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. John Grout says

    Received a lousy 210 today, I had no emails apart from last year. Reference was ‘instant cash loans’ my loan was from wagedayadvance.

  2. Ben says

    4.3p is an absolute joke they ended up putting me 1000 pound in debt with the bank all in one go after I failed to be able to pay back my 3rd 150 pound loan I’m gonna get 6 pound back I’m disgusted

  3. khadijah says

    Ben, I totally agree with you. It is an absolute joke!! But the biggest joke is that they are allowed to get away with it. Isn’t there anything we can all do? Didn’t the Court judgement/Order say they have to pay people back what they owe. I know pay day loans are not covered by the FCS bus there must be something we can do. Any lawyers in the house.

    • Sara (Debt Camel) says

      Didn’t the Court judgement/Order say they have to pay people back what they owe.
      No.

  4. Canaan says

    What I have learnt is that during the time that I did use payday loans, I was surprised to learn that ICL who presumably were the parent company had subsidiaries all of whom where happy to loan at extortionate rates of interest. I was under the impression that Pay Day Express, The Money Shop and the other subsidiary were all independent companies.

    The structure of ICL emerges to a singular organisation, that found a way to make money (loads of money) by structuring its organisation in this way; because once a payday loan had been taken out it becomes a vicious cycle that is very hard to get out of.

    I am grateful for the advice that Sara profers on this website. The great lesson is that money becomes tight at various stages of life and we just have to save for a rainy day rather than take out unaffordable loans based on assessments that were not water tight by the pay day providers.

    I hope most people have had opportunity to NEVER be tempted for quick fixes.

    As we can see by the redress amounts we all have lost out again and the real gainers are the payday companies.

  5. Paul says

    Had the email about closing the portal on the 8th of may nothing since. Think they owe me £840 after the 4% in the £1..what I can say is there quick enough depositing the money within 15 mins for your loan but make you wait years for the redress. Hope they all go under, our own mistakes but prayed on us all the lot of them. Good luck to you all.

    • Rosemarie Atley says

      You can get in touch by email at scheme@the moneyshop.co.uk
      Hope this helps

  6. Daniel says

    I totally agree we’re as much to blame but they prey on the vulnerability of us all and profit off us and we get a fraction of it back

  7. Kim says

    Ok so I’m confused, one site says 4.31p per pound of your agreed claims amount will be paid and some are saying 4.31 % of your claim will be paid which is it? Because this leads to say we had to agree on the refund amount thus closing out case and confirming we are willing to accept that amount roundabout yet This has not been the case and surely this is grounds for taking it further? If the email had said this then of course no one would’ve have agreed

    • Sara (Debt Camel) says

      one site says 4.31p per pound of your agreed claims amount will be paid and some are saying 4.31 % of your claim will be paid which is it?
      They are two different ways to say the same thing.

      You were being asked to agree the calculated agreed claims amount was correct. You could have appealed to say more loans should have been refunded.

      But you could not appeal to say you should get that calculated amount paid in full – all the money there is is being distributed between people with claims.

  8. Kim says

    I have a print screen of the money shop website that says 4.31 per pound will be paid. If anyone wants a copy let me know

    Saw an email in my junk mail on 7/5/21 but when tried to read it it didn’t show the content of the message. Been trying to find it but can’t. It says on the site that they will make payments to people twice a week from 24th may to end of June

  9. Colin says

    Lending stream looked at my loans from 2013 I had 40 loans in total between 2013 and 2019 which they check all off them

  10. Eddie says

    Just to give people a little hope that their payment is coming, I finally got mine yesterday 27th May £598.30 into my account via BACS transfer, should have been £13K plus but at least it’s over and it’s just shy off £600 that I didn’t think I’d see back again. Thank you Sara for the info and fingers crossed everyone will be paid sometime soon.

    • Lynne says

      Did you get an email first to let you know how much you’d get? It seems some people the money just appeared!

