A first payment of 4.31p in the £ was paid in May/June 2021.
A second, much smaller payment of 0.65p in the £ is being paid on 14 or 18 January 2022.
If you do not receive this second payment, see below for what to do.
Contents
Background to the Scheme
This “Scheme of Arrangement” covers borrowers from the ICL brand names, Money Shop, Payday UK and Payday Express, who were given unaffordable loans.
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 wqs facing escalating costs and it was 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. See What is a Scheme? for more details. ICL is using this to limit the amount it has to pay out in refunds on unaffordable lending.
The Scheme was approved by creditors in September and by the Court on 8 October 2019.
4.3% paid in May & June 2021
A claims page was published and all Claims had to be in by April 9 2020.
The Money Shop home page said:
- We have calculated the final dividend amount and you will be receiving 4.31p per £1.
- Where you provided us your bank details we will commence making payments from 24 May 2021.
These payments were made by BACS. People will be paid in batches, once or twice each week through to the end of June:
- We are unable to let you know the exact date of your payment.
- You will receive an email before we make your payment with your calculation and cash payment amount.
- If you did not provide us with bank account details, we have sent you a cheque.
The following details come from the March 2021 Scheme report:
- 182,566 Claims were received;
- the uphold rate was about 85%;
- the total compensation people should have got was c. £340 million – now people will only get a tiny amount of that back;
- it is now too late to submit a Claim.
No tax is deducted from the amount paid so there is nothing to reclaim.
Second, smaller payment to be paid in January 2022
After the first payment ICL was still receiving some money eg from a VAT recovery claim. This is being distributed to customers who had complaints upheld in the Scheme.
This will be 0.65p in the £. That is 0.0065% of the total redress that was calculated in your case.
This second payment will be much smaller than the first. If you got £100 on May 2021, you will get about £15 extra now in January 2022.
Customers were told by email about this on 12 January. The payments will be made on the 14 and 18 of January – your email says which date you should be paid.
Only bank transfers are being made – cheques will not be sent for this.
This second payment will be the final distribution. ICL will be liquidated – the company will no longer exist.
Was your ICL debt sold to PRAC/BW Legal?
Where you still owe ICL a balance on the last loan, this has been “set off” against your refund.
An example:
- you should have had a refund of £2500 and you still owed £1000
- then your balance is cleared, leaving you now being owed a refund of £1500
- you then get 4.3% of the £1500
If your last loan was sold to a debt collector, in most cases ICL has arranged for you to still have this set off.
The exception is if your loan was sold to PRAC/BW Legal. Here you have been left owing the debt to PRAC/BW Legal and were only paid 4.3% on the redress ICL calculated.
PRAC/BW Legal is offering to reduce some customers’ balances, but see No set off in a Scheme/Administration when debt had been sold? for how you can complain and ask them to write off your whole balance.
5% in all – that is a very poor outcome for customers
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 about 5% (4.3p + 0.65p) is a dismal outcome for customers.
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.
Updated January 2022
News about the Provident Scheme
Can you get an overdraft refund?
Refunds from large loans and car finance
John says
Hi, I have a complaint already in. Last week I received an email saying they were sorry for not being able to respond in the 4 week timeframe but would respond with a final response within the 8 week timeframe set out. Does this development mean that won’t happen and all complaints will be held u TIL this compensation package is agreed
Joh
Bogdan says
Hi John
This happened to me as well on 11th this month. I am concerned I won’t receive anything.
PAYDAY UK JOY says
My advice is call them and keep calling them until you get clarification.
The pay run works that the payments get added this Friday and paid the following.
So if you are owed money and a settlement has been agreed you need to get them to confirm it’s been added to this weeks payment run
Irene simm says
I took out my complaint against the money shop in 2018 with resolve they closed my case 2019 and then sent to the financial ombudsman who I have not had a reply from then on12 01 21 I received a letter from the money shop saying I had potential redress of £5376.61 what would be paid April then may and still no offer or payment in June
Sara (Debt Camel) says
One reader has had a reply from someone senior at ICL saying agreed complaints will be repaid in full, see https://debtcamel.co.uk/refunds-payday-uk-express-money-shop/comment-page-10/#comment-307703
Lou says
With regards to Payday Express. I was sent an email on 02/07/19 with a letter confirming a refund had been issued and I would receive it within 7 to 10 working days. We are now on day 10 and no refund. This has been through the FOS adjudication then ombudsman, then they have dragged their heels. As I had been told I would receive the money I had budgeted for it being received as it was a significant amount, but I don’t think I will be getting it now.
Andrew B says
Hi Sara.
Probably impossible to answer but I have a case with FOS where some loans were agreed to be lent irresponsibly. Still with them but would I be able to go to Money Shop and accept or is it only cases that have been signed they are honouring?
Sara (Debt Camel) says
So you have an adjudicator decision from FOS that ICL hasn’t accepted?
ICL needs to explain how it will handle customer complaints in the following categories:
– what will happen to already agreed refunds
– to cases where FOS has already issued an adjudicator decision
– to cases at an earlier stage at FOS
– to complains still with the lender, is there any point in now sending these to FOS, will ICL do any more work on them?
Andrew B says
It’s not got that far. I had an offer from PDUK for £2120 which I originally refused but after seeing what appeared to be going on I rang them around a month ago to accept and luckily made the last batch of payments on the 8th July. I kept my Express one with FOS as it was smaller ( £500 ). Didn’t know whether to contact Money Shop assuming they’re still taking calls to beat the queue as such or let the dust settle?
Sara (Debt Camel) says
You can still accept this offer and it will get paid in full. But you have to do this by the 31st July.
If you don’t, your complaint can be submitted to be looked at in the scheme of Arrangement, but you may only get a small proportion of it back. A bird in the hand…
GM says
Well, my adjudicator has upheld my complaint last week and sent a letter to PDUK. Before, they refused to look at the complaint simply because of the age of the loans. Let’s see how things will pan out from now on.
Jon says
‘We became aware today that the business will be writing soon to their customers to get their support for a scheme of arrangement and we are considering what this all means for your complaint. We’ll update you as soon as we able to.
Yours sincerely’
Received this today from adjudicator at the FOS after I had chased up a complaint, it’s about payday uk (mem consumer finance ltd) and I think they are also the company that the money shop are with aswell, doesn’t look overly promising tbh
Sarah says
Hi all not sure if I’m on the right thread or not :-/ but after 40 mins on hold this morning I got through to a lady, she said my claim was on Fridays list but due to the probs on Friday and ceo not in on the Monday they are catching up Fridays payment today, she said to keep looking at my account after 2pm today, she also said it could be tomorrow, Thursday or Friday, but it will def be this week. I’m hoping she was telling the truth :(
Sarah says
Yay I got my money :) I hope everyone else will get theirs soon
Aikie says
So I got my offer yesterday morning which I accepted two hours before the sky news announcement; sent an email back to my adjudicator and got a note back to say that they would be in touch once they’ve confirmed what it meant for current offers. My loans were over 6 years which is why it took so long to get to this stage as sent it to FOS in August 2018. Waiting game now.
Sara (Debt Camel) says
If this offer was from ICL to an adjudicator decison, you should be OK and the money will be paid in full, see article above which has been updated with details.
Jessie Jones says
Has Payday UK and Payday Express gone into administration as they are part of The Money Shop ? Thanks Jessie
Sara (Debt Camel) says
The Money Shop is proposing a Scheme of Arrangement, technically that isn’t administration but it will cover Payday UK and Payday Express as well.
