Debt Camel

Answers to questions about debts and credit ratings - in plain English!

ICL / Money Shop Scheme ends

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.

a second small payment from the ICL/Money Shop scheme

 

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

refunds from overdraft charges

Can you get an overdraft refund?

Refunds from large loans and car finance

Comments

  1. Amy says

    Is anyone else still waiting to be told their redress amount? I received the same email everyone else did yesterday (portal closed, payment made in May, etc), but I’ve never been told me accepted claim amount.

    • Garry Menzies says

      Yes me but not worth bothering about 1160 redress and was still owe them. 500 so might get a couple of pounds woo my bank will explode

    • Chaz says

      I had to go into the portal before it closed to get the amount. I never got an email to say what it was.

  2. Michelle says

    I also received the following email yesterday:-

    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.

    Not long for payout now 🙏🏽

  3. Richard C says

    I’ve written extensively to both Mel Stride MP and Nikhil Rathi (FCA CEO), who is currently chair of the treasuary select committee and FCA CEO and is regularly trying to hold the FCA to account and all I’d say is don’t bother. You will get no answer from either. Either from the TSC office, FCA or his constituency office.

    • Sara (Debt Camel) says

      It will be the number of people doing this that matters. One individual isn’t likely to make a difference.

      • Richard C says

        Hi Sara,
        thanks for that motivational inspiration there.
        i wholly agree, people are happy to sit posting on here moaning about every step of the process, but won’t write to Mel Stride or the FCA.
        It’s easy for them to ignore me, and they have. But when a trickle turns into a flow it gets more difficult.
        but people just take it, “mustn’t grumble” and all that.

  5. Terrance says

    my redress is £3200 ,I remember them sending emails out saying the redress would be shared out equally between all customers with upheld loans,so ill just wait and see what I get

  6. Fay says

    Hi
    On the decision In Principle letter, they give two figures, one before 20% deducted and the other with. Does this mean the pay out will be calculated on the one before tax, as I am sure I have seen somewhere that we don’t pay tax on it?

    Thank you

    • Sara (Debt Camel) says

      No, the payout is calculated on the one after tax. But there is an agreement with HMRC that no tax is deducted from it – most people would be able to reclaim the tax and HMRC doesn’t want to have to handle 100,000+ claims for refunds, it would cost them more than the tax.

  7. Steven mitchell says

    Seems like it costs a hell of a lot of money to divide a lump sum out between all the customers .ok so they have to work out who is owed what but should that take years and cost 10 million someones got a nice wedge out of this and it aint us so so wrong

  8. Samantha says

    Hi, thank you for your comment, wow I can not believe this is the amount 🥺 that means I will get £210 from the £5000 potential, that’s not a fraction it’s straight up day light robbery 🙁 this has been so stressful for what a few hundred pound

    • Chris says

      In all fairness we’re lucky to be getting anything back, nobody forced us to take out the loans, we all knew what we were doing so anything we get back is a bonus.

        • Jo says

          Disagree 100%. They took advantage of people who had money difficulties and exploited this. I’m delighted these types of businesses have gone to the wall, it’s a shame though that they haven’t really been held to account

      • J says

        I guess it means different things to different people.

        8 years ago, before I went onto a DMP and eventually cleared my debts, a refund of full or even 20% would have been AMAZING and felt life changing, now with the luxury of minimal debts (credit card food shops paid in full each month) and savings etc. I can look at 4% and think ‘oh, I can buy something nice with that’.

        To begin with, when I heard about Money Shop closing off I was pleased to think I was going to get a pay out but as time has gone on it’s become more stressful just for the lack of communication – I honestly just want it out of the way.

      • Lesley says

        These types of loans, with their high interest rates, are specifically aimed at folk who are desperate for some cash. So, the lenders do take advantage of this. I am sorry that their unscrupulous methods weren’t stopped years ago. We should receive our full redress. High Street banks have had to pay out full, and fair amounts for their historical lending practices. These pay day lenders have been lucky, not us, because the strict regulations that have been applied to most lenders, haven’t been applied to payday lenders.