      • Eddie says

        Hi Lynne,
        Yes I got the email last Thursday 20th May, it was just what others have said, confirmed the payment amount and that it would be paid within 28 days, it didn’t say working days so I presumed it would arrive in the next four weeks, it was then in my bank and available first thing on Thursday morning, hope this helps and I’m sure it’s just a matter of a few weeks and everything will be completed.

    • Sarah T says

      I received an email confirming the amount last Friday, however, still no payment. Is anyone else in the same position?

      • Alex says

        Hi I am same recieved email last Friday monring and no payment. Seems like all Thursday emails are paid and Friday none yet!

    • Linda Steatham says

      I phoned them yesterday as I am waiting on a letter not a email was told next few wks and payment by end of June I am fed up of waiting now probley same as most people

      • Faye says

        I didn’t receive my redress email until 24 March most people had theirs months before so I think it will be end of June for payment. If they are paying 10% of people on Thursdays and 10% on Fridays 30000 a week x 5 takes to 150000 end of June works out …just a theory though

    • Josh says

      I’ve received no email and no payment as of yet, looking in the region on £800 back.
      I’m not too sure why people are getting worked up about not getting their money back yet, you’ll get it eventually and it’s better then getting nothing back at all.

      • jeamnne gamble says

        Hi there I would not be so sure you might get a shock , I might be wrong but a lot of people are not getting what they thought ,I not had anything yet but don’t except much even though , I spent lots few years ago when working for qmc hospital .

    • John says

      Hi everyone still no email and no payment for me. Heres hoping we will have some more emails today. . They have said payments would possibly be made once or twice a week. If you had an email last week and they’ve made two payment runs this week its still possible but obviously not guaranteed that the money could show in your account later today probably between 7pm and 9pm or tomorrow morning.

      Frustrating though because their communications have not been fantastic I cant see them working the bank holiday so the next payment run is most likely to be the end of the day Tuesday meaning the earliest anyone is likely to see any money next week is likely to be late pm Thursday or Friday.

      • Emma Clarke says

        It says payment will be in your account within 28 days not that week, so if you get it within a week just see it as a bonus!

  12. Mandy watts says

    I got my email last Thursday and payment in my bank yesterday although . Thank you so much for all your help with this situation I appreciate your time take care

    • siobhan says

      Nope Nothing!! its totally ridiculous now, its the end of May and loads haven’t received any email with the amount or any payment into the Bank.

      • Amy says

        A big fat nope ; heard nothing since being informed the portal was closing. Made sure I had copies of everything off they before they did thankfully, you never know..

  14. JANE BRAND says

    I am not sure but I think most of the people who got paid yesterday myself included got their emails on Thursday last week. I hope the Friday email receivers are the next to be paid. I hope so fingers crossed for you all as waiting is stressful I know the feeling.

  15. Sandra Badley says

    Hi
    I got a cheque today although i did give my bank details when i got the first email from them, so for everyone waiting for an email to say how much you are getting they might just send a cheque as they have to me, i didn’t get an email

  16. Stephen says

    I have not received the relevant amount of money due to me which should be considerably more than £41.39

    Stephen

    • Sara (Debt Camel) says

      What were you told your total redress would be? because everyone is only being paid 4.3% of that amount.

  18. Michelle says

    Michelle i had £87.33 back minus the 85% they had from it so I lost £1900+ to the fees paid out 4.3p when it should have been 80p in each £

  19. Hayley says

    This is an email I got today

    Thank you for your recent email and we can confirm we have started making payments and will do these in batches once or twice a week till the end June.  Due to the volume of claims made and therefore high numbers of payments to be sent, we are unable to confirm a date your specific payment will be issued.

     

    We will email you before we make your payment to confirm how much you are receiving

    • Karol says

      I don’t understand why their website states all bean calculated I asked could she look at my redress amount to be told not being calculated yet just angry

    • Sara (Debt Camel) says

      They know the total of all redresses for everyone. They know the amount of money available to distribute. That gives you the percentage payout – which is 4.31%

      That doesn’t mean they have done the sum for every individual yet – but the sum will be 4.31% of that person’s total redress.

