Experto Credite Limited – in Creditors’ Voluntary Liquidation

Registered number: 6022748 / FCA Registration number 717712

Registered office at the date of liquidation: Inspired, Easthampstead Road, Bracknell, RG12 1NS
Future/current registered office: c/o Smith & Williamson LLP, 4th Floor Cumberland House, 15-17 Cumberland Place, Southampton, SO15 2BG
(the registered office is being relocated to the liquidators’ offices and this will be effective in early December)

On 24 November 2016 David Blenkarn and Greg Palfrey of Smith & Williamson LLP were appointed joint liquidators of Experto Credite Limited.

Experto Credite Limited has ceased to trade.

Any trading, operating, financial or employee creditors may contact the liquidators using the details set out below.

To persons making payments to Experto Credite Limited in respect of loan and other balances (“customers” or “borrowers”):

The Company’s policy and practice was that borrowers’ payments should be kept separately from the Company’s own funds in bank accounts held for that specific purpose.

The Company’s debt collection accounts are being or have, in some cases, already been closed. Payments to these accounts made after the relevant account closures will be returned by the banks to the remitters (customers).

It is intended that any payments made prior to the final account closures will be transmitted to the relevant lender to reduce the borrower’s account balance with them.

The liquidators do not presently have live access to customer records and therefore have limited ability to respond to enquiries about individual borrowers’ circumstances.

Any enquiries should now be directed to the joint liquidators using the details below:

By post to:       Smith & Williamson LLP, 4th Floor Cumberland House, 15-17 Cumberland Place, Southampton, SO15 2BG

                        All post should be marked “Experto Credite Limited – for the attention of Sam Tovey”

By telephone: 023 8082 7646

By e-mail:       sam.tovey@smithandwilliamson.com

                        Please ensure that your e-mail has the subject line “Experto Credite Limited”


Experto Credite Limited
frequently asked questions


We have set out below some frequently asked questions for consumers making debt repayments to Experto Credite Limited, please also note the following three points regarding future payments:

 

1.   Please do not send any further payments to Experto Credite Limited by post, bank transfer or otherwise.

2.   Please cancel any standing orders or direct debit instructions in favour of Experto Credite Limited with your bank.

3.   Your loan or debt has been passed back to the lender (or a new agent) to administer only they can deal with ongoing enquiries.

Questions:

The current situation
  • Is Experto Credite Limited still trading?
  • What does liquidation mean?
  • Who can answer any questions I have?
  • Who are the liquidators?

Ongoing and recent payments to Experto Credite:

  • What do I do about Standing Orders or Direct Debits or other regular payments to Experto Credite Limited?
  • Should I now pay money to the liquidators of Experto Credite Limited?
  • I have paid money directly to Experto Credite Limited which has not been returned to me but has not been received or logged by the lender.
  • I was paying money to Experto Credite Limited, who do I pay now?

Getting information about your debts

  • I want to get information relating to Payment Protection Insurance (“PPI”) that I may have had on loans being collected by Experto Credite.
  • I want to make a subject access request to Experto Credite under the Data Protection Act or request other information relating to my loan(s)

If you have posted money or cheques to Experto Credite Limited

  • I have sent a cheque or postal order to the Company’s old address
-Where there is a name and address with the cheque or postal order

-Where there is no name and address with a cheque

-Where there is no name and address with a postal order

  • I have sent cash to the Company’s old address

Current situation

Is Experto Credite Limited still trading?

No. The Company stopped normal trading in October 2016 and had ceased trading completely before it went into liquidation on 24 November 2016. It has no remaining employees.

What does liquidation mean?

Liquidation is a process used when a company cannot continue trading to bring an orderly end to its affairs, collect in its assets and pay its liabilities (amounts it owes to others) to the extent possible.

The Liquidators also perform other roles including reviewing what caused the failure of the company and helping employees claim money they are owed from the National Insurance Fund.

At the end of the liquidation the company will be dissolved and cease to exist.

Who can answer any questions I have about my debt?

You now need to refer these to the person that you owed money to.

Who are the liquidators

The liquidators are David Blenkarn and Greg Palfrey of Smith & Williamson LLP, 4th Floor Cumberland House, 15-17 Cumberland Place, Southampton SO15 2BG.