JOHN J says
Hi all
This is bad news for those waiting compensation from I CL, those who have their claims already agreed will probably receive their money .ICL is effectively entering administration in all but name and this arrangement will favour the company more than the customers who will be left severely out of pocket whilst the company may be allowed to continue trading. ICL was one of the biggest lenders and £18 million will not be enough to cover potential claims from thousands of customers who will be looking to submit a valid claim . They made a loss of £87 million in the last financial year and I assume a large chunk of it was to do with compensation claims and how on earth will £18 million be enough ??The greater the numbers of claims the lesser the payouts and if you do the maths ; they will be contacting up to 2 million customers to see if they will submit a claim and I suppose quite a large number will respond. This means ultimately those owed will receive a fraction of what they will be due which is very sad. QQ will be next to follow suit once the 6+ years cases get fully resolved and it starts hit hard on its balance sheet.
GM says
They’re cutting their losses so that they have enough in the pot to pay the shareholders…
Emma says
I put in a claim to paydayuk Jan 19. They rejected it so I sent it to the fos who sent me an email yesterday to say paydayuk accept that they gave me 4 unaffordable loans and I accepted their offer by email yesterday.
Now reading all of this I’m afraid I won’t get what they have agreed they owe me. How stressful.
Sara (Debt Camel) says
You should be OK!
SI LAD says
I have a complaint in against Payday uk at the moment. And am waiting on a final decision. Does this mean I will not get my full refund if successful??? This Scheme of Areangement. ???? Need to know as this figure life changing for me.
Sara (Debt Camel) says
There are no details published yet but it seems likely that you will only get a proportion of what the full refund would have been.
Vince says
I was wondering the same thing to be honest. I received a decision in my favour from the adjudicator last week and Payday Express have until the end of next week to respond. It’s for a considerable amount. I also have a complaint against Payday UK which is with the Ombudsman for final decision.
Sara (Debt Camel) says
Hi Vince & SI LAD,
bad news, it’s confirmed that ICL will only be paying out in full where it has already made an offer.
If you previously had an offer from them that you rejected, you can still go back and accept that before the 31st july.
Jean says
Feel so disheartened with this latest news … l received a decision from my adjudicator in my favour. Asking that the money shop refund me 23 of my 24 loans …
Tms had agreed to refund loans 5 to 24 , but adjudicator objected and asked for redress of 23 loans the deadline for tms was the 12th July have had no response
After hearing this news looks like l will not be getting anything back so sad 😞
Tan says
Hi Jean,
I am so sorry. That is very disheartening. Maybe email someone senior at the Money Shop? Surely they have to uphold it?
JOHN J says
Hi Jean
I think you can contact ICL and tell them that you want to accept their previous offer of loans 5-24 , but you also need to tell your adjudicator that you have changed your mind and he will also need to confirm this to ICL quickly before the 31st of JULY deadline.
Sara (Debt Camel) says
John J is right. See the article above which has been updated. Your acceptence of their previous offer has to be received by them by 31st July.
Richard C says
I only became aware, due to Sarah’s diligent work in publicizing the FCA test cases last year, that loans over 6 years may be looked at. I submitted my first complaint 5th Dec 2018 and waited the full 8 weeks to receive the answer that due to data protection act i couldn’t be located in the system as a customer, please provide previous addresses etc etc etc.
Meanwhile, in paralell to this complaint, the SAR that i submitted had been answered by another department who had produced a 36-page “statement of account” detailing every single cheqeue ever cashed with full dated chronlogical history covering a 13-year period from 2003-2015. This 36-page history detailed the only account no. which ever existed on which all lending took place.
i was told in late Jan 2019 to resubmit the claim afresh with the correct address, and another 8 weeks would start.
i did submit the claim a second time, but unfortunately due to a close family bereavement and not thinking terribly straight, i got the house number of the address wrong and confused with my current house number, i.e. switched them around mistakenly.
2nd complaint gets to the end of the 8 weeks …..”due to DPA rules etc etc etc etc”
Then i’m told in late march, right at the end of the 8 week period to resubmit with correct details, which i do this time. Again i wait the full 8 weeks until late May, and they think they’ve only mislent once on the very last loan, despite 1000s of pounds in interest and rollover fees.
Sara (Debt Camel) says
If you haven’t yet accepted the poor offer on the last loan, there is still time to do that. How much was it?
Richard Culley says
it was a tiny amount, not even 100s because it was a smallish loan.
They provided me during my 1st complaint to them a 36 page account history 2002-15. The FOS were looking at loans after 2007.
i calculated there £6000 in interest payments alone, without the 8%.
i would have been hopeful, reading from here, of recovering most of this via the FOS.
for me, it would have been a life changing amount of money.
unlikely they’ll pay anything now. they’ve said the “pot” will be £18million, of which £8 mill will be the administrators fee.
Divide £10 million by 2 million potential claimants…..
Paul M says
I called Moneyshop today re my Payday UK / PDUK and Payday Express complaint. Chap on the phone confirmed that they’re looking at the Scheme of Arrangement and a vote will be taken around September if it goes ahead. All customers will receive an email by the end of this week. I think that all complaint matters are on hold otherwise and no further information on individual cases. My complaint was picked up in May 19 and after giving them a watertight justification and answering their request for one last piece of information (a month past the 8 week mark) I was feeling optimistic that I might hear an offer of approx’ £15,000 returning to me. I don’t think that will happen now 😊. It’s well that I’ve been reading into stoic philosophy recently, that should help. Good luck all otherwise.
Sara (Debt Camel) says
Nothing happens to the wise man against his expectation…
Paul M says
Very apt Sara 😊 though I can’t agree with all Epictetus’ thoughts, he’s mostly on the ball.
GM says
I wonder what will happen to cases decided at the FOS by the adjudicator and are waiting for an answer my PDUK. Why should those go to the scheme, if they already reached the highest level of complaint? Again, I’ll wait for the email.
Sara (Debt Camel) says
because they haven’t reached the final, “ombudsman” decision, sorry it sounds as though your case will go into the Scheme.
Lee says
Hi all
Just to let you know I have got through on the 0800 2802548 number just now, very promptly answered and the lady was helpful.
I queried what I should be doing now as I have a complaint already in place and a partial offer, she suggested all loans not under acceptance would need to go through their new process which all customers will receive information about soon.
I asked about the offer previously made and if I accept this will it will be paid, she said if I decide to not accept then this will go through the new scheme of arrangement which I guess could take a couple of years!
It seems none of us that are not at offer stage will get what we are fully entitled too and a very small proportion will be paid out due to the volume of claims!
My frustration is the offer should have included loans over 6 years old as the reason was detailed in my original complaint!!! These will now not be looked at in the same way :(
Sara (Debt Camel) says
I think it is unlikely that customer service know the full details of how complaints will be handled between now and the Scheme of Arrangement being approved (if it is) or the details of what will happen after the Scheme comes into operation.
“I asked about the offer previously made and if I accept this will it will be paid, she said if I decide to not accept then this will go through the new scheme of arrangement which I guess could take a couple of years!!”
The interesting question is if you did decide to accept it, would it still go though the new scheme or would you be paid now, in full, for those loans where there is a current offer.
The interesting question for you at the moment is if you accept the current offer on a few loans, will that be paid in full? I suspect the answer will be No, but I am guessing.
For Wonga and Wageday Advance claims when they are in administration, loans over 6 years old have been treated exactly the same as loans under 6 years old.
Lee says
The lady on the phone gave me the impression on the phone that I would be paid my offer amount for the loans already upheld.
This is a very small fraction of what I’m owed, I borrowed with both PDUK and Payday express continuously from Nov 2011 – March 14, PDUK have not considered any loans as they are all over 6 years old and Payday express only considered 2 loans totalling £712.
She suggested for me to print and send off the acceptance letter and include in the letter why I did not complain within 6 years so that they could consider these too…
Do you think I have cause to avoid the new arrangement as all loans should have been considered due to the reason already being given in my original complaint!
