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. IAN R says

    Lets face it folks to get anything back off these sharks will something-just ly back and dream of what you can spend your £0000 on-😆 good luck

    • Skells says

      I agree. I have not heard anything since last year. Not holding my breath for anything. Just grateful no longer in these type of debts, to be quite honest. Good luck to everyone in getting – if not what they SHOULD have received – at least something.

  2. Amy says

    Really interested to see if this week brings any progress what so ever! Now June, this stinks of Wonga all over again..no contact for me at all since the portal closing email

    • Danielle says

      No I haven’t heard a thing since portal closing makes me wonder if I’m going to get any money back 🤷🏼‍♀️

  3. Hayley says

    I think they only do payments Thursdays and Fridays. And will continue to do weekly batches until the end of June. So no point even checking emails today/tomorrow. The money people will be getting is not a big amount. But it is the point and principle. And these people take the p

    • Sara (Debt Camel) says

      I think they only do payments Thursdays and Fridays.
      Why do you think this?

      So no point even checking emails today/tomorrow
      The timing of emails is not directly related to the timing of payments.

      • Hayley says

        It has been stated in this page before that payment runs are third and Friday. It also says in the money shop ICL website that they will make payments “once, or twice a week” until the end of June.
        Fed up of so many people saying” don’t worry, when it comes it comes, and if we get anything we should be grateful” really?!. No. Fact is they could have and should have handles the process much better considering the stress this has put people through by irresponsibly lending and making people go into debt more and more. I understand we will get the money owed when they decide they want to send it ! But please for heavens sake don’t try and justify the absolute lack of communication and proper management from the company that handles the scheme of arrangement.
        People should try and be sensitive to people’s distress. This has gone on for years , and I personally just want to see an end to it. That’s not hard. Having to check emails etc most days is dragging on this horrendous mess. I understand I, and many others were really ripped off, and that’s fine. I’ve come to terms with it. But I really think it’s insensitive and counter productive when people just leave messages saying “calm down people, it’ll come when it comes, it’s only peanuts anyway” 😂🙈 it doesn’t mean companies can take money for a service that they simply do and did n it manage sufficiently.

        • Sara (Debt Camel) says

          It has been stated in this page before that payment runs are third and Friday.
          Someone may have said it but I have no reason to think that is accurate.

          I do agree the communication could have been better.

    • Maria says

      They always said they will make payments beginning 24th May which they did as many people got paid on 27th/28th May
      They may send emails today and tomorrow and make a payment shortly after which means it can still clear by Friday – as it seems to take around 2/3 days

      • Hayley says

        No they didn’t. They said initially payments should commence in jan. then it moved to May. Only in the past few days has the website mentioned payments commencing the “24th May”.

  4. Nicky says

    I haven’t had any comms/emails at all since the one in July 2020 giving me my potential redress figures and asking me to accept or whatever on the portal.
    Should I have received more communication or updates from them?

    • Lyndsey says

      I have not heard anything since I got an email 2 weeks ago with the payment I will be receiving. So its just a matter waiting. Only getting £111 off them from 2600 so I’m not sat waiting for it. It goes in when it goes in I guess. They had us waiting over 1 year so why would they rush to pay us I guess.

    • Les says

      I still haven’t had a email or a letter, I have had confirmation of my claim nothing else

    • Carlos says

      Still no email either WTF!
      Postman arrived today I thought maybe a cheque zzzzz nothing arhhhh

  5. James Foster says

    Hi Sara,

    I sent lending stream the letter template that is on this site regards a complaint.

    All they have done is sent me a SAR of the loans I had…
    So I replied thanking them but also said what about the compo regards selling my unaffordable loads.

    Should I mention anything else?
    James

    • Sara (Debt Camel) says

      Lenders often send the info first and later reply to the complaint. Unless it has been 8 weeks there is no reason to worry about this.

