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. Gayna says

    I remember playing the waiting game for the wonga pay outs and I was checking daily getting myself in a tizz about it and one day it was just there within the time frame they gave but near the end so realistically I wouldn’t be expecting payment until the end of may, start of June and as long as it appears before the end of June then technically they’ve done what they said they would.

    • RD says

      It’s been repeatedly put back – April, May – now June. It’s a farce. There should be a penalty for this delay and/or interest. How can anyone have confidence they will ever see a penny when this keeps happening?

          • Sara (Debt Camel) says

            You will get a percentage of the total refund that ICL calculated. That is the interest on the unaffordable loans plus 8% sinmple interest per year.

      • Mick says

        Hi,
        I would like to know if these delays have been costing the creditors, I suspect they maybe as the administrators need to take their cut. Disgraceful!

        • Sara (Debt Camel) says

          The original delay of a few months was because of Covid-19 – this depayed the paymnets coming in from ICL’s previous US parent. Without these payments there would have been much less money to distribute so there was no option but to delay.

          The more recent delay was mostly caused by the difficulty in getting cases resolved which had been sold to debt collectors. It was to the benefit of the customers that this should done as far as was possible.

  2. Hayley says

    I don’t think it’s helpful saying “we knew what we were getting ourselves into”. Obviously some people had NO other choice! The point is fat cats shouldn’t be allowed to run off with millions of pounds through peoples distress. If we are getting compensation it’s because it was lent irresponsibly. If they had taken proper protocols and checks we wouldn’t have been in a trap and borrowed for so long. Companies like this make me sick. And I genuinely hope they receive their karma.

  3. John says

    I have to say that ‘within the next few weeks’ suggest that if payment is made in May we will be lucky .

    More ironically KPMG have announced that all their staff will be paid a 4% bonus of their salary this year. I am sure you will all no doubt wish to join me in congratulating them on the thoroughly professional job and well deserved bonus that they will be getting this year. I think not.

    I have already sent an FOI request in respect of the scheme costs since I would clearly not expect any such costs to include bonuses.

    • Suse says

      KPMG’s ability to pay a bonus is not relevant. I know it’s disappointing to be getting such a small amount of the total due but it is not KPMG’s fault.

      • Tom says

        KPMG has to take responsibility for the costs occurred (someone said £8m), the confusing and lack of communications, and for failing to buy back loans sold to PRAC. I would like to know how much they offered to buy back the loan book, did they offer 4.2p in the pound or was it closer to 1p in the pound? we all lose out if they offered less than the pay-out value.

        • Sara (Debt Camel) says

          KPMG aren’t the administrators here. This is not technically an administration. It is a Scheme of Arrnagament. ICL are making the decisions and KPMG are just brought in to write a report on how it is going every 3 months.

    • Issy says

      Staff getting a bonus I’m disgusted , they will probably get more money than most of us customers, beggars beyond belief what these companies get away with , I’ve heard it all now !!!

      • Vanessa says

        But the people who work at KPMG are just doing their job and if their contract states of an annual bonus then surely they deserve it?
        im sure the money shop has not been their only client so while it may feel unfair to you, to a lot of them it’s their head bods saying ‘thanks for doing your job last year’ and also at a time when they cut 100+ staff and reduced their employer pension contributions.
        Yes, it sucks we are only getting 4% but it’s better than nothing and makes me wish I’d got the ball rolling sooner so I’d get £4600.
        Was stupid at the time but no other option to take the loan but more stupid not to take action earlier!

    • G.O. says

      Also, to add to the previous comments, KPMG is one of the ‘big 4’ accounting firms, even though we might be upset about a small payout, their 4% bonus wouldn’t have come from representing this one particular client…

  4. Linda says

    I got a letter saying I was geting 6000 pound and now that’s gone down to 200 hundred pound big drop I think and I still not received it

    • Craig says

      Is this a fresh recent letter or an old one? There’s a comment further down saying they’re now sending letters out telling people what their actual refund is, just wondered if this is the letter you got. £200 is closer to 3% than 4.2%.

  5. Natalie says

    Has anyone received anything yet from the redress? Just wandering as they said they would start making payments in may

    • Kerry Lynch says

      I spoke to them on Friday to be told they can’t access details as system all been shut down and letters have been sent to people telling them what their refund is.
      I was told payments starting end of may and complete by June.