  9. Paul says

    Just checked mine and worked it out, I’m gonna get £2.22 🤣🤣🤣🤣🤣

  10. Candyce says

    Hi, I have not received any email from them to say that the portal etc has closed, Has anyone else not received the email? At the moment I can still access my portal, but nothing else.

    • Sara (Debt Camel) says

      a few other people have said this if you look back through the comments.

      • Candyce says

        Ahh I see, maybe another one will get sent again, I’ve checked all my details and they are correct.

  11. Tamar wright says

    Can you please tell me how much j should expect to be paid please. My redress figure is £2280 and I have no loans outstanding. I have emailed money shop several times and they can not give me an answer.

  12. Carol Wrench says

    Really strange I’ve just logged in to my customer portal for ICL (money shop) I thought it had been closed?

      • Chris says

        Well, you’re not supposed to be able to log in anymore so I don’t know what’s going on but if you are able to log in then this just demonstrates unreliability on the part of the administrators who specifically said that after the 8th May we won’t be able to get into the portal. Begs the question, what else will they say and it won’t happen quite the way they said it would?

        • grant says

          try clearing your history and your cache on your device, the website is now partly closed.

          i have tried 5 different devices and cant get in to the portal, bad gateway error 404.

  13. Nicola says

    I’m supposed to get just over £600 dread to think what I will get now might get enough for an ice cream lol

  14. Weekend Offender says

    So If get someone trying to collect money off me in the furture I will offer 4.5p for every pound I owe to them.. why some we suffer for this.. we all need to stand united and go to the government. Why should it be different for companies that ourselves they aspect full payment so do we….!!!!

    • J says

      Although… 4.2p is a refund of charges and interest, not the amount you borrowed so you’d still have to repay that… Also, PDL’s are sub prime, their interest rates are higher because of the risks involved in lending to people with poor or no credit history etc. They’re writing in the risk of people being unable or unwilling to pay their debt back although with Money Shop they usually required a cheque and cheque guarantee card etc. so it was slightly different.

      • Sara (Debt Camel) says

        I don’t think that is a relevant reply to WO’s point about the unfairness of only being repaid such a tiny amount of the correct compensation. Payday loan interest rates and default rates don’t matter here – the problem is that they made no adequate affordability checks even when customers borrowed continuously from them.

        • J says

          Hi Sara,

          Sorry, I disagree with you on this. WO said “in the furture I will offer 4.5p for every pound I owe to them” implying that the intention is to continue borrowing and not repay the debt – this feeds into my reply about interest rates and default rates. I personally know a LOT of people who used companies like this with no intention of repaying what they borrowed.

          If you borrow an amount of money, any amount, you need to do so with the mind to repay it and if you start to struggle then you need to speak to the lender and perhaps (probably?) to a debt charity.

          I do agree with you that the problem is that these companies failed to make the necessary checks, even despite a long period of lending, but borrowing with the intention of not repaying is not right.

          • Sara (Debt Camel) says

            I think WO’s comments should read as humorous and hyperbole, not a literal intention not to repay debts.

  15. RJ says

    The descision in principle letter says no tax will be deducted but 96% will be deducted so its okay.

  16. EMG1989 says

    Can anyone decipher this?

    Start date of Loan Loan Amount Brand Loan balance as at 9th October 2019
    20/01/2011 £ 160.00 Payday Express
    £ 295.00
    31/08/2016 £ 460.00 Payday UK £ 318.86
    £ £
    £ £
    £ £

    • Lynne says

      I got something similar but mine was just one loan – amount borrowed (allegedly) July 2017 £350 and amount owed on October 2019 £575.70.

      So I’m guessing the amount they’ll deduct from the redress is the £575 figure and not the £350 original loan amount 🙄

      • Sara (Debt Camel) says

        yes probably – but they have probably included the £225 interest in the redress calulated, so it evens out.

  17. Vince J says

    My total redress was £2500.23. How I would love to receive this right now. Since Covid work has been inconsistent for me, my current contract /assignment is due to end at the beginning on June.

