Oakam Limited Trading as “Oakam” or “Loal”

Andrew Tate and James Hopkirk of Kreston Reeves LLP were appointed Joint Administrators of Oakam Limited trading as “Oakam” or “Loal” (the “Company”) on 24 February 2022 following an application to the High Court by the director. “Loal” stands for “life on another level”

The administrators are engaging with the FCA who consented to their appointment over the Company.

This website will be used to provide creditors and customers with information and is being updated when information becomes available on the administration of the Company.

The administrators have set up a dedicated email address to contact the administration team.

The address is [email protected].

We will continue to update creditors and customers as additional information becomes available so please watch this website for updates.

The affairs, business and assets of the Companies are being managed by the Joint Administrators Andrew Tate and James Hopkirk who act as agents of the Company and without personal liability.

Andrew Tate and James Hopkirk are licensed as insolvency practitioners in the United Kingdom by the Institute of Chartered Accountants In England and Wales.

Collections coming to an end: FAQs

  • Is there an update with the Administration?

    The Administration is coming to a conclusion. The Administrators have continued to recover the assets of the Company and to collect the loan book for the benefit of the creditors of Oakam Limited, however it has reached the stage where the costs of collecting the remaining loans is outweighing the benefit that can be achieved to the creditors.

    There is sufficient money available to make a payment to the secured and preferential creditors of Oakam however, unfortunately there will be insufficient funds to allow any payment to be made 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.

  • Is Oakam Limited still issuing new loans?

    Oakam Limited is not in a position to issue new loans and has not in fact issued new loans since some time prior to the commencement of the Administration.

  • I’ve had a letter saying my loan has been written off, is that correct?

    This is correct. The balance of any loan not previously sold to a third party will not be pursued and it will be formally written off by the Joint Administrators on behalf of Oakam Limited on 22 February 2023. Oakam Limited will not actively seek any further payments from now. Any payments made prior to 22 February 2023 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 after 22 February 2023.

    This will over-ride any existing payment plans or other arrangements you may have previously agreed with Oakam Limited.

  • I’ve made a payment relating to my loan which has now been written off. Can I have that back?

    As above, the loans will be formally written off on 22 February 2023. Any payments which you make prior to 22 February 2023 will be retained and any payments made after that date will either fail or be returned to you.

  • Will the loan being written off affect my credit score?

    Your loan will be registered as satisfied with Credit Reference Agencies. Any previous defaults or arrears may continue to impact your credit score.

  • I can no longer access the app to view my loan information.

    The app is no longer active. Should you have any queries in relation to your loan, please contact the Joint Administrators at [email protected].

  • I’ve had a letter from another company seeking payment in respect of my loan – do I need to deal with them?

    Prior to the Administration, Oakam Limited sold various loans to Lantern Debt Recovery Services Limited and, during the Administration, the Joint Administrators sold certain loans to Perch Group, managed on behalf of Perch by ACI-UK Limited . If your loan was included in one of these sales, you would have been notified accordingly. You can expect Lantern and Perch / ACI to continue to seek payment in respect of loans which they have acquired and you should deal with them accordingly. Oakam Limited has no ability to deal with these loans at this stage.

  • How do I complain if I believe my loan was mis-sold?

    Oakam Limited is no longer trading and whilst some employees were retained during the Administration period, they are no longer employed by Oakam. Therefore any new complaints or enquiries about existing complaints should now be directed to the Joint Administrators at [email protected].

    As noted above, any amounts which you are found to be owed will constitute an unsecured claim against Oakam Limited and unfortunately there is not expected to be any money available to settle unsecured claims.

    We are bringing the Administration to a conclusion. Please provide any complaints by 22 March 2023 and we will respond to all complaints by 22 April 2023.

    As per previous communications, because of the Administration of Oakam Limited, the Financial Ombudsman will be unable to review any complaints referred to the Ombudsman.

  • Can I get information regarding my historic loans with Oakam?

    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 April 2023.

  • I believe that my credit file is not reflecting the correct position – who can I contact about that?

    Please contact the Joint Administrators at [email protected]. Any requests must be submitted before 22 April 2023.

  • I was notified that I was due some compensation in relation to a mis-sold loan. What is the status with that claim? Is there an alternative avenue where I can recover my outstanding claim?

    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.

    Oakam Limited will be dissolved in the near future and you will not be able to pursue any alternative party to recover your debt.

  • What will happen to Oakam Limited now?

    As above, after the Administration is brought to a conclusion, Oakam Limited will be dissolved from the Register of Companies and effectively will no longer exist.

Administration: FAQs

  • What is an administration?

    An Administration is an insolvency procedure regulated by the Insolvency Act 1986. The process functions as a mechanism to rescue insolvent companies and presents a chance to allow them to carry on running their business whilst a solution is sought. If that is not possible then the Administrators will seek to maximise recoveries from the assets of the company in order to achieve the best return for creditors of the company.

    The Administration will last for an initial period of 12 months but may be extended if matters permit.

  • Why has the company entered into administration?

    Oakam Ltd filed its application for an administration on 24 February 2022. The Company traded as loal.app and as Administrators we will investigate the reasons for the Company’s failure. Any creditor or customer is welcome to provide us with information.

  • Who are the Administrators?