Sara (Debt Camel) says
I don’t know what ICL are going to do. And it is possible you have not been given accurate information.
Four possible cases:
1) you could accept the current low offer and it is paid in full and the rest of your loans are not eligible to go into the Scheme of Arrangement
2) you could accept the current low offer and it is paid in full and the rest of your loans can then go into the Scheme of Arrangement
3) you could accept the current low offer but it would then go into the Scheme of Arrangement and not be paid in full and your other loans would be ignored
4) you could accept the current low offer but it would then go into the Scheme of Arrangement together with all your other loans
“Do you think I have cause to avoid the new arrangement as all loans should have been considered due to the reason already being given in my original complaint!” no. You have a valid complaint which so far has been poorly handled but so have thousands of other people. The purpose of the Scheme of Arrangement is to settle all the complaints. there is very unlikely to be any special treatment for certain categories that ICL handled poorly before because there are a lot of them and it would cost so much in administration to sort them out that there would be little money left to pay refunds.
The only questions at the moment revolves around timing and when offers and have been made and when they have been accepted.
Sara (Debt Camel) says
OK, so what has been put up on the Money Shop website today clarifies that (3) and (4) are wrong. If you accept the current offer , it will be paid in full.
I don’t know if you will be able to send the other loans to be reviewed in the Scheme of Arrangement, but it seems sensible to accept the current offer. As you may only get a low % back through the Scheme of Arrangement.
Iain123 says
Just asked my Adjudicator for an update on my complaint, he replied…
At the moment the payday express cases have been taken away from us along with the rest of the Instant Cash Loan group. We don’t know when we will be getting these back but are all on hold.
Sara (Debt Camel) says
They aren’t going to come off hold because ICL will not be accepting further adjudicator decisions. Had payday Express made you any offer before?
Vince says
I submitted my complaint to Payday Express on 02/07/2018. I received an update last week from the adjudicator that they determined PDE were irresponsible in lending me 18 loans. PDU have until the end of next week to respond. And now the news about Money Shop! I called the FSO and there wasn’t news on the Money Shop situation and FSO have been advised to hold off until there’s a further update.
From the response last week I estimated about £5.5k being reimbursed to me. It would have gone towards a deposit for my first flat. I don’t expect much of it now, my heart sank.
Sara (Debt Camel) says
I’m sorry, not good news for you.
GM says
I’m in the same situation too. My adjudicator upheld my complaint and PDUK have until Monday to reply… I guess the can has been kicked further down the road.
Vincei says
I agree that’s how it feels. Taking out payday loans was the biggest mistake I ever made and I regret it so much. I feel so stupid for getting myself in to this mess. I was really hoping to do something right out of these mistakes. I’m absolutely gutted.
Nevertheless. thank you Sara for everything you’ve done and all the guidance you’ve provided. At least all the claims is slowly leading to the demise of these companies. That’s something!
Neil C says
I have a claims company dealing with my claim for PaydayUK, does anyone know if they can penalise me if I now decide to do the claim on my own? I signed the letter of authority in mid June but haven’t heard anything else yet.
Grateful if anyone who has been with a claims company and then changed their mind could let me know if they’ve had any problems.
Sara (Debt Camel) says
If you are outside the cooling off period, then they can probably try to charge you a lot for the “work” they have done so far. As you may in the end not get a lot back, it may be better to wait and they will get 30% of not a lot…
A. says
I need some advice. Payday express made me an offer for £100 plus £50 interest. I had four loans with them but 1 was rolled over for 12+ months at charge of £100 per month. PDE accepted all loans were irresponsible. I borrowed a total of £1185 and repaid over £2500. I dont know whether to accept the £150 given what has happened or will the scheme they are proposing include the rollovers etc. Thank you
JOHN J says
This scheme of arrangement is like being asked to choose between a rock and a hard place because whichever way this goes will mean a very bad result either way for people waiting on compensation from ICL. Scheme Administration costs of £8 million has reduced the pot available to about £10 million and divided by thousands who will submit a valid claim means customers will get very little pence in every pound that will be owed making it the same as those claiming compensation from companies in administration.
Steve says
Hi Sarah
Please can you advise, I had a complaint about PDUK where they upheld 2 out of 16 loans and offered redress of £1800 I took the case to FOS where it has been allocated to an adjudicator for the past 2 weeks.
Reading the SOA: FAQ, am I right in thinking that I can now accept the initial offer made by PDUK? If so, do you think this figure of £1800 is likely to be a higher figure than what I could get from the SOA?
Many thanks for all your support info on this.
John J says
Hi Steve
I think you are better off cutting your losses and take their previous offer. I don’t know how much you had paid in interest but it’ sounds quite a lot. There is still some uncertainties at the moment regarding the SOA although they have answered some of the questions. Firstly the the Scheme has to approved by both customers and trade creditors and if not approved , ICL enters administration. Secondly if approved, how it’s going to be implemented ie determining the payout rates and procedures could mean another lengthy delay to receive your money, it will be like starting your claim all over again. Thirdly how many people are going to submit a valid claim into the SOA won’t be known until the consultation period is over. If I was in your position I would be looking to taking the £1800 on offer because I think you will be worse off in the SOA. Best of luck in whatever you decide
Sara (Debt Camel) says
Do you know how much interest you paid on the other 14 loans?
Steve says
Thank you Sara & Jon
The total interest will be around £8-10k + if the adjudicator upheld loans 3-16 for example.
What sort of ratio would a SOA work at 1p in the pound for example?
JOHN J says
Hi Steve
The payout ratio will be determined by the number of people submitting valid claims, ICL will be contacting up to 2 million customers and I believe a significant number might want to lodge a claim. From experience the average dividend ratio for companies that have entered administration is about 5 pence in the Pound which works out as approx 5% of the total amount of money owed and in your case you would be looking at around between £400-500 payout should they go into administration but it could be slightly more with the SOA .
Sara (Debt Camel) says
“From experience the average dividend ratio for companies that have entered administration is about 5 pence in the Pound” i don’t think experience of other administrations is at all relevant here.
A 1p in th £ payout on £8000 would be £80, to answer Steve’s question.
NAG says
Has anyone been able to get through to check for this weeks payments? Apologies to those swept up by the scheme however, I am in the fortunate position of having accepted an offer from ICL on the 9th July (although they received FOS acknowledgement of my acceptance on 11th July). I hadn’t had it ‘signed off’ by the relevant department as of yesterday as was hoping to be added to this week’s payment, if there is one. Is anyone else similar dates-wise with any further information? I tried the new 0203 number for the ‘hotline’ but that was pretty generic and no help at all. Is the 01903 number still going? Thanks
Mark says
Hi NAG,
Almost in the exact same position as yourself, Sent my acceptance on the 9th of July. Confirmed by ICL that it was recieved. My best guess is that payment will be on the 26th of July as they seem to work a week in arrears i.e. this week is the ‘admin’ week and approved by Fri 19th … This will then go into the payment run for the following week and seeing they pay on Friday’s (Mostly) then the next date for payment is the 26th of July.
This is the best sense I can conclude …. Hope it helps!
Craig says
Hi is anyone else expecting payment in the 19th ? Apologies to those caught up in the scheme, same happened to me with Wonga so really feel for you
billybob says
I accepted mine on the 3rd of july (I went direct with my complaint).
Apparently it was ‘processed’ on the 10th? I’ll let you know if it arrives tomorrow…
Vince says
I spoke to ICL for clarification on my complaint (020 3901 7440 number). I received the FSO’s adjudicator’s decision on 11 July and the business has until 25 July to respond. ICL confirmed decisions received before 15 July will be handled as normal. I was relieved to hear this as I raised my complaint against Payday Express on 2 July 2018 and was happy to see it had finally progressed when I received the adjudicators decision last week. I estimated I’ve paid out circa £5.5k in interest and fees. I will certainly come back and provide an update once the business has responded to the FSO.
