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
Carol Wrench says
What gets me why is it towards the end of the month we are going to get redress what is the hold up now they said May not the end of May .. I just feel so frustrated with all this week after week it goes on and on with not replies to emails just taking the Micky I think..
Sara (Debt Camel) says
they said May not the end of May
May includes the end of May. They never said it would be the start of May. I have no idea why people here thought it would be the start of May.
Siobhan says
Sara I said this exact thing yesterday, that it would be the Bank holiday at the end of May, and that would be their excuse to drag it into June, and you said they would have no benefit to do that, they actually do, as the longer they hold onto these millions in their account the more interest they get from the bank!
Sara (Debt Camel) says
Even millions adds up to almost nothing over a period of a few weeks. And any interest they get will be distributed – it gains them nothing.
Carol Wrench says
My understand was when they said May it would be someone got their redress every day from 1st May to 31st May so by end of May everyone would have been paid their redress It just keeps getting kicked down the road so to speak
Sara (Debt Camel) says
That was your guess – they never said that.
J says
We’re almost there, we’ve waited for this long so a few more weeks will fly past…
In reality, I reckon we’ll see payments start within the next 10 days or so so they’ll be sticking to what they originally told us which was that payments will start in May.
Tbh, I think a large part of why comms were so limited is because if they said payments would start from the week commencing 3rd of May then they’d be flooded with calls from people daily and also a lot of people who really need the money would get especially anxious about it.
Lynne says
There’s a reason they say ”May’ Carol. It gives them a window of 31 days so nobody can claim they’ve passed the date they’ve stated 😂
If they’re paying towards end of month that also means that ties in with a lot of peoples paydays.
Sia says
The issue is communication. They have set up a website at great cost, but they don’t really update it with information people want to see. I just called them too. They said that the payments will be towards the end of May and letters will be issued a few days before payments are made. When I asked them as to the reason for not updating the website with this information the lady said she does not know. In addition, the recorded message now says redress payments are going to be 4%. of the total amount. We are down 0.2%.
Julie McLaren says
Thank you for sharing that. Good to know.
Sabrina says
Hey guys – just had this email come through
“ Good Afternoon
We will be contacting you shortly to confirm the full breakdown of your redress calculation.
Kind Regards
Instant Cash Loans Limited
Sam says
I had my claim and all loans I had upheld. I’ve just had another look at the information on my portal, and there are two amounts showing;
Total Potential Redress – £2233.01
Pre-Scheme Redress – £1812.87
Which amount should I be getting a percentage of? It’s a shame that we won’t get anywhere near these figures as they would be really beneficial for me, but at this point anything is better than nothing and the whole payday loan thing has been a hard lesson to learn over the years. A lot of these were taken in my early twenties and now at almost 30 I’m just about at the other side of it. Seeing some of other people’s figures, they are life changing so it’s sad that it won’t be anywhere near that.
Sara (Debt Camel) says
Pre-Scheme Redress – £1812.87
I think they are saying you were already paid this before the Scheme. Did you make a complaint about any of the lenders?
Sam says
I had around £500-600 back in 2016, potentially from PaydayUK. I’m not entirely sure, I didn’t make any complaints at that point, I was sent a letter then a cheque. So am I looking at the potential redress minus pre scheme as the total amount then I’ll get the % decided of that?
Sara (Debt Camel) says
Yes I think so.
Ash says
I have total potential redress £4,256
Pre scheme redress £10,240
Bit confused which one they will go with Sara linking into your previous question by Sam ?
Sara (Debt Camel) says
So you had c 10k of redress before?
Ash says
Hi Sara
Right get you I did have a payout before of £10k was payday u.k does that come under the same company as money shop
Sara (Debt Camel) says
Yes, all part of the ICL group.
Lloyd says
I thought we where getting all of the pre scheme redress and then 4% of the total redress this month
Sara (Debt Camel) says
You have already had the pre Scheme redress I think? It was paid before the Scheme?
Grant says
No sara, none of us have been paid anything, not 1 pence
by going by what you have said, the final amount that we have been given ie the loans that were unaffordable + interest = final amount
then final amount is 4% of that sum, you make it sound there as if
redress ( we get paid in full ) + interest ( paid at 4% ) = final amount. <— if that the case well happy !
but i am pretty sure its the former.
