action, the members of Uncle Buck have placed the Firm into Administration.


Paul Boyle, David Clements and Tony Murphy of Harrisons Business Recovery & Insolvency (London) Limited, were appointed as Joint Administrators by the Court following an application to Court by the Firm.

Whilst the Designated Members of the Firm made the application for the appointment of Administrators, the FCA consented to the appointment of the named Administrators.

The Joint Administrators are qualified insolvency practitioners, regulated by the Institute of Chartered Accountants in England & Wales. The Joint Administrators act independently of the Firm for the benefit of all creditors and stakeholders. Their primary concern and mandate is to ensure that they maximise the returns to investors and trade creditors alike.


After your claim has been assessed, if your claim is agreed by the Administrators you will be an unsecured creditor of the Firm and will be owed a distribution once all assets have been sold or realised.

Distributions to creditors are made in the following order:

The costs of realising assets will be paid first. Any amounts owing to secured creditors are then settled, followed by employee claims and unsecured claims (such as providers of goods and services and redress claims). If, after paying the costs and amounts due to the secured creditors, there are insufficient funds to pay all remaining claims in full then creditors will receive a proportion of their claim.

Please be aware, if successful, the payment you receive is highly likely be smaller than your accepted claim amount.

This is because the total value of all accepted claims received may exceed the money available to be shared out. The money available to be shared out will not be known until all of Uncle Buck’s assets have been sold or realised and certain costs and deductions have been taken into account.


Yes. The Joint Administrators are in regular contact with the FCA and the Firm remains authorised and regulated by the FCA during the period of the Administration.


As part of our role as Administrators, we may need to access and use data relating to borrowers. In doing so, we must abide by data protection requirements.

Information about the way we will use, and store personal data can be found at: http://harrisons.uk.com/privacy-policy

It is important that you read the terms and conditions so that you are aware of how and why we are using your data.


We would be pleased to receive from any stakeholder any useful information concerning the Firm, its dealing or conduct which may assist us.


If your question has not been answered in this FAQ section or in the FAQs section of the websites, please email your query to Unclebuck@harrisons.uk.com. The Administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.


Customers


The terms and conditions of all loans remain as agreed when the loan was taken out and payment is due in line with the agreement with Uncle Buck Finance LLP (in Administration). This applies to all loan products.


The terms and conditions remain as agreed when the loan was taken out. For further information please go to https://www.unclebuck.co.uk/help-and-support


The Firm is unable to provide further lending from the date of the Administration appointment.


If you can’t repay your loan on time, please call Customer Support straight away on 01959 543400.

For further information please go to https://www.unclebuck.co.uk/help-and-support We’re committed to helping customers in financial difficulty. The organisations below offer free debt advice and may be able to help you too:

Sources of Free Money Advice

OrganisationWhenContact DetailsHours of HelpAdvice/servicesWhere
STEP CHANGE DEBT CHARITYYou’ve got surplus income once your priority debts are paid and prefer an
adviser to negotiate with creditors on your behalf.
www.stepchange.org

T: 0800 138 1111

Mon to Fri 8am to 8pm;
Sat 8am – 4pm
Debt Management Plan and insolvency advice

Online Debt Remedy self help tool
UK
NATIONAL DEBTLINEYou’d like advice on how to deal with debt problems and you’re happy to
speak to creditors yourself.

www.nationaldebtline.co.uk

T: 0808 808 4000
Mon to Fri 9am to 9pm;
Sat 9.30am – 1pm
Budgeting, debt solutions and free self-help information pack

My Money Steps – online self-help tool
England, Scotland & Wales
CITIZENS ADVICE BUREAUYou’re in serious financial difficulties and you’d prefer face-to-face
help from an adviser.
Face to face – search online for local Citizens Advice Bureau

www.adviceguide.org.uk
Times vary depending on branchAdvice on managing your money
Budget planner


Your loan should be repaid as arranged when it was taken out. For more information on repayment arrangements, and alternative payment methods, please go to https://www.unclebuck.co.uk/help-and-support There will be no change to the bank details to which you should make payment. If you receive any requests to make payment to an alternative account, please inform our Customer Support team straight away on 01959 543400.