  21. jake says

    Hi All,

    Just emailed 4 payday loan comapnys the thread with the pre written letter to send them and already had a response from one offering me £100.00 refund. i had borrowed £4000 grand in total over 3 years. ive accepted the offer as no point waiting 2 years for a pay out. lets see what all the others say.

    Time to get some money back!!

  22. C says

    Hi Sara, do you think ICL will just pay the amount due without emails as seems quite a few don’t receive the email but are being paid..

    • Sara (Debt Camel) says

      Not many people have said they have been paid but not had an email. Some emails never arrive. Some will have arrived but people didn’t notice then as they went into spam.

  23. Greg says

    People who have reported receiving payments yesterday or today received emails Thursday or Friday last week. Nobody has posted so far to say they have received an email this week.

    I appreciate not all due money follows this site, but can’t help but thinking this process is going to be a bit of cock up (one or two batches a week)

  24. John says

    Hi Sara,

    I am slightly confused. I received a refund but to my recollection I complained at the time about Payday Express and Payday UK and I received a refund back in 2016, for loans that were taken out in 2014. I also made a complaint about lending from Ladder Loans but this was rejected by them at the time and the FOS didn’t uphold my complaint. So, if this refund relates to Ladder Loans borrowing (I have requested more detail) does that mean I potentially have a complaint against the FOS for failing to take my side when they should – subsequently leaving me out of pocket?

    • Sara (Debt Camel) says

      Did you take the Ladder Loans complaint to the Ombudsman level?
      From what you have said, it may be that you were given a poor offer by PaydayUK and Payday Express and the redress now due is what you should have received then.

      • John says

        Yes I did take the Ladder Loans complaint to the Ombudsman but they didn’t find in my favour. I also took Payday UK and Payday Express to the Ombudsman.

        I see – so I have no recourse on either front by the looks of it?

        Or do you think I could complain to the Ombudsman about their finding? Would that get me anywhere?

  25. Faye says

    I think they should have had all their ducks in a row before telling people payments were starting. I think we would have be more accepting rather than people getting emails in bits and bats and payments once a week, if they were organised payments could have been done daily it may have taken longer to organise but it would have been over and done with.

  26. Sara (Debt Camel) says

    Comments I am not publishing include
    – those criticising other people posting here
    – those saying payouts are being delayed to Let ICL get more interest
    – those saying ICL has or will probably run out of money
    – those saying this will go on until Xmas or for years.

    Payments have started. Payments will be continuing in June. There is no reason for people to worry.

    • Canaan says

      Sara,

      You are infinitely patience and that is a splendid quality.
      I am content, when the payment comes it will arrive; I have an idea of what I will receive and when it does arrive, it will be just at the right time; the fact many of us have not received yet is an indication of us to exercise infinite patience. Also it reveals a state of mind which all humans have; we want what we want when we want; but things do not work like. So with that state of mind, the payday companies were able to operate by then taking advantage of this very nature that all people appear to have.

  27. Andy says

    If they’re saying payment within 28 days surely we should all have emails before Tuesday as 28 days after that is July

    • Sara (Debt Camel) says

      You can’t read anything into that. Perhaps later emails will be changed to say something different?

    • Elaine says

      no email this week. Glad to see all comments and see Sara’s comments. So grateful. Waiting patiently.

    • Carlos says

      Hi guys just to confirm I have had no email at all!!
      Congratulations to others who have had their payouts and thanks to Sara for her input on this for all of us

  29. Ben says

    Think I am due about £39 from MoneyShop, no email or payment as yet. Maybe they are paying larger amounts first? Could be wrong.