If others have been paid pre-address money, then where has that come from? as i have not got a penny from ICL
( mega con fused dot com )
Sara (Debt Camel) says
A lot of people received refunds before the Scheme was set up. Perhaps you didn’t but many thousands of people did. Some of these people were paid automatically by PaydayUK (see https://www.fca.org.uk/news/press-releases/payday-lender-dollar-provide-%C2%A3154-million-redress-over-147000-customers) others made a complaint and had it paid by the lender or through the Ombudsman before the Scheme started.
you make it sound there as if
redress ( we get paid in full ) + interest ( paid at 4% ) = final amount.
No that isn’t what I am saying at all.
A few people have made some loan repayments during the Scheme for a loan that was unaffordable – they will get these payments back at 100%
Ash says
The is Sara that’s clarified it for us ! Fingers cross we get it paid sooner rather than later , waited too long already
Sean says
I’m confused what you mean already had the full scheme redress, I didn’t receive any payment
Sara (Debt Camel) says
I was replying to Lloyds who had a “pre-scheme redress” amount. Thousands of people had this.
If you didn’t, my comment was not relevant for you.
Ken says
Hi I had 15 loans upheld and no issues and I’ve checked my credit file and nothing on there at all from any payday loans
I then get an email last week saying that I had an amount outstanding with payday uk so that is why I checked my credit file so how can they say just after Christmas 15 loans upheld with no issues and then 3 months later telling me I had an outstanding amount
Sara (Debt Camel) says
do you agree there was an amount outstanding on that payday uk loan?
Ken says
Hi Sara
No I don’t and have emailed them ask for the proof of this and I have never used payday uk only ever used a money shop it self
Sara (Debt Camel) says
That is the right thing to do, to challenge this alleged debt.
Lynne says
They did the same to me. Told me in March I had 34 loans and all upheld then bang – last week oh by the way you have an outstanding amount from 2017 of £565 so we’ll be taking that out of your redress! Thing is it’s not on my credit file or my bank statements but it seems it’s just we have to accept that they’re taking it from us. So annoying.
Daniel says
I totally agree I get an email saying any redress will be taken off outstanding balance I have no outstanding balance? So we’re supposed to just accept it it’s so wrong
Sara (Debt Camel) says
No, if you disagree you have an outstanding balance you should challenge this.
Tracey Tee says
I had the exact thing from them, a balance of £300 is owed from 2012 I asked for proof and they sent a credit agreement with my name on top but no date and signature. Not showing on credit report either.
Sara (Debt Camel) says
A defaulted debt drops off your credit report after 6 years, so the fact an alleged debt from 2012 isn’t showing on your current credit report doesn’t prove anything.
Lynne’s alleged debt should be showing though – credit reports aren’t infallible as reporting errors occur but the fact it isn’t on there is relevant.
Sara (Debt Camel) says
Although of course ICL may well have deleted the debt already if they had upheld it as being unaffordable…
Canaan says
Hello Everyone,
In these situations, let us be grateful that we are receiving something. When most companies go bust, some people never receive anything back (not saying that ICL went bust but irresponsible lending to many vulnerable people).
I find that infinite patience produces immediate results and the lesson for all us in the future is to avoid payday loans, be more frugal – if possible and restructure spending habits.
Sara (Debt Camel) says
When most companies go bust, some people never receive anything back
well some pay less, others pay out something like the 4% ICL is paying out, and others payout more.
Lynne says
I don’t think anyone’s feeling grateful. More like ripped off. Even at the end when we’re due a tiny amount they’re taking money off us telling us we have outstanding debts without any proof.
Grey Thompson says
Hello ‘all’ pre-redress amounts are what were paid if “irresponsible” lending was “admitted” while these companies were solvent as that was my case via the FOS. So I was already re-paid the charges (interest on the loan) plus statutory interest (I think this was included) – PAYDAY UK deemed irresponsible lender – I had a similar ruling with WONGA. There must be a law in precedent regardless of FCA not regulating these companies – I challenge any of you with a budding lawyer / legal expert in your family to explore this…legalities relating to parent companies supporting / funding these businesses, investment pension funds – these were funded by legitimate …..they have admitted irresponsibly lending….Surely this a case for university project – there’s definitely a link?