Never give personal or account details to anyone who contacts you unexpectedly. We will never ask for your bank details.


Please check the FAQs section of the websites at unclebuck.co.uk

If your question is not covered, please contact Customer Support on 01959 543400or info@unclebuck.tv

The call centre will remain open as normal, but please be aware that we will be handling a high number of calls and your wait may be longer than usual. Please note that the call centre will not be able to answer any questions related to anything outside of standard service enquiries.

If your question is still not answered, please email your query to unclebuck@harrisons.uk.com. The Administrators’ team will look at all individual queries.

Please note that the Administrators’ team does not have online access to customer accounts and is therefore unable to deal with queries relating to the servicing of individual accounts, including current account balance, making repayments and change of bank or address details. These queries should be directed to the customer support centre. The contact details are either by telephone on 01959 543400 or email at info@unclebuck.tv

Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.


The Administrators will continue to provide access to the website.


We would be pleased to receive from any stakeholder any useful information concerning the Firm, its dealing or conduct which may assist us.


Complaints


If you are a customer and you have a complaint regarding the service provided by Uncle Buck, please refer to the complaints procedure on how to submit your complaint, which you can find here.

The call centre will remain open as normal but please be aware that we will be handling a high number of calls and your wait may be longer than usual.


Redress Complaints


If you believe that you were provided with an unaffordable loan(s) through Uncle Buck you may have an eligible claim. The Joint Administrators are currently reviewing the position with regard to potential redress complaints and will advise potential claimants in due course of the claim process.


The unaffordability of a loan will be assessed by the Joint Administrators, looking at criteria of the loan at the time it was taken out by the customer and referring to FCA rules and the Financial Ombudsman’s approach.

For more information, we suggest you visit guidance notes from the Financial Ombudsman: https://www.financial-ombudsman.org.uk/publications/technical_notes/payday-lending.html


As advised above, The Joint Administrators are currently reviewing the position with regard to potential redress complaints and will advise potential claimants in due course of the claim process. If you believe you are eligible however, you can make a claim through the Customer Relations team by following the Complaints Procedure which you can access here.


If you are a customer and believe you were sold an unaffordable loan or lent to unaffordably, but have not received any communications from Uncle Buck, please contact Customer Support on 01959 543400

The call centre will remain open as normal but please be aware that we will be handling a high number of calls and your wait may be longer than usual


A CMA/CMC can also help you submit a claim. It is up to you if you want to use one. If you decide to use a CMA/ CMC, please make sure you understand the scope of their services and how much the service will cost you before agreeing to its service.


Any unaffordability claims which were being handled by Uncle Buck will now be assessed by the Joint Administrators. You will not need to re-submit a claim, however, it is important to note that the claim may not be wholly resolved within the usual eight-week timeframe.

Due to the volume of claims that have been and will be received, the Joint Administrators are working with Uncle Buck to finalise the assessment methodology. Further updates on unaffordability claims will be posted here when available: http://harrisons.uk.com/unclebuck.

Should your unaffordability claim be upheld, you would be considered an unsecured creditor for the value of the assessment claim. However, the timing and quantum of the final creditor claim is currently unknown and will not be known for some time. Please do note, however, that any payment is highly likely to be smaller than the accepted claim amount. This is because the total value of all accepted claims may exceed the money available to be shared out. The money available to be shared out will not be known until all of Uncle Buck’s assets have been sold or realised and certain costs and deductions have been taken into account.


Any unaffordability claims which were being handled by the FOS are now in the process of being handed back to the Joint Administrators. You will not need to re-submit a claim. Your FOS claim will now be assessed by the Joint Administrators in due course. It is important to note that the claim may no longer be resolved within the usual eight-week timeframe. We understand that the FOS has been in contact with you in relation to these.

Due to the volume of claims that have been and will be received, the Joint Administrators are working with Uncle Buck to finalise the assessment methodology. Further updates on unaffordability claims will be posted here when available: http://harrisons.uk.com/unclebuck.