    Andrew Tate and James Hopkirk of Kreston Reeves LLP were appointed as Administrators following an application by the Company’s director. The Financial Conduct Authority (“FCA”) has consented to the appointment of the Administrators.

    The Administrators are qualified insolvency practitioners and act independently of Oakam Ltd and the director, for the benefit of all creditors. Their primary concern and mandate is to ensure that they maximise the returns to creditors.

  • Are the Administrators in contact with the FCA?

    Yes. The Administrators are in regular contact with the FCA and the FCA consented to Andrew Tate and James Hopkirk of Kreston Reeves LLP being appointed as Administrators of the company.

  • How will my data be protected in this administration process?

    As part of their role, the Administrators may need to access and use data relating to borrowers. In doing so, they will follow all applicable data protection requirements. Information about the way they will use and store personal data can be found within our privacy policy. It is important that you read the terms and conditions so that you are aware of how and why the Administrators will be using your data.

  • What can I do if my question has not been answered in this FAQ section?

    If your question has not been answered in this FAQ section, please contact the Administrators at [email protected].

  • What should I do if I have information about Oakam Ltd?

    The Administrators would be pleased to receive from any stakeholder any useful information concerning Oakam Ltd, which may assist them.

  • What’s the difference between debtors and creditors?

    A debtor is someone who owes money to the Company, this includes the many borrowers.

    A creditor is owed money by the Company, they are in effect the opposite of a debtor.

Complaints: FAQs

  • Am I eligible to make a claim?

    If you believe that you were provided with unaffordable loan(s) through by Oakam Limited trading as Oakam or through loal.app, you may have an eligible claim.

  • What is an “unaffordable loan?”

    The unaffordability of a loan will be assessed by the Administrators, looking at criteria of the loan at the time it was taken out by the customer and assessing this against the relevant rules set out by the FCA. For more information, there are some helpful guidance notes from the Financial Ombudsman Service.

  • How do I make an unaffordability complaint?

    If you believe you are eligible, you can make a claim by emailing [email protected].

  • Do I need to use a Claims Management Company to make my claim?

    No. You can make claims directly to the Administrators. A Claims Management Company can also help you submit a claim. It is up to you if you want to use one. If you decide to use a Claims Management Company, please make sure you understand the scope of their services and how much it will cost you before agreeing to its service.

  • If I have an unaffordability claim, when will I be paid?

    The Administrators will assess all such claims during the course of the administration. If your claim is agreed by the Administrators, you will be an unsecured creditor of Oakam Ltd. As above, it is not anticipated that any funds at all will be available for payment to the unsecured creditors.

  • Will the Financial Services Compensation Scheme (“FSCS”) pay my claim if Oakam Limited does not?

    No, the FSCS do not cover claims under consumer credit agreements.

  • I have previously submitted an unaffordability claim to the Financial Ombudsman Service (FOS) which has not been finalised nor agreed. What will happen to my claim?

    Any unaffordability claims which were being handled by the FOS will now be handed back to the Administrators who will assess it in due course. Should your claim be upheld, you will be considered an unsecured creditor for the value of the assessment claim.

  • If I have previously received a redress payment from Oakam Ltd, can I claim again?

    You cannot claim redress twice for the same loan. If you previously received a redress payment from Oakam Ltd, then the historic loans that were redressed at the time will not be considered again.

  • What should I do if I am approached by someone saying they work for Oakam Ltd or the Administrators and want to help me submit a claim?

    Do not give your details to anyone who approaches you, alleging that they work for Oakam Ltd, the Administrators, or otherwise. If you do require assistance or are unsure as to the validity of any correspondence you have received, please contact the Administrators at [email protected].

  • What should I do if someone has indicated they can ensure I can get a higher claim amount, but I have to pay them a fee first?

    The 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 Company or third party to submit a claim. Using a Claims Management Company or third party will not accelerate the claims process, nor entitle you to a higher claim amount. If you decide to use a Claims Management Company, please make sure you understand the scope of their services and how much it will cost you before agreeing to its service.

  • Will anyone ask for my bank details?

    We will never ask for your account details or security details by phone or email. Should you need to update your bank account or card details, you should access your online account as normal.

Contact us

Andrew Tate 

Andrew Tate  FCCA ACIS

Chairman, Partner and Head of Restructuring and Transformation

Email Andrew

    • yes I have read the privacy notice and am happy for Kreston Reeves to use my information

    James Hopkirk

    James Hopkirk

    Restructuring Partner

    Email James

      • yes I have read the privacy notice and am happy for Kreston Reeves to use my information


      Global reach

      We give you global reach through our membership of Kreston Global.

      Kreston Global is an international advisory and accountancy network whose focus is helping clients to be successful in every country or market they choose to operate in. Whether your goal is to expand overseas, you’re a multinational looking for an alternative service provider across multiple territories, or a private individual with investments and assets overseas, we can help.

      Kreston members reach across 120 countries so wherever in the world your ambition takes you, we can help you get there.

      Find out more
      A series of photos demonstrating the Kreston Reeves purpose, in office, charity challenge and candid photos.

      Our purpose, our passion

      To guide our clients, colleagues and communities to a brighter future.

      In a continually evolving world we help all generations embrace change through trusted advice, support and guidance. Our passion for continued improvement ensures that we work to understand your goals, support and advise you on your journey and help you to realise your ambitions.

      About us