Secondly – I openly used both PAYDAY UK and WONGA couldn’t believe they kept giving me money but I could always re-pay (absolutely no way they checked the numbers) – knew the cost’s and bit the bullet I needed cash flow only way to get – just wanted to be honest with this forum. Always knew they would go u know u what up’s up
While we quibble on what we are due (we made a free choice but I completely get personal circumstances – food on the table etc)…Surely we must question our education system that doesn’t teach anything about investment, compounding interest or finances generally….
“Things change when we change the way we look at things”
Sara (Debt Camel) says
There must be a law in precedent regardless of FCA not regulating these companies
There are the Unfair Relationships provisions on the Consumer Credit Act that came into force in 2007.
But the problem isn’t the legal basis for affordability complaints, it the lack of anyone you can sue. The Scheme of Arrangement ICL set up prevents you suing them. And anyway they have no more money than they are distributing and are about to go into liquidation.
Good luck if you want to go after their previous parent company in America or previous directors. Claims companies have lost a fortune in lender administrations and Schemes – if there was any obvious other entities that could be sued you might think they would have done this.
It is the FCA that needs to be held to account for its failure to regulate these lenders properly and its failure to provide for any alternative way of compensating customers missold unaffordable loans.
AJ says
Hi, can anyone please tell me if I will be entitled to a refund on the payments I have made whilst the scheme was ongoing? I was advised to carry on paying my loan back but the my redress is to offset the balance however the figures leave a surplus since I’ve been paying it. Thanks
Sara (Debt Camel) says
You should get payments in the Scheme back in full if your redress on all your loans had been assessed at the point the Scheme started and it would have resulted in your balance being cleared.
If you aren’t sure if this applies to you, can you give Some details about how many loans ICL a have decided were unaffordable, the total redress they calculated, whether the last loan you have been paying was decided to be unaffordable, how much you borrowed for the last loan, how much you repaid Before the Scheme and how much you have repaid during the Scheme.
Val bell says
14 loans
£8050 total redress was the statement on portal when it first opened
I had email saying same few weeks before portal opened an they advised was open an add bank info
they put the amount info on there already when I joined portal
However the email explains will get less etc etc as administration same info on portal so I assume mine is 4% also
Not had any other info since portal opened as didn’t see point in calling them as they have agreed on that an bank info on there
Now we just wait
4% What a Joke says
Two years since the scheme started and the payout is only 4%? Not hard to figure out where the money has gone. The lawyers and accountants have made a mockery of all of us.
Paul says
I don’t know who’s manning the email address but i think the problem with challenging what you owe anything (even though it may not be big beans) is that the response you get don’t fill you with much confidence.
I mean, even when i sent through evidence showing the debt was 0, the response i got back was as if they didn’t even read what i had sent them.
On a wider note, shows possibly how bad either ICL’s record keeping was or the quality of info the admin’s have if, from what looks like even just in this thread, they’ve fundamentally got data wrong.
Lynne says
I didn’t really get a proper response when I challenged the outstanding debt. They said something like we’ve already sent an email regarding this. As you say – it’s like they haven’t read it (or chose not to).
Sara (Debt Camel) says
Have you now accepted there was a balance owed? If you haven’t, you must reply and explain why you disagree.
Lynne says
No I told them there was no records showing on my credit file for any such loan and with that in mind I expected the full amount and they just referred me to their previous message. I know they shouldn’t get away with it but the difference in my redress would be about £20 so I thought if I kept fighting it it’ll just hold up the payment even longer.
Sara (Debt Camel) says
I told them there was no records showing on my credit file
That isn’t proof there was no loan. Do you have your bank statements from that time?
Lynne says
I don’t have bank statements yet Sara (they’re sending them to me in the post and it can take 10 days apparently), but I don’t see why I’d have taken a loan with them in July 2017 when a) I’d received redundancy money just 6 weeks before that and b) I’d started a new job and my first pay day was the July they’re saying I took the loan!
