Novaloans Ltd trading as Cash4unow (“Nova”) entered administration on 23 October 2023
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Customers should continue to make payments against outstanding loans as usual, as not doing so is likely to impact their credit score.
Mike Kienlen and Daryl Warwick of Armstrong Watson LLP were appointed as Joint Administrators (“the Joint Administrators”) of Novaloans Ltd t/a Cash4unow (“Nova”, or the “Company”) on 23 October 2023 (the “Administration”). Nova previously provided short term high cost finance to consumers.
All new lending ceased prior to the appointment of the Joint Administrators.
Credit Resource Solutions Ltd t/a COEO (‘‘COEO’’) have been instructed by the Joint Administrators to collect all outstanding loans. This will not affect any payment arrangements currently in place. COEO can be contacted here:
If you are having difficulty making your repayments, please contact COEO on 01422 324510 or info@creditresourcesolutions.co.uk. Customers who are struggling financially can also get free and impartial guidance from www.moneyhelper.org.uk.
For further information please read the FAQs below prepared by our Joint Administrators.
Since their appointment, the Joint Administrators have continued to recover the assets of the company and to collect the loan book for the benefit of the creditors of Novaloans Ltd. On 22 August 2025 the remaining loan book was sold to Credit Resource Solutions Ltd t/a COEO (“COEO”). This sale was backdated to 1 August 2025. Any loans that were not included in the sale have been written off.
As the loan book has been either sold or written off, the Administration is now in a position to be concluded.
There is insufficient money available to make a payment to any class of creditor besides the fixed charge holder. This includes customers who have been notified that they are entitled to make a claim for redress in relation to mis-sold loans.
Novaloans Ltd is not in a position to issue new loans and has not done so since prior to the commencement of the Administration.
All loans have either been purchased by COEO or written off. If your loan was purchased, you will have received communication from COEO. If your loan was written off, you will have received confirmation of this from the Debt Collection Agent that was instructed by Novaloans Ltd to collect the debt.
If your loan was included in the sale to COEO, you will have been notified accordingly. You can expect COEO to continue to seek payment in respect of loans which they have acquired and you should deal with them accordingly. Novaloans Ltd has no ability to deal with these loans at this stage.
This is correct. The balance of any loan not sold to COEO will not be pursued and has been formally written off by the Joint Administrators on behalf of Novaloans Ltd. Novaloans Ltd will not actively seek any further payments from now. Any payments made prior to the sale will be retained and any payments attempted after that date will either fail, or they will be returned to you. Please do not make any further payments in relation to the loan.
This will over-ride any existing payment plans or other arrangements you may have previously agreed with Novaloans Ltd.
As above, the loans not purchased by COEO have been formally written off. Any payments made prior to the loan being written off will be retained and any payments made after that date will either fail or be returned to you.
Your loan will be registered as satisfied with Credit Reference Agencies. Any previous defaults or arrears may continue to impact your credit score.
Novaloans Ltd is no longer trading and whilst some employees were retained during the Administration period, they are no longer employed by Novaloans Ltd. Therefore any new complaints or enquiries about existing complaints should now be directed to the Joint Administrators at insolvency@armstrongwatson.co.uk. Please be advised that we are bringing the Administration to a conclusion by its anniversary of 22 October 2025.
As noted above, any amounts which you are found to be owed will constitute an unsecured claim against Novaloans Ltd. There are no funds available to settle unsecured claims.
As per previous communications, because of the Administration of Novaloans Ltd, the Financial Ombudsman will be unable to review any complaints referred to them.
The Joint Administrators have taken steps to recover the company’s information and this will remain accessible until the Administration has concluded. We will use reasonable endeavours to provide any requested information regarding historic loans, however as the Administration is closing we will be unable to consider requests submitted after 22 October 2025.
Please contact the Joint Administrators at insolvency@armstrongwatson.co.uk. Any requests must be submitted before 22 October 2025.