    Anyone have redress from 118Money, they agreed a complaint today and meant to be receiving a pretty nice refund. The letter says 14 working days to receive it but wondered if it could be quicker

  31. Andy says

    Just saying that if that was the case within 28 days we’d need the email before Tuesday to be paid out in June but seems most people been paid within a week

    • Sara (Debt Camel) says

      But they may change the wording of the email when it gets to within 28 days…

  33. Nic says

    I had a in principle amount of £7000 back in august last year but expect less been chasing them up since all I get is “its with the lenders right now we will get back to you
    Had email saying payments will be made during may 4.31p for £1 but no final amount I’m gonna get

  34. PAULINE says

    Hi I received an email at the end of April saying this

    We are now able to confirm that we will be using your redress to reduce your outstanding debt to Instant Cash Loans. This is important to you because your outstanding debt will be reduced by the full amount of your redress, whereas a cash payment would only be for a proportion of that amount (this is likely to be 4p cash for every £1 of redress).

    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 mean that we try to replicate what would have happened if Instant Cash Loans had gone into a liquidation or administration. In such a scenario, your outstanding debt to Instant Cash Loans would automatically be set off against the redress awarded. The terms of the Scheme of Arrangement are not flexible in this regard and so we are unable to make any exceptions.

    I replied back and said I do not owe anything and this has never been mentioned in any other emails before. Other emails said loan was payed on full. I emailed back and said I thought this was incorrect. They replied and said I would receive a full breakdown ASAP. Month later nothing I phoned last week and they stated they couldn’t access any information I would have to wait but said had I raised a dispute and I said I did via email but got the reply that I’ll receive a breakdown but had nothing. She said sorry it’s to late to do anything else now 🙈

    • Lynne says

      This is why I’m worried. I queried the outstanding balance and eventually they came back and said we have no record of the debt being paid and we’ll confirm in the next few weeks how much cash you’ll get’. That was on the 10th of May.

      • Pauline says

        I haven’t had a email since 29th of April so annoying when you phone them they say they don’t have any access to account what’s the point of having a helpline

      • Charlie H says

        I provided evidence the debt they say I have was cleared in 2017 but to date, I haven’t had a reply despite 4 emails chasing them.

  35. Jimmy says

    As usual the only people who will get a decent amount of payment out of this will be the lawyers and the people in charge of payments, while the people who took out these loans will get a pittance, the loan companies lined there pockets on the back of people struggling to make ends meet. I think the whole fiasco is a absolute disgrace.

  36. Thomas says

    Email came yesterday. £1700 in fees, £55 debt, £16.57 payout. ….gee thanks. Relief….not.

        • Josh says

          Hi Sara

          Please clarify how outstanding debt deducting from total redress or after 4.3 p fraction.thx

        • victoria Manly says

          Today is 2 June 2021 and I am still waiting. receieve no email to confirm how much i will will receieve.

    • Andy says

      This comment suggests that Money Shop are deducting outstanding debts from the 4.31% actually paid, rather than from the original redress. (i.e. £1,700 x 4.31% – £55 = £18). I’m sure a previous comment on this board suggested that outstanding debts would be deducted from the total redress before and 4.31% calculated on the balance (i e. £1,700 – £55 x 4.31% = £71). I’m interested to know if that’s the agreed methodology.

      • Fred says

        If that is the case I will recieve Zero as according to them I owe 2 outstanding amounts which is completely incorrect.
        I have asked them to clarify these 2 accounts but they never respond.

        I think I am going to give up on this.
        My redress should be nearly 7k they say I have about £1000 balance outstanding.
        So if this is the method I am very concerend.

      • Sara (Debt Camel) says

        The debt should be deducted from the total redress.
        Then the 4.31% applied to the reduced redress.

      • Sara (Debt Camel) says

        See Ziggy’s comment below with his worked numbers – the debt is being deducted BEFORE the 4.31% calculation is made.

  37. Candyce says

    Hello everyone hope you are all having a good day.