Helen says
Can anyone work out what £2500 would be please, I just want to check im calculating correctly. Thanks people. :)
Lynne says
£100 Helen! 👍🏻
Lloyd says
If you dont have a calculator then ask yourself what is 1% of 2500 and then times it by 4
Jo says
Yesterday Jennifer! today Kristy!
Both of them recvd full redress payment.
Could you please share the payment reference shows on your bank statement for this transaction.
Sara (Debt Camel) says
Both Jennifer and Kristy used false email addresses. I suggest people forget about this until payments really start being made.
Lynne says
That makes sense. I thought it was iffy when none of those people replied. They posted the message about full payment and vanished. I can’t even see Kirsty’s!
Faye shepherd says
Goodness what is wrong with these people 🙄🙄
Mr Alan Key says
When the FCA ruled that PPI companies who go under, people would still be paid, where did that money come from? Also what was in their decision making that made payday loans not to be deemed as important? Is this because big adminstrstion firms such as KMPG would be involved and they all want their slice of the pie?
Sara (Debt Camel) says
It comes from the Financial Services Compensation Scheme (FSCS).
The FSCS covers insurance claims (eg PPI), complaints about investments (eg pension mis-selling), deposit protection (if a bank or credit union goes bust).
In 2014 when the FCA took over responsibility for regulating consumer credit including payday loans, the FCA said it would looknat extending the FSCS to cover loans, credit cards etc. But it decided not to.
When the FCA CEO was asked in 2019 why it hadn’t done this, this was his reply: https://www.parliament.uk/globalassets/documents/commons-committees/treasury/Correspondence/2017-19/FCA-Chief-Executive-to-Chair-re-Wonga-150219.pdf. the key bit is where he said that lending is unlikely to give rises to a lot of losses very often… since then there have been several million people affected! perhaps the FCA should rethink!
“
Ciaran says
Hi,
About 8 days ago I had a reply from them regarding my payout.
They have deemed out of nowhere that I ‘still’ have a balance of £94.00 and will be deducting this figure from what I will be paid I understand.
Which will result in nothing gained after years.
Imagine my annoyance.
I cleared my debt with them in one lump sum over 8 years ago, I was offered a slight discount on this as I was paying it wholly and I can only assume they have taken that ‘discount’ and tacked it on for giggles.
Is that legal? Has anybody else had this issue?
I can’t get them to reply to me as of yet but not sure what else I can do other than email them.
Sara (Debt Camel) says
what did they estimate the total redress to be?
Ciaran says
It’s one of the loans they refer to which is for a minor amount of £360 but they say there is a balance of £94 on that still.
Which as I stated I paid off in a lump sum nearly 8 years ago, there was literally no mention of this ‘amount’ over that time and my debt with them was cleared in it’s entirety, however I did get a small discount when I paid them off years ago and I can only imagine they are adding this on now because they are incompetant or dishonest.
My Total Potential Redress is £559.66
Sara (Debt Camel) says
legally if you settled something at a discount, the remaining out – which you think has been written off – still exists as a debt. I understand why this feels unfair but they are not being dishonest.
With those numbers, the 94 would be taken off the 559 to give 465 and you would get c 4% of 465.
Ciaran says
Well thanks for Clarifying that Sara.
It feels dirty though I must say they get to heavily discount their debt owed to us but still allowed to tack on a cleared debt because they settled for a discount to clear it.
If this was a fair world they should only be entitled to 4% of that amount at best but truely this should not be something to ever crop up again considering they accepted the debt as paid over 8 years ago and have no entitlement in reclaimation whatsoever regardless of whether they are going into administration.
More disgusting tactics from a disgusting company so I guess I shouldn’t expect anything better.
Lynne says
Same happened to me. They emailed out the blue last week to say I still had £565 owing (original loan allegedly £350). They said it was a Payday uk loan from July 2017 and that they were going to use it against my redress amount.
I checked my credit reports and bank statements and no such loan is there. In fact like I mentioned in an earlier post, I had just got redundancy money 6 weeks before that and I’d started a new job with my first payday being the July they claim that I took the loan, so it’s highly unlikely I’d have had to borrow from them!