      • James Foster says

        Ahh thank you. Ill leave it for now. Ty for getting back to me.

        Just now waiting for my money shop payout due this month :)
        I will give to CAB and rspb as Im thankfully in a good place now :)

  6. Sabrina says

    Just had this come through right now

    Further to our confirmation of your upheld claim in the Instant Cash Loans Scheme of Arrangement, we can now provide you with your final payment value.

    Your Claim

    We explained previously that the Potential Redress figure would be the maximum amount payable. We have calculated the proportion of redress due by sharing the fixed amount of money in our Redress Fund equally across all customers whose claims we upheld under the Scheme.

    We can confirm that we will pay you 4.31p for every £1 of cash redress

    Applying this ratio, this is your calculation:

    Potential Redress Amount £ 2805.19

    Actual cash payment to you £ 120.90

    Next Steps:

    Any payment due, will be paid to the latest bank account we have on record, which you entered in the Customer Claims Portal. We expect that this will be within the next 7 days.

    Yours sincerely

    • Grahame says

      Also had the same email as Sabrina:

      Further to our confirmation of your upheld claim in the Instant Cash Loans Scheme of Arrangement, we can now provide you with your final payment value.

      Your Claim

      We explained previously that the Potential Redress figure would be the maximum amount payable. We have calculated the proportion of redress due by sharing the fixed amount of money in our Redress Fund equally across all customers whose claims we upheld under the Scheme.

      We can confirm that we will pay you 4.31p for every £1 of cash redress

      Applying this ratio, this is your calculation:

      Potential Redress Amount £ 3292.50

      Actual cash payment to you £ 141.91

      Next Steps:

      Any payment due, will be paid to the latest bank account we have on record, which you entered in the Customer Claims Portal. We expect that this will be within the next 7 days.

    • Vince J says

      It’s good to see things are finally moving along again. Thanks for the update!

  7. donna says

    Just received my email as well advising payment will be made within the next 7 days , just waiting on Hubbys email now to see what hes getting

    • mark says

      I have received my email aswell £91 I get back thats a nice weekend in the pub with a curry for tea

      • Lisa says

        Just got my email too, payment in 7 days 😊 I was starting to worry.Hope everyone gets an email

  8. Lynne says

    Hi folks I just got my email lol. (Sara can breathe again!).

    £387 not £8,994 🙄

    Oh well!

    • Daniel says

      Well done think my redress amount as been sent in a message in a bottle or via pigeon jeez not a word lol

      • Val says

        Yep mines by pigeon
        Not a word £386 owed from over 8 grand plus hubby’s £21 lol sounds like they do all the costs mornings then I expect it’s checked then e mails go out prob working from home out in garden lol

  9. Jane C says

    Yes I have just received an email so it looks like they are on with the next batch.

    • Catherine says

      I have just had my email and it says to expect my money in next 7 days. I hope everyone gets their payout soon.

  10. Ben says

    Guys please don’t get excited I have just had my email £ 1692.55 was the max and my email stated £72.00

    So in effect a weeks shopping or take away ( a nice one )

    • Graham says

      I got email today saying I will be paid within 7 days, my maximum redress was 14660 but only getting 621

  11. Brian says

    I got this about an hour ago :

    Applying this ratio, this is your calculation:

    Potential Redress Amount £ 1680.76

    Outstanding debt at 9th October 2019 £ 100.23

    Redress left after balance cleared £ 1580.53

    Actual cash payment to you £ 68.12

    Next Steps:

    Any payment due, will be paid to the latest bank account we have on record, which you entered in the Customer Claims Portal. We expect that this will be within the next 7 days.

    • Adelle says

      Hi,
      Just received my email stating my refund will be paid in next 7 days to my bank account.