Rich says
Hi Vince,
Thanks for this. If what you have heard over the phone is true and gets honoured, this is amazing news as I’m in a similar situation. Although in my case the adjudicator provided their opinion to the business on the 4th July, their deadline was today. I am still expecting nothing but bad news so anything good out of this is a bonus.
JOHN J says
Hi Vince,
I am sorry to dampen your spirits, but you might want to double check again with ICL to ensure you get the correct facts regarding your case .
Question 4 of FAQ says:
If the Financial Ombudsman Service has not been in touch with you to confirm that I CL has accepted the adjudicator’s opinion – then we will not be making a settlement offer. This is because in order to be able to implement the scheme and ensure that our creditors are treated fairly, we are not able to make any further payments until the scheme is approved by our creditors and the High Court in September 2019.
You do not have to do anything for the moment but you will be invited to re-submit details of your claim if the Scheme is approved. We will be providing more details about this process in August.
Question 6 says,
If you submitted a claim before 15th July 2019 and the scheme is approved by our creditors and the High Court in September 2019, you will not have to submit details of your claim again but we may require more information from you. We will let you know if that is the case.
You will not need to submit your details of your complaint again and we will be providing more details about this process in August.
Thought I would highlight this to you, I may be wrong.
All the best with your claim
Sara (Debt Camel) says
I agree with John J. Unless ICL has already accepted the adjudicator decision, they are not going to now,
Vince says
I just thought I’d share what was said to me over the phone. She asked if I checked the FAQ and I said that I had but still wanted clarification as I felt like my complaint was in limbo and I wondered if I’d still hear back by next Thursday. She said I would and stated more than once if the adjudicators decision was sent to Express Finance before 15 July it would be handled normally. If I have time tomorrow I’ll call again and will report back if I get a different response.
Vince says
hi John, I just called ICL again just now and spoke to someone different. I explained again an adjudicator made a decision in my favour and I was advised of this on 11 July. The chap on the phone said, as it was sent last week my complaint will not be considered under the Scheme of Arrangement and I will receive payment. A response may not be sent by the deadline of 25 July but I will hear back in due course and I can expect payment of the charges and fees. It’ll be interesting to find out the figure they propose as I calculated around £5.5, we’ll find out soon enough!
GM says
Hi Vince. That’s interesting to know as my adjudicator has upheld my claim on the 9th and copied me on the letter to PDUK, dated the 9th
Yvonne says
Hi Vince I am in the same boat as you so your adjudicator upheld your complaint sent to ICL and you were waiting for a response is that a good assumption?
Vince says
Hi Yvonne, that’s correct. ICL have until the end of next week to respond back but I was told it’s likely to be beyond the that date due to volume.
Sara (Debt Camel) says
Vince,
I am sorry but I have clarified this with ICL and it sounds as though you were given incorrect information.
If you had had an ombudsman-level decision before the 15th July, that would be paid in full.
But as you had an adjudicator-level decision before the 15th July, that will only be paid in full if ICL had accepted the decision by the 15th July, after that date they are not accepting decisions.
GM, Yvonne, sorry not good news for you either.
GM says
Vince, I also called ICL today and they confirmed that FOS’s adjudicators decisions sent before the 15th were not under the Scheme of Arrangement and will be looked into by ICL. Anything after that date, unless it’s and ombudsman decision will not me looked into and will fall in the Scheme
Vince says
My partner called a little over an hour after your post and I listened in on the call over speaker phone. I have a feeling that ICL will reject the decision or make a lowball offer and we will have no choice but to progress this furher through the scheme, I hope I’m wrong but it’s not looking good.
Vince says
Hi Sara, many thanks for raising this with ICL. Following this my partner called ICL after 5 pm and they are still saying adjudicator decisions sent before 15 July will not be considered under the scheme and will be treated as normal. The poor call handler was going back and forth asking her colleague questions and coming back to to update.
I’m inclined to go with what you’ve found out and don’t have much hope for a satisfactory outcome at all.
GM says
Cheers, that makes sense. That means either choosing a low ball offer and payment within a couple of months, or a uncertain offer which will be paid in a years time, via a scheme that hasn’t been approved yet.
Sara (Debt Camel) says
I think you should assume that you would only get paid a low percentage from the Scheme.
Nelson says
Hi NAG and Rich
If you look at the paragraph at the top of this page, where the word ‘website’ is coloured ‘blue’, this is a hyperlink to the TMS/ICL website which talks about how they will manage complaints and redress.
Sara mentioned this yesterday on this thread and the FAQ’s cover people who have already had complaints upheld and agreements reached, among other things.
Please read as it may help.
NAG says
Hi Nelson, thank you for that – I have read everything and have been following the thread here closely too. I’m actually quite happy with the detail and Sara has done a wonderful job of providing the key points and links to relevant sites. I know I’m quite lucky in that, according to the information available, my redress will be paid in full – the aim of my question was more to see if anyone else was in a similar position and, though a bit crass, to try and work out when they’d actually transfer the cash. There is limited/no information on how they actually process payments and I still get the ‘within 28 days’ treatment on the phone to TMS/ICL I can see how this is probably in bad taste given the number of people worrying about getting a refund at all and apologise for that.
Ann Brown says
Hi NAG my payment date was given as the 19th this Friday. The delay last week might mean the payments don’t go in tomorrow but if not will be Monday or Tuesday, I also got an email from the Scheme email address that confirmed this hope that helps
NAG says
Hi Ann,
Sound in a similar position to me. Have you had any update at all? I can’t get through today but I emailed on Friday and again was told… 28 Days! Which would mean 8th August for me but hoping it is sooner, of course. I don’t seem to be able to clarify being added to the payment list etc… like others have.
Thanks!
Mr Wayne Miller says
I had my claim rejected by payday UK and I raised this to the fos around a month ago. How will this effect me. Thanks
fred says
I am in the same situation. I had gone back to contest this but they are ingoring me completley now.
I’ll never see a penny :(
wayne says
The fos did contact me for the case file but I have heard nothing since and have no idea where I stand
fred says
I haven’t yet heard anything from the fos. I had gone back to Paydayexpress and Payday Uk to their final decisions but they ignored all emails.
Stuck in limbo now, They probably won’t reply now and the FOS won’t work on my case becuase of it.
Sara (Debt Camel) says
Hi Wayne and Fred,
FOS will not be working on these complaints any more – there isn’t any point in FOS wasting their time as ICL will not accept adjudicator decisions.
If you were previously made an offer, you can still accept this up until 31st July and it will be paid in full.
If you don’t, you will be able to resubmit your complaint to be considered after the Scheme of Arrangement is agreed in September. Then your may have more loans chosen to be refunded but there may not be enough money to pay out more than a small percentage of this.
Fred says
This is a shame.
I highly likely I will never get any refund of any sort from this company.
All the other companies I had dealt with were more amicable and helpful when I had complaints. This one has always used all the tricks in the book to avoid giving me anything back (and according to calculations it would be a very high amount) and they were for my personal situation the biggest culprit. But fingers crossed something may happen in September but If they are the ones who decide who has valid claims or not it will be up to them.
Evie says
Hi ,
Should I wait around or just accept initial offer until 31st of July ?
In my case payday Uk was supposed to reply to FOS adjucatiors finding by 15th of July on that day FOS gave 2 more weeks by 29th of July .
I was told by ICL and FOS that now my case is been put on hold until SchemeArrangement starts . Thinking should I accept initial offer of £404 or wait and see how much I would I get? Other question when I see that money on my account ? . My calculation is around £2500.
