A “Scheme of Arrangement” is in place paying some money to borrowers from the Money Shop, Payday UK or Payday Express who were given unaffordable loans.
Claims to the Scheme had to be submitted before the deadline in April 2020. It is now too late to submit a Claim if you have not already done this.
The following information comes from the latest Scheme report dated 22 May 2020:
- 182,566 Claims were received;
- it is expected that c 85% will be upheld;
- it is expected the total compensation value calculated will be c. £336 million;
- scheme costs have risen so there will be less money to distribute;
- the current estimate of the amount people will get paid has fallen to 4.1p in the pound/£;
- the scheme administrators say they “consider a prudent estimate of the final outturn to be between 3p/£ and 4p/£.”
- the scheme has been extended by a couple of months and it is now expected that the payout will be in April or May 2021.
Contents
3-4p in the £ – when 80p was originally suggested…
This is a dismal update for the 155,000 people that should receive some compensation. Not only will it not be paid for another year, but once again the projected payout has fallen.
When the Scheme was proposed in August 2019, it was suggested people might get back nearly 80p in the pound.
My first thought when I saw the 80p in the £ estimate was “and pigs might fly“… see Will the Money Shop really pay 80% of your payday loan refund?
And that has turned out to be spot on…
In September it admitted that:
- it has decided to include all loans over 6 years which may reduce this to c. 44p.
- it has decided to simplify the assessment in favour of the customers, which may further reduce this to 27p.
- if twice as many people apply for a refund, this may go down to 14p.
By February 2020 in the previous quarterly report, the scheme administrators were warning this could be less than 10p.
So the latest report is a shocker. 3-4p in the pound will be even less than Wonga and Wageday Advance have paid.
The only people that are doing well from these administrations and schemes are the accountants and lawyers.
Background to the Scheme
ICL had two million customers, with three big payday lending brands:
- The Money Shop was once Britain’s largest payday lender on the high street. The Money Shop stopped making payday loans in August last year.
- Payday UK and Payday Express were two large online lenders. These both stopped making new loans in October 2017.
In summer 2018, the number of affordability complaints about payday loans increased significantly. Paying refunds on these complaints forced Wonga and Wageday Advance to go under.
In the last half of 2018, ICL received 45,000 complaints. So ICL has been facing escalating costs in the last year and it has been closing shops. Now the business is being closed completely because of the cost of these complaints.
A Scheme of Arrangement is a legal device which limits a company’s liability to its creditors. ICL is using this to limit the amount it has to pay out.
The Scheme was approved by creditors in September and by the Court on 8 October 2019. A claims portal was put live and all Claims had to be in by April 9 2020.
Why won’t the FSCS help these customers?
The Financial Services Compensation Scheme (FSCS) covered people making PPI claims if their firm had gone bust.
But the FSCS doesn’t cover payday loans. This was a very poor decision by the FCA.
Customers of the Money Shop, Payday UK and Payday Express have been let down badly by the UK regulators. The lenders were allowed to carry on giving loans that breached the affordability rules for years. And now there is no backup compensation scheme for when a lender goes under.
Did you borrow from other lenders?
If you have borrowed from other lenders, you may be able to get refunds from them.
Read How to make a payday loan affordability complaint which explains all this and has free template letters that have worked for thousands of people.
Updated June 2020
Refunds from Provident & other doorstep loans
Get a refund from a guarantor loan
Refunds from large bad credit loans
Cheryl says
I had redress of nearly £7000 and received a payment of £62 today from ICL with no correspondence to what the payment is for and it’s definitely below the 3-4p that was mentioned.
Dean says
I received £90 today from them, it was a refund for payments made towards my balance after the company went into administration, so it may be similar situation for you. I found the email from them in my junk so check yours. They also said in the email they expect to make the redress payments in April 2021 and for it to be at 4p in the pound.
Mark says
had a redress of 2888 with an outstanding loan of around 1500
received £408 back today in my account.
no update or breakdown just instant transfer
Sara (Debt Camel) says
have you been making payments to the balance?
Mark says
Yes
Nov 2019 to July 2020 – £51 each month….. £459 in total
Sara (Debt Camel) says
Then I think you have had a refund of those minus one month, this is not related to the redress.