      • Craig says

        The end of May is a bank holiday and a weekend, I assume they will be paying by the 3 working days method too as I think it’s cheaper. So I wonder if any payments will be received in May rather than just sent to be received in the first days of June.

        • Sara (Debt Camel) says

          So far as I know the only people getting letters will be those who are being sent a cheque.

    • Sue says

      We have been waiting nearly a week now. Look at how quickly that week has gone by…… it shouldnt be too difficult to wait a couple more… hopefully🤔

  7. Kaell says

    Received this reply today from them after I disputed I still owed them money

    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.

    If you haven’t disputed the owing balance I suggest you do now. If you have and your debt was sold to Prac/ bw legal like mine was and you paid the outstanding then log into the bw legal portal it has the details of the loans they brought from instant cash and if you click on the more info tab it also shows the actual date of assignment . Use this in your dispute email and also threaten them with a SAR request of all the data they hold on you( they must legally comply to this request no exceptions). That’s what I did and they replied within a week with the above reply.

    • Charlie H says

      I’ve emailed them three times with the proof the loan they say I still have outstanding was cleared and no longer exists. I know they have read them as I got read receipts back but no reply to any of them. Totally appreciate that the amount I’ll get is very small but to have that reduced by 50% due to an error on their end is clearly not right. Question is, if they still go ahead and pay out based on that error, what recourse do we then have?

      • Lozza says

        I am also disputing a loan they say is outstanding but I have paid off, ironically with the help of a debt charity.
        Can get nowhere, so frustrating! I’m only due around £40 but I want it for myself, I don’t want it paying a loan I’ve already cleared!!

  8. Kenneth Kennedy says

    so there is £340 million in the fund and there was 182,566 claims of which 85% where upheld so what i like to know is how much is being taken by the administrators because it seams they are the only ones making money out of this and a lot of it to and to be honest any cost of the scheme ie the setting up and administrators cost should be met by the owners of icl and not the people that where ripped off

    • Sara (Debt Camel) says

      This is a Scheme not an administration.

      ICL is going into liquidation. There is no one else to pay these costs.

      The people that are to blame for the low payout are the FCA. They allowed the Money Shop, PaydayUK and Payday Express to carry on lending in breach of the FCA’s rules. And they have failed to provide for a back up when a lender goes under. If a PPI firm went bust, people owed PPI refunds were paid in full from the Financial Services Compensation Scheme (FSCS) – the FCA decided not to include lenders in the FSCS.

      • Sharon says

        Hi Sara,

        Do you think it would be worthwhile complaining to the FCA about them not including payday lenders in the FSCS? I realise it would probably take lots of people to complain, if they did all complain, I just wondered if there would be any chance of them including payday lenders.

        Thanks for all your help and support on this website it’s much appreciated x

  9. Csmith says

    Very sad this government do not help its people. Many included, who took these loans are from the ethnic minorities and am sure the lawyers are not. So what do you expect?
    Big pay day for their brothers the lawyers.

    You will be lucky if they don’t try to delay payments further blaming third round of covid, just to suck more blood money.

  10. Vanessa says

    I just want to say a huge thank you to Sara for all her help and advice and give you a massive pat on the back for patiently repeating yourself time after time to the same questions! Personally by now, I’d have lost my rag and said ‘read the 100+ above ffs!’
    People are always too quick to have a moan about customer service but will rarely give praise – so thank you for all your hard work x

    • Jane. Brand says

      Even myself I have not posted anything on this forum but I am very encouraged by het replies and tolerance. Once this problem is sorted she deserves a good holiday. Let’s now sit back and wait for our payment. The month of May will soon be behind us and hopefully our money in our banks. We hope.

    • ROBERT says

      Yes, all good as & when the pittance is paid, and then we (some) switch to the QuickQuid page…Ad infinitum!

  11. Claire says

    I’m another one who has disputed an amount owed of £250 and had a reply telling me that the balance has been paid. I actually disputed the date of the loan as it doesn’t match my records and I had 2 further loans after this date.

    What it means to me in money terms is negligible….£10. But how many others will have outstanding loan amounts withheld from their already pittance of a redress for money that isn’t actually owed?

    Please query it if you believe the balance owed amount is wrong or not owed at all.

    • Lynne says

      I disputed mine too but they say they have no record that it’s been paid and I’ll just have to accept that.