Sara (Debt Camel) says
Hi Evie,
this is a difficult decision, to take £404 now or wait and then take an uncertain percentage of an amount which could be up to £2500.
It is quite possible that your refund amount could be determined to be say £2000, and the payout could be 10% – that would mean you get less by waiting. but of course you could get more.
Evie says
Dear Sara ,
Thank you for your kind reply .
I am simply thinking to take previous offer now and get payment quicker as well as get my peace of my mind and use my energy for something more rewarding :-)
Do I need to inform FOS adjucatior that I take prev offer ?would payday uk aacknowledge it despite i sent case to FOS ?
What is the best way to accept last year’s offer from Payday Uk ? Should I use phone number /email address of payday Uk T: 0800 280 2548 E:customerrelations@themoneyshop.co.uk for acceptance or is there any new contact details for them . Many Thanks
All the best for everyone else!
Sara (Debt Camel) says
“I am simply thinking to take previous offer now and get payment quicker as well as get my peace of my mind and use my energy for something more rewarding :-)” this is quite a personal decision…. but that sort of practical approach appeals to me!
“Do I need to inform FOS adjucatior that I take prev offer ?” no.
“would payday uk acknowledge it despite i sent case to FOS ?” yes, they have said they will.
“What is the best way to accept last year’s offer from Payday Uk ?” were you sent an Acceptance form with the offer? If you were, complete it and send it back.
Dean says
Hi.
I could be being really silly here, my case is with an adjudicator regarding ALOT of loans with PDUK however the case is with MEM financial is that not a different company to ICL I know they have the same American Holding company but does the fact my case is with MEM and not ICL make any difference, if successful I’m expecting or was expecting around £20k (yes I know that’s mental I shouldn’t have happened) but I cannot get hold of my adjudicator as I’m guessing they are snowed under with questions.
Sara (Debt Camel) says
I am sorry but MEM Consumer finance is a previous trading name of ICL, see the FCA register here: https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000m7BoRAAU
Dean says
Well that’s what I thought, but they appear to be registered at companies house as a separate company https://beta.companieshouse.gov.uk/company/04786727
This is where I’m getting confused. I original address my complaint to the FSO as instant cash loans and then got asked whether it was the money shop or MEM consumer finance ltd as they were different companies, so this is why I’m confused as my understanding of a ltd company is that all ltd companies would need to apply for the scheme
Sara (Debt Camel) says
Well you can talk to FOS, but it is likely you are clutching at straws here.
Dean says
I thought I might be but companies like this sometimes try to be too clever, let’s hope that’s what’s happened her although I similarly think the same as you
Jack says
After initially complaining nearly 12 months ago and being messed about by Payday Express, I went to the FOS in February and unfortunately, never managed to get a decision from them.
I had been offered £600 by PDE, I suspect that the amount I am truly owed to be at least double this figure. PDE Have said that I can still get my £600 if I cancel my complaint with the Ombudsman, but i’m not sure what to do. It’s unlikely now that I will get the full amount owed, is the opinion that people should let the complaint ride out with the FOS rather than going back to the business and accepting low offers?
Sara (Debt Camel) says
“people should let the complaint ride out with the FOS ” FOS is not going to be doing any more work on these cases because ICL will not accept any future adjudicator decisions.
Yor choice is to take the £600 and have it paid in full in the next few weeks OR to wait and submit your full case to ICL when the Scheme of Arrangement is approved in September. At that point ICL will reassess your case and may offer more – but the amount decided then will not be paid in full as there will not be enough money,
If you think the maximum you could get is twice the £600 you have been offered, then it seems very likely you will get more money by accepting the £600 on offer.
People who think they could get 5 or 10 times more than they have been offered so far have a more difficult decision to take.
Jack says
Hi Sara, Thanks for the response. I’ve just had a look through all the information from the SAR and believe that the redress figure i’m likely to be looking at is around the £2500-£3000 mark, so accepting the £600 would be around 20% of what would have been owed.\
I understand that it’s hard to say, but would the likelihood be that we won’t see much more than 20p the the £ by the time everything has gone through the scheme?
Sara (Debt Camel) says
I will be surprised if it is more than 20p in the £. But I could be way out, that is just a guess.
Emma says
I’ve been watching this thread very closely. I put in a complaint early this year to the fos about paydayuk affordability of loans.
The fos emailed me on the 24th June to stay they had sent a letter to pduk and on the 15th July had another email from the fos saying that pduk agreed that my loans were unaffordable and they offered me a refund. On the 18th July I received an email from the money shop asking for my card details and that they have up to 28 days to refund me.
Will I still receive a full refund in light of recent news.
Sara (Debt Camel) says
I think you should – ICL accepted the adjudicator decision on 15 July, provided you return the Acceptance form by 31st July I hope you will get paid in full.
James says
Has anybody had a reply from the email address yet?
scheme@themoneyshop.co.uk
Maybe I should just ring them
I had a final response with a cash offer from PDUK but also a statement around older than 6 year loans etc so I wrote back saying please look again and the reasons why.
I need to understand whether now the scheme has been announced if I accept the original offer does it mean that they wont look into the older loans under the scheme?
What a mess the whole thing is.
Lee says
Hi James
I’ve just phoned the 0800 number and spoken to a lady about my offer which only covers two of my loans, I’ve had to make the decision to accept the £712 redress and discount my other loans, not entirely happy about this but at least I know I will get £712!
There will be hundreds upon thousands of complaints in the new scheme and this could amount to a very small pence in the pound being paid out, therefore for the sake of the 28 day wait rather than waiting until next year I have reluctantly accepted.
They are refusing to look at cases on a case by case basis and all previous complaints at whatever level will be disregarded.
I asked for the option of negotiationg my settlement which still would of been quite a bit less than what was due but this is not an option.
In basic terms as I understand it to me is accept your offer or go into the scheme which will take several months and the payout is uncertain!
James says
Thanks Lee
Just annoyed with myself that I didn’t read through the details on this website properly first before submitting my claim as its been delayed due to.
1. If I had sent them my old addresses to start with
2. If I had said why i’m claiming for the older loans
It would have been sorted. Now half my loans wont get looked at as like you I will have to settle – annoyed!
Lee says
I’m annoyed too as my original complaint already included the requested information as to why I didnt complain sooner! If they had used this information then all other loans should have been considered and my offer should have been substantially more!
I feel they have used delay tactic upon delay tactic requesting information that was already present to them and now it’s come to this!
I loaned from 2011 – 2014 continuously so I do feel annoyed however at least I am getting something back!
I don’t know wether I’ve done the right thing by accepting but I suspect so as £10m between excess of 500,000 complaints won’t go far!
JEGL says
So I had an offer of about £3k from the Money Shop on 20th June. I accepted it on 21st June, but subject to them also looking back to loans older than 6 years. I called them to chase it and was told it would have to be re-reviewed. This was on 3rd July. Got a bit twitchy when the scheme thing was announced so called them today. They said they were treating my reply as an acceptance and would pay me and close my file, and I should get payment today. Surprise surprise the money has not gone in today. But anyone with an offer, or who has rejected or not not responded to an offer needs to decide to stick or twist (which might mean bust) but remember the deadline is 31st July to get your acceptance in.
NJG says
I spoke to them today – was also due today but nada received as yet – and the guy said that if you had accepted, but had “undetermined” loans, these loans would not be looked at in the scheme come September, as far as TMS were concerned accepting and being paid out wiped out their obligation, and the undetermined loans for those who had accepted, whether there would be further redress due or not, were not being put forward to apply
As yet no email from TMS re the scheme for me
Farhad says
I received an offer of a paltry 100 something few months back and took the case to FOS… my issue is I have a default from ICL of approx £800 ruining my credit file.. I already approached ICL to say I will accept if they are able to remove my default but received no reply hence sent to FOS.. do you think I have a good chance if I get in touch with them again to say I am happy to accept the 100ish plus confirmation of removal of default??