    • Shivon says

      So, I’ve just this second received my email with my final payment value. I wasn’t sure what to do first, whether to book a Caribbean holiday or hit Selfridges, however, I guessed that spending the entire £4.43 could wait and I would inform you guys first. The payments are coming, hope yours is better than mine :)

  12. James says

    If these loans have been “mis-sold” why does the redress get offset against the outstanding debt? Surely the outstanding debt should be written off and the redress amount be given 100%?

    • Sara (Debt Camel) says

      The redress calculated incudes the interest added on the debt that is still owed. This does work out right, you aren’t being badly treated here.

      • James says

        But “missold” means written off? Wonga wrote all debts off. Why are these ones “we did wrong and will give you some compensation, we’ll pay off the debt and give you a poultry amount from what remains”?
        In finance “missold” means no repay I thought?

        • Sara (Debt Camel) says

          Missold means different things in different settings. The aim of the Ombudsman, which lenders have to try to replicate, is top it you back in the position you would have been if the loan had not been given. That means you pay back the amount borrowed but no interest.
          The Wonga refunds order by the FCA in 2014 were very crude – current loans were written off but older loans were not refunded – all. A bit random and some people did well, some people didn’t. Since then affordability refunds have become more standardised and ICL is now applying the generally accepted method.

          • James says

            Thank you for the reply. As long as I’m in the same boat as everyone else. I was the one who took the loan and while I was in a bad place and they shouldn’t have given me it, stupidly and ironically, at the time I was glad they did.
            I’m just going to be happy with it being paid off and I can move on.

            Plus the £8.20 they’re giving me. I suppose it’s almost a take-away :D

  13. Rizzy says

    Still not received any email yet in regards to getting my refund. Its becoming frustrating now. There is no way they would they have allowed us to not pay our loans on time without further punishment, yet here we sit waiting for this inept company to carry out what they should have been doing months ago.

    • Mr sad face says

      Glad for all those that have got thier emails today, i am one of the poor souls waiting for an email.

      personally i think they will see they have made a kok up with mine and tell me i owe them ……..

      • Dave L says

        I have no email yet either . I’ve never had an email advising me how much I would receive either. I hope this doesn’t go the same way as won’t and GT’s lacklustre administration of that scheme

    • Krishan says

      No email..yawn! So bored of this now! There is just no logic at all to the payment system where you would think structure is key and much less of a chance forgetting someone. So many easy ways of doing it like by surname (alphabetically), amount due high to low or low to high etc but just some clarification how they are arranging the batches would be useful so we all have a rough idea when we would be expecting payment

  14. Lisa Smith says

    Just received my email my payment will be £113.

    I had received £800 in my previous claim with them before the redress so in total I’ve not done badly considering that I never expected any money back at all.

    Thank you for all of your help Sarah

    • Mark says

      Just received my email (16:03 today), £428.67 is being sent to me.

      Email says they expect this to be within the next 7 days using details submitted in the portal

  15. Ljc says

    So I’ve just had my email to advise me what I am going to be paid , I have to laugh to myself , back in 2018 when I initially complained they said I owed them £778.66 but in my email dated today I owe them as of Oct.2019 …£997.80 ! So it’s gone up £200 in a year ! Considering my redress is over £9000 and they are still trying to screw people over …unbelievable really ….payment will be made in 7 days the email says .

    • Mick says

      I agree mine went from zero owed to £800. Crooks the lot of them and the governments have allowed this – nothing short of appalling!

      • Ljc says

        It is and it frustrates me so much that they can get away with it , I’ve seen quite a few people on here saying they’ve been told they owe balances when they’ve paid them off . I knew I owed something as originally when I complained direct to them they said I owed £778 and now it’s £200 more !?? They must of added interest on it which is annoying as no interest has been added on to what they owe us !!!

  16. C says

    Well at last the wait is over for me I’ve just had the email I have been waiting for telling me how much I am going to receive .. I have been told it will be in my bank account in the next 7days.. I am so pleased that this is coming to an end after almost 2 years it’s certainly been a rollercoaster ride which I wouldn’t want to go on again..
    I hope all you lovely people receive your settlement very soon.. Sara thank you for a tremendous service you have provided..