I’ve gone back to them twice to say there’s no records to show that this loan was ever taken but they haven’t replied.
It’s very annoying though if they can just get away with doing this without any proof.
Paul says
Guess we’re getting nothing back after all the drama and waiting… all our compensation has been gobbled up by the lawyers and accountants. What’s the point of having a financial regulator 🤷🏽♂️
Amy says
They definitely are dragging their feet and paying out pittance. My advice to anyone who is in trouble with unaffordable issues is to try and make the complaint before the company goes under. I wrote a simple polite letter to safety net credit about borrowing over the last 3 years even though the account is now closed. Yesterday I received £280 which was all of the interest I paid. I like all of you are getting pennies from the money shop.
Mr. Alan Key says
How did they ever come to the assumption that 80p was possible? Then after a near year extension to the scheme give us TWENTY times less. Why is this not being investigated. Is it because us normal civilians don’t matter but KPMG flex their muscles and take every penny available. It’s also scandalous these company’s “ICL” can scarper off into the sunset leaving only a fraction of their profits for us all to feast off.
Sara (Debt Camel) says
The 80p assumed that they would only pay out for loans less than 6 years old and a few other assumptions. Then they came into line with what the Ombudsman would say…
Sean says
I know its only the 7th but has anyone had any further information regarding payment etc?
My anxiety cannot deal with not knowing stuff 😓
Sara (Debt Camel) says
As soon as people start being paid, there will be a lot of them posting here. Until then, everything is just rumour and speculation. There never was any good reason to think payments would start at the beginning of May.
Mario says
As of 8th May 2021 you will no longer be able to access the Claims Portal.
We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.
John says
I have spoken to ICL today. They said that payments to individuals would probably begin at the end of May. There website does appear to say payments would be May / June. The first payments will be made to the people who ‘have’ to be paid first i.e lawyers, the insolvency practitioners etc. My understanding is that they cannot begin begin payments to individuals until these have been finalised and agreed. I have also been told that there are some debt collection agencies who legitimately bought these debts and are challenging these payments to individuals over themselves. I am no expert on insolvency but it seems a legitimate point and they cant make payments to individuals until this is resolved which seems correct. i also had it pointed out that the last report does say that the scheme may have to be extended again until ‘later’ in the year. i looked at it and it is there buried in the wording. I have a total redress of £14000 but I am not hopeful of getting the dividend of this soon. Perhaps Sara could clarify as it seems that there are still some issues unresolved before they can start to make payments to us.
Sara (Debt Camel) says
So far as I know, all unsecured creditors will be paid at the same time* – there is no reason to prioritise payments to companies over payments to individuals.
* well roughly. Payments will be made in batches, not all at once.
susie says
I phoned today,-and they said payments would be the end of may and early june.I phoned a 2nd time for clarification and was told the same by someone diffrerent.I m letting go of expecting money now till end may unfortunately..
Glen says
4.2p or 4% is basically the same. To receive something back should be treated as a bonus really. Although we were all exploited years ago this is something that could be used now.
Maria says
Is anyone else not able to get onto the claims portal today? Mine says server unavailable now. Wonder if they’re in the process of updating something
Martin Wilson says
Managed to log on to the portal this afternoon to check for updates and update my phone number. Received this email ten minutes later;
‘As of 8th May 2021 you will no longer be able to access the Claims Portal.
We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.
Chris says
Yes, me neither and I also got an email from them basically saying ….”As of 8th May 2021 you will no longer be able to access the Claims Portal”….which is odd, considering that today is the 7th May, the day BEFORE the 8th May, which means they have ceased access to the portal for us a day ahead of the date they said they would discontinue our access to it and demonstrates a level of inaccuracy on their part.
They also mentioned payments saying…”We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date”…again, this is odd considering that we are already in May now, yet, they are talking as if it’s some future month.
It sounds to me like there is some ‘left-hand and right hand’ type confusion on their part with different people within their admin team working at different paces and at cross purposes with each other. I think they need to talk to each other first, get their story straight and then talk to us.
Azah says
Made me chuckle.. Good comment!