    As frustrating and unfair that it is they have taken there time, the communication is bad etc, I haven’t had any emails since the redress letter. I am very grateful even to receive something back even if it is just a small amount, I didn’t think I would be entitled to anything because of the way these companies work. I took the payday loan out very naive to it thinking it would help us, however it didn’t, the lady completely miss sold it to me and even set the date incorrect as it came out before my payday and made me default straightaway, once I had paid that one back, I had to get another one straight away, I worked so hard trying to pay it back as we were in debt and even more so because of my foolishness,. I am however happy that most of these companies are going under as I genuinely believe they pray on the people who have no other alternative. Glad people have started to get their money 😊 thank you Sara for your help on this site too.

    • Linda Steatham says

      I’ve given in w as iting now if I get a letter happy days if I get my money happy days but if I don’t I don’t fed up of waiting now so frustrating that’s my moan for the day

    • Kate says

      I think there’s a few of us like this . Me included . A little disappointing that it doesn’t seem as if anyone on here had any emails this week . Hopefully it won’t be long x

  39. STEVEN MC DONALD says

    Its utterly pathetic
    What baffles me is did they do the vote to go ahead based on ppl getting 80p in the £? Once this changed surely the vote became null and void?

    • Jay Burton says

      The vote went on either getting nothing or getting something i seem to recall

      • Sara (Debt Camel) says

        By the time the Scheme was approved, the 80p had already dropped to 14p in the £. Some people had already voted before this change.

  40. Mark says

    With the 28 day thing, would this now suggest it now dragging out into July and beyond? I know they said it would be completed by the end of June but they have said this about other previous months as well. I know there is absolutely zero point in calling them but my patience is wearing very very thin! I have heard nothing from them since they sprung it on me that I owed them £29.95! That was the most important part for them I guess.

    • Sara (Debt Camel) says

      They have been saying for some time that payments will start in May and finish in June.
      What is happening now is consistent with that – payments have started.
      I know people are stressed and/or cynical but there is no sign so far that they aren’t going to do what they have said and make payments in June.

  41. Sally says

    “there is no sign so far that they aren’t going to do what they have said and make payments in June.”

    Other than them advising us that they would email us before payment. No one on here (yes a fraction of the claimants) has reported receiving an email which could mean that they are now behind on their proposed schedule. It wouldn’t be the biggest shock.

    • Sara (Debt Camel) says

      A lot of people have received emails.

      Of course something could go wrong… but as yet there is no sign this one is running into difficulty…

      I will say as if it is looking problematic but at the moment it looks fine.

  42. Jo says

    I think the problem is, is that there doesn’t seem to be any kind of system in place and lots of people have had different experiences. Some have received a number of emails, some none at all, some one or two and when there’s confusion and chaos, people understandably become anxious. I really hope there’s resolution for everyone by the end of June

    • Lynne says

      Exactly right. And they told us all we’d all be paid in MAY on the email – doesn’t mention June. But then some people have had payment without an email, others received cheques when they’d given them their bank details etc. So no consistency. A flurry of emails/payments last week and this week no emails at all!

      • C says

        I think the whole thing is a shambles why should some people be paid before others it’s just not fair we should all be paid together we have all waited so long.. It’s like we aren’t important and at the bottom of the list.. Makes me so cross but what can we do?? Nothing just have to wait endlessly

        • Jay Burton says

          The email i have, its the only one i didnt delete states that payments will start in May

    • CJ says

      Spot on Jo. They’ve created so many of their own problems with ambiguous and inconsistent information. It’s just led to confusion. If they weren’t ready to make all payments at the same time they should have waited. Did the people in charge really think this way the best way to approach this?

  43. Kate says

    Received a cheque Saturday for £16ish.

    Haven’t communicated with anyone for years since the Ombudsman. Ombudsman sided with Payday UK & Payday Express despite me insisting they were technically the same company.

    Never paid a penny back on the 2 loans.

    Anyway they sold the debt to PRAC & now the debt is statute barred.