  17. Sara (Debt Camel) says

    A reminder for people who are fed up they are getting so little paid back – this is a good time to look at whether you can make other affordabilioty complaints to lenders who are still in business!

    For Lending Stream, Mr Lender, Moneyboat, Safetynet Credit and all the other payday lenders use the template letter here: https://debtcamel.co.uk/payday-loan-refunds/

    For large bad credit loans including 118 Money, Likely Loans, Everyday Loans and Bamboo as well as logbook loans use the template here: https://debtcamel.co.uk/refunds-large-high-cost-loans/

    For car finance you may have other options , see https://debtcamel.co.uk/unaffordable-car-finance/

    For credit cards, catalgues and overdrafts if your limit was raised too high, use the template here: https://debtcamel.co.uk/refunds-catalogue-credit-card/

    • Jay says

      Everyone should complain to moneyboat, they’re the only company that don’t give back a refund or clear your outstanding balance.

      • Sara (Debt Camel) says

        huh? if they don’t make you a reasonable offer, send the case to the Financial Ombudsman.

      • Lynne says

        They are the people who threaten to report you for fraud for putting wrong info on your application form! Dreadful tactics but then again we shouldn’t be surprised with these type of people.

        • Sara (Debt Camel) says

          yeah but they never seem to do anything if people send the complaints to the Ombudsman :)

      • dave says

        They cleared my balance which included some capital and not just interest. I was more than happy with this, Also clearing all loans from my credit file.

  18. Ashley Manning says

    Got my email on the 21st May and still not recieved any payment….now others are being told they’ll get paid in the next 7 days…what is going on there.

    • Lynne says

      To be fair Ashley the email actually says ‘We expect that this will be within the next 7 days’. Key word here being expect! So it’s possible could be longer.

      Fingers crossed it’s not much longer for you.

    • Alex says

      I got an email on 21 May also saying my cash payment and expect within 28 days. I have not been paid either!!!

        • Ashley Manning says

          Anyone had there’s yet? Still waiting. Can’t get through to them either. Just find it odd that our emails stated up to 28 days but the new batch is expected in the next 7 days. Why change?

          • Sara (Debt Camel) says

            Because they are sticking to the timetable that said of completing payments in June is my guess. If the new emails said 28 days everyone would be pointing out that would take it beyond the end of June.

  19. Sue says

    So now they’re stating payments will be made by early July. Why the constant delays? The whole administration connected to this redress has been a shambles. The very least they can do is meet the deadlines already confirmed.

    • Sara (Debt Camel) says

      So now they’re stating payments will be made by early July.
      have you had an email saying this? No-one else has reported it.

      The emails people are now getting say they will be paid in 7 days.

      • Sue says

        No it was on another website. They claimed the Administrators had confirmed to them that payments would be made by early July.

        • Sara (Debt Camel) says

          OK, well no-one has reported it here. There are a surprising number of weird people who like trolling websites by putting up false information….

          • Lynne says

            Indeed. Like those clowns on here a few weeks ago who said they’d got paid the full amount then promptly vanished. Also used fake email addresses I think. Nothing better to do with their time obviously.

  20. Anne says

    No email. Nothing nada so more waiting patience is a virtue mine is 454 pounds and all loans paid back long time ago in full so no way of understanding order has anyone living in Scotland had email yet

    Meant that’s my total redress on 10801 upheld loans 454 and need it really bad to fix my ceiling in lounge where had a flood. Also wating in a big payout 4500 that is if logbokmoney agree with financial ombudsman’s to put this right letter they have till 8th to reply no idea if they reply back quickly to ombudsman or at last minute so extra stress as quite life challenging as had to give up work due to illness and behind on mortgage but just got to. Sit it out again all logbook loan cleared over a Yr ago

  21. Richard says

    I received my email this afternoon whilst out on a walk. After everything that has gone on I’m content with my £250.