They are regulated by the Institute of Chartered Accountants in England & Wales.

Outstanding and recent payments to Experto Credite

What do I do about Standing Orders or Direct Debits or other regular payments to Experto Credite Limited?

Although steps are being taken to freeze Experto’s collections bank accounts you should cancel all payment authorities with your bank and stop making any payments to Experto Credite Limited.

Should I now pay money to the liquidators of Experto Credite Limited?

No. Please do not do this.

Any monies received will not be passed on to the lenders but will be returned to sender (unless there is inadequate information, in which case funds will be held until agreement is reached regarding how to deal with unallocated monies with the Financial Conduct Authority or the Court provides directions).

I have paid money directly to Experto Credite Limited which has not been returned to me but has not been received or logged by the lender.

The liquidators are working to provide information and balances to lenders so that any funds paid shortly before or after liquidation are applied to borrowers’ accounts. This process is ongoing and could take a number of weeks. The delay has been caused by difficulties with the company’s two bankers who have taken some time to block and close the relevant client trust accounts.

I was paying money to Experto Credite Limited, who do I pay now?

If Experto Credite was collecting your loan as a debt collection agent, the collections process has been passed back to the owner of the loan who may have appointed a new agent.

If Experto Credite had bought your loan then ownership of the loan has returned to the person who sold it to them and they will collect this directly or through an agent.

The joint liquidators are unable to provide further details in any of these cases. You will need to wait until the new collection agent contacts you to make new repayment arrangements.

Getting information about your debts

I want to get information relating to Payment Protection Insurance (“PPI”) that I may have had on loans being collected by Experto Credite

With regard to PPI the liquidators note that Experto Credite did not write new credit/loan business with consumers and was therefore not responsible for the sale of PPI.

In many cases Experto Credite was acting as a collection agent only and all receipts have been paid over to the owners of the underlying debt.

You should raise any concerns regarding PPI with the lender who sold you the debt.

In the unlikely event that Experto Credite had any liability to the consumer it would be unable to pay as it is insolvent. There is currently no prospect of a dividend to unsecured creditors.

The liquidators are unable to assist further.

I want to make a subject access request to Experto Credite under the Data Protection Act or request other information relating to my loan(s)

If you have made or are considering making a formal subject access request (“SAR”) to the Company the joint liquidators inform you that such a request will not be complied with on the grounds set out below:

  • The guidance issued by our regulatory body indicates that a SAR can only be made against the liquidators of a company in respect of information held about a person in the Liquidator’s records and not those of the relevant insolvent company, i.e. Experto Credite Limited. Data regarding historic collections, payments, debts and any personal information about you would be in the records of Experto Credite Limited and not the Company.
  • In the case of Southern Pacific Personal Loans Limited [2013] EWHC 2485 (Ch) the High Court found that a liquidator in a voluntary liquidation was not a data controller for the period before liquidation with respect to records of an insolvent company generated during its trading.  
  • Notwithstanding the above the Company is no longer able, by virtue of its insolvency, and for technical and practical reasons to comply with a SAR in respect of you or your client.

If you have posted, money or cheques to Experto Credite

I have sent a cheque or postal order to the Company’s old address

Post is being redirected from the Company’s former trading address in Bracknell to our offices.

Where there is a name and address with the cheque or postal order

We will return the cheque to you with a covering sheet by Royal Mail.

Where there is no name and address with a cheque

We will hold these cheques without banking them.

Where there is no name and address with a postal order

We will hold these postal orders without banking them.

If you wish for them to be returned please supply:

  • Amount of postal order
  • Date of issue
  • Details of the issuing post office
  • Copy of post office counter receipt
  • Any references relating to your account that might be enclosed with the postal order
  • A name and address for return

We will only return postal orders where we have adequate evidence that we are returning the correct item.

I have sent cash to the Company’s old address

It is not our intention to bank cash in the short term but to keep cash received with any accompanying documentation such as envelopes and reference numbers.

Claims for return of any monies sent in this way should include:

·         Amount of cash

·         Date of sending

·         Any certificate of postage that you might have

·         Any references relating to your account that might be enclosed with the cash

·         A name and address for return

Where the liquidators are not satisfied with the evidence provided they may decline to return cash balances.