Ross says
I have just had an email saying that I won’t be able to access the portal site after today. I assume that it’s because they’re finalising payments?
Sara (Debt Camel) says
I think so. But that doesn’t mean they are about to start very soon.
Canaan says
Hi, I too am am getting the same message “This site can’t be reached”
Sops says
I guess somethings happened just got an email re access to the portal , access will be denied after tomorrow! Maybe things are moving or maybe they’re inundated !
Sean says
Just received an email saying the claims portal wont be available from tomorrow and i will receive an email with the amount being paid to me before they do so, said they cannot give a date but payment will be made in May, i guess ill just wait
Paul says
This feels like don’t call us, we’ll call you🙄
As of 8th May 2021 you will no longer be able to access the Claims Portal.
We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.
Joanne says
I ve just received an email. It was basically saying the Claims Portal will not be available from 8 May , payments will be made in May / June but they are unable to give a specific date. Will also receive an email prior to payment to confirm amount. I did screen shot but couldn t work out how to add to comment. Sorry. Hopefully another few weeks and we ll all be sorted and done with them.
RH says
Just received this email:
As of 8th May 2021 you will no longer be able to access the Claims Portal.
‘We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.
It appears things are starting to move along. A first time poster here. Made the stupid mistake of taking out many payday loans in the past yet have managed to get quite a bit back after irresponsible lending complaints, if you can get a resolution before a lender goes in to administration. This is one of several and it all helps. I never overly struggled to meet payments yet nice that these companies have been held to account, although I’m generally of the school that we who took out such loans knew what we were signing up to and the victim card can only be waved so much. I’ll wait for the small amount. No point calling this company. It won’t speed things up.
Richard says
Just had a email saying the claims portal will be closed down from the 8 th of may. You will receive an email regards amount due prior to payment. My redress is £6,800.
Grant says
I can no longer get into the portal now, constant 404 bad request error.
Well it looks as if they are getting ready to email everyone in batches and we will all get paid.
ABOUT TIME!!!!!!!
MARTIN says
Just got this update guys it was in my spam…this afternoon so happy days!
As of 8th May 2021 you will no longer be able to access the Claims Portal.
We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.
William says
Money Shop Portals will have no access on the 8th May according to an email I received today. I checked and it’s down now.
Thomas Corbett says
Ijust received email stating portal not now operating, and I will get paid in May!
They said they cant give me an exact date but will email to confirm before they do with the amount.
Oh Good
Tom
Val says
Just had email
No access to claim portal after 8th may
Tomorrow!! And will get email of amount ASAP an also can’t yet confirm date of payment
Well looks like it’s finally on the move
No mention of percentage though which I think is so clever of them
jake says
Has anyone had the email come through about the pay outs.. yipeee my issue is ive tried to access the portal today and cant get in. is anyone else having the same issues
Carol Wrench says
I’ve just logged into mine so still live until tomorrow I guess
Charley says
Hi I’ve just had an email to say the claims portal will close tomorrow and will be contacted when payment is due to be paid May 2021. Does this mean it should be soon? And there not messing everyone around again?
Lynne says
No it just means it’s yet another genetic non-commits email.
Sara (Debt Camel) says
I think it means they are moving into the final wrap up stage before setting the amount to be paid out.
Samantha says
Hi I have received an email this afternoon as follows
As of 8th May 2021 you will no longer be able to access the Claims Portal.
We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.
Very vague and nothing to say how much . Anyone else received this ?
Sara (Debt Camel) says
yes lots – see other comments.
I am deleting some of them as there are over a 100!
Ann Beard says
Yea iv received this and I can’t access the portal
Pauline says
I had a email today to said portal would be unavailable from 8th may and payments will start to be made soon. So looking forward to my 4p in the pound !
Second email in 2 weeks so looking promising 👌
Issy says
Just had email from them saying claims portal will be no longer in use from 8th nay and my payment will be in may no specific date , but en email will be sent when they have paid me and the amount
Pete says
I’ve just received email to say payment to be made in May 2021 and they will email again to say what the amount is so I guess they have now started to roll out emails to the customers who don’t owe them anything.
