Non-Standard Finance group (NSF) proposed a Scheme of Arrangement in March 2023. This Scheme was approved in June 23.
NSF had three brands: Everyday Loans (lending from high street shops) and George Banco and Trust Two (two guarantor lenders). All customers with loans that started before 31 March 2021 had to make a claim to the Scheme before 31 December 2023.
That date has now passed and no further claims can be made to the Scheme.
If you had an Everyday Loan that started after 31 March 2021, you can still make a complaint about this, but not through the Scheme – so if it is upheld you will get a larger payout.
At the end of July 2024, NSF announced that people with an upheld claim will be paid 25.73p in the £. Payments started in August 2024.
Contents
What is “a Scheme of Arrangement”?
What is the purpose of a Scheme?
A Scheme is a formal legal arrangement that allows a firm to change the rights of some or all of its creditors.
Customers who have been given an unaffordable loan (see below for a definition of this) have the right to make a complaint and take it to the Ombudsman if the lender rejects it. People will normally get a refund of interest if they win their case.
A Scheme changes these rights:
- any affordability complaints have to be made within a 6 month window – no one can make a claim after that even if they did not know about the Scheme;
- the decision to uphold or reject the complaint is then made within the Scheme and there is no right of appeal to the Financial Ombudsman;
- people owed a refund in cash will only be paid a percentage of it as there is a limited amount of money that all refunds have to be paid from.
So the lender gains as they will pay less to settle these complaints and at the end of the Scheme there can’t be any more complaints.
Other similar Schemes
NSF is now the 5th bad credit lender to seek the protection of a Scheme that will limit the refunds it has to pay to its customers for unaffordable lending:
- schemes by ICL (payday loans eg the Money Shop) and Provident (doorstep lending) have completed. Each paid out about 5% to customers who had their claims upheld
- an Amigo (guarantor loans) Scheme is underway but Amigo failed to raised the necesary capital to continue in business. so it will be liquidated when the Scheme ends.
- Morses Club had a Scheme approved but it then went into administration and their scheme failed.
What is unaffordable lending?
A lender has to check that a loan is affordable for customers before giving the loan.
For Everyday Loans, this is a check on the affordability for the borrower (or borrowers where the loan is a joint loan);
With guarantor loans from George Banco and Trust Two, the loan has to be affordable for both the borrower and the guarantor. A guarantor has to be able to make the repayments out of spare income – simply owning a house does not mean that a loan is affordable.
The Financial Ombudsman (FOS) has set out what it looks at in an affordability complaint.
A simple summary is that when the loan was given it has to have been likely that you could repay it on time, without having to borrow more or get behind with bills. So if all the loan payments were made on time, the loan may still have been unaffordable if repaying it meant that your credit card balance or overdraft increased.
Recent Everyday Loans are NOT included in the Scheme
The Scheme covers customers who borrowed or guaranteed a loan from Everyday Loans, George Banco or Trust Two before 31 March 2021.
It does NOT cover Everyday Loans made after March 2021. If you have one of these later loans this Scheme is not relevant.
Instead you can make an affordability complaint in the usual way. See Affordability complaints about large loans for a template to use,
If your complaint is rejected, send it to the Financial Ombudsman (FOS) straight away, as that article explains. FOS will be able to look at these complaints as they are about loans that are not included in the Scheme.
The Scheme timetable
- 28 April 2023 – Court Convening hearing – approved the voting arrangements
- May & early June 2023 – voting on the Scheme.
- 22 June 2023 – Court Sanction hearing – approved the Scheme
- July to end December 2023 – customers have 6 months to submit a claim to the Scheme. Claims after this point will not be considered in the Scheme and will not be able to go to FOS.
- by end December 2023 – NSF raises enough money to continue and pays £14m into the Scheme to be distributed. If this is not successful the company is likely to go into administration.
- April 2024 – refunds paid from the Scheme.
Raising the £14m for the Scheme
NSF originally proposed two ways to raise new capital – Plan A and Plan B. Since March it has abandoned Plan A and now proposes:
a transfer of the Group’s business to the secured lenders in exchange for the release of a portion of their secured debt and the provision of a new lending facility. Part of the proceeds from this new lending facility would be used to fund the Scheme Fund and cover the costs of the Scheme.
This has not changed the amount of money that is likely to be available to distribute in the proposed Scheme.
Make a claim to the Scheme
It is now too late to make a claim to the Scheme.
What happens after you have made a Claim
NSF will decide whether to uphold your Claim.
I think it’s worth checking your Portal Account every month to see if there is an update there.
If your claim is rejected you can appeal this, but there will be a time limit. So don’t forget to keep looking for this.
What refund may you get?
If an affordability complaint is upheld in the Scheme, the compensation (called “redress”) is calculated:
- for upheld loans that have been repaid, the redress is the interest paid;
- for outstanding upheld loans, interest is removed so the borrower only has to repay in total the amount they borrowed. This may mean a lower balance is owed or that the loan cleared and a cash refund is due.
Where your balance is being reduced or cleared, this will be paid “in full”.
But where a cash refund is calculated, you will not receive that amount. The amount you will get will depend on the total cash refunds calculated and the amount of money in the Scheme to be distributed.
NSF says customers may get paid 24-31% of the calculated cash refund
This is a very uncertain estimate. It depends on how many people make a claim to the Scheme.
It also depends on how many of the claims are upheld and how many of the loans in each claim are upheld.
Credit records
NSF is likely to remove loans that it decides are unaffordable from your credit record.
Card & catalogue affordability complaints
Can you get an overdraft refund?
Refunds from large loans
Karen says
Hi Sara
My appeal has been upheld but I’m on DMP. Whats the best thing to do now?
Sara (Debt Camel) says
EL should adjust your balance with the DMP firm. Will this clear it?
Karen says
Very much doubt it. Took out loan of £3500 in 2019 but balance currently stands about £5450
Sara (Debt Camel) says
How much did you pay them before the DMP started? How much do they get paid a month by StepChange or whoever your DMP is with?
Karen says
Only about 3mths at £266.
DMP pay £21.86 and I have been paying that since then. Should I inform DMP now or wait to see if anything awarded
Sara (Debt Camel) says
well you will still owe a balance after this has been adjusted so there is no reason to tell Stepcahnage now.
I suggest you wait and see what the balance is reduced to, It should be to the 3500 you borrowed less all the payments you have made.
Karen says
Hi Sara
Appeal upheld but claim value says £0.00
Any ideas?
Sara (Debt Camel) says
you need to ask – that may be the cash value of the claim – which will be zero if it is all going to offset the balance outstanding.
Karen says
Hi Sara
Sorry for late reply.