    I’m probably a tad bit bitter over this since back in summer of 2019 the FSO finally came back to me with their decision after at least 4 or so delays saying “we’ll be in touch soon” blah blah. Next ICL were to respond. I kid you not, about 3 days later the Scheme of Arrangement was announced so my claim was not progressed and ICL never responded.

    Sure I should be happy with whatever I get. And no, I don’t need reminding it was my own fault for taking out the loans in the first place (I’m still beating myself up over it. A lesson has since been learned.). It would just be nice to bank the redress amount. I wasn’t planning on any holidays, or expensive treats for myself. I don’t have any debts now. I guess my bitterness comes from being so close to putting a close to all of this only for it to be dragged out for close to another 2 years for just £100.

    I’m so sorry. I know I’m not the only one with these thoughts. Others feel the same and could really do with the amount in their redress. All of this just got to me today. I just needed to vent.

    • Carol says

      Hi Vince, Aww I’m sorry to hear your story… Hard times.
      It would of been fantastic if we got the full redress and for some people like yourself a life saver.. I feel bitter also as my redress would of been life changing and I know something is better than nothing but we have all waited for such a long time and I don’t blame you for wanting to vent your feelings it’s only very frustrating. Good luck for the future..

  18. Carol says

    I’m glad this company and others like them have gone to the wall, yes we took out the pay day loans, but these companies are nothing more than legalised loan sharks, praying on people who are already struggling to make ends meet, nothing more than greed on their part. The redress amounts are a total joke, the only ones profiting are the accountants. Working man/woman screwed over again!!!!!!!

    • Lynne says

      Yes Carol completely correct. And it’s also now the end of the first business day of the 2nd week in May and seemingly still no news for anyone.

      • Sara (Debt Camel) says

        And there was no reason to expect an announcement today.

        There is no point in people feeling stressed because of this.

        • Jay says

          I think people will start hearing on the first day of the 3rd weeks of May. I’m guessing payout dividend will be 4.6%. Companies always quote lesser amount to be on the safe side. Waged Advance said 4.9 to 5% but they paid out 5.7%. I’m hoping the same things happens with ICL

          • Jay says

            KPMG was the Administrator of Wageday Advance and they’re also handling the Administration of ICL. Wonga was Administered by Graham Thornton.

          • Craig says

            My guess is 3.6%. They’re using debts that had previously been written off to sett-off redress, so they must be desperate to prop up the headline figure. They can’t set-off debts with PRAC either so the headline figure will be lower than it would otherwise have been.

          • Sara (Debt Camel) says

            They’re using debts that had previously been written off to sett-off redress, so they must be desperate to prop up the headline figure.
            They are only doing now what they had always intended to do. There has been some poor communication but they are’t changing what they are doing to save money.

            They can’t set-off debts with PRAC either so the headline figure will be lower than it would otherwise have been.
            No it won’t, because that means there is more money available for distribution as it has not been reduced by the set off.

          • Craig says

            If they can’t set off redress the payout % is lower. If I have £50 and owe 10 people £100 they each get £5 or 5%, if 2 of them owe me £100 the 8 will get £6.25 or 6.25%.

          • Sara (Debt Camel) says

            no that example is wrong, because the two that get set off will reduce the amount of money that is available to be distributed to people getting a cash refund.

  19. Daniel says

    Firstly I’d like to thank Sara for this useful page and for the time and effort she puts in to it , and secondly I know it’s been difficult times for us all and we’re frustrated at the outcome but let’s all look at the positives this company has gone bust and they will no longer be able to have any negative impact on people’s lives again so stay safe and enjoy anything we get back .

  20. grant says

    All links to the money shop through google have stopped working completely now. so has the .co.uk sites.

    do you think we should be worried now that they are running off with our payments?

  21. Ann Brown says

    I think they should have given people clarification as to what they were owed or proof that money was still need to them prior to shutting all contact down people have been patient and were duped into agreement of this scheme of redress not know the actual pittance that would be received

    • James Faulks says

      They have already emailed to say that everything will stop working why they initiate payments

    • Sara (Debt Camel) says

      it isn’t strange at all. They said they will pay out starting in May, finishing in June. It isn’t yet the end of May.

