How does a Scheme affect my current loan?

The

scheme

s do not

affect

the normal repayment process of any

current

friendly

loan

after claims have been assessed under the

scheme

. Customers with an existing

loan

who have a valid claim will receive a balance adjustment where their outstanding balance will be reduced by the amount of their Valid Claim if the amount of compensation they are owed under the plan is greater than the amount of any balance of loan they owe. Friend, they will be paid a proportion of any additional amount owed to them under the terms of the scheme. Customers who do not have a valid claim will not be able to benefit from a reduction in their outstanding balance and will still have to repay their

current

loans.

This is also the situation that would apply if friend enters into insolvency proceedings such as administration.