      What concerns me is they go on to say ‘we’ll be in touch in the next few weeks about how much cash you will receive’. Few weeks makes it sound like it’s slowed things down by disputing the outstanding loan. Hope not, especially as the difference was only £23.

      • faye says

        Not that I’m an expert, but if they are paying out around 150,000 thousand customers and 10% of those customers are emailing, ringing up etc to challenge decisions it will undoubtedly slow things down…If you just take the people and comments on here daily say oooh I’ve rang or ooooh I’ve emailed them, times that by goodness knows how many others we don’t know keep contacting them it’s going to slow the process down, which is fair enough if you feel they are trying to charge you for loans you may have paid, but I think we have to be realistic, if someone complaines they have a duty to investigate, if you’ve got thousands complaining it will knock everything back by weeks.

      • Val says

        It’s concerning as how can they accurately say the amount we are getting of what’s left if so many only just been told they still owe an they are disputing that especially if some are genuinely all paid up
        How can it have taken a year to now tell people this late
        There is no accurate per cent due to this
        They would have been working on this for ages so makes no sense
        They would need a total of genuine claims less genuine balances to get an exact amount to refund

  12. Martyn Pope says

    I think we should all make a complaint against the FCA, stating that we were paid no where near what the calculation redress for the loans actually were. The more people from this hash-up that do this, the more likely they are to have to take notice.
    & thanks Sara for this website & for your help.

      • Neil says

        Hi, I’d be keen to try & take this further too. Theres tens of thousands of us & surely if we could all push the FCA to do more we might get something more done. I’d even be willing to put the pittance I’ll maybe receive from the £8000 towards any legal fee’s. The sheer numbers would have to get them to take notice. Anyone else up for it???

        • C Smith says

          Agree complaint should be logged, however won’t change anything regarding the outcomes. Going forward they would probably ensure these companies are covered by the conduct authority. As for your £8k, good luck with that!

  13. heron mcconnell says

    Has anyone been paid already ? I am owed £930 but only 4 out of 6 loans are eligible so about £600 ideally will be refunded to me and the trouble is I have no idea as to the exact day the cash will arrive and even though I appreciate the actual amount will be less than I might hope it would come in useful right now.

    • Sara (Debt Camel) says

      NO, when people start being paid, there will be a lot of comments here saying that.

      If your refund should be £600, it is likely you will only receive about £24.

  14. Anthony moosa says

    how do you know how many loans they would pay back as atm ive not been told anything

    • Vince J says

      The Money Shop communicated this through the online claims portal. The portal has since closed on 8 May and can’t be accessed.

  15. Linda Steatham says

    The letter I got was from last year saying the amount was 6000 pounds but not gonna get that I will just wait to see when I get my letter hopefully end of wk saying ex how much I am going to get

    • Craig says

      Okay thanks. I don’t think they have my current address so I’m keeping an eye on here for how much % we are going to get.

      • Lynne says

        Do they have an up-to-date email address for you Craig?

        The reason I ask is I had a different email when I registered for the Scheme. It was only when I raised a complaint through Resolver in March they said they’d already sent emails out to anyone who was eligible. I then realised it would’ve gone to the one I don’t have access to anymore so I corrected my email address with them and they re-sent the message with the letter attached, showing the amount of my redress (all 34 loans upheld).

        Like everyone else, just waiting for the ACTUAL amount and % now!

        • Craig says

          Yes they have my current email address, I’ve received the odd update and I could log into the portal until they closed it. If they send out the details by email I’ll probably get it, but if it’s a letter through post probably not.

  16. Jonny says

    Dont expect to get anything back and anything you do get count as a bonus. Majority of the money in the pot will go to lawyers, solicitors and companies that deal with the administration of the company. They’ll zap as much as they can. You can be certain that if you receive for example £100 from the redress then the same amount again will go into the pockets of solicitors and lawyers.

    • Lynne says

      It’s not really helpful to remind us that we’re not getting anywhere near what we should, and also that the lawyers etc will get the biggest slice. That’s just a given. The little people i.e us will always come off worst in these situations. It’s not right but it’s how it is.

      • Jonny says

        I know its not helpful but seems like a lot of people on here expect a lot more than they will actually receive. I wish we could get the whole bloody lot back but unfortunately that will never be the case.