    • Rebecca Cockram says

      It is strange Mark I don’t get how they can “close everything down” yet we have had no correspondence from them since the middle of June 2020. If it wasn’t for this chat how would we know what’s going on? I haven’t a clue what my redress is or anything! Very unprofessional

    • Craig says

      From the administrators report, although there’s a figure at the top of the page that it’s probably based on. £340m is the estimated value of claims, ICL’s parent company put £20m into this scheme, so right there we are at 6% before the administration costs.

  24. Matt says

    As previously said the only winners are the lawyers and accountants! 4.2% is a slap in the face! I personally will be donating my £260/ £270 to a charity! Will make me feel better, the robbing ‘bar stools’ can go swivel on that!!! Haha!

  25. Darren says

    Does it not come over as being a bit odd that this scheme is looking to pay the exact same percentage in the pound out as wonga did when the same administrator is responsible for both schemes 🤔 I mite be wrong here but I find it very hard to believe that both companies had the same outstanding debt,
    the same amount of redress customers with valid claims,
    the same liquidation costs,
    the same lawyers and accountant costs
    the same debts etc etc which I would imagine would be the defining factors in the percentage available back to customers. Could it possibly be the case that this will just become the accepted standard percentage that any other company going forward will now be obliged to pay when they inevitably go under because there was clearly no way to challenge what wonga paid as I’m sure is the case here because as Sarah has mentioned there is no more money in the pot, although something smells fishy here when both pots just happened to have the same percentage back per customer. Anyway just thought I’d chuck that out there, my £60 is going to my local animal shelter as did my £92 I got from wonga last year, would rather the money went to a good cause its the only way its not an insult.

    • Sara (Debt Camel) says

      Grant Thornton was the administrator for Wonga. The accountants here are KPMG

      • Darren says

        I stand corrected then, still feel there are too many variables for the customer percentage to be roughly the same but I was stupid enough to take the loans in the first place so who am I to question the percentage payout…..

  26. Nigel says

    I made a claim last year on a different email address, unfortunately that email address was closed by sky so I have no information about my claim. I emailed the money shop 2 week ago and have had no reply.

    • Lynne says

      Keep on at them Nigel. I too had a different email address when I first made the claim and because of the amount of time that had passed I’d completely forgotten about it. I’ve had no access to that email address since Dec 2019 so I contacted them in March and they reissued my decision in principle letter to my current email.

    • Candyce says

      I hadn’t received the latest update and I could still access my portal, however today I can’t so I have emailed them this morning and this is the response I got.

      Thanks for emailing the Instant Cash Loans Scheme of Arrangement.

      We will commence payments in May 2021. We are unable to supply a specific date for claim payments at this time. Please accept this response in answer to your query.
      f you have an existing claim and your email is about something else, we aim to be back in touch within the next 5 working days.

      Not sure if that helps you, there is a number on the website – 020 3901 7440 it says lines are open Monday to Friday 9am – 5pm

  27. Faye says

    They said the portal would close on the 8th…that’s been and gone and now it’s closed…it states they will contact us accordingly with details of redress in May we still have a few weeks more of May, best thing is to sit tight stop fretting, ringing them every day and emailing won’t make things go quicker or give payment date, they have stated they cannot give a date. This isn’t a go at anyone I’m as annoyed as everyone else but they state clearly no date will be given

  28. Rebecca says

    It’s not the fact of no date has been given, I couldn’t care about the money side of it. It’s just not very professional that we don’t even know our redress amount or anything no correspondence to tell us what we are looking to have etc.

    • Sara (Debt Camel) says

      So far as I know, they have not yet had the final meeting to agree the amount.
      You may think this is unprofessional but this is the way insolvency always works. The reason for the emails about remaining balances over the last few weeks has probably been to try to flush out problems so they can be resolved which will make the distribution more accurate.

      • Canaan says

        Thank youu Sara.
        This is the clearest comment thus far that they hvae not had their final meeting yet and so we just wait patiently.