No still have a balance of £780
Sara (Debt Camel) says
I said “ It should be to the 3500 you borrowed less all the payments you have made.”
Does that make the 780 sound likely?
If it does, I suggest you tell StepChange.
Karen says
It is apparently. Updating Stepchange tomorrow
Rhianna says
Hi if my claim has been upheld does my guarantor still need to make a claim aswell?
Sara (Debt Camel) says
I think your guarantor should be released but you need To get this confirmed. It may be safest for your guarantor to make a claim now just in case as there isn’t long now to do this.
Richard says
Thought I’d offer a ray of hope – after months of “high volume” email messages, I finally got a message back today – my claim (original loan £6,000) has been upheld. Outstanding balance wiped, I’ll be received around £1600 back of ring-fenced and post-scheme payments, plus £1100ish claim value on the Scheme Fund (so presumably £250ish back in April 24 too). Had the update today, will add a comment when I actually get the payment, but it was very satisfying to cancel the direct debit and helped vindicate me that my issues have not just been my own stupidity, but enabled by predatory lenders.
At the time of the loan I was looking for £10,000 to consolidate debts. I was only offered £6,000, explained to the agent on the phone that it probably wouldn’t be enough but I’d let them know. I was desperate so I called back the next day and took it, wasn’t questioned at all on whether it would be solving my issues or not. The affordability check, beyond any questions I answered, was just a single payslip emailed across. Subsequently I’ve ended up taking some other loans (Likely Loans, Bamboo) to “fill the gap”, which is obviously a false economy, and now this is resolved I will be complaining to them as well. I sent a follow up message on the ELL claims portal adding this context after I remembered it, and clearly it helped!
Richard says
Update – received a bank transfer of the ring-fenced/post-scheme payments yesterday, so a week post the initial letter. Good luck all!
Karen says
Hi Richard not received any monetary offers as if yet. How long from email confirming that claim had been upheld did you see any figures?
Richard says
Hi Karen, it was all in the first email I got – I had an email which just said that I had received a response, and when I logged into the claim portal the letter was attached to a message as a PDF
Karen says
Thanks Richard nothing was there on mine 🤷♀️
Nicholas Edwards says
My guarantor has had their claim upheld. Does that mine will be upheld aswell as the lender
Sara (Debt Camel) says
Were they saying the loan was unaffordable for them? Or for you?
Is this a current loan?
Nicholas EDWARDS says
My loan was stopped around June 2023. My claim is upheld and had a small payment before Christmas. I had a email saying I was owed £14.720. I was told I’ll get a percentage of this. Will I have to wait till April 2024 or will they start paying out now
Lukasz says
Shame i didnt know about this going on :/
Hannah says
Just received message on portal that my appeal has now been rejected, it states “ When the loan was taken you will have been provided with all the details of the costs of the loan and signed the loan agreement, along with the review document to confirm you understand the amount, and terms and conditions of the loan, which clearly details the interest payable on the money borrowed. We also offer a Right to Withdraw, so the loan could have been cancelled within 14 days of being taken and the funds returned, but this was not exercised.
I have now appealed adjucator but really disappointed I have payed my loan and still paying interest loans via stepchange with several loans outstanding and I was in a difficult place , this is unfair, not sure if there’s any hope.
Sara (Debt Camel) says
Some appeals are upheld by the scheme adjudicator.
Hannah says
What are the chances of it being successful ?
What happens if it’s refused
Sara (Debt Camel) says
I can’t guess at the odds.
If it is refused, you have No further way to appeal.
How large are the debts in your DMP including this disputed loan and what monthly payments are you making?
Alberto says
I have just submitted my claim today. I took a £4,000 loan and ended up paying £6,356 (£2,356 on interest).
After reading your comments… I don’t know what to expect, honestly. I had no guarantor and repaid the loan in full, around £230 a month for 2 years.
I will keep you guys updated if I hear anything back.
Dean says
Yours is almost identical to mine. Same loan, same situation (fully paid back etc). They offer you all your interest back plus a compensatory payment of £700. My total agreed return was around £2900. However, like others have already stated, we are looking to only receive around 30% of that (about £800) … which is better than nothing I suppose.
Alberto says
Hello Dean, considering the amount of people that are being rejected… I don’t want to get excited before I get it confirmed.
You’re right, the loan is almost identical. But do you mean you will be expecting £700 on compensatory + £800 of the 30% you mentioned, which would sum it up to £1500 or just £800 in total?
Alex says
The email I received when my loan was upheld had a breakdown of my refund was calculated and I think you might be overlooking something. The compensatory payment (700 in your case) is the 8% interest yearly so it will differ between claims, and then that’s added to the total interest. That then is the total of the claim, then an as yet unknown % will be paid out, they believe it will be 24-31% but state it could be lower. It could for example drop to 1% – they will know once all the claims have been assessed and they know how much they are paying out – I don’t believe there is an update on this yet.
Alberto says
I just thought it was the 8% interest + the 23-41% of the re-payments made.
I should just wait to see if they get back to me, but as I said… considering how many people are being turned down, I don’t expect anything really.
Dean says
Hi, mate.
I’m not sure, but I think it’s £800 in total. 25 – 35% is just the current estimated payout as it stands but it could be more and it could be less. It comes down to how many successful claims there are in the end.
I think EDL only have something like £15mill to share between everyone.
Alberto says
True, I heard it is just £15mill between everyone. As I said on my previous post, I should just wait to see if I hear back from them.
Many customers are also appealing the rejected claims due to inconsistencies in the criteria.
Marc says
It’s £14m
DavyDubs says
Made my claim ( borrowed £10K in June 2020) in October and have had it rejected. I have until 7 December to appeal and have prepared a statement and a document of supporting evidence – bank statements, credit reports from time of application showing the desperate financial situation I was in and detailing why the loan was unaffordable. But, and this is more of an IT related query that I hope someone might help with…. when I paste my reasons for appeal into the text box, I keep getting a error message ‘appeal reason must be valid value’. Anyone got any idea where I am going wrong? ( i might be clutching at straws but is it me pasting the text, it doesn’t like??) sorry for this low level query but I am tearing out my hair.
Sara (Debt Camel) says
I think you need to phone them up and ask why it wont take your reasons.
Abdul says
Hi Sara, I had a similar claim rejected. The reason they gave me was that I was not overdrawn on my current account when I borrowed from them. I had credit card debts which I thought would’ve have affects my loan agreements. Should I still appeal?
Sara (Debt Camel) says
Well it depends how large the credit cards were. What did you say the loan was for? If it was to consolidate cards, would that have reduced the monthly payments enough to be affordable? If it wasn’t to consolidate debts, then yes your credit card repayments were relevant – and also whether credit card balances had been increasing.
