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. Colin says

    I just went on their website and made a complaint asking them to look into my account
    Last month and got email from them yesterday
    Just said I had other refunds and could they have a look

  3. Faye says

    Morning All

    So, had an email late Thursday evening but no money today. Even though the email states 28 days, I thought some were told it would arrive 3 days after their email? Maybe I am in the second batch this week?! As soon as I do receive it, I will let you know :)

  4. Rebecca Cockram says

    This site is honestly amazing, Lending stream rang a bell to me me so I checked my emails and there you have it I had quite a few with them. sent them a letter and am receiving quite a large sum of money back, So once again thank you!!

    • Cath says

      I have just sent in a complaint to Lending Stream after reading this so fingers crossed!!!

    • Lynda says

      So I emailed lending stream and I had forgot I had already done this a few years ago, I took it to financial ombudsman and they came back with a final offer which I missed as was in hospital for a long time and can’t remember what it was. Kendo stream have said they won’t re investigate and I’ve to go back to financial ombudsman to find out what the offer was :( any advice please? X

  5. RH says

    Got an email Thursday and now a pending transaction for £409.95 which should be in my account tomorrow. Would’ve been nice to get the whole sum yet I doubt I’d even have applied if the scheme hadn’t invited me. This is my second largest pay out after almost £3k from My Jar before they went in to administration. Good to see these companies go out of business yet culpability rests with us as well as we didn’t have to sign up for these loans. Anyway, on to Provident and Sunny.

  6. Paul says

    All I’m reading comments on here – stop panicking all letter stated payments will be made within 28 days – I know we’re all keen to get money – but you will get pay out. Wonga did the same – it’s just how they work dotting the I and crossing the T s

  7. Chris says

    Just checked my bank, there is a pending payment from Instant Cash Loans coming in tomorrow. Don’t worry folks, you WILL get paid.

    • Jane. Brand says

      How do you check with your bank if there is money coming in tomorrow in your account? I have learnt a lot of things in this forum. Thank you. I am with natwest and on Internet banking just want to learn

      • John says

        Natwest only show pending transactions going out on the app or mobile banking – if you ring them they can usually tell you of any that are coming in as long as they are ‘showing at the time you ring them’ but this obviously depends on it having started being processed at the time you ring them. Not entirely reliable because if you ring them at 10 there may be nothing simply because they havent actually started processing it yet that day and it wont show until they do,

        • Jane. Brand says

          Thanks you have answered my question. I got my email about my payment last Thursday so I was wondering where my payment went. Will check Internet banking tomorrow.

          • Sara (Debt Camel) says

            Getting the email on Thursday does NOT mean that you are included in the first batch of payments.

      • Ange says

        With Monzo Bank you get all payments into your bank the day before they are due, at 4pm. So if your payday falls on a Monday you get it on the Friday!
        You can see when they are due in.
        Best bank I have ever been with!

  8. Mark says

    Do you get a further email, re the bacs payment, when I say further, I mean in addition to the email advising of the 28 day payment period, the one I’ve already received.

  9. Helen says

    Still waiting my email but shouldn’t be long ! Anyone ever tried to get money back from moneyboat, theyve always been very aggressive towards me if I defaulted on a loan .

    • Sara (Debt Camel) says

      yes lots of success – see the payday laons page https://debtcamel.co.uk/payday-loan-refunds/. They send an aggressive reply saying they will report you for fraud if your application wasn’t accurate but this seems to be a bluff – they have never ever done this when people have taken the cases to the Ombudsman and won!

    • Mark says

      I got 600 quid from money boat about 3 years ago..
      They did all the accusing stuff re falsely declaring income..

      I was having great success from all these companies at the time so took the offer.

      Sure, if I’d stood my ground I’d have got more.

    • James says

      They were aggressive to me as well. Said they would seek a conviction for fraud for claiming I earned more than I did. Ultimately there ccj cost me my job and career in banking. Do you think I should go to the ombudsman’s?

      • Sara (Debt Camel) says

        when did you complain and get this unpleasant reply?

        They are just making threats. They aren’t the only lender to do this. Uncle buck often did. So do a few of the smaller ones. No-one has ever had a problem if they carry on with the case, they just seem to be trying to get people to drop the complaints.

    • Paul says

      Yeah as Sarah said they start the whole ‘we could report you for fraud etc’ but it’s a bluff; I got money off them despite their aggressive emails

    • Ange says

      Moneyboat sent my Income and Expenditure form to another client in error! They told me about it as it was a data breach. They offered me £50 off my balance but I managed to get them up to £200.