  29. Clive Jones says

    Hi, so they want to use my redress against an outstanding loan but I went for a DRO last year which was completed successfully.

    The outstanding loan was apart of the DRO! I have emailed the money shop and they say that the DRO was not before 2019 so I still owe the outstanding debit which originally was taken out in 2011 they also say the debit is not statute barred even doe its 10years old.

    I have made a complaint to them (the money shop) around 15 days ago but yet to hear a response, where do I go from here?.

    • Sara (Debt Camel) says

      You need to argue this one through with ICL. I am not sure why the date of the DRO is relevant here.

    • Craig says

      Same here. Debt previously written off but now they’re bringing it back to set-off redress. I’ve given up trying to get an answer from them, I’m going to complain against the administrators when it’s finished. We should be in the same situation as those that had debts sold to PRA as far as ICL is concerned, they no longer own a debt so there’s nothing to set-off against.

  30. Deborah says

    Hi Sara
    Can you tell me if an IVA has been successfully completed then are those debts classed as ‘settled’? It would appear from my emails that Money Shop still consider my loans to be not fully paid off. I did send them evidence of my IVA being completed. Can a debt be ‘settled’ and ‘unsettled simultaneously? My IVA company certainly see them as ‘settled’/‘written off’.

  31. Paul Evans says

    I think this is totally disgusting. They have informed clients that they are due monies back and are now saying that in order to pay back every successful claim they will only pay back 4%. They should have been made to have sufficient funds to pay v=back everyone the full amounts of their redress.
    For nobody (like the Treasury or the government) to take them to task over this is disgusting. They were very quick in taking our money no questions asked.

  32. Edd Sharman says

    I have just spoken to them ok , payments will be this month and you will get a email a few days before explaining the amount given

    • Gazza says

      I’ve registered for the comments section just to applaud this comment haha. Excellent love this.

  34. David says

    Wonder if anyone else is in this situation. My redress is likely to be £1000 plus (of which I’m due back naff all @ 4%) however, my outstanding debt is now £250. I noticed some people have advised that their redress is being knocked off their outstanding balance. By this, do you mean the whole redress amount? ( I.e the 1000 would wipe out my 250 completely) or the 4% of redress (I.e this would knock off 40 quid from my outstanding debt). Also (this is where it gets messy) my outstanding debt was passed on to a debt collection agency…what happens in this situation?

  35. Jay Burton says

    Ive had an email saying my redress will be used to repay the loan i still have with them, A loan which i know nothing about, They say it was taken out in 2010 and only 1 repayment was made. The Money shop were still trading in 2010 so surely they would have been in contact if id stopped paying. The date they say they took the 1 repayment doesnt show on my bank statement either. It all smells a bit fishy to me.

      • Ken says

        Hi I was told that I had an outstanding debt with Payday uk of £250 but it’s now £350 I have emailed them over a week ago asking for details so f this has I never used payday uk only the money shop in person and you can guess no reply’s from them at all what a surprise

  36. Claire Turton says

    Has anyone had a email with amount they are recieving ? or even better still a refund
    Its the 12th May ,they best get a shake on if they are hoping to make payments on May

    • Sara (Debt Camel) says

      NO.

      Just look here for lots of people saying they have been told/been paid, there will be a LOT when it happens :)

      There is more than 2 weeks to go, time is not running out, there is no reason to think payments won’t start in may.

  37. Sam says

    My redress is £4250 a debt of 750 to pay day UK I don’t get how they can legally take the latest fig of my redress which us 168 and off set it against pay day UK they owe me more than I owe them fair don’t come into it

    • Sara (Debt Camel) says

      has this debt been sold to a debt collector? If so, who? This makes a difference.