Cj says
I’ve a current amount owing to everyday loans now with debt collectors I had my claim rejected some time ago and due to personal reasons I did not go to fos can I still.clain under scheme as it says I have til end if Dec to make claim
Sara (Debt Camel) says
Yes you can – do it now
What other debts do you have that you could make a claim about?
Paula says
My claim has been upheld for 5791 (I know I only get a percentage of that) but it states I won’t be paid out until April. Do others have this?
Alex says
Yes, the expected date to start making payments it’s April 2024. Technically, the scheme has not finished yet.
Saleem says
I had been given this loan when it was clearly unaffordable they did no checks and gave me £10,000 I complained to the FOS and they wanted to see evidence, which I was gathering until this scheme came up, NSF portal would not allow me to log my complaint I then called and they said I wasn’t eligible as I had previously made a complaint after contacting everyday loans and showing evidence NSF then called me back and said I was eligible and they made a mistake. They logged my compliant and tomorrow is the last day to file your complaint, I will let you know how I get on.
They said they would write to me 4-6 weeks.
Saima Parveen says
Hi everyone so it’s the very last day t9 make a claim. I set up.an online account on the portal but its not letting me make a claim on the portal. Help as the deadline is today. Thank you x
Sara (Debt Camel) says
Send them an email this evening saying you were unable to use the portal and want to make a claim
Saleem says
Yes, call them on Tuesday and they will complete over the phone I’m not sure what they will say about the deadline, have you tried the three attempts?
They said to complete as less as possible eg just account number nothing else or postcode not full address
Saima says
Thank you. I did not know this hut will call them tomorrow
Saima says
Thanks Sara
I have done this now x
Peggy says
Hello, I’ve read that if your claim was due to unaffordability you get full refund? Is this correct? Thanks.
Sara (Debt Camel) says
you have made a claim to the scheme?
Peggy says
Hello, yes, claim upheld 👍 full value £4.5k
Sara (Debt Camel) says
do you still owe them a balance on a current loan?
Lewis says
Will you only receive 30% of this back?
Alex says
Where did you see this? My claim was for unaffordability and has been upheld but says nothing about reviving the full amount?
Peggy says
No, it was paid back 2018.
Sara (Debt Camel) says
then in that case you will only get back a percentage of the refund calculated. Not sure where you saw that it would be paid in full … almost all (95%+ of the claims they get to the scheme will be affordability complaints.
Peggy says
Thanks for the info. I’ll have a re look and send it over.
Darren says
Is anyone else still.pkaying the waiting game ?
7 months now for me.and still “pending decision “
Lewis says
I got a phone call today from George Banco saying my claim had been accepted and they were calling to send back £236 which was a payment I made after the claim date.
NFS portal still says pending though so I am not sure. George Banco also confirmed the loan would be ended and cleared.
Dee says
Hello,
I wondered if you could help. I received a response to my appeal stating they completed adequate checks and that they checked my credit report and incomings and outgoings and it was affordable.
My appeal included a pdf that included 7 points and evidence attached (37 pages in total) and the response back was so generic, I don’t feel they have even looked at the evidence. They said I had no payday loans when I have sent evidence of multiple payday loans paperwork. They only looked at one month’s worth of bank statements at application, and they only have one statement on file. I also was off long term sick and had been off of work nearly 6 months and ended up being dismissed because of my attendance. This wasn’t questioned, and if they had contacted my employer like they said they would, they would have known this. They said a full credit search was completed but this isn’t on any of the paperwork I received from the SAR.
They have said I have until 8th Jan to provide an explanation of ‘any other circumstances that we would have been aware of at the point the loan was issued, please can you provide us with an explanation of what this was, how it affected your ability to repay your loan and provide supporting evidence of the issue. If you are unable to provide this, we will proceed with your appeal based on the information that we have available to us.’
So I am not sure how best to proceed, any advice would be greatly appreciated.
Sara (Debt Camel) says
I suggest you go back and make all those points. Say you have already [provided all this information and it doesn’t seem to have been considered.
Dee says
Thank you so so much! I will do that! :)
Dee says
Hi Sara, they have upheld my appeal. Thank you so much for your help and advice.
DB says
Now that the window for making a claim has closed, does anybody know when we find out what we are getting percentage wise or do we just wait until April?
Margaret cairney says
Was wondering the same thing I’m owed over 4K but haven’t a clue what % of that il get
Danny says
I emailed them direct through portal and told between 24 and 31% of 4700£ I’ll get in April
Marc says
They can’t set the % until they know which claims and upheld and which ones aren’t. So it will take as long it takes to resolve everyone’s issues. I had high hopes that they would be pretty quick because I made my claim months ago and I was told that it was upheld months ago (3rd Sept to be exact). I submitted my claim on 12th Aug so it was less than a month for them to sort mine. I’ve been waiting since then to find out what % we’re actually receiving..
Hannnah says
My case has been referred to adjudicator but have yet to have heard anything .. anybody has been referred and what’s the chances of success
Zoe says
I referred to the adjudicator 4 months ago and have still not heard anything. I chased via the portal last week and was told they were unable to give an update or timeframe which is really frustrating.
Lewis says
I have put a few messages here but thought I would ask another to so I can contain my expectations.
– I took out a loan in February 2020.
– Amount: £6000
– As of today I have made payments to the amount of: £10656
– The loan is due to end circa February 2025 (60 Months from Loan date).
The company was TrustTwo/George Banco (George Banco seem to be the one handling this).
I received a call today from GB saying I was going to be refunded a ring fenced payment which is £236.80 as this was made after I made a claim through NFS. I was also told my loan was cancelled.
My question is, am I due to receive greater than 24-30% because this was unaffordable and the loan is still active or do I fall under the same rules as everyone else in this claim?
Thank you Sarah, this forum has been very helpful.
Sara (Debt Camel) says
am I due to receive greater than 24-30% because this was unaffordable and the loan is still active or do I fall under the same rules as everyone else in this claim?
so far as I know all cash payment refunds will be paid at some percentage, except for payments that have been received during the scheme.
Lewis says
Would that only be payments made since I made the claim? I made the claim in November so would be just the one…
Also, do you know why George Banco would have called me this morning instead of receiving a decision through the NFS Portal?
Sara (Debt Camel) says
Would that only be payments made since I made the claim? I made the claim in November so would be just the one…
That decision is up to the terms of the NSF scheme. You can query it.
Also, do you know why George Banco would have called me this morning instead of receiving a decision through the NFS Portal?
I have no idea. Does it matter?
lewis says
I suppose it doesn’t matter but I am just curious and I thought they would not be involved in the process. Thanks for your reply.