  10. John says

    See my earlier post about BACS payments – I did say most likely would be Thursday for most people to get their money .

    BACS payments take 2 -3 days this is how it works

    Day 1 – payment is made and authorised.
    Day 2 – payment is processed and sent by senders bank , received, by your bank processed and cleared – both done on same day.
    Day 3 – payment is available in account.
    This assumes that on Day 1 the payment is made before the banks cut off time – usually 3pm that day. If not then day 1 is the ‘next’ working day.

    The chances are these payments were made ‘at the end of the day’ on Monday ‘i.e after the cut off time for that day to count

    If you are ‘very lucky’ your bank will clear them ‘as soon’ as they’ve processed them on Day 2 (some banks do) and the money will be available in your account at ‘some point’ that day anytime up to midnight. most however will be available on Day 3. They will otherwise show as ‘pendingb transactions’ until the cycle is complete.

    But at least we seem to know that if people have ‘pending transactions’ today it has actually happened.

  11. Nicky says

    I haven’t had any correspondence since last year when they advised if my redress amount so I don’t know if and when to expect a payment? I can’t contact anyone to find out and I knows it’s 4p to the £1 which is better than nothing but my redress should have been £16000 almost so anything better than nothing but worried by no emails or letters I’ve somehow been forgotten so didn’t know if anyone else in the same boat?

    • Annie Goodfellow says

      Yes thousands of us haven’t heard anything it will be any time from now till end of June all info is on website there sending payments in two batches a week and haven’t sent any emails yet last wed and Thurs they did about 4pm onwards so maybe some other emails may go out today

    • Kel says

      I haven’t received an email yet either, only the one a couple of months back with the redress amount. I will update on here when I do though!

  12. Vicki says

    Is there a feed for Myjar?

    I have an outstanding loan with them, BUT it was definitely unfordable as was the same time as my wonga and payday UK loans. Not sure how to proceed, should I send the template despite them being in administration?? Or wait for the process to start like wonga etc. its the only loan left on my credit score so would love to get this removed as well.

      • Vicki says

        The original amount was £100 taken out in 2013, I paid to extended it 8 times. I had other payday loans before it but this is the only Myjar one. My credit report shows that I have £218 outstanding. (Late payment fees etc)

          • Vicki says

            Thank you so much that’s really helpful! Fingers crossed! Would they still remove it of my credit report to if my claim is successful? I hope so!

          • Sara (Debt Camel) says

            They have to remove the negative marks. And most administrators take the easy route and delete the whole loan.

  13. CHRIS says

    Hi I have sent an email to Safety Net Credit as I had loans with them within the past 6 years and received a transaction history of Interest of nearly £3k that was only 2 weeks ago. I am waiting for the outcome.
    Jut wanted to ask i have also had loans with Lending Stream but possibly over 6 years ago, do i still qualify to send them an email regarding unaffordable loans?

    Thanks in advance.

    • Sara (Debt Camel) says

      yes you can go back to April 2007. If LS say they only go back 6 years, send the complaint to the Ombudsman who will almost always go back further.

      • Samantha Stanley says

        I went through [a claims company] in 2017, SafetyNet Credit rejected the claim despite me having to change bank accounts due to the horrendous cycle I’d got into with them taking money out more or less as soon as it hit my account. I, unfortunately, didn’t discover this site until 2019, so tried again myself which they rejected again. I took it to FOS who didn’t seem to want to touch it as a complaint had been made in 2017. and the appeal process had since passed. Sadly I was very naive to the process back then so it didn’t go any further and I honestly think it should have so I’ve almost paid the balance off now. I did however have a successful claim with Provident who wiped off a 600+ balance and refunded close to £300 in interest using the template provided here.

  14. Zoe says

    Hi Sara, love this page and thanks for all your hard work. I have a quick question, I received some responses back in 2020 that I missed and then unfortunately didn’t get to pass on to the Financial Ombudsman. I have tried again this year with those companies and they have said as I already complained I can’t again. I’m considering bankruptcy and in serious financial difficulty, I have been so far owed over £20k and only received just under a thousand so if I can get more redress from these which have dismayed my complaint I would love your help? Appreciate it so much thank you

    • Sara (Debt Camel) says

      I am sorry but if you have missed the 6 month window to take complaints to the Ombudsman, there is nothing you can do (except for unusual circumstances eg you were in prison or in hospital with a major health issue).