  38. Montrose54 says

    I think you should all just sit back and wait. There is absolutely nothing you can do to speed up the process and posting speculation in here does nothing for everyone’s mental health. It’s been nearly 2 years since this process started, another 2,3,4,5 weeks isn’t going to make much difference.
    Appreciate some people are desperate and need the money, again until people start getting paid out you will only work yourself into a frenzy nothing we can do until they start making payments.
    Lockdown is off, go out and enjoy the sunshine folks

    • Dave R says

      A great comment. The daily comments with speculation and outrage with every passing day is just too much. They said May 2021 and it’s only the 12th. Take care of yourselves and stop hounding them if you are – it won’t make a bit of difference! keeping everything crossed for everybody!

  39. Scal says

    Wait, what? We will actually get some money from this thing soon? Jesus, time is going too fast. I remember thinking about who to give my £50 money shop refund to in my will, many years ago 🤣

  40. Ken says

    I noticed from an article from may 2020 that the administrators said there was insufficient funds in money shop/ICL I’m guessing to pay much refunds if this was the case why didn’t they think of the customers and instead of charging tons for there services which in turn hasn’t left much
    What I like to know if there was £340 million how much of this did the administrators take from this sum

      • Sarah S says

        What a joke!! Why even bother to send customers ‘redress amounts’ ? All it’s done has tricked people into thinking they have hundreds/thousands and then a few weeks before slapped them in the face.

        • Sara (Debt Camel) says

          They had to tell you the full amount as you had the right of appeal if you think not enough loans were being refunded.

  41. Steve says

    They have contacted me asking who the trustee from my bankruptcy that expired eleven years ago is. No such thing exist. They haven’t got a clue what they are doing and have had 2 years to ask questions that they are now asking 2 weeks before the supposed payout. It’s an absolute shambles and a total joke.

  42. Mark says

    Last communication I had was over a year ago saying my redress was £250.
    I have chased them as no updates and not even received any final redress as they stated they would do prior to payments beginning in May ! I emailed and just got rude responses !
    Still anything is better than nothing and at least they cannot prey anymore on people

  43. colin wallace says

    I can’t wait for my refund as previous people have said any refund is better than no refund
    but still think 4.2p in the pound is a load of rubbish
    they should have paid what was said originally 20p in the pound
    which we could swallow a bit better than the 4.2p

    • Lynne says

      I agree. Something even just in double figures would’ve seemed/sounded much better but there’s no point dwelling on it now. All we can do is hope it comes to a conclusion soon. As soon as people start getting messages about their amounts we’ll know the money will start to trickle out 👍🏻

  44. Sara (Debt Camel) says

    I am not publishing comments asking if anyone has been paid.
    As soon as payments start, people will report them! So if you don’t see reports, no one has been paid.

  45. Matt says

    I don’t think we will get paid this year or even get paid, they will use covid as reason.. And they will keep the money long as possible to get interest. The UK gov can’t do anything about it because they will get share of it..
    Why did they gave hope for so many people xxx amount of money very bad company

    • Sara (Debt Camel) says

      I understand why people are sceptical but there is no basis for saying people won’t get paid.

  46. Syeven says

    Tbh I didn’t expect anything back due to my own fault using payday loans. And to be fair any amount back is a bonus they could of gone bust like others have and paid no redress so I am happy to get anything back as it feels like I’m getting something back for my mishaps of youth. If its only 4p in the pound that will be something better than nothing. At the end of the day we shouldn’t rely on this money as it was money we didn’t have a tenner a few hundred is better in our pockets and I’m sure we will be paid very soon. These pages are great to hear ppls opinions but realistically it is us the consumer that has won with them going to administration so let’s be happy it will prevent them causing distress to others in the future.

    • Sam says

      I do agree with this based on my own circumstances, obviously everyone is different but anything coming back is better than nothing for me. It’s the end to a long spiral of bad financial decisions, particularly with this company that I’m glad to see the back of. I doubt I’ll be getting much at all but when I took out the loans, I didn’t expect to receive anything back once I’d paid, so it’s a little, we’ll probably very little bonus.

    • GL says

      I agree it’s great they won’t be causing misery to customers in future.
      But we were lied to at the start of this process when we were promised a decent percent back. Is there no way of holding them to account for this?

    • Chris says

      Yes, I agree, I’m glad they are all slowly going into administration. It’s only a matter of time before the rest who are still around will also have to call it a day because their market is being destroyed.