Jo says
When did you submit your final decision? If you don’t mind me asking
Mark says
It was around July , I made a follow up call August/September.
Brian Craig Morrell says
How come you got this amount. Most folk are looking at really low amounts. I thought they not paying out until 2021
mark says
i believe it had to do as my loan was outstanding i had been paying in monthly since they closed my account. for around 9 months. this was not the redress payment but just my monthly direct debit for 9 months (minus 1 month)
Cheryl says
My final loan was sold to. PRAC. All of my loans have bee upheld. I spoke to BW legal who stated the default on my final loan would not be removed. However this week it has been removed from Transunion and Experian but still shows on equifax. Hopefully this is just a timing issue. Has any ody else had defaults removed by just 2 agencies.
Ljc says
Mine were also sold to PRAC ….do you know whether this means that I will still get a payout as I did owe them £800 but Money shop obvs sold balence to prac. All my loans were upheld, no disputes and the redress amount was around 9k
Jai says
Are hopes were built up and then smashed down with the absolute insult of 4p to the £1 they are quoting! Why would they build up peoples hopes to then take you down!! It’s outrageous! Should we have got these stupid loans… no…. does everyone have different circumstances… yes! This loan could of stopped a baby going hungry! And now this! Just wowww!!! Is it worth writing to your MP?
Kyleigh Goodband says
I wrote to my mp and had a response that he was going to look into this, I think it will help if everybody writes to their mp. I also wrote to the fca and fscs as I feel this is the same situation as ppi just a different financial situation however there response was very disappointing, again though I feel if everyone complains in respect to these payday loans in administration then one day we may get somewhere.
Krishan says
Hi,
I have acceped an offer of redress for the following:
Overall Decision:
Partial Uphold
Total Potential Redress (£):
3867.97
Number of loans in lending period:
9
Number of loans upheld:
6
Number of loans with no issues:
3
I understand it will be paid at 4% however on July 31st 2020 (before I accepted this offer) I settled my balance of £2500 with BW legal in relation to a debt I had outstanding which originated as a money shop loan. Do you think I will get this refunded as this payment was made when The Money Shop was in administration then the £1300 odd left over paid back to me in April 2021 at 4%?
Sara (Debt Camel) says
No. Sorry, you will just get the tiny percentage back from the money shop. You settled the BW debt and it now isn’t relevant I am afraid.
Sasuke says
I have a little problem with ICL. Loan from Nov 2014 was sold to PRAC in 2016, however, no default was ever recorded, and now PRAC started reporting to CRAs with payments in arrears… PRAC has not been able to produce CCA since they purchased the debt. What are my options now? Should I write to ICL and ask them to record a default as per ICO’s guidelines back in 2014? I don’t really know what to do. I’m lost and I don’t want to believe that PRAC can now record a default, ruin my credit and restart the clock on this debt… >.>
Sara (Debt Camel) says
should I write to ICL and ask them to record a default as per ICO’s guidelines back in 2014?
yes.
Did you submit a claim to ICL for unaffordable lending?
Restarting the clock on the debt is irrelevant – if PRAC cant produce the CCA (which I am surprised about) then the debt is unenforceable and there is no need to worry about statute barring.
Sasuke says
Hey Sara,
Sadly, no – was late to the claim party, unfortunately.
Neither PRAC nor BW Legal have been able to comply with my CCA request from 2017, yet both cashed £1 for it, and now continue to chase me for the debt.
Complained to BW L and they rejected it so a complaint went to FOS, who giving their weird connection with each other, now decided to split the complaint between the two of them.
Anyway, not the point here. PRAC started to report the debt and has been marking it as 5 months behind since 2016, when they bought it. I’m scared they will issue a default on a debt that originated in 2014, which would be a bummer.
I don’t know what to do – wait for FOS complaint outcome or write to ICL and ask them to issue a default in 2014. Would PRAC then have to honour that default?
Sara (Debt Camel) says
yes PRAC have to use a default if ICL add one. A default in 2016 isn’t that much worse than 5 months in arrears though and at least it will drop off on 2022.
Neil Crawford says
What about a petition? Doesn’t Parliament have to act on & read out the petition if it reaches so many signatures?