    I was going to post the following anyway, having been on this site daily for a while. I know the mechanisms for making these payments appear convoluted and some people feel messed around. I also know that a lot of people were vulnerable when they took out each of these loans.

    But the fact still remains that we did take them out and we did know what we were doing. It may have seemed like the only choice we had but it’s still a choice we took.

    Yes they were sharks but personally I think we’re quite lucky to get anything back.

    • Ceri ann says

      Richard I totally agree with everything you say. We were desperate but we signed the paper each time. We could have walked away. I am expecting just over £100 and feel lucky to be getting something. So glad they are now out of business and no one else can be tempted

  22. Gary ingram says

    Not had email since April 29th…..who gets the interest on the money siting waiting another month in their account?

    • Sara (Debt Camel) says

      there is next to nothing being earned in interest. And it isn’t going to the people running the Scheme.

  23. Robert Liddell says

    Although payment is 4.3% in original redress over £1000 was being paid as 8% interest and therefore over £200 was deducted as tax can you still claim this back from HRMC?

    • Sara (Debt Camel) says

      No you can’t. No tax is actually being paid on what you are given, so there is nothing to be reclaimed.

  24. Canaan says

    very happy i got my email with cnfirmation of redress amount and it shuold be with me in 7 working days. I am glad to see the curtain coming down on this and many thanks to Sara for all your help throughout.

  25. Marts says

    I think what is happening is majority of people aren’t actually going to get back anything at all, say for instance you are given back a potential redress of say 3,000 they take the 4.31, you are left with say 200 or less for your actual redress payment if you owe aoutstanding loan of say 400 they will have used all your redress to repay back the outstanding loan which would leave with nothing? Correct me if I’m wrong cause I really do hope so.😂

    • Sara (Debt Camel) says

      you are wrong.
      For a start most people don’t owe any money. But those that do have the debt subtracted FIRST from the redress, before the 4.31% is calculated. So in your example 3000 is reduced to 2600 and 4.31% of that is calculated.

    • Lynne says

      Marts – No. My redress was £9558 they said I owed £565 which then made it £8,993 thereby giving a payout of £387. Yes it’s laughable but it is what it is, nowt we can do.

  27. Kate says

    Do the emails come at any time in the night? Obviously still waiting for mine …

    • Lynne says

      Hi Kate during my dealings with them they always seemed to send messages about 4pm. Today the redress amount came at 16:03 to my email and the first batch of people to get paid seemed to get their emails late afternoon too.

      • Kate says

        Thank you lynne for replying . I’ll carry on waiting then 😌 please let me know if your funds come through within the time scale x

        • Lynne says

          Yes I will do. Sara will be looking forward to me saying my money’s arrived just to get me off here 😂

          Hope you hear something soon

  28. Ken says

    Hi Sara can you tell me what the total amount the court was total that was going to be in the fund for the scheme

  29. William Bailey says

    Why have the scheme in the first place when you get a small fraction of what your originally are due it looks like another scam for dodgy lawyers
    and adminstrators.Where does that money go to 95.69% the whole Idea of the scheme was to avoid all the red tape

    • Sara (Debt Camel) says

      The idea of the Scheme was to avoid insolvency when the customers would have got even less.

      Most to blame for the whole sorry mess is the FCA – it allowed these lenders to carry on handing out loans with very poor checks on affordability, in breach of its rules. It didn’t insist firms kept an adequate level of capital to repay complaints. It allowed firms to reject or make poor offers to customers complaining. And it has failed to provide any backup for customers losing oug when the lenders go under. When a PPI firm went under, customers still got their full refunds from the Financial Services Compensation Scheme, but the FCA decided not to extend that to cover lenders.