      Payday lenders will eventually become a thing of the past, although I feel for the smaller people within these companies who have lost their jobs because they probably never really liked themselves for having to work for these companies, they must have woken up every morning feeling like crap, if they had a conscience because many of them are no different to most of us really.

      The ordinary workers in these places might not have been able to get any other kind of work, whereas the big bosses and shareholders of these companies like Wonga and The Money Shop that have gone bust will still probably parachute out of it quite nicely and could open up some other kind of dodgy business elsewhere with the money or even retire on it, which is not really justice, it’s only the little people within those companies that will really suffer. These big bosses really ought to be jailed but they won’t be as far as I understand.

      • Canaan says

        It i never a good thing to wish anyone to go under! The payday loan companies saw an opportunity to make money and unfortunately, people will always want money so provided a solution that is detrimental to many of us but ultimately they have been found out and their profiteering has ended in them going belly up due to a process of not knowing their customers very well.

        I learnt my lesson that if my bank will not offer me a loan or extend my overdraft; then perhaps I really do not need to be borrowing but instead should be looking at other ways of making money legitemately!

        I think it is imperative to learn to be more money savvy and avoid ever considering borrowing money with any institution other than our own banks that we bank with.

  47. sue says

    hi i am waiting for the amount im due to get i got email to say it closed and would payout in may i am waiting to see how much it is but due to the level of debt im in and im trying to get out of it i ended up doing an iva and im on my last 2yrs and it a hard slog so any money i get has to go to them i cant keep it so you can enagine the sadness i got when i was tod some thing is comming so im not in a rush but the amount would be nice to know

  48. Leah Wilson says

    Hey, they emailed me saying I still owe some of the money to an older payday loan so this will be taken off the amount (ok fine) I challenged this as I was in a DMP back in 2014 and I emailed them back. They then emailed me back a week later saying they have no record of the outstanding debt being paid & they’ll be in touch in “the next few weeks” to confirm exactly how much I’ll be getting. Doesn’t sound like it’ll be a May pay out according to that email so we’ll just see hey

  49. Catherine says

    Hi all if you go into the scheme facts they have been updated today. They are saying all decisions have now been sent any ideas as I haven’t been sent anything other than to say the portal has closed.

  50. Anthony hodgson says

    Right guys! My debt they said I owe has been paid off as I told them, don’t like words they put in email like how much (cash) I will get ? Not very professional and few weeks too! Good Afternoon

    Thank you for your email. We have updated our records and confirm this debt has been paid.

    We will be contact you within the next few weeks to confirm the full breakdown of how much cash you will receive.

    Kind Regards
    Instant Cash Loans Limited
    T: 020 3901 7440
    E: scheme@themoneyshop.co.uk

  51. Lynne says

    I just got this email from them 🙄

    Thank you for your email. We have checked our systems and we have no record of this debt being paid.

    We will be in contact with you within the next few weeks to confirm the full breakdown of how much cash you will receive.

    • Jade says

      I just had this exact same email too. They’ve suggested I still have a balance of £100 left on a loan from 2014, which I paid back in 2014. If I still have £100 left to pay 7 years later, then I’m surprised I’ve not heard about this or had anyone chasing me for it by now.

      • Lynne says

        Same Jade. They say I took out £350 and the balance owing is now £565. I never heard anything about this loan until now – when they’re taking it off my compensation!

      • Jay Burton says

        ive the very same, but they say i owe £380 from 2010. Ive not had anything to do with the money shop since 2008 and this was the only place i borrowed from.

    • Daniel says

      Had the same exact email just it’s disgusting it’s like there not investigating and just trying to fob us off .

    • Dee says

      I have today received the exact same email, basically saying they have records of this debt being paid. I have asked them for all communication, payments made to and by me and any other information pertaining to this debt. I said if they fail to provide, I will assume the debt is not owed.

  52. Sops says

    I had similar only mine said the debt has been paid ! I don’t think they know what they’re doing anymore , I’m not even replying to them I’m just hoping for a swift payout now.