        I do agree though, the little people always get screwed over. A big shame.

  17. Sarah says

    Hi all,

    Apologies if this has been communicated already somewhere in the thread. But does anyone know if these loans will be wiped from our credit files? If so, will this be done automatically. And if not automatically, can we apply for the possibility of it? Thank you so much

  18. Jean says

    I borrowed over 3-5 grand so can any tell me the peanuts I will receive back thank you. I was told my pay out will be April 2021 but was told it won’t be till May instead of April if I am lucky. Very poor company no wonder they went bust. Absolutely chap. Probably get a couple of hundred out of 3 – 5 gran. How anyone got money back yet so I can roughly work out what I am due. Scum company u should get the lot bk after the in crease I paid for 3- 5 grand. Thank you that will be well appreciated.

  19. Aiden Simpson says

    Any idea what will happen if you have changed bank account since portal was closed?

    • Ross says

      Your bank will transfer the funds to your new account. This is part of the switch guarantee 😇

  20. Terry says

    Apologies as this is a bit of a general question but sort of ties in with the Money Shop etc. When a company dissolves and there is no longer a direct contact, what is the route on getting your credit file amended if you believe there is incorrect information. Contacts from Experian usually ask you to contact the lender directly. If they are long gone then what would the solution be? I know this TMS and PaydayUK etc are still contactable so it isn’t entirely relevant yet to these companies.

  21. Nathan Muir says

    They tell me I have an outstanding loan, but I 100% remember paying it off 7 years ago. Unfortunately I don’t keep records that old, so just have to accept it. I think the issue here was that it was a 3rd party who took control of the debt and they didn’t advise Money Shop of the payment. That’s my guess anyway!

  22. Denise Lawrence-Jones says

    Good morning.

    I just tried to access the Moneyshop website and could not get in. On the main Google search it said this ”

    The Money Shop has made the decision to close this store. Apologies for any inconvenience caused. If your enquiry is regarding: Short Term Loans or Cheque …”
    Does that mean that they have finally taken down the website?
    If this is the case, perhaps it’s a precursor to them beginning the process of emailing and paying out the refunds.

    Thank you for all of the hard work that you do and have done for so many people…it is truly appreciated.

    Regards

    Denise

  23. andrew says

    a question for Sara

    lets assume at 4p in £ I have a redress of £400 ( £10,000 claim )

    They say i owe them £300 outstanding loan

    does that mean when it is set off i get £100

    or is my set off claim now £9700 and i will get £388

    Not understanding what set off actually means

    Thanks in Advance

    • Sara (Debt Camel) says

      Set off comes first, then the 4% calculation is done, so your second suggestion is right my set off claim now £9700 and i will get £388

      • Andrew says

        thank you for such a swift explanation
        And how does the set off effect my credit score , does it mean that the long term debt would then show as paid / cleared

        • Sara (Debt Camel) says

          the last loan(s) must have been marked as defaulted or with payment arrangements. As these have been decided to be unaffordable, either the negative marks will be removed or the whole loan will be deleted.

  24. jonathon stratton says

    Hi just whated to now is the money shop redness claims are thay letting us now by email on how much I am going to get or are thay going to send a letter out in the post as it do not say how thay are going to do it

    • Mo says

      Hi Jonathon
      Looking at the March 21 Quarterly Report
      It says 4.2p/£.
      From their emails and on the Portal webpage, they will be sending us communication regarding how much you will receive. So you just need to be patient and wait for that.
      Before they closed the Portal, there was a Decision in Principle pdf file which would have told you the Total Redress Amount, this amount is not what you get but 4-4.2% of it. Also, you should have entered your bank account details which is where your redress will be sent to.
      They are most likely going to email any information.

  25. Kate says

    Completely agree with both of you: imagine being able to get access to such incredible advice, with personalised responses, and still having a moan. (I don’t have to imagine, of course, as I read these pages!) Sara is amazing, and I have already made three donations to CAB in her name, since her advice has resulted in three settlements – I didn’t even know it was possible to claim before reading these pages, and even though all have been administration pay outs, I have still received money I didn’t know I had any right to ask for.

  26. Lynne says

    I know Sara will shoot me down again for saying this but I really did hope they’d start sending emails out by now., especially as they stated they’d an email a few days before the payment. At least if emails started arriving we’d know we were on the home straight!