Sara (Debt Camel) says
the £100 – does it relate to a refund on the loan which has defaulted? How much interest do you think you have paid across all your loans?
farhad mangrio says
Thanks for the reply Sara, the 100ish is them accepting they lent irresponsibly on one or two loans I think plus interest.. ive probably paid 1500 to 2000 in interest payments to them through all three of their brands. I have a balance of 800ish which is with a debt collector which is on pause as we were waiting a decision from the FOS adjudicator who sent a letter to me few weeks ago asking for more information.
I have emailed and been in touch with ICL lots of times as they kept asking for different bank statements during my complaint but never actually reviewed their offer.
I am not that much fussed about the payout now seeing they are going through this scheme but more to do the fact that if I accept this offer, would this mean they will agree to wiping off my default from my credit report and recall the debt from the debt collector.
Sara (Debt Camel) says
“the 100ish is them accepting they lent irresponsibly on one or two loans” it matters whether this includes the defaulted loan that has been sold – go back and check the details of what they offered.
farhad mangrio says
it doesn’t include the loan which has been defaulted but they have claimed they are upholding some loans from 2013..
90 quid interest being repaid plus stat interest on top minus 20% tax on interest leaves me with £130ish.
They asked for further information which I did sent them multiple times and they never replied. The trouble was I had loans with all 3 brands from ICL and this particular one I had issues with was from PaydayUK but they have not mentioned in any of their correspondences about those particular loans.
Instead I have received letters on letterhead paper from moneyshop but not from paydayuk even though they should have included all the loans under the ICL brand. I am so confused :S
Nic says
Sara have you seen a copy of the email sent out by money shop this afternoon? I have a copy of you want it
Sara (Debt Camel) says
thanks for the offer – I have it. I will update the article above with details.
Ross says
Both Wonga and WDA have advised me that I am due further redress, even though I have claimed prior. I have read, and re-read, the email from TMS and even though it says I am affected, is there any point in me registering on the portal, should it go live? I’m not greedy and I only registered with Wonga and WDA as they advised me to. I also don’t want to take redress away from those who haven’t seen a single penny yet, when I have already had mine? It’s all a bit confusing IMHO.
Sara (Debt Camel) says
yes, ICL haven’t clarified this. I have asked them to say what will happen.
Hairy harry says
I’ve already had a payout from PDUK, but have received an email about the proposed scheme and it’s compensation?
Can I claim again?
Sara (Debt Camel) says
I don’t know. I am hoping this will be clarified soon. But there is nothing for you to do at the moment in any case.
Isma says
Hi guys.
Just received an email today about the money shop. Looking for some advice.
My loans etc were between2004-2009
They were during a very troubled traumatic period of my life.
A period where I had suppressed the memories of giving my jewellery for loans. I was brought back to those memories by the email.
My first response was anger and anxiety at wondering why the hell are these people contacting me.
After eventually getting out of the troubled situation in2010 I have been healing since.
And financially healing if I may say so since too.
In a happy space far far away from that awful time in my life when I had submitted my precious belongings for a desperate loan.
I have to say that I must have been living under a rock because this is the first I’ve heard of any compensation for irresponsible lending.
After my anxiety passed I looked at the email more closely with suspicion. And it has led me to this page.
As Iv gathered that it’s probaboy too late to claim or complain about anything but would still appreciate your thoughts and advise on this.
Thank you ☺️
Sara (Debt Camel) says
There are a million or more people under the same rock as you…
You will be able to submit a Claim to the MoneyShop/Payday UK/Payday Express if the Scheme is approved in September. You may not get a lot back, but it will be very easy to do.
If you had payday loans from other lenders, now is the time to submit complaints to them! Many of them are still going and are paying out refunds. See https://debtcamel.co.uk/payday-loan-refunds/ for how to do this, it’s easy, you don’t need to have a list of your loans or know your account number or anything.
linda says
I got the email too which I wasn’t expecting, I complained and received a refund 2 years ago from Payday UK, do I need to do anything ?
Sara (Debt Camel) says
No action is needed at the moment at all from anyone (EXCEPT for people who have been made an offer that they have not accepted – they need to accept it by the end of the month for it to be paid in full – that is obviously not you).
By the time action is needed (to vote to approve the scheme or to submit a claim to it) I hope your situation will have been clarified.
L says
Adjudicator upheld complaint before July 15th but didn’t hear back from payday uk. It looks like from the email these will be upheld? Is this right?
Sara (Debt Camel) says
No that isn’t right.
The box at the top of the email attachment says:
If you have accepted a settlement offer from ICL, or
the Financial Ombudsman Service has made a final decision in your favour or
informed you that ICL has accepted the opinion of one of its adjudicators,
you are not affected by the Scheme and you will be contacted separately.
None of those situations applies to you:
– ICL has not made you an offer.
– You do not have a Finacial Ombudsman Service final decision – that comes from an Ombudsman, your decision is only from an adjudicator.
– ICL had not accepted the adjudicator decision by 15 July 9and it isn’t going to do so after that date.)
BUT did you have a previous poor offer from the Money Shop (or any of the other group brands)? If you did, you can accept that offer now, before July 31st and get paid in full.
Charlotte Clark says
I got an email yesterday from ombudsmen that payday express had accepted my complaint after rejecting it twice they had to make a decision by 5th July does that mean mine will be in the scheme or will I get paid the offer
Sara (Debt Camel) says
Can you ask your adjduicator what the date of the offer from ICL was?
Charlotte Clark says
Just rang them and the adjudicator who’s dealing with it wasn’t in and the guy I spoke to said as the letter says I need to get back to them by 29th July it will be upheld but I’m going to ring and speak to the adjudicator who’s actually dealing with it at 9 when he’s in.
Charlotte Clark says
One thing I am confused about is they rejected my offer June last year and the adjudicator said it was being passed to an ombudsmen yet it’s an adjudicator who has dealt with it again
Sara (Debt Camel) says
When a case goes to an ombudsman, the adjudicator remains the point of contact with the customer. It is rare for you ever to talk/email an ombudsman directly.
Charlotte Clark says
So it would be the ombudsmen decision that payday express has now accepted then
Sara (Debt Camel) says
I don’t know. You would normally have been told if the ombudsman had upheld the case. Sorry there isn’t much point in me guessing.
Charlotte Clark says
It was updated on 17th July they said
Jordan says
Hi Sara
Do you think they will remove negative information from credit files like Wonga and WDA have done?
Sara (Debt Camel) says
I have asked ICL this.
Gill says
I’m frustrated with FOS over this. Had an adjudicator assigned to a ladder loans complaint for a substantial claim over 3 months ago. About 2 months ago it was passed to a specialist team. Only found this out by ringing them. Complaint orginally submitted to FOS in Dec 18. Phoned 2 weeks ago, before this blew up, to enquire about progress but none to report. If they had dealt with it quicker I might have had something back. I wonder if they’ve been holding off, aware that this might happen. Only got quick quid and pounds to pocket in the system now,, by far my biggest claims. Not optimistic about getting back from FOS before they inevitably apply for some sort of scheme of arrangement too.
Evie says
Hi ,
if anyone decides to accept Payday uk previous poor offer by 31st of July like I did because ( They just missed the deadline to agree with FOS 🙄) . You can send the payday uk acceptance form to
uk-general.complaintsteam@themoneyshop.co.uk and
and their phone number is
01903 768769 to check if they get your form and when you would get paid .