Carol Wrench says
For the first time in ages I received an email saying that we won’t be able to access our customer portal from the 8th May and that payments of the redress will definitely be paid in May
Mario says
I have just received notification that I will not be able to access the claims portal from the 8th of may
This is the full message
As of 8th May 2021 you will no longer be able to access the Claims Portal.
We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.
Paul says
Just received an email see below
As of 8th May 2021 you will no longer be able to access the Claims Portal.
We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.
Gurpawan Randhawa says
Looks like the portal is getting shut off for good…
Advice…. take screen shots and have portal information
Carol Wrench says
I did actually take screen shots of each page on my portal do t trust them
Paul 1 says
Hello boys & girls,
This is the email I received today (Friday 7th May) at 4:19pm
# As of 8th May 2021 you will no longer be able to access the Claims Portal.
We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.
——————————————
I actually cannot log onto my portal right now. There is something not good with the way this redress is being handled.
I give up, once they give me my redress of 50p, I can buy myself a pint of milk and rue the day I ever had to take loans from this company
Gurpawan Randhawa says
Portal is closed now…
Lee Fortnam says
Your Claim
All claims are now complete and the Claims Portal is now closed.
We will commence making payments in May 2021 and we will email you with your payment calculation before we make your payment.
If you still have any questions, please visit the FAQ’s page below
If you need help, please contact us at scheme@themoneyshop.co.uk
Jonathan says
Got this email an hour ago…
As of 8th May 2021 you will no longer be able to access the Claims Portal.
We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.
Tracy says
Sarah,
I have emailed you an email just received re closing portal and payments.
Sara (Debt Camel) says
Thank you!
Sara (Debt Camel) says
LOTS OF PEOPLE HAVE BEEN TOLD TODAY THAT ICL ARE CLOSING THE PORTAL.
I have published just a few of the comments above.
It’s good news as it means ICL is wrapping this stage of the administration up and getting ready to pay out.
We still don’t know how much – but it is going to be about 4%
And we still don’t know when – but they are saying May.
Mark Stansfield says
Money grabbing parasitical cowards.
Jay says
I wish it is 4.6% it will make a difference. The total compensation value will go down as many people had outstanding balance. I hope it’s higher than 4%.
I’m speculating the payout will start in the last week of May.
Sara (Debt Camel) says
I think ICL has known all along about the outstanding balance and the 4-4.2% figures they have been saying for a while will have taken them into account. i would be surprised if it turns out to be more.
Lynne says
Has anyone ever paid out more? Wonga was also 4% but they’re the only other ones I’ve dealt with.
Sara (Debt Camel) says
Wageday Advance paid out 5.7p.
Some smaller lender administrations paid out more.
Mark Stansfield says
All very depressing.
Mark Stansfield says
I actually feel sorry for the people that have done all this ‘Moneyshop scheme’. Fancy offering someone £4,700 (potentially) but then only paying less than £200. It must have been really hard work and very long hours on an abacus to calculate that equation. Their fingers must be really sore. Bless.
Perhaps Karl Marx was right afterall.
Lisa Smith says
The most annoying part of all of this for me is that I made my original claim for irresponsible lending before the company went bust. At that time they assessed that only 6 loans were upheld. I received a refund of around £800.
Now during the redress process they say every loan is upheld. I think its extremely cheeky that they were able to deny the initial claim.
Pauline says
this is the other email i received from them on 29.4.21 which i am not sure i understand ……..
“We received a lot of questions. Some people thought we were going to use ALL your redress against an open balance.
We will not.
We will set out the exact calculation when we write to you in May to tell you how much cash you will receive, and how much your open balance is.
The loan with the open balance that we will be reducing is detailed below:
£ xxxxx £xxxxx
£ xxxxx £ xxxxxx
Our redress calculation follows the methodology for putting things right used by the Financial Ombudsman Service. The basic principle is that we refund the interest that people have paid where the loan was lent irresponsibly. However, the principal amount remains outstanding.
Although your loan is more than 6 years old, the law of limitation does not extinguish or remove the debt; it still exists. Therefore, under the terms of the Scheme of Arrangement we are still required to apply set off, even though we are not permitted to any collection or enforcement action.