      In this situation it is usually sensible to consider insolvency if you have a mountain of debt and can only make very low payments to it. If your debts are under £30,000 a Debt Relief Order may be appropriate if you are renting with little spare income, see https://debtcamel.co.uk/debt-options/dro/. You shsould not consider an IVA unless you have assets to protect eg a house with equity.

      Do talk to a good debt adviser eg National Debtline on 0808 808 4000.

  16. C says

    Hi all, this was the last message I received from ICL which confuses me as my redress was £7174.00 so by making this statement the only way they could put me back into the position I would as in before I took out the loans is paying all the interest back… Has anyone else had this?

    Good afternoon,
    We have to put you back in the position that you would have been had you not take the loan.

    The relevant date for calculating redress (whether to make a cash payment or to give you a reduction in your outstanding balance) is the Scheme Effective Date. We need to adjust your balance to what it was on the 9th October 2019 and we are therefore we will refund the payments you have made after this date.

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

    • Sara (Debt Camel) says

      It is a not very well worded email.

      They calculated the redress to put you back in the position without the loans as £7174. But there is not enough money to pay that so you will receive 4.31%

      The only exception is where you have made payments after the start date of the Scheme. You should not have had to make any payments as you had unaffordable loans so they are refunding those payments only in full. It is an odd quirk – it also applies when firms go into administration – that surprises people but is in your favour.

  17. Dave Webster says

    Hi guys think I’ve been paid out random £520 just gone into my account

  18. John says

    Time to be careful folks now that ICL are paying out – its common knowledge
    You will be paid by BACS or Cheque IN DUE COURSE
    Be wary of anyone ringing and claiming to be from ICL or your bank telling you that they can pay it to you faster if they pay it to your debit or credit card.
    Now is an ideal opportunity for fraudsters to strike
    Nobody is going to get their money any faster than whats been said BACS or CHEQUE

  20. Jean says

    Hi Sara pls let me know when iam getting another email bcs the last email I receive on may 7 the said to me the will send me the email 3days before payment until now nothing

    • Sara (Debt Camel) says

      I don’t know. ICL say all the payments will be made by the end of June.

  22. Paul says

    Hey.

    Just an FYI. Redress of 208.00 just gone in. As expected.

    Good luck everyone.

    • Laura says

      I have also recieved payment this evening, i recieved email stating amount due on last thursday. Hope it comes soon to all who are still waiting🙂

  23. Lucas says

    It is not true you get email just before bank transfer ;) i got my email last week and email states clearly payment will be made directly to bank account and not later than 30 June.

  24. Donna says

    I received an email last October saying my redress amount was just over £9000. Then this is the last correspondence I received
    “We wrote to you last week to:
    1. Tell you that we were going to set off some of your redress against an open balance; and
    2. Ask you if you have been in an IVA / DRO / bankruptcy before 2019.
    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:
    Start date of Loan Loan Amount Brand Loan balance as at 9th October 2019
    19/06/2013 £ 253.89 The Money Shop £ 582.88
    16/08/2013 £ 103.75 Payday Express £ 188.44
    16/08/2013 £ 150.95 Payday Express £ 252.33
    10/09/2013 £ 89.59 The Money Shop £ 153.59
    I wasn’t aware of any outstanding loans, I’m just wondering if the redress payment still applies? Should I expect a payment or not

    “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.”

    • Sara (Debt Camel) says

      did you go back and challenge the outstanding loans? if you didn’t, the amounts will be taken off the calculated redress and you will get 4.31% of the remaining amount.

      • Donna says

        I only received that email the day after the portal closed, no t sure if the exact day as was in my junk folder, obviously when I went to check the portal it had closed.. so do I presume they deduct that amount (just over a grand) from the £9000 ?? Meaning redress would be about £8000 ?

  26. Gayna says

    Evening,
    Just a note to say I had a look at the link and emailed a few lenders today using the templates provided. Thank you.
    However, the myjar email bounced straight back so I take it there not accepting emails anymore?