    • Sara (Debt Camel) says

      People will be paid in batches. No-one should assume they will be in an early batch.

      • Darren says

        I would have thought it would be an end of the month thing? Almost like running a BACS payment pay day run in a company? Hence the 3 days notice?

        • Sara (Debt Camel) says

          This is NOTHING like a routine payment of wages. There is no reason to think it will be at any particular time of the month. There is no reason to think ICL are deliberately delaying this.

    • Marienne Campbell says

      I’ve emailed them today and still no news. Just the same that they have a lot of claims and payments will start in May.

  27. Annie Goodfellow says

    I need to get a credit report for 2017 2018 can you advise how I do this please it’s for the ombudsnan

    • Sara (Debt Camel) says

      Most people can’t. Send them your current credit report unless you have saved any old ones?

    • Mo says

      Excellent news Sara! Only 0.1 off! :-)
      I think you should put the ‘dont contact ICL’ sentence in big bold capitals as I’m sure there are people that are constantly contacting ICL
      (Still won’t work though!)
      Hopefully when people see this post, there isn’t a frenzy of comments about information you have already provided in your post and replies.
      Now waiting for the avalanche of ‘I’ve been paid!’ comments next week and then the following annoyed replies! lol

      • Daniel says

        I’m sure Sara’s use to it now like water off a ducks back she went through it all with wonga I salute her she’s got so much patience lol

    • Vince J says

      Thanks for the update, Sara. It’s good to know things are moving along and we will be paid in due course. We just need to sit tight a little longer. Thanks again. For everything you’ve done really.

    • Jay says

      Will payment be made everyday from 24th May. 1st batch on 24, 2nd on 25, 3rd on 26 and so on. What is the time delay from the first batch to the second batch.

      • Sara (Debt Camel) says

        I don’t know and I don’t know how large the batches will be.
        Until they start being made, ICL may not have any idea how many problems will result – Wonga had a significant number of payments failing.

        • Jay says

          “Payment failings” that does mean they run out money and couldn’t pay some

          • Sara (Debt Camel) says

            No! It means the payment Wonga sent bounced back as the bank account details were wrong. So the administrators had to resolve each one manually. there were more than 10,000 of them…

  29. grant says

    well done Sarah,

    so for me, 11,759.77 redress = 505.67 return ………hmmmmmm well 4.3% is better than 4.2 or lower. just got to wait for the bank transfer now.

  30. Sheila says

    The only query I have is why payments are to begin next week but not finish until the end of June?
    This seems to be a further stretch.

    • Sara (Debt Camel) says

      It says they will be completed by the end of June – it may be earlier.

      This is not a further stretch, they have been saying May-June for some time.

      My guess is ICL will not know how well the batches will go until they start. Payments that bounce back have to be resolved.

  31. Christian says

    Hi Sarah, just a quick question about how do you acquired all this info from ICL? Basically the payment details from ICL will be sent individually so far I haven’t received any email from ICL?

    • Sara (Debt Camel) says

      I asked them.

      Payment emails to customers have not yet been sent out and will only go shortly before you get the payment.

  32. Conor says

    Hi Sara

    If they are posting cheques will they be sending to the last address they held for the person? My memory is terrible and I can’t remember if we had to update address details when confirming our redress agreement a couple of months ago!! Sorry for the silly question!

    Thanks

    • Sara (Debt Camel) says

      I am not sure where else they could send them?

      But did they have your banking details? If they do, then you should get a BACS payment, not a cheque.

  33. Conor Smyth says

    Do others remember updating/confirming their address and bank details information on the portal prior to accepting redress? I’m pretty sure I did but as I said my memory is awful and I can’t check the portal now obviously. I guess when they email re the amount they will let me know if its BACS or Cheque.

    Cheers

    • Lynne says

      I just emailed them Conor because I never had access to the portal to start with and they confirmed they’d received them.