Margaret says
Is there any updates on what % is being paid thank you
Andy says
Ive been trawling through my emails and found one where trusttwo rejected my complaint. I then rejected there final decision and I have a email where they said do you want us to reopen your complaint. To which I said yes and I never had any more correspondence from there. So does that mean my complaint is still open and therefor full funds will be refunded. Email was from 2019.
Sara (Debt Camel) says
No, sorry. It is a shame you didn’t send the case to the Ombudsman then. Now the scheme and a percentage refund are the only option.
madeline says
A good news story – Back in 2021, i made an unaffordability claim to EDL – it was rejected, I then sent the case to the Financial Ombudsman, it was rejected. In 2023, I received a number of emails/letters asking me to make a claim against EDL, I ignore them all thinking they were spam until Autumn time I took a copy of my original claim and submitted it to EDL. This morning I got a message through the portal saying they had upheld my complaint to the tune of £7717.00 – whilst I would love to get between 20% and 31%, I know it may be a lot lower. For those who have yet to get an answer, there is hope – good luck.
Mags says
I was told my claim was £4185 got email today to say they have made an error and it’s £2700 I’m acually owed gutted as won’t get much now for %
Sara (Debt Camel) says
Oh that is very poor.
Have they explains they arrived at the 2700 figure?
Mags says
No just said they made an error 3 loans all paid off 2 I settled early
Sara (Debt Camel) says
I suggest you ask to see the numbers for the 3 loans
Mags says
Thanks Sara il email them
Marc says
I have a good feeling about this one. I made my claim in Aug 2023 and was told it was upheld within a month. I’ve been waiting for 31st Dec to pass and for everyone else’s claims to be resolved since then so we can find out what the payment percentage is going be. It seems to be being handled a little more efficiently than the Provident scheme I went through last time. At least now the 31st Dec has passed, the number of unchecked/unresolved claims can only be reducing. Fingers crossed that it’s towards the better side of their estimated %.
Darren says
I submitted my claim early June 2023.Still not heard a thing
So frustrating
Daniel says
Im the same. Still waiting since June
Marc says
For anyone wondering when the next update will be. The terms and conditions of the scheme say that the Scheme Supervisors have to issue their next quarterly update with in one month of the end of the quarter they are reporting on. Which will be 22nd Sept ’23 up to 21st Dec ’23. So they have to send the next update on the scheme within one month of 21st Dec, basically.
The terms and conditions also state that for the progress report that is produced ‘after’ the scheme deadline, should include an updated statement on what the scheme outcome is looking like for creditors (us).
The 21st Jan is a Sun, so i’m expecting the latest update this week ‘IF’ they are sticking to the rules..
S says
Am I right in thinking that this will be when they disclose if they’ve managed to raise the £14m ? As if they don’t and go into administration will people recieve anything ? Provident said they was paying now can’t as in administration. So nothing will be definitive yet until this report ? Sorry if I’ve got it wrong but that’s how I’ve understood it.
Marc says
The point of the Scheme of Arrangement is ‘avoid’ going into administration. The £14m has been ring fenced to pay creditors who are part of the Scheme of Arrangement. For people who’s Claim against this Scheme of Arrangement have been Upheld, we are waiting to find out what percentage of our refund we are actually going to receive from that pot of £14m.
S says
Sorry Marc if my question wasn’t clear. Im fully aware of what the scheme is for and being someone who had an upheld decision for 17k I’m more than invested in the outcome.
My question was asking for clarity as the scheme timeline above states
by end December 2023 – NSF raises enough money to continue and pays £14m into the Scheme to be distributed. If this is not successful the company is likely to go into administration.
As I said Marc has answered so all good now thanks 😊
S says
Sorry missed part of my line out it should read
‘ as I said Marc, John has answered so all good now thanks 😊 ‘
Marc says
Also, Provident did pay out, they used the same type of Scheme of Arrangement.
S says
Apologies I meant Morses I was reading that much stuff I went funny eyed. Morses aren’t paying anywhere near the figures they said as their scheme failed ( I know personally ) . John had answered the most important part of the question for me so all good thanks 😊
John C says
I believe they already disclosed that the £14m had been raised. This was part of the Scheme Supervisors Progress Report and covers up to 21st Sept 23. Just a matter of how many claims have been accepted, and they can calculate the redress. This £14m is ring fenced and won’t be added to, which I presume will mean any other payments that were made to complaints, after the scheme started, then upheld, must have been ring fenced separately and will not be part of the pay out
S says
Fabulous I was trying to find anything relating to it but couldn’t x thanks for your response John just a waiting game now then 👍
Alex says
There is an update (19th of January)
If anyone can make better sense of this, please do.
I’m not sure what it means by the claim numbers and adjudication numbers, but from what I can see not sure how many claims for the 60k have been upheld.
The forecast of % payout is accurate and not thought to drop
Payouts may not be in April.
DB says
There isn’t anything on EverydayLoans website or on the nsf claims website so I’m not sure where you have read this?
S says
https://www.nsfclaims.co.uk/documents
DB says
Thanks. Obviously didn’t look far enough :)
Simon says
Hi
Have you got a link to the update. Thanks
Marc says
I think that just about sums it up Alex, nice work!
gemma storey says
They will update when the payments are likely in the report that ends the quarter up to 21st March. This means the report must be by 21st April. Highly unlikely they will pay out in April due to this! It is so irritating as we’ve all been waiting for so so so long already!
DB says
For anyone wanting a summary on the 19th January update:
– The £14million for paying out all successful claims is locked in and secured.
– As of 24 December 2023, the Company had received 60,820 claims, of which 55,916 had been adjudicated. The rest are still being processed.
– Although the response rates have been lower than forecast, until such time as all claims are adjudicated, it will not be possible to give an updated compensation estimate on the average claim value calculated and the distribution of claims.
– Due to higher levels of manual review required to adjudicate claims, it may be challenging for the Company to pay out in April 2024, they will update on likely timing of a distribution in next quarterly report which will be 1 month from 21st of March.
– The estimated cash return for Scheme Creditors with eligible compensation claims is not expected to be lower than previously forecast (24% – 31%)
.
I hope this helps. Sounds positive to me; maybe a little delay with the payments, but at least it won’t be lower than 24 -31%
Victoria says
Only just come across this , loan with gb from 2019 last statement was still about 13,000 off a loan of 3000 originally. Last payment was pinged back due to job change and was going to phone and pay a couple days later , no more correspondence, and my guarantor hasn’t even been notified of missed payment , what is going on ?
Sara (Debt Camel) says
When did you last pay GB? What is the current balance?
lewis says
I thought I would give an update for those interested.