    Thanks

  27. Ken says

    Hi Sara just wanted to ask I had a few loans with provident and I’m behind with some of them well haven’t paid them in a while has couldn’t afford them but they haven’t come for any of it but to my surprise they offered me other loan well 3 and given my son and his partner loans so would this be classed has irresponsible lending on there part and now we are paying £347 every two weeks which is over half of our benefits so it’s a struggle what would be the best action to take

    Thanks Ken

  28. Ally says

    Been reading everyone’s comments worked out my redress will be roughly around 360 haven’t had any email since one telling me portal was closing. Just want to ask if anyone else is having problems emailing either safety net or ferratum been trying to email re claiming but email won’t delivery. Managed to get a automatic response from lending steam saying they will respond within 8 weeks. Can anyone update any email a dresses for the 2 companies they have used I’d be very greatful. Think everyone here agrees that we all deserve a bit of luck after a tough few years with these companies who took advantage of people who like me had no where else to turn to.

  29. sia says

    Just to let you know. I received my email confirmation from ICL last Friday and I received the payment 5 minutes ago. Thank you all.

  30. Sandra says

    I called them today and was told that I should have a email before the end of May with my payment some time in June! ( a month later than they originally said ) the only reason I called was to make sure that they had my bank details as I’ve not heard anything and there are only a few more days left in May ( taking weekend and bank holiday)

  31. Lynne says

    I’m just wondering if those of us who challenged the outstanding loan amounts are going to be paid last.

    • John says

      I dont think there is any reason to suspect this is the case. I have also received zilch no email and no payment. They have already set the dividend at 4.3p, I think that even if they accepted your challenge they would pay you what they think you are owed at present and if they had some sort of reserve fund to pay challenges they would pay that later on. I think just like me your not in the first batch of payments that they have done.

    • Maria says

      I didn’t challenge mine. No email and no payment.
      My potential redress is £15k so expecting over £600. Hoping similar to last week we get some emails over Thursday and Friday and can get the payments middle of next week.
      Although I guess the bank holiday will further delay the clearing of any payments

    • Sean says

      I didnt challenge anything and havent received payment or an email yet, i really think they just do it at absolute random, its frustrating really, im not good with waiting for stuff, it makes me overthink

  32. Joan says

    Just received my payment in my bank thank you Sarah for all your help and information x

  33. Maria says

    Hi Sara

    Apologies if I’m asking this on the wrong thread. I have a potential redress due with ICL. They emailed me to say there is an open balance of £545 which I am aware of. It was sold to PRAC/BW Legal and I have been making small payments of £10 for around 9 months to clear it. Shall I continue this? Just feels wrong that they’ll be deducting it from my potential redresss and I have to continue to pay it off.
    Is there any letter template that you have for me send to BW Legal to contest this and stop paying.
    Also, as this has now been sold to Bw legal will it not be removed from my credit file?

  35. Mo says

    Money has been deposited in my account. It does say INSTANT CASH LOANS so there is no confusion as to where it comes from. Apologies to those that haven’t been paid for posting this but just wanted to give out info so you know when you do. Thanks Sara and GL all!

  36. Danny k says

    Hi all..

    So money shop say they worked out everything and the maximum I could get would be around £550. No if I’m working this out right with it being only 4.3p per pound I’ll be getting around 25 quid?..

      • Danny says

        Thank you.

        Just a liite strange as in there working outs there redress amount to pay was £40.

        Seems very unfair. Suppose there lawyers need paying somehow I guess..

        Can you complain about the final amount or is that the final straw?

  37. Chris says

    I had my email last Thursday and I’ve been paid today so expect your money a week after you receive your email.

      • Graham says

        Exactly. I had the email on Friday but still no cash. Good luck to the people have been paid though, enjoy

  38. Holly elk says

    Hi, I have been checking on here constantly and am so pleased some have been payed out so well done to you! I am waiting on mine and fingers crossed will hear something soon! Sara, can I just say you have helped so many people on here and your management should be very proud to have you working for them. I will post if and when I receive anything. Thanks again everyone. It is so nice to read your comments and see the success stories to come out of what was such a dark time for me.

  39. Brig says

    Hi,

    Thanks so much for all of your advice Sara.
    I received an email last Thursday telling me how much I was due to be refunded. Today it has gone into my bank.
    Just thought I’d write on here so people know that payments are going out.

    • Andy says

      Yep I’m same email last Thursday woke up and money in bank really hope it’s quick for the rest off you has went on far to long good luck and thank you for all comments

  40. Neil Murphy says

    Money paid into my account overnight. ‘Instant Cash Loans’ no email previous to it. The right amount I was expecting back.