Should your unaffordability claim be upheld, you would be considered an unsecured creditor for the value of the assessment claim. However, the timing and quantum of the final creditor claim is currently unknown and will not be known for some time. Please do note, however, that any payment is highly likely to be smaller than the accepted claim amount. This is because the total value of all accepted claims may exceed the money available to be shared out. The money available to be shared out will not be known until all of Uncle Buck’s assets have been sold or realised and certain costs and deductions have been taken into account.


The Joint Administrators will assess all redress claims during the course of the administration. No payments will be made until all of the assets have been sold or realised.

The Administrators are working with Uncle Buck to identify whether, following determination of your claim, you can be notified of the status of your claim. Currently, we do not have a date for payment of any claims. Further updates on unaffordability claims will be posted at http://harrisons.uk.com/unclebuck when available.

Please be aware, if successful, the payment you receive is highly likely to be smaller than your accepted claim amount. This is because the total value of all accepted claims received may exceed the money available to be shared out. The money available to be shared out will not be known until all of Uncle Buck’s assets have been sold or realised and certain costs and deductions have been taken into account.


Claims for which a customer has not received payment but has been notified that they are entitled by a Final Response Letter (FRL) and have accepted the offer within it will now be considered as an unsecured creditor for the value of the FRL. Currently, we do not have a date for payment of any unsecured creditor claims. It is highly likely that the payment you receive will be much smaller than your claim amount. Further updates on unaffordable claims will be posted at http://harrisons.uk.com/unclebuck when available.

After establishing redress, if it is identified that a customer has made any form of repayment of their loan after the date of our appointment, the element of redress applicable will be returned to customers. To cover this situation all receipts since our appointment, will be separately identified and held in a separate bank account pending the completion of the redress process.



You cannot be redressed twice for the same loan. If you previously received a redress payment from the Firm, then the historic loans that were redressed at the time will not be considered again. If you took out further loans from the Firm after your previous redress payment, then you may now submit a claim for these new loans if you believe these were unaffordable loans.

Please be aware, if successful, the payment you receive is highly likely to be smaller than your accepted claim amount. This is because the total value of all accepted claims received may exceed the money available to be shared out. The money available to be shared out will not be known until all of Uncle Buck’s assets have been sold or realised and certain costs and deductions have been taken into account.


Customers will not be approached by any Harrisons or Firm staff directly to assist in submitting a claim. We will be in touch in the coming months to let you know how you can submit your claim.

Do not give details of your claim to anyone who approaches you, alleging that he or she work for Harrisons or the Firm, or otherwise. If you do require assistance or are unsure as to the validity of any correspondence, you have received please contact the Customer Support Team at Uncle Buck.


The Joint Administrators are under a duty to treat each claim equally. Every claim will therefore be assessed in the same way, irrespective of who submits the claim. As mentioned previously, customers do not need to use a Claims Management Firm (CMC) or third party to submit a claim. Using a CMC or third party will not accelerate the claims process, nor entitle you to a higher claim amount. It may also expose you to charges that may be deducted from any final payment you might receive.


We may ask you to confirm that your previous bank details are still valid and give you the opportunity to update your bank details (e.g. if you have closed/changed bank accounts), although further proof of ID and other supporting evidence will be required.


Suppliers


Check your contract. If your contract was with Uncle Buck and you have not been paid for goods or services provided, please provide details of your claim to the Administrators at: The Administrator of Uncle Buck Finance LLP
20 Midtown
20 Procter Street
London
WC1V 6NX

Or

unclebuck@harrisons.uk.com


Please make contact with your usual contact at Uncle Buck Finance in the first instance.


The Joint Administrators’ representatives will make contact with you if supply is required. Any goods or services which are supplied after the date of appointment will be subject to new terms, agreed with the Joint Administrators.


We would be pleased to receive from any stakeholder any useful information concerning the Firm, its dealing or conduct which may assist us.


If your question has not been answered in this FAQ section, please email your query to unclebuck@harrisons.uk.com. The Joint Administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.


Last updated 27 March 2020