Today my claim was upheld. I am due a portion of £1123.
Not only that, despite making the claim in November23, I am also getting my ring fenced payments from the start of the the scheme which totals: £1500.
Mandy says
Hi. I have been paying Everyday Loans through my StepChange Debt Management Plan for a number of years now. Last week StepChange wrote to me to advise the latest payment to them had been returned. I emailed the branch and waited for a reply. In the meantime I googled in case the firm had gone bust – only to find that they had had this ruling against them and I have missed the deadline. I have today received an email back from the branch advising that my account is now clear, but according to previous figures I still owed £927 (they charged the full interest of the loan in the outstanding balance for my DMP as though I would still be paying the loan, none of my other creditors did this). I couldn’t afford the loan when I took it out, I was desperate, and this was reflected by how quickly I defaulted. They weren’t very nice to deal with, and even when my DMP had begun they turned up on my doorstep. Is there no way at all I can put in a claim now? Thank you
Sara (Debt Camel) says
I am sorry, there isn’t. It sounds as though they have at least cleared the balance?
When did your DMP start?
Mandy says
I think it was 2017
Sara (Debt Camel) says
ok, how large is the remaining blanace in the DMP?
Mandy says
In total? £1,695 including the £917 Everyday Loans say I no longer owe – but they have not told me that it was written off/compensation.
Sara (Debt Camel) says
then you need to ask Everyday loans to confirm that they have written off this balance,
Peter G says
Hi i recived an email today stating that my claim is being upheld
I currently owe over 8000 but the redress amount is only for 2000 however in the email its states for me to cease making any further payments
“ Summary of your claim and any repayments
We have now undertaken an assessment of your claim under the Scheme claims methodology
(please refer to the explanatory statement and FAQs for further information) and your claim has
been successful and is a valid Redress Claim as set out below. As a result, any upheld loan
agreement(s) will be removed from your credit file completely.
We therefore ask that you immediately cease making payments towards agreement number”
Does that mean as part of my claim they are wiping the full amount and also receiving the claim amount?
I borrowed 8000 over 3 years ago and had been making payments of £348 a month up until 4 months ago
Sara (Debt Camel) says
You would have repaid the 8k borrowed in 23 months payments @ £348. It sounds as though you have paid a lot more than that, so here i would expect your balance to be wiped and for you to get a cash refund.
The 2000 sounds a bit low to me – can you go back and add up exactly how much you have paid to this loan?
Peter G says
I ll take a look at full payments later today if i can get a statment of the account, im quite happy for the loan to be wiped as i currently still owe 8800 on it which i presume is now intrest
Marc says
You pay interest against your loan monthly, so when you pay your £348 you’ll find that some of that is paid against your loan e.g. £50 and the rest is paying the interest that has built up since the last payment. So technically the £8800 you have remaining will be mostly your loan and couple of hundred £ in interest. HOWEVER, they have upheld your claim, this means that they will write off the interest that has been charged throughout the life of the loan plus a little extra. If they’ve written off your balance that means that what you’ve already paid in interest will cover the remaining loan balance. If they’re giving you a redress as well that means you’ve paid more in interest than the remaining balance of the loan that they are paying off AND they are giving you what was left over (£2000) of which you will get 24% to 31%, so around £600’ish.
Peter G says
On my statement for my loan before I made my claim it shows the payments i made but no deduction from the starting balance after each payment i made if you get me? The orginal loan was for 8800 and taken out in 17th April 2019 over 60 months however it was increased to 70 because of payment holidays over covid, the original apr was 49.9% and totalled £12083 so the total amount to be repaid was £20883 with monthly repayments of £348.05 On my statement of payments made from april 2019 to November 2023 it states “Total interest £12705.74 and then Main Loan/Remaining Balance £10144.39” I did miss some payments but paid the next day or week only time I didnt make payments was during covid
Marc says
Blimey! Those payment holidays really made a difference to the total amount didn’t they Peter.
So you’ve had several months of accruing interest but not making payments so you’re total outstanding has crept up above your original loan amount. it’s shocking to see the numbers and how it effects things, isn’t it. The total to pay was sitting at £22850 when you got that statement instead of the £20883 you started off with. It highlights the difference payment holidays can make in a big way.
But anyway, my previous comments still stand. They’ve upheld your claim so that means they will refund the interest you’ve paid so far with some extra on top (I don’t want to complicate things, but they also pay you an extra % because you’ve been out of pocket). That refund will be used (1st) to clear down your remaining balance & (2nd) you will receive anything left over as a redress of which you will receive approx 24%-31% as per the scheme rules. So if they’re saying your due around £2000, you’ll receive approx £550 to £600 depending on what that final % is at the end of the scheme.
Peter G says
They did marc yes but as i was already struggling with the payments and then being out of work during covid it made it extremely hard to keep up with them let alone surviving and think anyone would have done in the same circumstances
Marc says
I totally agree Peter, I’m not judging you. We’re all in this scheme for pretty much the same reasons. I did the same thing as you, but the difference is my loan was paid by the time this scheme came along, so mine is just a redress to me rather than clearing down the rest of my loan like yourself. I just found it a bit of shocker when I saw your numbers, my loan wasn’t that large :-)
Petey g says
My loan agreement has now been removed from my credit report does that mean it will also be removed from my guarantor’s report also?
Sara (Debt Camel) says
Yes it should be. Ask the, to confirm this will happen.
Mr Craig Anderson-Jones says
Is there a way to check the status of my own apparent refund. The last email I got was months and months ago saying my claim had been successful. I can’t find that email now, so was wondering if there was somewhere I could go
Any help you be greatly received.
All the best
Marc says
On the portal where you made the claim. https://www.nsfclaims.co.uk/
Mr Craig Anderson-Jones says
Thanks, Marc – much appreciated. All it says is claim upheld. No further information. There is an appeal button, which I presume I won’t be pressing. I guess it’s a case of wait and see.
John C says
The refund isn’t till April at the earliest as they haven’t finished all the appeals yet. Once this is done they can calculate the % refund everyone will get. There was a note to say April may not happen, so possibly May or June
Sara (Debt Camel) says
There is nothing to stop Amigo starting to pay people before all the decisions have been issued or before all appeals have been decided.
Simon says
Hi
Have you registered on the portal? This will give you an update on the status of your claim
https://portal.nsfclaims.co.uk/login
Rose says
Hoping you can help. I had two loans through Everyday Loans back in May 2017 and an extension in Nov 2018. In Jan 2020 I defaulted and went into a DMP encompassing all my debts. I am still paying these loans off now, as they continued to add huge amounts of interest despite my payment plan.