    • Jane Brand says

      Money in my account too. Thanks to this forum as I did not have to telephone or email ICL to find out the progress. I got it all on this page. That chapter of my worries is now put bed at last.

  41. Kimberley says

    Hii just to let everyone know. I received an email last Friday and today got payment in my account.
    I know this website has been very helpful I’ve always used it for updates so thought I’d share my update.
    Good luck everyone. Not long to go

  42. Chloe says

    I thought today might be the day… but no luck. Anyone else not get a payment today?

  43. Turtle says

    Payment received from this crowd today. £210 instead of £4850.

    Well the journey is over with this lot but can’t say i am happy with 4p per £1.

    • mb050785 says

      Just to add a comment like many others – money from Instant Cash Loans hit my account this morning.

      An extra £85. A fraction of the £2,000 I was owed, but better than nothing I guess.

      Hope everyone else sees theirs soon.

  44. Hayley jane says

    Disappointed that there are only a couple days of May left and still I have had no email or payment. They initially said payments would be in jan! They then said payments will be complete by the end of May. Now they have another month get out clause by saying payments will be complete by the end of June! It’s ridiculous. They do not and have not kept people sufficiently updated throughout. Why are they taking millions when they clearly have behaved incompetently. So frustrating.

  45. Amy says

    Interested to know did all those who have been paid already get an email?! I haven’t received an email or a payment as of yet

    • Emma Parker says

      I haven’t received an email or payment so can’t answer your question as such. I guess you are feeling like I am. Very frustrated at not having received anything yet despite it being the 27th May and a bank holiday weekend coming up which means it’s unlikely for the email or payment to be received by the end of May.

  46. Sara (Debt Camel) says

    So pleased the payments are at last coming through.

    For people waiting:
    – the payments are in batches, which batch you are in is random.
    – you should get an email before the payment arrives saying how much this will be, but that email does not mean you are going to be paid very soon.

  47. Linda Steatham says

    Morning I’ve just phoned icl been told payments not being payed till end of June as I’ve got to wait for a letter first was told end of May now they saying end of June can anybody tell me if this is correct please fed up of waiting

    • Sara (Debt Camel) says

      Payments have started to be made. They should be completed by the end of June.

  49. DARRAN says

    I believe this is an absolute insult 4p in £1!! How is this any different from an individual taking out a loan, then only having to pay back 4%? Will the ombudsman dispute this case?

    • Sara (Debt Camel) says

      No. ICL is going into liquidation after making these pay outs – there is no more money.
      And the Ombudsman cannot look at complaints about a Scheme.

      Blame the FCA. They are the ones that allowed these lenders to carry on lending while ignoring the regulator’s rules on checking affordability. And who didn’t insist on the firms having enough capital to repay complaints. And who failed to provide a back up such as the Finacial Services Compensation Scheme if a firm goes bust and customers are left getting a pathetic amount of their correct refunds.

  50. Tom says

    Anyone tried calling them and telling them your bank details have changed, see if they send a cheque instead? Its not fair those getting paid later aren’t getting ever so slightly more interest added, only pennies but I once had the FOS add another month interest added on some redress because the lender calculated redress but didn’t pay until a month later.

  51. Vince J says

    It’s great to see people people receive their payments following their emails. That’s a relief. Very encouraging. I’ve yet to receive an email but i’m sure it’ll come soon in the next few weeks. .

    At this point I’m just looking forward to receiving the £107.75 of the £2500.23 redress amount as well as have my credit file updated. It probably won’t make much a difference since the loans date back to 2013-2014. Oh well….

    As for what I’ll do with the refund, i’ll probably just stock up on food for my two cats which will last a while lol

  52. Khadijah Ward says

    Money shop owe me over £12k and all i am receiving is a measly £500+ it’s outrageous!!! Is there any way customers can take steps to receive proper redress nearer towards the actual figure that they are owed?

  53. CC says

    I have recently challenged some unaffordable lending by Morses and Shopacheck (doorstep lenders) who I understand are now the same company, Morses taking over the Shopacheck name and business. I went through their message page as was suggested on here using part of the template letter available. Can anyone confirm if this is the correct process and if anyone has had any success with this company please? I haven’t received any response yet to my message or even an acknowledgement it was received but it went through. I am also waiting on an email and payment from Money Shop (not much) but I did challenge a couple of loans they said were outstanding. Thanks to people on this site for updates and especially Sara for all the information and advice.