Victoria says
Just had an interesting conversation with an adjudicator from the Financial Ombudsman who has said despite the fact they have received my file from the Money Shop and despite the fact I made my complaint several months ago and provided bank statements for the 4 years I was indebted to the Money Shop (I eventually paid the loans off with help from a friend). The Financial Ombudsman is now saying that the are holding off making final decisions due to the fact that the Money Shop MAY be going into administration. I thought that the Financial Ombudsman were meant to be impartial and also they have admitted that they have all the information but are deliberately delaying a decision. Can anyone please tell me if this is happening to them and also are they allowed to do this as far as I know the company has not gone into administration yet. Thanks
Sara (Debt Camel) says
This is happening to all Money Shop, Payday UK and Payday Express cases at FOS.
ICL will not accept any further adjudicator decisions. There are about 5000 cases at FOS, there is no way FOS could get a quarter of them through to a Final decision from an Ombudsman before the proposed Scheme is approved or rejected in September. And even if they got a few cases through, a customer would not be able to enforce those decisons through the court in that timescale.
FOS is taking the practical attitude that there is no point in it wasting its time on a decision that would not do you any good at all.
Had the Money Shop rejected your complaint or made you a poor offer? Because you can change your mind now and accept a poor offer… doing this before July 31st may be your best option.
Vince says
I kind it feel the same way since my complaint was picked up in January but passed to another adjudicator in June :( but it can’t be easy dealing with with a surge of complaints but it’s hard not to be annoyed now.
02/07/18 complaint sent to Payday Express
06/08/18 response received offering settlement (£1.2k Offered but deducting £800 to settle the balance but balance is actually £450! I calculate £5.5k of interest and fees/charges)
16/08/18 sent complaint to FOS
29/01/19 picked up by adjudicator
11/03/19 chased to update and received acknowledgment
13/06/19 received an email advising my complaint was being assigned to a different adjudicator to handle
11/07/19 second adjudicator decides loans unfair and advises ICL Complaints team. Response required by 25/07/19
I’m sat here thinking do I accept the offer but it’s the furthest thing from fair since they want to deduct £800 when the balance is actually £450!
Sara (Debt Camel) says
did you tell them at the time that the balance was incorrect? do you know why it was wrong?
Vince says
I didn’t as I sent it to the FSO. I the letter from the adjudicator states the correct balance so I’m guessing PDE left the interest and charges on the final amount.
Any thoughts as to what I should do?
Sara (Debt Camel) says
I have asked ICL what they are propsing to do about credit records.
Gill says
Hi Vince. Even more frustrating in your case as you were within touching distance!
Robert says
Hi Sara,
Would you be so kind and share with us your knowledge in regards to Ombudsman dealing with QuickQuid? PayDay UK is having problems now. I have been waiting for adjudicator to deal with my complaints against QuickQuid and P2P for a year now. I called yesterday, the guy was very apologetic but that is all. He could not tell me anything apart from the fact that they received correspondence in regards to my complaints from QQ. If so, does it mean that it went back at the bottom of the queue? Why QQ does not listen to Ombudsman decisions? I have my manager at work and I have to do the work she wants. It is weird that QuickQuid can do whatever they want to and Ombudsman is not able to deal with that at all. It is very frustrating that we have to wait so long for the complaints to be sorted out. I had 36 loans/ some of them from 2011/ with QQ and I only hope QQ will not end up as PDUK. Thanks a lot!
Sara (Debt Camel) says
FOS is trying to resolve nearly 10,000 complaints about QuickQuid. It is trying to get QQ to review its offers and seems to be having some effect, but it’s still slow. https://debtcamel.co.uk/quickquid-payday-loan-refunds/ is the best place for these questions.
Jean says
Quick question l realise l am clutching at straws here ….
But if l received in my adjudicator decision and a section that states ( this was to TMS) this was from June 28th
I note that you’ve indicated that you are willing to uphold loans 5 to 24 ……..
However please see my suggested redress below ….. adjudicator recommends loans 1 to 24
Do you think TMS will honour the above has i am not sure if that is even a decision or is just a suggestion of what they are willing to offer????
So confused or should l accept the original offer from last year of £2000.00 ???????
Sara (Debt Camel) says
Go back to your adjduidcator and say you would like to accept the 5-24 loan offer.
Jean says
Thanks Sara will do
Lou says
Hi I made a complaint to money shop about pduk and payday express at the beginning of may I have not had a final response in the 8 weeks but then today I got an email saying if you haven’t had final response your claim will be dealt with by there new terms they are looking to impose can I argue that I should have had my final response before these new terms are being introduced?
Sara (Debt Camel) says
No, ICL are not going to do any more work on complaints until the scheme of Arrangement hs been approved.
SI LAD says
Lou. They dragged their heels with my claim too. They knew they were in the wrong and made sure I did not get a final response. Probably on purpose. Saying I was on day 40 odd out of 56. My records showed it was more like day 70.
Such a joke. Cost me a lot of money that has. Idiots….
Lou says
I’m gutted like cos I had so many loans with them, have u not heard anything or have they sent you the same email?
SI LAD says
Lou. Got same email as everybody else. Am livid.
Robin says
Just to check, I received the email from ICL today regarding the SOA, however, I have already accepted the FOS adjudicators decision, sent the form back and ICL have my bank details and I am on the spreadsheet, so I’m told, as of the 11th of July. Are ICL just sending this email to everyone or should I be worried?
Sara (Debt Camel) says
So far as I k ow, this is a mass mailing that has gone to everyone.
Robin says
Thanks Sara, I did have a proper read after I posted my message and the email says that ICL will be paying people who have accepted offers before the 31st of July. It also says we will be contacted as well. Hopefully all goes to plan
A says
I haven’t submitted my complaints to payday U.K. or payday express yet. I received the email from the money shop on Friday night but didn’t understand some of it. Do I hold off submitting my complaints at the moment?
Sara (Debt Camel) says
I have updated the article above with details about this latest email.
Ljc says
Hi.
I have a case against TMS which has been sat with FOS since June 2018 , I had an email saying it had been picked up by an adjudicator 4 weeks ago . With the recent news I am now expecting an email from ICL and have seen some people already have had emails but I haven’t and was wondering if I needed to do anything ?
Sara (Debt Camel) says
They are sending out about 2 million emails. I suspect these will be in batches! I wouldn’t worry if you haven’t had anything but keep an eye on your spam folder.
Ljc says
Ok thank you Sara
lau says
I had complained to PDUK back in November and after the 8 weeks was up and then waiting another 2 weeks and hearing nothing from them i forwarded my complaint in January to the FOS. PDUK then a week later said as I had sent my complaint to the FOS they would not even look at my complaint and make a decision and to leave it for the FOS to look into. The FOS adjudicator picked this up 2 weeks ago but I have not heard anything more. This will not go any futher now im guessing? I wish in a way I had waited to get a decision from PDUK before taking it to the FOS (so I might of atleast had a small offer to accept).
Richard C says
I had a case with ICL since December 2018 which eventually got to the FOS may 2019.
I calculate I could have had a ruling on loan fees of nearly 6k without the 8% interest.
£10 Million divided by 2 million is a £5er each. Just thought I’d manage people’s expectations.
Sara (Debt Camel) says
Well yes, but half the emails will never be read as they will go to accounts that are no longer used or straight into spam. And half the rest will go to people who only had one or two loans and will think – probably correctly – that they won’t be eligible for any payout. (I just made up those guesses at a half, of course).
So the interesting question is how many of the rest will decided they can’t be bothered to fill out a an easy form in order to get a small amount of money back. If that is a lot of people, then the people that do claim may get more back than they expect.