      • william says

        Who was the money set aside for 340 million pounds by the courts not for the same company .lawyers or adminstrators it was for the customers who were charged up from 33.3% up to 50 % interest. taken advantage of there demize because of the high street banks would’nt give them a loan for some sort reason another .The charge from the from the bank was very low about 2% people were forced into taking loans at very high interest rates .people are stress with offer of 4.31% they relied on gettng the full money on this.To me its just another scam

  30. Salma says

    No email received. I’ve emailed a few times but just the genetic email reply

    • SM says

      Hi All

      I received email bout payments being made. But nothing specific-
      Jus wondering how soon after this email did people receive the redress money email/payment??
      Thanks
      SM

  31. Jane Taylor says

    Hi. I am not getting impatient. It was more to keep people updated. I received an email on Friday 21 May in the morning (they don’t just send emails in the afternoon) to confirm my redress amount and I still haven’t received my payment via BACS. Good luck all and hopefully not much longer

    • Kats says

      I received one on 21st too and it said, I would receive payment into my bank account within 28 days but some have had emails saying will be paid within 7 days, it’s quite confusing, will we get another email – it’s not very consistent.

      • Sara (Debt Camel) says

        The ones sent in May said “within 28 days”. The ones now being sent in June say “within 7 days”.

    • Alex says

      Hi Jane,

      I received an email 21 May also telling me the amount I am due and I have received no payment yet. I do wonder how these are being processed ? People are now receiving new emails to say their payment and it will be processed in 7 days.

      • Jane Taylor says

        Thanks both. Yes, our emails did state within 28 days so we still have a couple of weeks to wait I guess. I don’t think we will receive a further email. I will post once I receive payment. Mine is for £640 so although not a fortune it’s still worth receiving. Good luck all.

    • SM says

      Oh! Ok :/ guess payments are not soon after as I thought.
      Thank you for responses

      SM

  32. Vickie9 says

    I’ve received a letter to say that I owed £750, would love to know to whom that debt is supposedly owed to! After thats been deducted I get £174 which is shocking but not unexpected. In theory should be paid within 7 days. We shall see.

  33. Michelle says

    I am still awaiting my email to let me know how much I will be getting 😞. I am absolutely happy with all those who received there emails yesterday. 👍

  34. Nicola Davison says

    Last email I had was 24th March claim upheld. They also stated I still had an outstanding balance with PRAC which is not true as I paid it off in full so I guess I just wait to receive further updates and full redress?

  35. Craig says

    Finally had a reply from them to say they’re looking into my outstanding balance, which I’ve been disputing. Hopefully not too late for them to resolve it. I’ve had no email about the final amount or when I’ll receive payment yet.

  36. Annie Goodfellow says

    Not a money shop comment can you help if an aducucator doesn’t receive a reply to there view from the Co.moany concerned by reply by date what happens next as they only have till 8th and been advised nothing as yet no response thanks sarah

      • Anne goodfellow says

        Logbook Money Limited. They have been fast with everything that adjudicator asked for for his investigation to be completed

        • Sara (Debt Camel) says

          Sorry, they are pretty small and I can’t guess what they are likely to do.

          • Annie Goodfellow says

            Thanks Sarah I didn’t realise they are small it’s who Ramsden use. Does this mean they are unlikely to pay out if small. What is rule of thumb if adjustor upheld sends his view which was very extensive and was all Interst plus 8 percent plus upset and trouble payment that but at their discretion. If they don’t reply at all does it then go straight to ombudsman or do adjudicators have chase up get sent out. I wldnt be so stressed about this if money shop would email but alas nothing yet maybe I will be lucky and get both redressed paid on 39 th June!! I’ve got horrible feeling money shop will run into July. But I know that if logbook goes to ombudsman and finds in my favour they have to pay out I believe that’s law

          • Sara (Debt Camel) says

            Small just means I haven’t seen people commenting about them recently so I can’t guess what they will do. It doesn’t mean they are more likely to reject the adjudicator decision.
            If they don’t reply by the deadline, the adjudicator normally gets in touch with them and gives them a bit longer.