I’m sure if even a small percentage of the people affected by payday loans were to sign the petition it would be enough to make something happen in Parliament whether at Westminster or Holyrood. Maybe once its back in the light we can all push & make as much noise as we can to get this issue up there alongside what PPI, mortgage mis-sell & other financial mismanagement laws & guidelines were not long ago. Any thoughts or comments on getting petition going or has this been done already lol???
Sara (Debt Camel) says
One was tried for Wonga. I don’t think it got more than a thousand signatures. It needs 100,000 before it gets a debate in Parliament. And then nothing happens in most cases.
If you can get ten thousand people to write to their MPs that is more likely to make a difference.
Ljc says
I’m with you , I’m sure if it gets to 100,000 signatures then parliament have to look at it , there must be that many claimants re ICL alone . I’m going to write to my mp today but please start one and let’s all get signing . It’s outrageous how these companies are getting away with it
Sara (Debt Camel) says
there were a lot more people affected by Wonga. Just saying…
if you do start a petition, make sure it is clear and polite. You all have a very justified grievance about not getting the full compensation.
Ljc says
Of course ! I’m always polite 😊
grant says
But Sara, with this already going through the courts, and the courts saying the amount due is fine, what can our mp do? by the time it takes to go through parliament, ICL would be long gone and have the courts on thier side with already making payments
Our legal costs per person would out weigh any redress left to claim?
Sara (Debt Camel) says
That is why I am not encouraging a petition – I doubt anything is going to help you. Which is probably why the Wonga victims never achieved anything.
But if pressure may ensure that other people in future are helped.
Chantelle Green says
Sarah you keep saying that nothing can be done to help us. I am honestly not being rude but I am wondering why you are running this website if you believe this.
Sara (Debt Camel) says
Because I am being realistic. I do wish something could be done, I think as a group you have been badly let down bu the system, but I don’t see any point in encouraging you to think there is anything that will make a difference to you at this point.
Victoria says
I think Sara has been extremely helpful. It’s certainly not her fault the shysters behind the money shop took this course of action. The Ombudsman didn’t help either by sitting on claims for months until the scheme was announced. Once the scheme was voted for it was too late to do anything. I distinctly remember Sara stating at the time that she doubted we would receive a decent percentage of redress. If anything is to blame it’s the laws that allow these companies to rip people off and get away with it by going into administration. I should have received over 7k and I didn’t owe them a penny. I paid them on time always. I have learnt my lesson though. Unfortunately life is not always fair.
paul henney says
Someone just got a refund of £70 on potential £600 so looks like it might be higher than the 4% around 11ish
Sara (Debt Camel) says
so far as I know, the only money that is being paid out at the moment is a refund of recently paid amounts – not people’s share of the redress distribution.
paul henney says
Oh ok she’s received no correspondence about it at all. Got my hopes for a bit though.
Ann C says
Today I randomly received £56.40 in my bank from ICL. I can’t remember the last time I paid them any money to be honest. Total redress is £2200 so was expecting maybe £70. Is this not the redress? I’ve had no email or anything
Jo says
When did you accept your claim? I see a few people seem to have had a random unrelated refund which submitted in July x
Ann C says
Probably June or July this year I think
Grey says
I have contacted the Money Shop and compensation payments are not being made until April 2021. Any other payments received in the interim are not the final compensation payments.
Dean says
‘The relevant date for calculating redress (whether to make a cash payment or to give you a reduction in your outstanding balance) is the Scheme Effective Date. We need to adjust your balance to what it was on the 9th October and we are therefore returning the cash you have already paid.’
Payments I’ve made since 9th October is £800 according to the email received. I guess my first question would be is it going to be 100% of that value? And are they only initiating refunds of money’s owed when you’ve agreed to the redress amount?
I’m a bit late to the party as I only discovered this correspondence a few days ago…in my junk folder! *sigh*
Sara (Debt Camel) says
I guess my first question would be is it going to be 100% of that value?
Yes I think that is what they are doing.
And are they only initiating refunds of money’s owed when you’ve agreed to the redress amount?
I don’t know.
Dean says
Thanks Sara!
Sarah says
Hi,
Is there still anybody waiting for their decision letter? I still don’t have one….!