We are sorry that you are not able to choose if you want the cash dividend or set off against your outstanding debt. The terms of the Scheme of Arrangement are not flexible in this regard and so we are unable to make any exceptions”
Lisa Smith says
I received that email a couple of days ago after they sent the email saying they were offsetting outstanding balances owed. A lot of complaints/queries were made and they sent this email to follow up.
Lynne says
The thing is the loan they’re saying I owe doesn’t exist and they’ve not sent me proof otherwise! Shocking tne stunts they pull.
Jo says
Yes they are suggesting May, but they don’t say which May 😂. I think I’ll just crack on with my life until they pay out.
Mark Stansfield says
It was always a scam Jo. We are better people😑
Racheal says
I paid my debt off fully to b.w.legal ending in july 2020 whilst this was all going on.
It still shows on my credit file as closed but would i not be able to have these payments refunded or is it gone once b.w.legal get it x
Sara (Debt Camel) says
It’s gone, sorry. If you hadn’t repaid it there would be debt remaining that you could ask for set aside on (see https://debtcamel.co.uk/no-set-off-scheme-administration-debt-sold/) but with no balance owed the right of set off doesn’t apply.
richard says
insulting really, that’s all i can say.They may aswel just book us in for asda vouchers, may see a bit more credit then , food bank , or something bloody cheek.7500 regres in at just over 300 st 4% put it on a pony see what happens
Mark Stansfield says
Steven Edward Butt and James Douglas Ernle ‘Money’ were appointed liquidators of Instant Cash Loans Limited by its members: Flipping hec… even his surname was Money!!!
Iain123 says
Administrators, accountants and lawyers from the firms that went into administration years ago are probably kicking themselves they didn’t string it along and steal more from payday loan customers. Kind of surprised about this 4.2%. The greedy b’s are probably trying last minute shuffling to steal more money.
david 001 says
I had a e/mail yesterday. my portal closed and payment will be made in May. will receive e/mail 3 days before payment with amount to be made. my redress was £14500 so expecting over £600. better than a kick in the teeth and be towards holiday.
Lynne says
It seems we all had variations of these emails as mine doesnt mention the email will be sent 3 days before payment.
Well we’re into the 2nd week of May folks so it can’t be much longer now.
Sam says
How did you get that figure if it’s 4.2 in the pound?
Sara (Debt Camel) says
4.2% of £14500 is £609
MissH says
£14500 multiply by 0.042
nicola stevenson says
Well according to this is will be gettin £25 I really should not have bothered 😳
Bob Smith says
I have no idea how much I am owed and I cannot find any emails!? Any idea who sent them? I got the email two days ago.
Thanks in advance
Rebecca says
I’m so confused, I haven’t heard anything since June 2020?
Tashatamara Gordon says
I’ve already been told the redress that’s owed. Just tried going on the money shop portal for a update and for some strange reason the page has a error tried calling and apparently you have too email back to get a response 🤔
Rachel says
The portal has been shut down, along with the phonelines
Ali says
Yeah I noticed that surely they can’t do this
Ashton says
I’ve just contacted them and was advised emails or letters with exact amounts being received will be anytime from now-2 weeks and payments will be made in June
Hope this helps
Lorraine says
Hi
Has anyone actually spoke to someone on the phone as I’ve tried phoning them but constantly engaged tone
and has anyone received a payment?
Sara (Debt Camel) says
NO ONE HAS BEEN PAID
Helen says
I got the same why have they shut the portal?
Lynne says
I think Sara thought it’s because it’s the final part of the process so it must mean they’re getting ready to hit us with our payout figures. I’ve never been able to log into the portal so I never knew what was on there!
Helen Bawcombe says
Ok thank you
stefanie turner says
I also had an email yesterday, said about a payment in may, but I’m sure I had been sent an email saying I wasn’t entitled to any redress so I’m confused
Mo says
Before the portal closed, were you able to read and download the Decision in Principle pdf? This would have told you all the info you need to know about the redress. Including whether it was accepted or not. As the email was generic, you probably were included as you were part of the scheme and hence the mailing list.