Chris says
My case against Moneyshop was started last May and then picked up by an Adjudicator at the end of June 2019…one day after the 1st news about possible administration came out. Talk about offering somebody a gold-wrapped Easter egg only to find that, once opened, there is nothing inside. Already spending that £2.40 I’m likely to get…not on an Easter egg!
Paul says
My case against PDUK was picked up by an adjudicator over 3 weeks ago. My experience when claims have been picked up by them is that they’ve usually come to a decision after a week and contacted the business explaining how that business should put things right but on this occasion, I haven’t heard anything at all since it was picked up.
I’m guessing I’ll be getting peanuts now if anything.
Mr PDL says
Apologies if this has been asked before.
I received a relatively poor offer from PDUK last month and understand I have the option to accept now or go into the ‘scheme’. I’ll be taking the money begrudgingly as the reason it is poor as they didn’t consider loans over 6 years although I provided this explanation in my original complaint. Anyway……
I also had my complaints for Payday Express and The Money Shop rejected as separate loans. My questions for anyone in the know is:-
1) Can I resubmit my complaint for Payday Express and The Money Shop in the scheme, assuming the proposed structure is approved.
2) Assuming I take the PDUK offer, does this stop me complaining against Payday Express and The Money Shop in the scheme?
Thanks in advance as always
Mr PDL
Sara (Debt Camel) says
You can submit a new Claim
Beth McLeish says
Hello Everyone
I spoke with TMS Customer Services department today, to get some clarity on what this all means. I currently have a claim in directly with them for Payday Express. They have confirmed that any investigations into affordability are currently on hold. Next step will be to send out an email asking creditors to vote on accepting the Scheme of Arrangement. Once this is in place they have confirmed that claim investigation will continue around the end of September beginning of October. They were very helpful, and I understand that they are in a very difficult position, but it was good to get some clarity which I hope will help others.
GM says
Did you read Sarah’s article? It already mentions everything you heard from TMS
Charlotte says
Today I finally had a response from my adjudicator that payday express have finally agreed to my complaint which was first sent to them jan 2017 then forwarded to the ombudsmen in March 2017. I’m getting £1500 after tax. Probably have to wait another 2 years for the payment though haha
Vince says
Was this the adjudications decision or final decision from the Ombudsmen? What was the date of the decision a d how long until PDE responded.?
Many thanks
Sara (Debt Camel) says
I think the date of the decision by PDE to accept it may be important.
Vince says
I know you’re right, Sara. I should accept this and disregard the telephone calls with ICL last week where I was told the adjudicator’s decision will still be considered. Do you know if the FSO will be writing out to those with outstanding complaints to advise they will not be progressing them further? I haven’t heard from FSO since the adjudicator’s decision on 11 July. I’m not holding my breath for a response from ICL by Thursday’s deadline.
I’m still mulling over whether to accept PDE’s initial offer by 31 July but they want to deduct £800 when the balance outstanding is actually £450 leaving only £375 to be paid out. in my case loans 4 – 12 were upheld totalling £4.2k of charges and fees without 8% simple interest applied and outstanding balance deducted. What to do….
Yvonne says
On the Money Shop announcement it says
or the Financial Ombudsman Service has contacted you to let you know that ICL has accepted an opinion issued by its adjudicator, you will not be affected by the scheme and you will receive the full amount in the settlement offer or accepted opinion.
So the question is have ICL sent back to FOS that it accepts the opinion of the adjudicator, how can we find this out when the adjudicators have gone quite.
Yvonne says
Hi Vince I have just made the call on the money shop line and they have said if the adjudicator upheld your complaint and was sent before the 19th when the scheme was announced the business will honour the adjudicator decision. There was no misunderstanding with the conversation.
Sara (Debt Camel) says
I am sorry about this, but that is not how I understand the situation. Could you ask someone on the helpline to put that in writing in an email to you?
Vince says
Yvonne, that’s what I was told twice and my partner also called and got the same answer as you.
Sara, i have emailed the ICL “Scheme” email address twice (Friday and follow up late yesterday) as I hope to have this in writing rather than take what was said over the phone. Still no response but I will definitely post if I hear back. I’ll leave it until the end of the week.
Rich says
I asked my adjudicator about this and she said that the FOS are only going on the information that The Money Shop have said on their website. I also emailed the scheme about this last week but no reply either
Time will tell. Anything positive out of this is a bonus but with TMS track record it wouldn’t surprise me if the helpline have been misinformed and they’re telling you guys incorrect info.
Charlotte Clark says
Well I spoke to my adjudicator today and their system was updated with the acceptance from PDE on 17th July their deadline for reply was 4th july so I literally have no clue whats going to happen with it. I have til 29th to accept or not which I have done today and scanned it straight back to them with my new bank details.
Yvinne says
The ICl
A hotline has been set up for those affected: 0203 901 7440
Yvonne says
Hi Charlotte you were lucky they didnt stop the action. They are obviously glowing through on some decisions near agreement.
Charlotte Clark says
The adjudicator agreed with my decision for the second time on 20th june and payday express had to get back to them by 4th July which i got my answer yesterday. It’s taken over 2 years
Yvonne says
Charlotte just a thought have you had an email from TMS regarding the scheme? I dont seem to have been sent one yet. My case was upheld and Express Finance had to the 25th to reply.
Charlotte Clark says
Yeah I have got it on 18th July.
Gareth says
I accepted offers from PDUK and Payday express and the money has been transferred. The money shop rejected my claim and I had sent the complaint to the FOS.
FOS has emailed me to say they won’t progress complaint due to the scheme being put in place. I think I read that if I disagree with their assessment I can go to another third party once the scheme is approved.
Doubt I’ll have much luck with the third party but will complain to them during August
Sara (Debt Camel) says
“will complain to them during August” wait and see – there may be no need to input a claim, but if it has to be done it will be after scheme is approved in September.
Jack says
I’ve decided to take the gamble. Was offered £600 immediately if I drop my case with the Ombudsman, but I think the figure i’m owed could be north of £3000. If anything, i’m just interested to see what figure they come back with! I recently got over £1000 from Safetynet Credit and am owed over £1000 redress from WDA (Which I won’t get, but PDE was my most used lender, so the figure could be quite large. Fortunately i’m in a position where I don’t need this £600 urgently and am happy to ride this out and see what I end up with. It’s a difficult decision though.
I think I echo a-lot of peoples frustrations here with the FOS, I only raised my cases in February, they didn’t get picked up until June and then by the time that they had got the information from the business, we’re in the position we are now. At one point in the process, the FOS incorrectly informed me that my complaint had been closed due to a jurisdiction issue when it was still actually supposedly being investigated. I understand that the FOS are probably swamped with these, and they have been relatively helpful when i’ve called, but the slow turn around of these claims and I believe the poor management of them has cost myself and many others Thousands of pounds.
Sara (Debt Camel) says
It’s your decision but let me be clear – you will only get more than £600 by not taking that now and going to the Scheme of Arrangement if the redress is £3000 and the percentage payout is more than 20%. If the percentage pay out turns out to be 10%, you will only get £300.
I agree FOS has been very slow. Realistically ICL would just have gone under many months ago if FOS had been quicker though.
Jack says
I have just done a full calculation of the total amount that I borrowed judging by what was supplied, this amount was £9,200 from Payday Express (I believe there may be some more). The total amount of extension / default fees and Interest is difficult to calculate but the total that i’ve got is £2,931. Again, I don’t feel this is everything, but this is what i’ve been supplied with.
I think given the amount that was borrowed is so large, the redress claim could be substantial and therefore that is my reason for thinking it might be better to go through the scheme. I appreciate your responses Sara, and if you could give a further opinion with this information it would be much appreciated.
tom p says
Take the offer – thee was someone ages ago on this forum who turned Wonga’s offer down and ended up with sweet F.A. surely something is better than nothing?