Lee sharratt says
Yes I am. Have till the end of the year. It’s pretty ridiculous if I’m honest
Kaell says
I still haven’t had a decision yet either. The last communication I had from them was back in October stating that it will take till the end of the year for all decisions to be made.
Kyleigh Goodband says
I’m still waiting, emailed a few times as they said by the end of october to contact them if I hadn’t received my outcome then they changed their mind and said wait till the end of the year! Taking forever.
Eddy says
I am told that the decision about any refund will be sent before 31st December.
Cat says
I’m still waiting. Spoke to someone in October and they said they aimed to get all responses out by the end of the year, cutting it fine.
I’m concerned that as it gets towards this deadline they won’t properly investigate and just say not upheld.
ROBERT says
Received this 1 October, suggest you log in… to see a possible update.
Dear ROBERT
Re: Case Reference:
There has been an update to your claim.
Please note: we may now need you to tell us how you want to proceed, and you may have only a limited time in which to do this. It’s important you log into the Customer Claims Portal promptly each time you receive an update, to review any changes and understand the next steps.
You can do this by going to http://www.themoneyshop.com/Claim and signing in to the Customer Claims Portal to view the update to your claim.
Our procedure for handling complaints that are being assessed through the Portal is available on our website at http://www.themoneyshop.com/ComplaintsHandling.
Should you wish to contact us about your claim, please either telephone or email us using the details below and quoting the reference number shown on this email. Our telephone opening hours are from 9am to 5pm Monday to Friday.
Yours faithfully
Customer Relations Department
T: 020 3901 7440
E: scheme@themoneyshop.co.uk
Dave Young says
I have had a message today regarding money shop it says total potential redress (£) 70.35 I had 25 loans amounting in thousands does this mean I’m getting £70 compensation back thanks.
Jo says
Hiya, the potential redress is usually the max amount you would get but the final amount will likely be no more than .04p per £1 of that. Even if it was £1000’s you still don’t get much unless you will have a balance owed then you get the full amount of redress paid off your balance.
All the best,
Jo
Johann Sumner says
Hi,
I received a letter Feb 2020 with regards to my complaint and had been advised my total redress was £1000.09. In the letter they stated they will be paying 20p in the £ and look to pay late 2020.
I had no follow up or payment. Contacted the helpline and had been advised that 20p in £ was only an example and not the actual %. They stated that they are looking at paying 4% or 4p in the £. So my redress will not be £1000.09 not £200 but only £40. How can this company get away with it? I said to the Advisor that they should send their letters advising the % more realistic than the 20%.
Jo says
Yeah it’s very frustrating. And they will only pay the full amount if you have debt left to pay. It’s like being punished for rebuilding your life.
racheal says
ive paid mine off from a court order whilst waiting for this to be sorted out. and now to get about 70quid instead of 2000 is a joke. stupid me for having to pay it off x
Lee sharratt says
So. They have to the end of the year to let people know about the outcome of my claim. Not heard a thing. Should I be worried?
ROBERT says
Lee, I suggest you log in to the Portal & look for any updates there… http://www.themoneyshop.com/Claim
Lee Sharratt says
I log in weekly. Tells me nowt
ROBERT says
Lee, when you click on ‘communications’ in the Portal do you see anything similar to… October 1st 2020 Decision in Principle
Laura says
Hi there, I have received my CCA from CRS Legal who are acting on behalf of the money shop (now payday UK i believe). The CCA has my details on but where there is a space for a signature and date for a representative of The Money Shop, it hasn’t been signed. My signature is also not on there. Can you advise me where I go from here please? Many thanks
Sara (Debt Camel) says
Payday UK loans were digital so there was no legal requirement for a “wet ink” signatures. So the fact they aren’t there doesn’t mean the CCA is unenforceable.
I see from your previous comment that you are hoping to dispute the debt. Asking the original lender for a CCA doesn’t often work.
Does the CCA have information that is wrong? Does it have your correct address for that date?
Have you got your bank statement for that date – does it show the receipt of the money?
It isn’t going to be easy to dispute a debt which you have been making payments to.
