George Banco Unaffordable Lending Complaints
George Banco was one of the major UK guarantor lenders in the late 2010s, operated by Everyday Lending Limited within the Non-Standard Finance plc group. It stopped issuing new loans in November 2020 alongside its sister brand TrustTwo, both placed into “managed run-off”. A Scheme of Arrangement was court-sanctioned in June 2023 with a claim deadline of 31 December 2023. This page sets out where George Banco complaints stand now and what the various deadlines mean.
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About George Banco
GeorgeBanco.Com was launched in 2014 as a trading style of Everyday Lending Limited (FRN 724445), part of Non-Standard Finance plc. It offered guarantor loans alongside the broader NSF Group products including Everyday Loans, TrustTwo, and Loans at Home (doorstep lending).
NSF Group reported a £135.7m loss in 2020, with goodwill write-downs and £15.4m of redress provisions for the guarantor business. Following intense FCA scrutiny of guarantor lending sector-wide, NSF placed both George Banco and TrustTwo into managed run-off in November 2020.
The NSF Scheme of Arrangement
On 22 June 2023, the High Court sanctioned a Scheme of Arrangement for Everyday Lending Limited (the entity behind George Banco, TrustTwo and Everyday Loans). Key features:
- A scheme fund of £14 million was made available for affordability redress claims.
- The scheme covered redress claims and FOS fees in their entirety.
- Scheme creditors were estimated to receive between approximately 22% and 28% recovery on their underlying claims.
- The deadline to submit a scheme claim was 31 December 2023.
- After the deadline, no further claims could be brought under the scheme.
The scheme was preferred by the negotiating customer committee over a formal insolvency, on the basis that recovery would be slightly higher than in liquidation. Scheme distributions began running through 2024-2025.
Where George Banco complaints stand now
For most George Banco customers, the practical position depends on whether they were inside or outside the scheme:
- Customers who claimed before 31 December 2023 — became scheme creditors. Their claims were assessed under the scheme methodology and distributions made from the £14m fund. Recoveries in the 22-28% range as estimated.
- Customers who did not claim before 31 December 2023 — generally cannot now bring affordability complaints. The scheme cut off new claims at the deadline, and Everyday Lending Limited’s ability to handle complaints outside the scheme is constrained.
- Active loans still in run-off — repayments continue. Customers in financial difficulty can request hardship support from Everyday Lending Limited, which remains FCA-authorised under FRN 724445 for the run-off.
- Customers with complaints about post-scheme handling — for issues that arose after the scheme (e.g. how the run-off has been managed, debt collection conduct), the standard FOS route may still be available, depending on the issue.
What if the lender has gone into administration?.
For people who missed the scheme deadline
The 31 December 2023 deadline was a hard cut-off for the scheme. Customers who did not submit a claim by that date generally cannot bring affordability complaints against George Banco now. Limited possible alternatives:
- Section 140A unfair relationship court claims — theoretically possible, practically constrained by the scheme having compromised existing claims.
- Complaints about post-scheme conduct — limited to issues that arose after the scheme cut-off.
- Where a debt is still being pursued and the customer believes the original lending was unaffordable, the affordability point can sometimes be raised in negotiation with the collector.
Patterns of George Banco complaints
During the period when complaints were active, the patterns were similar across the guarantor sector:
- Borrower checks formulaic — declared income, modelled expenditure with no verification.
- Guarantor checks lighter still — many guarantors signed up with limited explanation of joint and several liability.
- Vulnerability indicators visible but not acted on.
- Top-up loans and refinancing — fresh affordability obligations on each, often not met.
- Coercion of guarantors — pressure or family obligation behind the guarantee, sometimes evident from application data.
Frequently asked questions
I missed the scheme deadline. Is anything still possible?
For most missed-deadline situations, the affordability complaint route is closed. The scheme was designed to be a final compromise of redress claims. Specific advice is sensible if you believe there are unusual circumstances (e.g. you were not properly notified of the scheme).
My loan is still being repaid — what now?
Continue repayments under the original agreement. If you are in financial difficulty, contact Everyday Lending Limited about hardship support. If the affordability of the original lending is in question, the scheme outcome generally settled that issue for pre-scheme lending.
Was George Banco bankrupt?
No. The Scheme of Arrangement was a court-approved compromise rather than a formal insolvency. The wider Everyday Lending Limited entity remained FCA-authorised. The scheme was preferred over administration as it was expected to produce a slightly better outcome for creditors.
Related guides
- Guarantor loans claims hub
- What if the lender has gone into administration?
- How far back can I claim?
- Section 140A and the unfair relationship test
- Do I have an unaffordable lending claim?
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