Oakam Limited Trading as “Oakam” or “Loal”

Important information

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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 restructuring@krestonreeves.com. The loal customer services team is also available on help@oakam.com

Due to the early stages of the administrations, the information we have is limited, we therefore request that creditors and customers continue to consult the website. 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.


Loan Repayments

Do I still need to repay my loan?

Yes. The terms and conditions of all loans remain as agreed when the loan was taken out and payment remains due. Your loan was with Oakam Limited which traded using https://loal.app/ and https://www.oakam.com/ website.

What will happen if I don’t repay my loan on time?

The terms and conditions remain as agreed when the loan was taken out. This means if you miss a payment your credit score could be affected.

Can I take out a new loan or add additional funds to my existing loan?

Oakam Ltd trading as Loal is unable to provide further lending.

I can’t afford to repay my loan. What should I do?

If you can’t repay your loan on time, please call the loal.app Customer Support team straight away by email help@oakam.com.  The following services are also available:

Entity Website About

Citizens Advice



People can speak to advisors in person at a branch or on the phone.

The Money

Advice Service



A  government-backed  service  that can be contacted by telephone and has budget calculators.




Debt charity that can provide free advice and a free debt management plan.




Offers  free  guidance  and  budget planners.

How do I repay my loan?

Your loan should be repaid in accordance with the timetable agreed when your loan was taken out. For more information on repayment arrangements, your Continuous Payment Authority and alternative payment methods, please contact our Customer Support Team. In case your debit card details have changed, please update your card online before your loan repayment date.

There will be no change to our bank details. If you receive any requests to make payment to an alternative account, please inform the loal.app Customer Support team straight away by email help@oakam.com.

Never give personal or account details to anyone who contacts you unexpectedly. We will never ask for your bank details or your security details such as your password.

I need to talk to someone about my loan or I have a question which is not answered here.

If your question is not covered in our FAQs, please contact the loal.app Customer Support by email help@oakam.com.

The call centre will remain open as normal, but please be aware that we will be handling a high number of calls and your wait may be longer than usual.

If your question is still not answered, please email your query to restructuring@krestonreeves.com .   The Administrators’ team will also look at all queries emailed to these addresses. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.

Will I still be able to access my account during the administration?

You will continue to have access to the website and your account.


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 at  https://www.krestonreeves.com/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 call the loal.app Customer Support team straight away by email help@oakam.com

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.


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 at https://www.financial-ombudsman.org.uk/publications/technical_notes/payday-lending.html

How do I make an unaffordability complaint?

If you believe you are eligible, you can make a claim through the Customer Support Team at help@oakam.com.

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

No. You can make claims directly to Oakam Ltd trading as Loal.app. 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. No payments will be made until all of the assets have been sold or realised. Currently, we do not have a date for the payment of any claims, and we do not know what amount of funds will be available to creditors.

If your claim is agreed by the Administrators, you will be an unsecured creditor of Oakam Ltd.  This means you will be entitled to participate in any distribution of the cash remaining in Oakam Ltd, once all assets have been sold or realised and the secured creditors have been paid.

Please be aware that, if your claim is successful, the payment you receive is likely to be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will exceed the money available to be shared out amongst the unsecured creditors. The money available to be shared out will not be known until all of Oakam Ltd’s assets have been sold or realised and certain costs and deductions have been taken into account.

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. However, the timing and amount of the final creditor claim is currently unknown and will not be known for some time.

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 Loal.app Customer Support Team on 0203 917 3727.

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.