    Never replied to any of the correspondence about the redress but still got sent the cheque anyway.

  44. samantha royds says

    You are 100% right lynne, I’ve re-checked my email & they said May! What a complete shower of s#}% I’ve heard nothing for months off them! Still waiting…..patiently 😂🙄

  45. Val says

    Is there any other site which gives blog updates on moneyshop redress ?
    Of u calculate 150.000 claims over say may an June this company has to send thousands emails every week an it seems no one comments on getting one I’ve a weekend
    Seems to be email Friday an pay the next Thursday an also off not one employee who actually has to do this job hadn’t commented on Facebook or any other platform anonymously of course
    Plus if they knew the total amount they had to pay everyone with his can they still be telling people they are still looking at their amount
    Let’s face it they had over a year already to calculate this
    Thanks Sarah for this site really helpful an u r patient I must say

    • Sara (Debt Camel) says

      I don’t know of any other blog or forum with a lot of posts from readers on what is happening in the Scheme.

  46. Aaron says

    I got a payment of £103.

    To be honest I wasn’t expecting anything, so I’m just glad to have drawn a line under it.

    God knows how many thousands I borrowed from them, every month re-borrowing over probably 2 years or so. It’s great that this barely-regulated payday loan sharking has died a death.

    This compares dreadfully to the £3,600-odd I got from Cash Genie back in 2017. That was a decent amount. But even so, it shows the significant amount that these companies leached from those who clearly couldn’t afford it. I remember every month, repaying them £625 and re-borrowing £500. £125 a month on a £500 loan is clearly abusive.

  47. Mark cannon says

    Farcical this is dragging on may was when we were getting paid any outstanding debts taken off your redress now debts are being subtracted from your final amount? That’s dreadful and surely not right ? Communication has been patchy to say the least if it wasn’t for this site I wouldn’t have a clue what’s going on

    • Sara (Debt Camel) says

      now debts are being subtracted from your final amount?
      One person left a pretty unclear comment that other people are worried about. I don’t think this is actually happening.

          • Jay Burton says

            We know this scheme is as bent as a 9 pound note, why would they take the debt off your larger redress amount that only gives them back pennys, better to take it back off your 4.31% amount so they get £100’s back and it will actually equate to them giving you nothing.

          • Sara (Debt Camel) says

            why would they take the debt off your larger redress amount
            because that is their legal obligation under the right of set off.

            You may think they produce new rules out of the hat whenever it suits them, but actually they are following an absolutely standard process here.

            And also they would gain NOTHING by giving a few people a lower or no payment – it would just mean other people got a bit more.

          • Gary ingram says

            No email stating payment amount etc…last email stated SOME of claim would be put towards outstanding balance not all even tho debt was over 6 years

          • Sara (Debt Camel) says

            A debt that is statute barred as it is over 6 years old is still legally owed.
            In similar situations, PPI refunds were first used to pay outstanding old debts.
            You may not like this but it is what legally has to happen.

        • Sara (Debt Camel) says

          See Ziggy’s comment below with his worked numbers – the debt is being deducted BEFORE the 4.31% calculation is made.

    • Daniel says

      Couldn’t agree more mark other than this site I’ve heard nothing about what I’m im owed when it’s happening …. I remember when I took the loans out years ago they’d be on the phone instantly and frequently if you missed a payment by one day

      • Emma says

        I’m in the same boat. I’ve only an email stating that I will be paid in May. No email with regards to a figure or amount that I will get or my accepted claim. Just keeping my fingers crossed that I get an email soon. The money (for me) isn’t a big thing just want it rid of now.

        • Daniel says

          I agree Emma I can wait for the money and I expect it’s a small portion back but lack of communication has been poor on their behalves .

  48. Ed says

    Hoping they decide not to send a cheque even though I provided my UK bank details, given I’m in New Zealand now! I was very foolish with loans back in the day as even at 4.31% I’m looking at about 600quid!

