Update as of 20/07/2021: Uncle Buck In Administration.

Uncle Buck has brought in administrators and has stopped lending following an FCA audit. The FCA was concerned about the viability of the business.

If you have a loan with Uncle Buck you still have to abide by the loan agreement and it will not be affected by them going into administration.

If you are looking at an Uncle Buck loan, this guide is for you. We’ll explain the loan details, company information, and customer reviews.

About – Who are Uncle Buck Loans?

Uncle Buck offers loans to customers in the UK. The company offers unsecured loans to qualifying customers and same day loan funding is available as well. Based in London, they were established in 2010 and

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Uncle Buck Loans and the Regulations

The Financial Conduct Authority has brought in stricter regulations in recent year. The first thing they looked at was the practices and irresponsible lending. They then created a new set of regulations in order to protect borrowers.

So, what are these regulations and how can they help you?

Read what to do if you can’t pay back your debt.

1) Regulations on affordability

The most disruptive regulation which was launched by the FCA is that there should be checks done to ensure affordability. This regulation put one of the biggest lenders, Wonga, out of business and it is also the one that has resulted in refunds for thousands of borrowers.

The regulation says that you should be in a position to be able to make your loan repayments as well as ensure other important bills are taken care of, including rent, bills, cards and food.

2) Regulation on interest and fees

Another point which was covered by the FCA was lenders charging excessive interest and fees to borrowers. They dealt with this by ensuring a cap on fees and interest. The limits were, (a) a 0.8% cost cap – which combines all interest and fees. (b) a £15 cap on default fees. (c) 100% complete cost cap, which states that you should not pay more than double what you borrowed.

3) Regulations regarding Continue Payment Authority

You will find that most lenders will ask that you make payments using a Continuous Payment Authority (CPA). They do this as it allows them to take any payment whenever they wish.

The new regulation around CPA were divided into two parts. (a) if Uncle Buck Loans attempt to take money using the CPA  twice and it fails, they are not permitted to try it again (b) they must only take the full value of the payment due. They are not permitted to take partial payments, unless you have specifically agreed this.

Company information:

After researching Companies House and their website, we found the following information about Uncle Buck Loan:

Date of incorporation: 1 July 2010
Company status: In Administration
Company number: OC356091
Company type: Limited liability partnership
Website: https://www.unclebuck.co.uk/
Address: 20 Midtown 20 Procter Street, London, WC1V 6NX
Opening Hours: Monday – Friday: 9 A.M – 5 P.M
Phone number: +44 01959543400

Information correct as of 01/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: No
FCA status: No longer trading – in administration
FCA reference number: 673545
Trading names: 
Unclebuckfinance
Uncle Buck Finance LLP
UB
Uncle Buck
Unclebuckcash
Unclebuckloans
Unclebuckonline
Unclebuckpayday
Place of business: 
Riverbridge House
Anchor Boulevard
Crossways Business Park
Dartford
Kent
DA2 6SL
UNITED KINGDOM

Information correct as of 01/04/21 (FCA)

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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