  53. paul says

    Got this reply from them after i said i owed nothing: Good job i kept the records; even if it is only worth and extra 20 quid

    Thank you for your email. We have checked our records and confirm this debt has been paid.

    We will be contact you within the next few weeks to confirm the full breakdown of how much cash you will receive.

  54. Lee Deere says

    I had something similar, they claim I owed 400, total nonsense and I have sent them written proof that the debt was paid. Of course they have chosen to ignore me on the two occasions I have sent it in. So who knows how much or when I will receive anything. Sounds like a huge con to me to save money abs hope nobody questions them.

  55. C Smith says

    My gripe is that many years ago I contacted them due to irresponsible lending and to investigate. They wrote back to say only 6 loans had been irresponsibly been lent & refunded me. I then took my complaint to the financial ombudsman, but it took so long that the company then went into administration 😡. Now they are agreeing that yes all my loans were irresponsibly loaned, however due to the insolvency I wouldn’t get back the full redress 😡😡 annoyed, yes! But unfortunately nothing can be done.

    • Craig says

      Yep I had that too. They asked for bank statements, I sent them and then heard nothing then suddenly they slipped into Administration. I’m hoping the same happens to Lending Stream who were most unhelpful and passed an amount to a company called ACI without assisting when I was made redundant. Yet they never respond to complaints. I’m tempted to take on a claims management company to take them on

      • Sara (Debt Camel) says

        Why go through a claims company? It doesn’t speed things up at all or get you a larger payout.
        Make a complaint to Lending Stream and send it to the Ombudsman if they don’t offer you a reasonable refund. Lending Stream seems to have improved their complaints handling a lot in the last 6 months, so you may not even need to go to FOS.

      • Val says

        Don’t !!!
        I emailed lending stream in March with complaint an within four days had email
        They had agreed amount they owed me £346 then asked for bank info I sent next morning within hour was in my bank
        Do it now!!!

        • Sops says

          I’ve tried them before and they wouldn’t play ball even though I had countless loans, I may try these again.

          • Becky says

            Please do,
            I complained via their website in January and got back nearly £5, 000 all done in a week.

  56. Someone says

    Wondering what they will say at the end of May.

    “You will recieve your payment sometime this decade.

    Wish they would just say there is no money then we can forget about this scam and get on with our lives.

    • T brown says

      Yeah I’m the same they agreed my loans were miss sold and paid me close to 600 now they owe me nearly 6k why wasn’t this the case when I first applied 😔😫

  57. Sue says

    I guess the situation we all find ourselves in is due to our own decision making. I was greatful at the time for these loans to keep me afloat. I sadly sdidnt think twice aboit the consequences at the time. Anything being refunded is a bonus.

    • Betty says

      Sue I agree with you. It is easy to forget how we would have felt back then if the money shop had refused the loan. We MUST take a little responsibility. My 2500 would have made such a difference to me but I also have to settle for £100. But it is something and I have learnt a valuable lesson.

  59. Colin wallace says

    Yes I had loans from sister company satsuma
    And have written to me about refunds
    Looks like might get something from them but not anything going to happen till next year

  60. Richard says

    They said I owed them money from a previous loan I have asked them for the credit agreement but they have not sent it me will I still get the full 4%

    • Sara (Debt Camel) says

      are you disputing the previous loan exists? or saying you have repaid it?
      You need to be clear why you are disputing you owe this money – the lender not being able to produce the CCA agreement is not proof on its own that you do not owe the money.

    • siobhan says

      I have the exact same situation as you Richard. They have admitted they don’t have the CCA, yet they still think they can take the money.
      I don’t understand why they can take money, when they have no valid proof that the debt was ever taken out, let alone the amount. If that is the case they could say you owe any amount and you wouldn’t have a leg to stand on

    • Keith says

      I was told by them that anything you owe will come off the full redress amount then you will be paid the dividend(4.2p) on what’s left.
      Eg, they say your redress is 5000 but you still owe 1000, they’ll take the 1000 away leaving 4000, you get 4000 x 4.2p.

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