PCF Bank Limited (PCF), along with its subsidiaries PCF Credit Limited and Azule Limited, has taken the step of entering into creditors’ voluntary liquidation. The joint liquidators appointed for this process are Peter Dickens and Edward Macnamara from PricewaterhouseCoopers LLP (PwC).
PCF Bank had previously decided to cease trading and initiate the wind-down of its operations back in 2021. As a result, all customer deposits have already been returned.
During the wind-down process, PCF Bank transferred its loan portfolios to other organisations between 2021 and 2023. However, some customers have raised concerns about potential overcharging on their car loans. It’s important to note that this type of borrowing is not covered by the Financial Services Compensation Scheme.
The joint liquidators will provide further information on how complaints related to overcharging will be addressed. If you suspect that you may have been overcharged on your car loan, consider reaching out to your broker (such as your car dealer) for assistance.