  37. Tom Price says

    Further to our confirmation of your upheld claim in the Instant Cash Loans Scheme of Arrangement, we can now provide you with your final payment value.

    Your Claim

    We explained previously that the Potential Redress figure would be the maximum amount payable. We have calculated the proportion of redress due by sharing the fixed amount of money in our Redress Fund equally across all customers whose claims we upheld under the Scheme.

    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.

    We can confirm that we will pay you 4.31p for every £1 of cash redress

    /
    Applying this ratio, this is your calculation:

    Potential Redress Amount £ 9622.60

    Outstanding debt at 9th October 2019 £ 15.12

    Redress left after balance cleared £ 9607.48
    Actual cash payment to you £ 414.08

    Next Steps:

    Any payment due, will be paid to the latest bank account we have on record, which you entered in the Customer Claims Portal. We expect that this will be within the next 7 days.

  39. Canaan says

    When they say “We expect that this will be within the next 7 days” when they are referring to when you should see any redress amount credited to your account is standard. The main variable here is with financial institutions they can basically take as long as they like to credit the payment to your account. However, once the BACS process is initiated it works as it should.

    So while waiting for any redress amount and given that payments are supposed to be being processed twice a week; from the time you receive confirmation of any redress, we are not told when the payment has been initiated and therefore they say expect payment within the next 7 days which is quite reasonable. Patience and more patience everyone!

  40. Ann says

    Originally they said they would make 2 payment runs a week looking at this week it looks like it will be one payment run I don’t understand why they are dragging this out as its not beneficial to anyone. I really don’t understand why they wouldn’t deal with it the quickest way possible

      • Sara (Debt Camel) says

        and this is a 4 day week…
        There is no indication that they are not on schedule to make the payments as they have planned.

  41. Maria says

    It is frustrating but I’m hoping this is the last hurdle. I did call them today and spoke to someone very helpful – before I get told off,the reason I called was due to the fact I have disputed my debt with BW legal. I have an outstanding balance of £545 and I was paying £10 per month for 9 months. BW legal said they need evidence that this particular loan was missold so I called and customer service team and the gentlemen said he will email me details of the outstanding balance (with date,details and that it was infact part of my redress) so I can send this on to Bw legal.
    In the meantime he told me my potential redress value and that they have my bank details and are continuing payments 1/2 times a week. Hoping I’m in the next batch.
    Anyone else contacted BW legal about setting the debt aside? Any advice or luck?

  42. Alastair says

    Hi, If come the end of June and still haven’t received email of redress what would be the best way forward

  43. Dee says

    What makes me so angry about this is the thousands that has been taken from us to pay lawyers and we get a pittance whilst the big boys once again make money from
    Misery – we were In debt and desperate taking the loans and were ripped off and now we are again in a legal way !!! Can’t ever win can you

  44. Nathan says

    Hi,

    I have been an avid reader of this website for months now, and all my questions answers and follow ups have been answered just by going back and reading people’s comments.

    Finally received below info today, so people if you can I’m sure your payments will follow shortly.

    We explained previously that the Potential Redress figure would be the maximum amount payable. We have calculated the proportion of redress due by sharing the fixed amount of money in our Redress Fund equally across all customers whose claims we upheld under the Scheme.

    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

    We can confirm that we will pay you 4.31p for every £1 of cash redress

    Applying this ratio, this is your calculation:
    Potential Redress Amount £ 8547.46

    Outstanding debt at 9th October 2019 £ 318.87

    Redress left after balance cleared £ 8228.59

    Actual cash payment to you £ 354.65

    Next Steps:

    Any payment due, will be paid to the latest bank account we have on record, which you entered in the Customer Claims Portal. We expect that this will be within the next 7 days.