I applied through the scheme of arrangement after receiving the notification but it was rejected, which I definitely dispute given my circumstances at the time. However I seem to have missed the appeal deadline. Is it possible to lodge a complaint directly or with the ombudsman if the appeal date under the scheme has passed? Were they automatically rejecting a lot of people or was it an independent review?
Does it affect the scheme of arrangement under the DMP (I know they can be quite nasty!)
Insight appreciated! Huge thanks.
Sara (Debt Camel) says
The Ombudsman can’t look at a complaint about a loan that was covered by the scheme. If you missed The deadline to appeal, nothing can be done.
How large are the remains debts in your DMP? All of them, not just these two? How much are you payIng a month?
Rose says
Thanks Sara for your quick response – that’s a shame, but good to know so that I don’t waste my energy!
I’ve paid off around 32k and currently have 8k left at just under £700 per month (£24k debt at the time of taking out the plan). I was originally scheduled to be done by now, but Everyday Loans and some other lenders haven’t frozen interest from the point of the DMP and are instead charging extra interest on the additional unpaid balance so it’s added quite a lot of additional time to the plan over what Payplan originally predicted. The 8k will probably increase a little due to the additional interest. Any advice appreciated!
Sara (Debt Camel) says
When you say “charging extra interest” do you mean that for a loan they continue to expect you to pay the interest on the loan that was agreed at the start? Or that they are adding additional interest because the loan time is being extended?
Have any credit cards, catalogues or overdrafts continued to add interest?
J says
I just wanted to point out it would be almost impossible to start making payouts prior to all appeals being decided, as until that’s the case they don’t know the exact funds needed and therefore percentages people are entitled to.
Sara (Debt Camel) says
Schemes often pay out in 2 parts – a larger part which they are confident about first and then a smaller one to get it exact,y right lter
J says
I may be wrong but i’d be shocked if this was to happen in this case, as the fund is not large enough to allow for such a large error of margin especially when there are huge numbers in the appeals process still.
Darren says
It’s now 8 months since I submitted my claim
Not heard a thing
Tick tock
Marc says
Have you checked the status in your claims portal account? You can also message them from within the claims portal and perhaps ask to make sure it hasn’t fallen through the cracks and got missed etc.
Darren says
Bang on cue
Got an email .. claim upheld
£5500 inc interest
I’ll get about 25% of this only though yes ?
Marc says
Correct, depending on what the final % is, it will hopefully be around that amount or a little more.
Darren says
This may be a daft question but..
Why aren’t we getting a full refund .. when they are still regulated and issuing new loans ?
Marc says
It’s not a daft question. the simplistic reason is that if they had to pay out on all of the unaffordability claims they predicted they would receive, they believe they would become insolvent/bankrupt and if that happened they would have to stop trading and sell everything off to pay anyone that they owe money to. unfortunately in that scenario you, me (us) are the last on the list to receive any kind of redress and by that time there wouldn’t be enough funds to give all of us any meaningful redress and we’d get pretty much nothing. By entering into a scheme of arrangement they can bundle all of those claims together and put a pot of cash aside, they can keep trading and give us a % of the pot of cash. This means we will get a higher redress than if they had become bankrupt.
Darren says
Thanks Marc.. that explains it
It’s been bugging me for months but was scared to ask
S says
S
I am frustrated just spoken to nsf group about my complaint of 5th of October appeal was turned down which the sent me a letter I did not receive it they claimed to sent me a letter on sent 7th november which are also did not get I’ve also emailed them myself and asked about the complement and appeal of which they told me to look at the online portal but my complaint was done by a telephone and wouldn’t sure on the portal which is what I was advised also this person by email did not inform me that the appeal of being turned down because the advisor had not inform me that I needed evidence to back my
claim
So it’s got to go to an independent adjudicator because the deadline is closed she’s also sending me a copy of my file from everyday loans so I am being penalized for the staff not doing their job correctly because it was the same gentleman who did the initial acclaim and also the appeal I made a joke about being the same person.
She said if the adjudicator turns it down I can appeal again so I don’t know what to do
Marc says
So, You made a ‘claim’ on the 5th Oct?
They Rejected your ‘Claim’ on the 7th November. They said they notified you by letter, which you say you didn’t receive?
You didn’t realise your Claim had been rejected, so you didn’t know you needed to call them back to ‘Appeal’ their decision. Because of this, nothing further has happened since the 7th Nov?
I guess you’ve decided to get in touch with them recently to find out the status of your Claim and that’s when you’ve been told all of the above?
The bit I’m not so clear on is this. Are you saying that they have confirmed that your Claim is still open and that you can still Appeal their decision? Because allowing your Appeal when it’s over 2 months late, is a good thing. The process of Appealing the decision means they send it to an ‘independent’ adjudicator, so that means someone impartial is going to review your Claim again. It’s exactly what you want, it’s not a penalty, it’s potentially a benefit. If you’re in this status at the moment then you should absolutely provide more evidence to the adjudicator and give them more reasons why you feel they should be Upholding your Claim and not Rejecting it. But that’s obviously your decision to make.
OR
Have they told you that you’ve run out of time to Appeal and there’s nothing more you can do?
That’s only two possible outcomes. You’re either still in the game with a chance of winning or your claim is closed and you’re done.
S says
S
Original claim July, rejected August as advisor not filled out right. Appeal in August and appeal rejected 5th Oct and no idea what letter is for 7th Nov.
Said closed now and that would have to go to external adjudicator who is independent of them and me. But can’t tell how long it would take.
I was just angry and the staff id spoke to are not much good. Why could they send a email to me. As post keeps going to wrong addresses
Thanks
Marc says
It’s understandable that you’re angry about it, I feel for you. It’s horrible when you call any company to get something done and you end up talking to someone and it feels like they probably know less than you do.
Just out of curiosity, is their call centre UK based? I’ve never called them, so I really have no idea.
S says
S
They sound like from UK with a UK regional accent I suppose weather they care about the work they are doing they sound Southern to me
Dazed and confused says
This a note for Darren & Marc regarding the % redress.
Question I’ve always had with these companies that set aside cash is “where is it?” and “surely it’s collecting interest?”
I remember a company making the % redress payment and then about 6mths later an additional payment based on additional funds which became available.
Now I don’t know if it’s from interest or did the business (who is still actively trading) provide another pot as a good will gesture.
Marc says
Hello.
Page 2 of the Trust Agreement on the nsf website. The money is held in a Trust with Nat West.
Page 6. Any interest accruing on the Trust will form part of the redress funds.
