CASE INFORMATION
TFS Loans Limited (in Administration)
Allister Manson and Trevor Binyon of Opus Restructuring LLP were appointed Joint Administrators (the ‘Administrators’) of TFS Loans Limited (the ‘Company’ or ‘TFS’) on 8 February 2022.
Below are some answers to common questions that you are likely to want answered. The Joint Administrators can be contacted for any queries relating to the Administration that are not covered in the information below at tfsloans@opusllp.com
Notice from Administrators
With effect from 30 September 2025, TFS is no longer operating. Please see the section below in relation to any queries that you may have.
The Administrators act as agents of the Company and without personal liability.
It is important to note that TFS will never ask you for your bank details over the phone and that you should treat any unexpected cold calls or conversations of this nature with suspicion.
Frequently Asked Questions: Administration
Below are some answers to common Administration related questions.
TFS Loans Limited (TFS) entered Administration on 8 February 2022. Administration is a legal process which is used when a company is, or is likely to become, unable to pay its debts (i.e. the company is insolvent). Control of the company is passed to appointed ‘Administrators’ who have to be licenced insolvency practitioners. In respect of TFS, Allister Manson and Trevor Binyon of Opus Restructuring LLP are appointed to act as the Joint Administrators.
The Administrators must act in the best interests of the company’s creditors. Creditors are all those people or businesses that are owed any money by the company. Creditors will be repaid in a strict order of priority as defined by the law but, as the company is insolvent, not all creditors will be repaid in full.
An Administration places a ‘moratorium’ around the Company. This means that any legal action against the Company is automatically stopped. This includes, for example, legal action by people who are owed money by the Company.
During the period February 2022 – September 2025, TFS continued to collect loan repayments in the normal way. However, a decision was taken by the Administrators that collections would cease from October 2025 onwards
As of the end of September 2025, a decision was made to cease loan collections via direct debit and/or standing order. This means that the balance of your loan is no longer due and you do not need to continue making monthly instalments towards repayment.
Credit agencies will be informed, and this change will not negatively affect your credit score.
Whilst any customer is entitled to obtain legal advice, there is no need for you to incur the cost of doing so. There are free legal advice services available, such as through Citizens Advice. More information can be found here: www.adviceguide.org.uk.
There are no longer TFS staff retained by the company. However, you may contact Opus Restructuring LLP (Opus) with any queries you may have. Opus would be glad to assist. Please email: tfsloans@opusllp.com
If your guarantor was making payments on your behalf, they are also released from the obligation to do so moving forward.
The Administrators are taking steps to remove TFS from the various credit agencies; this should automatically remove any reference to the loan on all individual credit files for customers (both current and former). This will happen automatically in due course, and you do not need to take any action
The administration did not vary the term of your loan – you were required to continue to make payment as normal. Although a decision has now been made to cease collections, that does not entitle you to a refund of instalments made during the process.
If legal action was previously taken by TFS Loans against you and judgment was secured, the decision to cease collections does not affect that judgment. The Administrators are in the process of considering the secured loans and correspondence will be issued in that regard shortly.
The decision to cease collections does not affect TFS’s ability to recover debts generally. If the Administrators are in correspondence with you concerning repayment from an estate, you are required to maintain that engagement.
Any complaints which relate to irresponsible lending will be dealt with in line with the Redress Scheme.
A Redress Scheme is a way to put things right if something went wrong with how a loan was given or managed. In this case, the Redress Methodology was agreed with the Financial Conduct Authority (FCA) to identify customers who might be due redress. The Methodology has already been applied against a large number of loans, with customers receiving notification of the outcome.
While the Redress Methodology has been applied against a large number of loans, its implementation is currently on hold while the administration process takes its course.
In circumstances where a distribution to creditors will be made, remaining customers will be contacted and those who consider they may have a redress claim will be given the opportunity to raise that grievance.
Any redress due will rank as an unsecured creditor claim in the Administration. Please note, if your loan has not been paid in full, redress shall be applied against your outstanding loan balance.
If you wish to appeal the decision, you may do so within 6 months of receiving your outcome letter. Please refer to the same with regards to the steps you are required to take.
Please note, appeals will not be considered outside of the 6-month window.
If we have decided not to uphold your appeal, your proof of debt will have been rejected by the Joint Administrators.
Under r.14.8(1) of the Insolvency (England and Wales) Rules 2016, you may apply to the Insolvency and Companies court quoting case reference ‘case 344 of 2022’ for the Joint Administrators’ decision to reject your proof of debt to be reversed or varied.
Please note, the application must have been made within 21 days of the date you received notice of the Joint Administrators “statement of reasons” for rejecting your proof of debt, as required by r.14.7(2) Insolvency (England and Wales) Rules 2016.
A Redress Scheme is a way to put things right if something went wrong with how a loan was given or managed. In this case, the Redress Methodology was agreed with the Financial Conduct Authority (FCA) to identify customers who might be due redress.
While the Redress Methodology has been applied against a large number of loans, its implementation is currently on hold while the administration process takes its course.
In circumstances where a distribution to creditors will be made, remaining customers, including former customers who have repaid their loan in full, will be contacted and those who consider they may have a redress claim will be given the opportunity to raise that grievance.
Any redress due will rank as an unsecured creditor claim in the Administration. Payments to unsecured creditors will depend on the level of realisations achieved from the Company’s assets.
If you are a repeat customer of TFS Loans (for example, you have ‘topped up’ your loan or taken out another loan(s) in the past), all of your loans (past and present) can be considered for the purpose of Redress.
The Joint Administrators are currently unable to determine the precise number (and value) of valid claims which will be made by consumers entitled to redress.
As a result, it is not yet possible to provide an estimate of the monetary compensation that you will ultimately receive.
However, it is unlikely that the money held by the Company will be sufficient to pay your claim in full. In that regard, we would expect customers to receive a few pence towards every pound of their compensation.
Please be assured that the Joint Administrators are working hard to realise the assets owned by the company, to allow the maximum possible return for eligible consumers in your position.
Once this process has been finalised, we hope to be able to arrange compensation payments to the company’s creditors.
Contacting the Administration Team
The Administration team looking after this case and the Joint Administrators can be contacted for any queries relating to the Administration that are not covered in the information above at tfsloans@opusllp.com.