  49. Ziggy says

    potential redress amount – £1,759.54
    Outstanding debt – £365.00
    Redress left after balance cleared £1,394,54
    actual cash payment to me £60.10
    WTAF so who the hwll is getting all of our money?

    • Sara (Debt Camel) says

      There isn’t nearly enough money to pay everyone in full. That is why a Scheme was set up.

      • Jay Burton says

        using the posted figures there should be enough money to pay 150 thousand people just over 2 grand each after the £8 million running costs have been taken.

        • Sara (Debt Camel) says

          Not sure what you are looking at? paying 150,000 people £2,000 each would cost £300 million…

          • Fungus says

            I think some people are taking the total claim figure of £340 million as the available figure not the £20 million minus £9 million in costs roughly.
            So leaves £11 million odd to share out between the 155,000 claims.

  50. Ann says

    As nobody received an email last week does that mean there will be no payments issued this werk?

    • Sara (Debt Camel) says

      No, because
      a) some people received an email the week before who haven’t yet been paid, so some more of them may be paid
      b) more people could get an email and then be paid the same week.

  51. Yasmin Loveridge says

    It’s literally day light robbery how much we’ve all paid back and are literally refunded such a small amount.

    • RJ says

      It’s the Scam of Arrangement. Get the votes in by saying bigger redress. Once the votes are in, change redress down to 4.3%. It’s a trend.

  52. Ally says

    I haven’t received any email apart from the portal claim closing one. My mum has recieved a cheque from them on friday for £375.00. I’m happy for her but a little annoying that they have people’s bank details but send cheques out first. Happy at some people getting payments at last though.

    • Josh says

      Ally
      Does your mother provided bank details earlier or they just sent a cheque by post. Thx

    • Richard Eastland says

      The last I heard was back in November when I had a letter say what my redress would be

  55. Lynne says

    So with more people seemingly saying they’ve got a cheque when they’d given them their bank details we’re checking our emails, banking apps and now letterboxes too!

    • Shane Furey says

      I am still waiting myself to it says am own £1.986 back but we will see people say to 1.000 old you get 43 pounds back

  56. Ziggy says

    NO There isn’t enough because all the lawyers etc have taken most of the money for doing so meaning while we were all ripped off and over charged and nearly faced bankruptcy this little sods sit on there arse send a few letters and rake it all in! so im still due £1,394,54 not my problem the lawyers have taken it all is it!

    £5 wow what was the actual point, we demand to know where the rest of our money has gone and i don’t want no fob off tell the lawyers to pay it up

  57. Donna says

    Any idea what this comment means
    “ 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

      It means the redress calculated has to be used to clear any outstanding loan. You can’t say you would like a bit more cash and still owe the debt.

      • Gary ingram says

        This is part of letter sent on 29th April

        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.

    • Lynne says

      Originally they said you’d get the choice of deducting the outstanding balance off your loan or receiving the full amount and thereby still owing it to them).

      Then they decided that was a dumb move as everyone realistically would take the full amount so they changed the wording to what you just quoted.

    • Daniel says

      I had the same letter and when I questioned the debt I owed I got a generic response we’ve checked out systems and we have no record of this debt being paid .

      • Lynne says

        Yep I got the same. It also said ‘you’ll be paid in the next few weeks’ – that was on 10th May!

        • Shane Furey says

          It’s ok I’ve sent all my information off to my who’s works in Manchester town hall and he’s got back to me today and he said that the moneys what we are getting back is shocking and told me seek legal action against the people’s who have run the case because they taking way to much money we should be getting most of our money back and that we should take it to the political parties

      • Luke says

        I received the exact same response as my records show all debts were paid, they’re still yet to provide any proof of said debt.