The Joint Administrators are obliged to use the funds available in accordance with the priorities set out in the relevant insolvency legislation. Unfortunately, there will not be any funds available to allow a payment to creditors with unsecured claims. This includes customers who have been notified that they are entitled to make a claim for redress in relation to mis-sold loans.
Novaloans Ltd will be dissolved in the near future and you will not be able to pursue any alternative party to recover
As above, after the Administration is brought to a conclusion, Novaloans Ltd will be dissolved from the Register of Companies and effectively will no longer exist.
The Company entered into administration on 23 October 2023. Nova is no longer issuing new loans.
Please continue to make payments against your outstanding loans as usual. If regular payments are collected through a Continuous Payment Authority (“CPA”), or by direct debit or standing order, or by a debt management company, you do not need to take any specific action as a result of the administration, and your payments should continue as usual.
If you make payments directly to the Company by the way of debit card or otherwise, you should continue to make payments through your online account.
You will need to repay your loan as normal and should continue to make payments in the usual way, as not doing so is likely to impact your credit score. The Company will continue to update your credit file as usual.
Credit Resource Solutions Ltd t/a COEO (‘‘COEO’’) have been instructed by the Joint Administrators to collect all outstanding loans. This will not affect any payment arrangements currently in place. COEO can be contacted here:
If you have any queries about the Administration, please email Help@armstrongwatson.co.uk
The administration does not impact any outstanding loan balances. Therefore any payments due in respect of your outstanding loan balances should continue to be paid as normal.
If you are having difficulty making your repayments, please contact COEO on 01422 324510 or info@creditresourcesolutions.co.uk. Customers who are struggling financially can also get free and impartial guidance from www.moneyhelper.org.uk.
The administration does not impact any balances outstanding and therefore please continue to make payments to any IVA or debt management companies as usual.
Your credit file will be updated as usual depending on the repayment of your loan.
Nova will not be lending again in the foreseeable future.
Nova entering administration means that it is insolvent and does not have sufficient assets to pay its debts in full. In an insolvency, all unsecured creditors receive an equal share of those funds which are remaining after the costs have been settled and both the secured and preferential creditor claims are paid in full. The remaining funds are distributed equally to all unsecured creditors with a valid claim, based upon the value of their claim.
The level of the dividend to creditors is set by the funds which remain available after asset realisations are complete, and the costs have been paid, together with the level of creditor claims we receive. The Joint Administrators have a statutory duty to treat all unsecured creditors equally.
You can submit a proof of debt for your claim by filling out the creditor claim form found at https://www.ips-docs.com/case/01710/N0vAloan$
However at this stage it is uncertain whether there will be any return to unsecured creditors.
The Joint Administrators will work with the Financial Conduct Authority to understand the commercial viability to quantify any potential redress for current customers, and how this will impact their outstanding loan balances.
If you believe you have received an offer of redress but have not yet been paid the redress, unfortunately the company is unable to pay you as a result of it having entered administration. Your redress will be an unsecured claim against the company and you will be an unsecured creditor. The company will maintain a record of customers who have agreed redress claims but not yet been paid, and the Joint Administrators will contact these customers in due course with further information relevant to unsecured creditors of the company.
Any refunds due prior to the administration will be treated as an unsecured claim against the company. Any overpayments made during the administration as part of the normal course of business will be refunded.
Customers and creditors will not be approached by FCA, Armstrong Watson LLP or the Joint Administrators directly unless we are responding to your request. Customers will only be contacted by COEO, or Company staff directly in relation to any outstanding loan account, or in response to your request.
Do not give details of any claim or any personal or bank account details to anyone who approaches you alleging that they work for the FCA, Armstrong Watson LLP, the Joint Administrators or the Company, or otherwise. If you do require assistance or are unsure as to the validity of any correspondence you have received, please email Help@armstrongwatson.co.uk
If you require any further information about the Administration, please email Help@armstrongwatson