The reason there is some times 2 payments is because these company’s can work out from the value of the claims they’ve upheld and the value of what it still waiting to complete adjudication what % they could pay out without overspending out of the pot of cash. They can do those sums any time they like, it’s not rocket science. So, sometimes they make the first payment earlier in the whole process because it helps us out by receiving our money quicker and it also gets a lot of customer queries off their back (where’s my money? When will you start paying out? etc etc.). Then at the end of the process when they finish adjudication on the remaining claims, there’s sometimes some money left over, so they dish that out as a further redress.
Claire says
Hi I did not claim under the scheme can I still put a claim and how can this be done?
Sara (Debt Camel) says
I’m sorry it is too late to do this. What date was the loan?
Dan says
Finally had my claim “partially upheld”
Has anyone lodged an appeal and heard back? I dont think im getting what im due. Any feedback would be great.
Erin says
I’m absolutely gutted, I recieved my email saying about the NFS claim, I signed up/registered and I never had a make a claim button pop up I rang Trust Two and all they could say was you missed the deadline back in December even though I was checking monthly and never had an option to claim just to register…
Sara (Debt Camel) says
I’m sorry you should have contacted them if you wanted to make a claim but couldn’t. Do you still owe a balance?
Erin says
Yes I owe about £900
And I know I’m a bit angry with myself when I contacted them back at the beginning of Jan that I didn’t do it sooner!
Sara (Debt Camel) says
what was the date of the loan? Are you in arrears? do you have other debts as well – people that fall into their clutches normally have a lot of debt
Sarah says
Hi, I try to raise a complaint with everyday loans for a loan before 2021 and been advised unable to raise as they went under a legal process called scheme of Arrangement and now I am too late to make any complaints. I moved address and they had my old email so I got no correspondence but they say I can’t do anything now. My question is what am I supposed to do now I have a default registered which is impacting me and they won’t look in to the complaint
Sara (Debt Camel) says
Is the default incorrect and that is the only thing you are complaining about? or were you wanting to complain about the affordability? do you still owe money on this?
Sara says
No just regarding the default as the date it was registered is incorrect default has been paid but they still won’t accept the complaint
Sara (Debt Camel) says
what is the default date?
Sarah says
It was registered in 2019
Sara (Debt Camel) says
And what do you think the default date should be?
Marc says
Well, I thought I might as well send the scheme admin a message asking them if they have any better estimates on when they will start to pay out and also to try and get an idea of how many claims are still under review. I want to ask this because the latest scheme supervisor report suggests that they might not be able to pay out in April. I want to know how many claims where outstanding so I could see what progress had been made since the supervisors update.
In typical fashion, I’ve simply had a default response that doesn’t answer my questions, quoted straight from the scheme documents and actually don’t take into account their own scheme supervisors most recent report. I don’t know why I expected any thing different to be honest.
“Hello, Do you have any idea as to when you are likely to start making payments out to claims made under the scheme? Could you confirm how many claims there are that are still under review? Thanks & kind regards”
Response..
“Hi, Claims payments are forecasted to be paid around April 2024. The final amount of compensation received will not be known until all claims have been received and assessed. However, it is estimated that if a customer is deemed to have a valid claim, then they are likely to receive compensation of between 24% – 31% back of the claim. Thanks”
Asj says
Hi I missed the deadline to make a complaint and now they said I can’t raise an affordability complaint. I moved address and my email on file was an old one – can you advice please
Sara (Debt Camel) says
do you still owe money on the loan?
Asj says
No I don’t it was paid off last tear
Sara (Debt Camel) says
Then there is nothing you can do.
Except see if you have any other potential affordability claims… people are usually already in a mess by the time they are desperate enough to take an Everyday loan. So what other problems have you had? Making claims to lenders that haven’t ripped off claimants through a scheme is a much better idea. See https://debtcamel.co.uk/tag/refunds/ for articles with templates to use about different sorts of debts.
john King says
Hi Sara, my claim was not upheld by NSF, they say at the time the loan was taken out I could afford it despite my having to ask them to reduce the payments, which they did twice. At the time of requesting they reduce payments they did not tell me I would have to continue paying past the original agreement end date, nor did they tell how many payments at the new rate I would have to make, or that there would be a new end date and what that would be. I never had the opportunity to consider if it was the right thing to do, because they didn’t and still haven’t ever told me how many payments to make or any revised end date. I have complained to them about this and have only had an apology from their collections department. Is there anything I can do about this? like complain to the ombudsman?
Thanks
John
Sara (Debt Camel) says
Have you appealed the scheme decision?
How large are all your debts at the moment, including this one? How much can you realistically pay to them every month and not leave yourself so short you have to borrow more?
John king says
Hi Sara, currently paying £50 per month, but they want £350, total debts are about £7500, I’m a pensioner now and just font have the money
Sara (Debt Camel) says
Are you buying or renting?
John king says
Renting , council house
Sara (Debt Camel) says
In that case I suggest you talk to StepChange about whether you would qualify for a Debt Relief Order to get all your debts cleared including this Everyday Loans one. If you don’t, then a DMP with StepChange will let you make one affordable payment a month and no need to talk to EL again as StepChange will do it.
Erin says
So my loan was with Trust two, I missed the dead line due to not having anything on the app to click claim and left it too late to phone, they cancelled my direct debit and now want me to pay George banco instead of everyday. I want to make a claim still as I’m still paying the loan.
Sara (Debt Camel) says
what is the rest of your financial situation like at the moment, do you have other expensive debt? What is your guarantor’s financial situation?
madeline donnelly says
Hello I have a question – I got a form from HMRC to fill in, some bits were already filled in and it was to claim tax back PPI it says my agent is Hawkshaw Ltd. I have no idea who this is, what it relates to, is it for the year ending 2020 April. I have emailed and tried phoning but no answer and no ability to leave a message – keeps saying mailbox is full. I looked them up and apparently they are a solicitors firm dealing with PPI with a hefty commission of just under 50% but i cannot remember ever having dealt with them. I actually have always used the info from this site. Anybody know these guys? Sarah should I complete the form?
Sara (Debt Camel) says
have you reclaimed any PPI?
madeline donnelly says
Yes it was quite a while back from M&S Credit card and Lending Stream, but i dont think i used any agents
Marc says
Just curious, did they call you about it first? Like a cold call? By any chance did the person that called you sound like they were from Liverpool? No disrespect intended to people from Liverpool, it’s just that was my experience of this scam.
They made a point of asking me if I was ok to receive any refund by cheque. HMRC will do refunds by cheque but you can also sign up to receive payment from HMRC via bank transfer direct to you, which obviously your newly appointed ‘agent’ doesn’t want because in that case they would have to go through the hassle of getting money from you instead of taking their chunk and giving you what ever is left over.