  54. James says

    Hi Sara I just got this from mr lender and I’m unsure how to answer it. I was borrowing thousands from them and now I believe they are trying to get away from any blame. This is what they sent me

    Dear James,

    Please can you provide us with the following information

    The date you became aware you had cause for complaint about your loans.
    How you became aware you had cause for complaint about your loans.
    We will require this information before we begin our investigations into your account as we need to determine if you have complained about each loan within the time limits outlined in DISP.

    • Sara (Debt Camel) says

      I suggest you reply saying when you found out that a lender should have checked for affordability. And how you found out – did you see this in a news article? an advert on Facebook? did a friend tell you they had got a refund?
      Just say what happened and when – there are no wrong answers.
      The Ombudsman will usually go back to 2007 – so if Mr Lender say they will only go back 6 years and you had loans before that, you may need to send the complaint to the Ombudsman

      • James says

        Hi Sara

        Sorry I missed the post. But it is the last section which worries me which states weather you have complained about each loan within the time limits of the DISP the first loan was taken out in 2014

        • Sara (Debt Camel) says

          DISP says you have to complaint within 6 years OR within three years of finding out you had a reason to complain.

  55. Catherine says

    Hi Sarah its probably a stupid question but nobody seems to have had any new emails since last Friday, do you think they will put more emails out tomorrow again?

      • Denise says

        Hello Sara,

        I know that you get thanked a great deal…I want to extend a virtual bouquet of flowers….as a massive thank you for all the hard work and dedication that you have devoted your life to over the years.
        I, as many others are, truly grateful for your presence on the internet. You have been an absolute God send in times of need, help and support.

        Regards

        Denise

  56. Sta says

    Hi I received an email last Thursday and received payment this morning . Thanks to the page for keeping me updated with everything!

  57. Jon T says

    Just waiting on my redress from money shop.

    I had loads of loans with lending stream spanning back almost 8 years, can I still make a claim?

  58. Lynne says

    So Friday tomorrow then a bank holiday. So when they originally said payments to be made in May what they really meant was some time in June.

          • Sue Tomlin says

            I haven’t even had an email confirming the amount or one stating payment will be made in 28 days so at this rate my payment will be July.

          • Sara (Debt Camel) says

            an email confirming the amount or one stating payment will be made in 28 days
            those so far have been the same email, not two separate ones.

        • Jay says

          There is 150 thousand being refunded, there are probably about 200 different people who post on here. Going on the percentage on here who have been paid out to the 200 people, there will be thousands nation wide who have been paid out in May.

    • Neil C says

      So frustrating sitting with no money & seeing everyone getting their refunds, good on them for finally getting something just wish was celebrating with them. I submitted my claim on virtually first day they started the process but was one of last to get the email with redress amounts so imagine they just use same process to payout the recompense, the wait goes on. At least weathers nice today n summer finally arrived!!!

    • Barbara Turner says

      I haven’t had an email confirming when my payment will be made or how much. I originally was told April 2021. I sent an email no reply, I phoned they couldn’t tell me anything. No exactly good customer service

  59. paul says

    Why don’t folk just come back in June, or ask questions about the money at the end of that month.

    No point getting all het up and we’re not even into June, esp when u consider the low amounts being paid.

  60. Imran says

    Everyone should accept the fact that they are going to receive pennies, There is no point stressing over it as I can assure you it will be a disappointment regardless of when the payment arrives. Throughout the whole process communication has been rubbish, the amount has dropped significantly from 80p to the pound and now 4.31p to the pound lol. I wouldn’t even bother worrying about when the payment will come through as realistically it will be rubbish compared to the original redress we were promised. The Money shop has closed and that is very good news! they can not rip you off anymore. Whatever I receive will be going to charity!

    • Abi says

      I don’t think there’s anyone who hasn’t accepted the fact that they’re going to receive pennies!
      People process uncertainty in different way. For some, the lack of information as to WHEN the payments will be received does not sit well.
      There’s no point telling people what emotions to have…we’re all wired differently.
      At this point, if I was given a date (even if it was 3 months from now!) I would be satisfied because at least I’d know specifically.

      • Annie says

        I haven’t received any email or payment I trying to email them but no reply so I don’t know they paid or not.

Recent articles

Help with your debts

Recommended places for debt advice

Get an email after a new article:

Follow on Instagram & Twitter

About Debt Camel

This is the personal website of Sara Williams.

More about Debt Camel.
Privacy policy and Comments Policy
Contact (not for debt advice)