Emily says
Hi all,
I had an update and letter on the customer portal at the beginning of October stating that my claim had been upheld and was due a potential redress of over 4000 in relation to 19 loans.
I have since had an email at the end of November from QuickQuid stating that none of my loans have been accepted as eligible for redress?? I’m not sure which loans they all are to be honest as I had so many at one period, but surely all correspondence should now be through the portal?
J says
You’re not confusing Moneyshop and Quickquid are you?
Emily says
I think I was J! Thank you.
sarah says
I will never understand how they rejected my claim last year – then it goes to FOS but they go under,……… and now I receive an email stating they uphold my claim for ALLLLLL 34 loans…. just another massive kick in the teeth – makes me just so miserable how i was back in the day! thankfully my life has improved and i am out of debt but still how can they do that!!!
Hayley says
I had the same thing happen. Saying on portal on money shop that I was eligible for redress of 4000 something and then I get an email from quick quid to say …
The Joint Administrators have assessed your claim and none of your loan(s) have been accepted as eligible for redress. Your claim has therefore been rejected
To appeal to the Joint Administrators, please respond by email to appeals@casheuronetuk.co.uk, providing the following:
a written explanation as to the exceptional circumstance or error in your claim value, and which loan(s) you believe are affectedfactual evidence to support the point above, for example a bank statement, payslip, doctor’s certificate,
Loan Breakdown
Please note that you may see a loan(s) showing £0.00 in the interest and fees section in the table below. This means that although the loan has been assessed as unaffordable, our records show that you did not pay any interest or fees to CashEuroNet UK, LLC in relation to this loan(s) and therefore no compensation is due to you for this loan(s).
Loan IDStart DateLoan AmountPaid Interest And FeesAccepted/Rejected 2019-01-07£1,150.00 £451.62Rejected
For and on behalf of CashEuroNet UK
Is it worth appealing against?
Jaish says
Hi all
I don’t have access to Moneyshop scheme portal
I noticed below message from their portal updated by a customer.
“If you currently have a balance outstanding on a loan that one of our firms originally provided, you will be given the option to reduce that balance by the full amount of the Potential Redress payable to you, rather than received a reduced amount in cash. We’ll explain how this works in more detail on our website, and have provided an example”
If anyone have access to money shop portal kindly share the Example they written on their portal interms of Outstanding loan settlement.
Thanks in advance.
Sara (Debt Camel) says
did you submit a Claim to the scheme?
Jaish says
Yes I filed my claim through FOS not directly through Portal. I owe £1000 to Ladder Loan . This loan was sold to PRAC but I did not make any payments to them as they sent me several mails to arrange a payment plan around 9 months ago. Now they stop sending mails. Also I had more than 50 loans with Money Shop without any outstanding balance. I rang them last week but no response.
Khalid says
I’ve had my “decision in principle” email but still nothing…
Should I be worried?
My potential redress is £5000+
Hayley says
Same had decision in principal in October but heard nothing further at all. Waiting game.
Hmcat says
Heard nothing . Nothing on portal no updates or communications when you email you get a generic robo response until end of year.Hmmm early on portal lots of loans yet others new to portal apparant relative quick responses re redress what’s going on .. If no response by end December .. looks like they are ignoring or delaying complex on repeated loans ongoing over years why they will have a game plan constantly checking for updates unacceptable really feel they are playing games here
Klara says
This is unacceptable. When you email make sure you put COMPLAINT as your heading. This way you are more likely to get a response from an actual person.
Kaell says
Latest update on the portal home page is as follows
“We are currently working through the claims and we plan on sending out all decisions by early next year.
We’ll keep you updated on what’s happening with your claim through the Claims Portal – whenever we make changes or upload a new message, we’ll email you to let you know or send you a letter, if you are not a Portal user.
We will make payments around April 2021 and will be back in touch as soon as we have determined the amount you will receive.”
So looks like it won’t be till some point in the new year till everyone has received an outcome. I’m still waiting for mine.
Kyleigh Goodband says
This is absolutely awful how they have handled all this, told I would get my decision by the end of October then it changed to end of the year and now there saying early next year! What is going on? Sunny got in touch to say I could be owed from them had my decision back within weeks! Quickquid I’m finding are also slow, how can this be allowed? It’s a joke.