    • Barry says

      I did that so I’m assuming it’s going to be paid straight in to your account.
      I emailed this mob this morning, now getting an automated response, bunch of tea leafs

    • Tony says

      they asked me for updated bank details last year i did it straight away and got confirmation they had received it

  34. Sandra says

    Yes what we get is better than nothing! But I do feel it’s horrible that they tell you your redness amount knowing that your not going to get anywhere near it! Why tell us surely they only have to tell us that our claim is up held, and then there is no disappointment for us. And also I just feeling it’s a copy of other company that’s done the same

  35. Andy says

    4.3% is better than nothing my redress was £19500 would of been nice for higher percentage hopefully quick quid hurry’s up now as £13500 from there I must off had a problem years back lol

  36. Linda Steatham says

    I’ve just rung them said payments starting 24 may stright into bank so hopefully I will get my letter this wk my first letter said 6000 pounds so not expecting much back to be honest dose any body have any idea how much we are geting back please

  39. Alan key says

    For all the brilliant work you do for this page is there anyway we could make a financial contribution. This is my last refund and although it is only £152, in total thanks for finding this website I have cleared up my credit file and clawed back £10k in compensation across all my other loans. Thanks to you for educating us all and taking out your own time.

    • Sara (Debt Camel) says

      A small donation to your local Citizens Advice would be great.
      Each Citizens Advice is a separate charity and many of them are struggling to get adequate funding from their local council.

      • Alan key says

        Again I never knew that either, I assumed it was government funded. This isn’t lip service, I am legitimately going to make this donation. Sara the work you provide changes lives and possibly saves lives, you are a fantastic ambassador for debt management. Keep up the exemplary work.

  40. Dan says

    Hi Sara

    Just a quick question.

    I emailed my bank details after the portal had closed as I had trouble getting on the portal. I received an automatic reply saying the email had been received am I right in thinking I should get my payment by BACS?

    • Lynne says

      Should do Dan. I couldn’t get on tne portal so they asked me to just email them my bank details instead. After some time I emailed again to confirm they’d got the bank details and they said yes.

  41. Mary says

    Hi there

    I’ve been told I’m due 1500 back from the re dress scheme how do I work out what 4.2p to the pound will be ? Having trouble lol

      • Sara (Debt Camel) says

        The people who posted here saying they had received the full amount were probably not being honest and they used fake email addresses.

  43. Michelle says

    I would like to thank Sara for all her patience and being extremely helpful to us all.
    I am so grateful to her for answering ALL our queries on this site.

    I would also like to thank Lynne for working out the calculations whenever people were unsure!

    This will eventually come to an end with everyone receiving their refunds. Let’s just give thanks 🙏🏽 it doesn’t matter how small the amount will be, at least we will be getting something.

    Have a nice evening everyone 😊.

    • Lynne says

      Haha thanks Michelle happy to help! At least we’re nearing the end of this now. I’ve opened some wine cheers 🍷

      • Michelle says

        Cheers Lynne 🥂🍾 enjoy your wine , I will be having a few myself 😊.

  44. Annom says

    Annoyed.

    A previous irresponsible claim magically had it’s records disappear but later in this scheme it were upheld.

    Feeling cheated.

    Hang the shareholders.

  46. daniel kelly says

    I was told I was geting 700 but I no i wont get that please can anyone work out roughly what I may be getting please as my maths is useless thankyou

  47. Garry says

    I totally agree with those who made the comments that we responsibly took out the loans, therefore we never expected any later reward.
    However I feel the communication has been pretty bad from the start, and I don’t think the calculated redress figures should have been sent out to notify individuals of a possible windfall ( false hope )
    If the figure sent out to me is my redress after their mistake, then that figure is MY money, not to be chipped away by people who never gave any business to the Loan sharks, while they were making loads of money, out of us.
    Hopefully if money was still owed by people then the same redress calculation of 0.42 should be taken per pound a.s repayment
    Good luck everyone on getting something back.

  48. Sheryl says

    Hi all,

    Thank you to Sara and everyone for the answers and input. I had a redress of £10150 but had outstanding loans of £485 and £350. Can I expect any payment? Or will it just go off my outstanding? Thanks in advance.

    • Jay Burton says

      hi, your redress £10150-£485-£350 which is £9315. So 9315×0.043 equals £400.54 The amount you will receive will be £400.54

  49. Shaun says

    I was wondering whether anyone on here wanted to explore whether the redress scheme has been managed fairly? It just strikes me that people were asked to vote for a redress scheme whose ground has shifted a bit since the original vote. I understand that I was always going to receive a small proportion of my total redress, but wonder if objectively it has been managed fairly for those with claims.

    • Sara (Debt Camel) says

      c 85% of claims have been upheld.