You might actually be due a tax refund. But imagine you’d been on the wrong tax code from your employer for a period of time and you were due a refund for that. These guys don’t just ask HMRC about PPI tax, they ask HMRC if you’re due ANY refund and they take their % of EVERYTHING that you might be due.
They’re playing on the fact that people don’t know much about how to deal with HMRC. It’s just a form, if you think you’re due a refund from HMRC, get the form from HMRC and fill it in yourself.
Marc says
It’s a Scam. Basically they telling you that you are owed a refund from HMRC for PPi but all they are doing is filling in a standard HMRC form asking them to check your tax account and send any refund. The problem is, you’ll be signing to make them your agent (or accountant if you like) so HMRC will send the refund to them and they will take a % and send the rest on to you.
You can fill the HMRC form out yourself, you don’t need an agent for that…
Do they by any chance tell you that you would receive any refund by cheque? Rather than a bank transfer from HMRC?
Marc says
Just to be clear, they don’t ‘know’ that you are due any tax refund. They are taking a shot in the dark. It could be that you are owed thousands of £ in tax refunds for multiple reasons over the years, not just PPI. But they will fill the forms in for the last 5 years or so and they’ll take a % of absolutely everything even if it’s not PPI related.
Put it in the bin!
Madeline Donnelly says
Thank you that is great informacion
Mo Rahman says
Hi Sara. I have some correspondance today from nfsclaims and it says that my claim has been partially upheld and that paymnets will happen around April 2024.
I can appeal this but I’m not sure if I should. Would it be worth me doing this to get some more money or should I be happy with the amount I’m set to receive. My Total loan amoutn is about £10K. Extract of correspondence is below: –
Your Redress Claim is £2,390.07
– You will receive your share of the Scheme Fund for your Redress Claim of £2,390.07. We will need
all claims under the Scheme to be assessed before we can make payments from the Scheme Fund,
and therefore we are expecting payments from the Scheme Fund to take place around April 2024.
Sara (Debt Camel) says
so you had a previous loan that was not upheld? How large? How many months did it run for before being settled, possibly with the top up loan?
Mo Rahman says
I actually miscalculated. I had 4 loans, 1 was partially upheld, 2 rejected and 1 was out-of-scope: –
2014-11-07 £3,500.00 Accepted – 18 Month Loan – I don’t think this settled as they offered me Top-up. £2390.07 Redress Amount.
2015-06-09 £3,100.00 Rejected – Top -up 18 Month Loan – I don’t think this settled as they offered me Top-up
2017-03-06 £3,500.00 Rejected – Top-up 18 Month Loan – Setlled 22/08/2018
2018-01-30 £7,000.00 out of scope – 18 Month Loan – Setlled 25/09/2019 (This was TrustTwo)
Sara (Debt Camel) says
So they accepted the original loan and rejected the two top up loans? That’s odd, you should Consider appealing those.
Why was the Trust Two out of scope?
Mo Rahman says
Yes that’s correct. Not sure why the TrustTwo loan is out-of-scope. I checked the eligibility document that’s available and don’t see why it wouldn’t be considered.
I have Appealed on the Portal so see what happens. Thanks.
Mo Rahman says
Forgot ask, but any idea on how long the appeal process is?
I’d like to use the least amount of energy if possible just for my mental health above everything.
If anyone else knows, please feel free to share your timelines. Thanks :-)
Sara (Debt Camel) says
It doesn’t really use any mental energy once you have kicked it off. better I suggest than living with a larger debt for possibly years more.
S says
You never answer the actual question. I’ve got a similar reaponse but zero answers
.
Sara (Debt Camel) says
What question?
Greg says
The debtor had an email today from GB saying they were due a refund of £300 and the account would be closed. This is out of the blue as our appeal was not upheld last year. I’m the guarantor and haven’t had any correspondence from them myself. Just wondering if anyone else has anything from them?
Sara (Debt Camel) says
I have not heard of anything similar, but will keep a look out for it.
gemma storey says
Hi Sara
I have extensively been through the comments on this thread and wondered if you can give a more definitive answer to the timescale of the refunds. Dome are saying payouts are in April, some are saying it doesn’t look like this is the case any longer.
I understand that you quite possibly can’t answer this but any reasonable suggestion would be better than the current unknown.
Many thanks in advance
Sara (Debt Camel) says
Their website says “ELL estimates that cash payments will be made to Scheme creditors around April 2024”. I have no further information.
DB says
Hi, Gemma.
Sara states to “have no further information” but there is actually tonnes of information that can be found on the January progress found here:
https://www.nsfclaims.co.uk/documents
It states in the report “We will provide a further update in our next quarterly report, which will be within a month of 21 March 2024″…. which means that another report is coming before 21st April with a more accurate update of the percentages paid and a rough date when we will receive the money … they say that it is now not likely to be in April.
Have a read through it all, it sounds promising. They say that there has been a lower rate of successful claims than they predicted and that our payouts definitely won’t be any less than the 25 -33 % than they predicted …. meaning it could be potentially more :)
I hope this helps.
NotOnMyWatch says
There is no where in the report that states it WILL NOT be April for the redress payments.
I don’t know why you think you have some form of inside knowledge, but you should not be stating dates / amounts unless the written proof is provided by NSF and is available in the public domain.
If you were told by phone call then you should be aware that this is probably some 18yr Temp worker just trying to get their 500th caller off the phone.
Marc Dale says
It’s doesn’t say it ‘WILL NOT’ be in April. I think the point DB was trying to make is that they have openly said that getting everything done by April might be difficult. Specifically they said ” Timing: Due to higher levels of manual review required to adjudicate claims, it may be challenging for the Company to pay out in April 2024, we will update on likely timing of a distribution in our next quarterly report”. This is taken from the latest Supervisors report, which is in the public domain.
So basically their work load is higher than what they planned for (rightly or wrongly, that’s another debate) but as a result of that, the April pay-out is ‘questionable.’
I personally read that as them just not wanting to commit to anything and just putting the question to one side until the next report is due. It’s neither a ‘yes’ or a ‘no’, which doesn’t help anyone.
So DB is making an assumption that he/she is basing on the same information that we can all see, which I agree with.
Ads says
Approx 61,000 claims were submitted yet nowhere is there any information as to how many have been successful. I’ve even asked and they’ve said they can not provide that information under data protection??
So if all 61k people have been upheld then that equates to £229 per claim..
They’ve confirmed my claim of £4.8k is upheld,.so at the lowest% that would be approx £1k.
That makes me think either they have rejected alot of claims or % redress will be far less than expected.
Sara (Debt Camel) says
A lot people will just have their balance reduced or cleared, not a large cash refund.