Marc-Bfs says
Has anyone received this email, I got it on 19th Dec 2020:-
There has been an update to your claim.
Please note: we may now need you to tell us how you want to proceed, and you may have only a limited time in which to do this. It’s important you log into the Customer Claims Portal promptly each time you receive an update, to review any changes and understand the next steps.
Filled in the info with my bank details ref my claim which is over £4k but knowing I will only get 3-4p in the £, seems as if they are getting ready to process claims and payout?
DAN Atkinson says
11,134 my full amount should be. Annoyed is an understatement
Hmcat says
O decision no updates As I suspected really six days to go something off
Hmcat says
Tried address to complaints in subject nothing same auto response updates by end of year I am confidant by end of December no update What recourse if FOS and FCA say in admin refer to Moneyshop.If they fail on end of 2020 updates or if actually disagree with decision does it mean no recourse as in well played Moneyshop admin?
Wayne Clarke says
I also feel everyone’s pain my self are owed a readdress of £4000. Im still finding it hard to see why they should be allowed to only pay 3-4p in the pound surley something can be done about this
Hayley Anderson says
I hope there is something because in same boat
grant says
Yes i feel your pain, all my loans were paid in full, and my redress is over 11,000 and ill get 400 back.
trust me, i feel robbed and feel that is being allowed to happen is a disgrace, but were minnows to these sharks and are laughing at us! what makes it worse is that the courts, the goverment, the fca are sat there in thier nice houses and to them 11k is pocket change, to me, its a life changing amount of money.
I have now seeked medical help for depression over this, I feel so let down
Ljc says
I’m the same 10k redress , as you said it would be life changing to me too and am gutted
Caroline says
I also feel your pain, all loans which were paid in full upheld, total redress £21500, of which I’m due around £800! Shocking!!
Lauren Crawford says
We definitely need some laws reviewed regarding companies in administration. It’s really not fair that people who are owed thousands only receive a small portion of the funds they are owed.
My outcome states all loans except 1 were upheld and I would be due £5000 but due to the 4% I will only get about £200 back from Moneyshop.
I also have a similar claim with quickquid/casheuronet for which all my claims are upheld and the total due is around £8000. They haven’t yet advised of the pound/pence ratio.
simon says
When have moneyshop said what they payput will be in owed 3040 pound but never had anything saying what the payout is yet just asked to confirm I want to proceed and the amount I’m owed
Christine says
Has anyone got an email for payday loans
Sara (Debt Camel) says
have you made a claim to them?
Vanessa Tomkinson says
You’d think with so many of us in the same boat that we’d be able to petition against the FCA washing their hands of it all so we could all get what we are actually owed rather than a measly 4p to the pound
racheal says
its more annoying that i finished paying it off to the debt collector whilst this is all going on so insteqd of me getting my debt paid off i will only get a few measly quid now. they should backdate it off the debt 😟
david parker says
There is one thing I want to know. I haven’t had my figure through yet but would estimate redress around £20k with next to nothing back. However, 1 loan was sold to a debt collector who took me to court. I didn’t go to the hearing as I never received the court date BUT did pay the judgement to avoid the CCJ (my complaint was filed at this time). As I expect that particular loan to be deemed unfair and it was paid in full to the new owner (BW Legal) would an application to set aside the judgement (about 18 months ago now) have any legs? I didn’t go because I didn’t get the date, I did have a complaint filed and I fully expect it to be upheld – the payment was about £2500 – or are BW just going to get away with all the unaffordable loans they enforced at full payment
Sara (Debt Camel) says
You had a complaint filed against ICL? or BW Legal? Did you file a defence to the Claim?
david parker says
I had a complaint filed against PDuk which I then escalated after declined. I did file a defence but didn’t go to court as I never got the date. Like I said I then paid it to ensure the CCJ didn’t stay on my record. It just seems BW are big winners as they bought these debts for pence in the £, claimed the full amount and got paid – and cant be touched
Sara (Debt Camel) says
yes they are the big winners. It is a shame you paid it rather than apply for a set aside. You can talk to National Debtline on 0808 808 4000 about whether you can now apply for a set aside, but this normally needs to be done promptly when you have found you have a CCJ…
Margaret says
The letter that I received states a percentage of 20% of the interest is paid to HMRC do you think you can claim that back from HMRC the same way you can with the 20% tax paid on PPI interest.