      If it hasn’t been managed fairly, it isn’t clear that you have any redress at all. The Ombudsman will not look at a complaint. ICL itself is in the process of being dissolved.

      • Fred says

        The frustrating thing for me is when I previously complained years ago and took it to the ombudsman they didn’t uphold my complaints. But in this process everything is upheld.

  50. Anthony moosa says

    How will you know if your getting anything back at all just my last email did not state anything?

  51. Joseph says

    For anyone trying to work out what you will get.

    Your redress amount ÷ 100 × 4.3 = the amount you will receive.

  52. Chris says

    Hi Sara – Firstly, thank you for the info on this site… and keeping me (us) up to date.
    I have a question related to this – I used PayDay UK a lot when things went belly up at work to help balance the books etc, which inevitably span out of control. Just at the point of me losing my job I had to pay back the loan which was best part of £1500 – I didn’t have the money in my account due to losing my job, however Barclays let them take it from me, which took me almost £1100 over my overdraft limit… This has always been a gripe with me as they would never let me go 50p over it if I wanted to pay for food or petrol etc… Can I get back to Barclays about this (I appreciate this was a fair few years ago now) – It has taken me almost 5yrs on a DMP to clear the debt from the Barclays account? Hope that makes sense – thankfully I am hoping to be debt free by the end of this year!!!

        • Sara (Debt Camel) says

          I think you need to check. I haven’t seen complaints like that go to the Ombudsman and it may be trickier if it is more than 6 years ago.

  53. Amy says

    So has anyone received a cheque yet as they were sent a few days ago? Patiently waiting like so many!

  54. Hitch says

    They said they’ll send emails out just before payment made. So if they’ve started sending cheques from the 17th as they say, people should have received emails by now. That’s prouve another big lie from the ILC

  55. Paul says

    Glad I found this site, received an email saying I’m owed 19,552 redress from the money shop nearly booked a holiday to the Maldives for 2025 covid pending, but read the 4.3% being paid still not bad so probably looking at Margate now instead. Anyone have idea on what il be getting back?

  56. G.O. says

    Well it seems I’ll be getting £344 back for the over £8000 owed. I do believe it is better than nothing at the end of the day, and so happy I have ended that payday loan cycle long ago with my finances in a far better place than when I was relying on these terribly irresponsible companies.

  58. Chantelle says

    All you folk out there do not despair if you are still in debt. I once owed 32,000 from payday loans credit cards and loans and thanks to a dmp I am now debt free. I owe one credit card for emergencies and try to pay it off in full each month. I too am looking forward to my £105 back from money shop but isn’t it brilliant that these people are put out of business for good. Yes we made mistakes but loans were too easy to get and these companies preyed on us. Lifting the phone all those years ago to ask for help was the best thing I ever did. Good Luck everyone and hope you get your payouts very soon

  59. Matt says

    All those people please don’t keep hope,, it’s been two years now! I don’t think this is over yet…
    We all needed the money that time, so we used them . Now they are making money by keeping this money long as possible because they will be out of business.

    • Sara (Debt Camel) says

      Now they are making money by keeping this money long as possible
      no they aren’t. That is not what is going on here.
      I know this is a frustrating situation and everyone is disappointed they won’t get a decent amount and fed up it is taking so long, but it really doesn’t help by saying this sort of thing.

      • CATHERINE says

        Well said being negative doesn’t help atall. I am just happy I am getting something back. Even though it is disappointing 😔

    • Andy says

      Unhelpful comment, totally not the case. Yes it’s dragged on but the 4.3 p in the £ is secured as part of the process

      • Jill says

        I’ve just read somewhere they have confirmed it’s 4.3p to the £1 and payments will start from next Monday in batches up until the end of June now

        • Val says

          Hi
          The provident portal to vote is now open
          I’ve just voted and quite a faff to actually register I must say
          Least it’s done an thanks to Sarah for putting this info on here

          • Racheal says

            It says on her its only 2p in the pound for provident. If thats the case no point in even claiming x

          • Sara (Debt Camel) says

            Some Provident claims can be very large… and if few people claim the payout may be more.

  60. John Kayll says

    I have 2 figures
    Redress and potential Redress. Does anyone know what figure I will get my 4% from

    • Ij says

      Hi,

      I also had 2 values. I did have a successful claim against them previously prior to them going into administration

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