    • Gary ingram says

      Got same email on 29th April…..also says not all redress will be used to pay of debts

  58. Ann says

    I know we all think it’s unfair we are not getting full redress amount but if they hadn’t had the scheme of arrangement we would have got nothing at all. It hasn’t been handled well regarding communication, however we just have to play the waiting game and not be resentful to people that have received their payments

    • Marcus says

      When I got an email and told of my potential amount, to then see an email later and learn that it’s completely off the mark is awful. But I guess if many customers have been untreated fairly, the amount they can pay also must be unfair

  60. Helen Bawcombe says

    So its 1st of june and I’ve still not heard anything since telling me the portal has closed… anyone else not heard anything at all?

    • Lynne says

      Same Helen. The last message said portal closed, one before that said they’d no record of my debt being paid and I’d hear in a few weeks what cash I’d be getting. Like others have said, they misled us by saying payments to be made in May when seemingly the majority of us are still waiting. Even just to hear what the amount is would be something but I’ve not even had that.

          • Katharine Bisset says

            I was told via email last year potential redress of 384 and I am like oooh that be nice. Not being aware of course I might be lucky to get £10 back.
            I was told be making payments twice after 27th May, well it is June 2nd and haven’t even had a confirmation from them like they said they would tell me what I was to get.
            I emailed last Friday and got told nothing so guess just have to wait. Bit gutted if I get zero mind as that money would have certainly helped out if I was to get the full £384.
            Have you had anything yourself yet? Thanks certainly been a weird one.

    • Joanne Booth says

      i haven’t heard a thing. its so unprofessional not to have any communication at all.

    • Sheila says

      I’ve heard nothing since the original decision that I was entitled to over “£8,000 but probably won’t get that amount.”
      Didn’t even get the “portal closed” email.
      Pretty sickened by the whole thing.
      Originally we were to be paid in April, then May, now June?
      We live in a digital age.
      Emails can be sent out automatically and money could be in our accounts same day – with goodwill from the company. It’s clear that there is no goodwill and indeed no hard and fast plan or rule in place.

      • Dan says

        My email went into junk so worth checking to see if it’s there,
        Email didn’t say payments would be in May, it stated that payments would commence in May see below.

        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.

    • Melissa says

      No I’ve not heard anything since the portal closing email. I wasn’t worried last week but actually feeling a bit nervous now that there’s a problem.

      • Vince J says

        Same here, Melissa. Same here. Not sure why today I’m feeling more annoyed than any other day. But i’m fed up with this being dragged out.

        • Gigi says

          Money shop is emotionally abusive not telling customers a specific date for settlement payments clearly money shop are playing mind games

          Gigi

    • Frances says

      I haven’t heard anything since October 2020. The whole experience has not been good for anyone suffering from depression / anxiety . My mind was set to get a payout in January . This whole saga just goes on and on creating lots of uncertainty. There was no warning about portal closing until last minute and stupidly I did not print off details or take a screen shot of redress figure which was around £9,500 . I paid all my loans off finally in 2013 but now I’m thinking what proof have I got . No communication is not good for the nerves 😟

      • Skells says

        I am sorry that this is aggravating your anxiety, Melissa. I don’t ever remember receiving anything about the redress, so the last email I received was in July 2020, asking me to visit the portal, and update my details. I did that, but then put it out of my mind, and have heard nothing since.

        I felt like I did screenshot the response, but cannot find it, so that probably means I am not going to get anything. I know better than to not copy responses etc.

        Easy for me to say, but please do not let this situation make you ill. We know these type of redresses are terrible, and should be unlawful, but they are not, so, we just have to play the waiting game….

        Take care of yourself.

        S

      • Adam Gordon says

        Yeah I agree 100% Fran. My redress is 7k be lucky to get a few pounds. Don’t really care anymore I just need it sorted for my nerves haha

    • Candyce says

      Nope, I’ve had nothing not even to say the portal was closed, the last email I got was August 2020, when I got told about the potential redress. Currently just sitting tight hoping that all the details they have are correct, as even the little amount would actually come in handy right now.

    • kathleen spencer says

      Yes I haven’t either only saying some of the redress will be paid .

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