Sara (Debt Camel) says
Possibly.
If the amount you are actually paid has had a deduction for tax, then yes most people can claim that back. See https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
BUT for the big recent payday lender administrations (Wonga, Wageday Advance) when the final small percentage was worked out, the administrators convinced HMRC this was all being paid from the “after tax” portion so no actual tax was paid and there was nothing to be reclaimed. I don’t know if ICL is going to do this.
Cheryl says
Despite emailing Rachel Withers CEO of PRAC. I am struggling to get a loan removed from my credit record. The loan was sold by payday UK and has been paid in full. The loan has been accepted as unaffordable I sent a copy of the decision in principle email. They are stating it will not be removed until the end of the administration period. This date seems to keep being extended. They have said that they will reconsider if I can show evidence that Icl are removing the when decisions are being made. I can not find anybody to contact to get this information The default will come off my record on 01.06.2021 anyway. Apart from this my credit record is fine. It shows as excellent on all 3 agencies. The default itself is only showing on equifax, Any advice would be appreciated.
Sara (Debt Camel) says
Have you sent PRAC a formal complaint? If they have rejected this, send it to the ombudsman.
Nathan Smith says
Hi everyone,
Is anyone still awaiting a response in regards to this??
Thank you
Faye says
I still have not heard anything from them. My claim was put in at the beginning of the scheme.
Kyleigh Goodband says
Yes, still waiting 😠
Nathan Smith says
Strange how it’s been done, my brother did a claim a couple days before the cut off and had a response pretty fast. Mine been in a good 6 months I think. Hopefully soon!
DonNW6 says
Hi everyone,
I received an email today with potential redress £5961. Telephoned the Scheme to understand what it meant and what would happen next and although the operator could not confirm anything, she updated me at I would receive a further email in Feb / March 2021 to confirm the repayment amount and in April 2021 the money should be transferred to my account. She did say it would probably be 4% of the potential redress amount which is obviously disappointing.
Jenna says
Does anyone know if the interest payment will be on the full amount or the % you receive amount??
Sara (Debt Camel) says
You will have been quoted an amount for the total redress – a refund of interest/charges, less any set-off, plus 8% interest.
You will eventually receive a percentage of that total amount.
Richard C says
Yesterday had the letter through by email.
Figures as follows:
Loan interest – £ 6180.97
8% compensation interest – £3665.48
Minus 20% tax – £733.10
Potential redress – £9113.36
No wonder several times in the first half of 2019 they were “unable to locate your customer account details” even though their data department responded to a subject access request with a 36-page account history dated 2002-13.
They repeatedly restarted my complaint and made me wait exactly 8 weeks for response.
Presumably, the amount any of us will see will be pitiful.
My response to an FCA letter I sent to their chief executive was also pitiful.
Richard C says
As a slightly humorous aside, the name of the 2 named liquidators in the email footnote, didn’t go unmissed by me. Almost a sick joke at our expense:
Steven Edward Butt and James Douglas Ernie Money
Perhaps the last one should be “James Douglas Ernie in-the-Money”. He definitely will be. Liquidators are the only ones making out on this job not us.
Nathan Smith says
Hi guys,
Has anyone who’s spoken with the scheme facilitators been advised a date when they are looking to have all the claims completed?
Just feel that if they are hoping to have them paid out April time, then surely they should have a target when they will have all the claims processed?
Thank you :)
jake says
nothing from them yet.
i wonder if they will email or contact us on exactly how much we will be receiving not just the redress amount and expecting us to work it out by the pound.
Richard C says
They told me when I called a few days ago, they couldnt pay out any claims until all “appeals” have been answered. Appeals are where people have disputed the figure or even just asked for a breakdown of how it was calculated, which they don’t do automatically.
But, their scheme documents detail a 2month extension, due to covid, of end May 2020.
Tracey Williams says
Hi Sarah,
What points should you include when making an appeal, for it to be successful?
Sara (Debt Camel) says
Can you say something about your loans? Were any accepted?