    Yours sincerely

  45. Linda Steatham says

    I’ve had nothing not Evan a letter to say when I am gonna get my money fed up of waiting now

  46. John J says

    Hi, Changed my name to John J because there was another ‘John’ posting.

    Alas no email and no payment as yet but on a more positive note I have checked my credit files today and these past payday loans from 2017/2018 have now been ‘taken off’it (15 in total).

    Even though they have been sat in the closed accounts’bit of it’ my score has jumped significantly this month so dont forget, even if you are lucky to have received payment already, to keep an eye on / check this gets done as well .

    PS this is a ‘seperate’ thing to ‘getting payment’ and can take up to 8 /12 weeks for the Credit Reference Agencies to actually carry out.

  47. Judy says

    As others reported, the lack of recent communication is disappointing…….
    I have some questions if anyone can answer?
    Has anyone refused the payout and referred their claim to FOS?
    I had a few loans from FLM, Amigo, Wonga, Provident and had some dealing with Cash Converters too, does anyone know if there are redress claims with other lenders?

    • Sara (Debt Camel) says

      FOS cannot take complaints about lenders in administration or in schemes.

      FLM/Amigo are the same firm. Their attempt to set up a Scheme to pay redress was rejected by the court as not being fair enough to customers, so they are trying to come up with an alternative.

      Wonga has been liquidated – it is too late to claim.

      Provident are also trying to set up a Scheme. You can vote on it now, see https://debtcamel.co.uk/provident-scheme-refunds-vote/. Voting submits a claim to the Scheme whether you vote yes (it’s fair) or no (to not approve). They are saying they will only pay back about 10% and I think they are being too optimistic, it could be a lot less. This is not a firm that is is broke – they own the profitable Vanquis credit card. The FCA says their scheme is not the fairest that can be proposed.

      Cash converters you can still claim to – use the standard payday loan template on this page: https://debtcamel.co.uk/payday-loan-refunds/

      I suggest you “subscribe” to get an email when I publish a new article, the box to do this is below these comments, so you can see news about Amigo and Provident.

  48. Mark says

    I’ve not received nothing. I’ve gave my information. Been trying to get hold of them but cannot find details to do so.
    Any advice please.

  49. K Wal says

    Last email I had was to tell me the portal was closing. But I’ve checked my bank today and there’s a pending payment for tomorrow. So your payment really can go in at any time!

    I’ll take my £45 and be thankful I didn’t make myself bankrupt with my own stupidity regarding these loans!

  50. Mark says

    I had my email at 16:03 on Tuesday and I’ve checked my bank just now and the credit shows as available from tomorrow morning, looks like payments are being sent by BACS.

    Hope everyone gets their money soon. Thanks for the help this site provides Sara.

    • Lynne says

      Thanks Mark I got my email 16:03 on Tuesday too. I’m with nationwide but they never show pending incoming payments just pending outgoing!

    • Martyn says

      I received my email on Tuesday and the money is coming into my account tomorrow

      • Ashley Manning says

        Glad you are getting your payments. I got my email 14 days ago and still no payment. Yet emails received two days ago are receiving payments….something just doesn’t seem right to me.

  51. david says

    Sunny loans have started to make redress payments. mine is being deposited in my bank tomorrow, still waiting for money shop payment

  52. Gaynor says

    I too got my email June 1st, must say this process has been long and drawn out 🙁 well it said I would expect my redress within the next 7 days. Let’s see shall we. It was only in my last email back in early 2021 that they mentioned an outstanding loan I’d forgotten all about, dating back from 2009! Then they stated they would make payment in April, that was a lie. April came and went with no communication. I agree with a lot of other people’s comments. The way this has been handled is appalling. Vague communications, inaccurate information. I
    Ike many was stuck in the constant circle, paying off one loan and needing another just to make ends meet. Again they are being allowed to take advantage of people. The redress amounts being paid are an insult. I hope everyone receives what little money they have been offered very soon. I know so many people are in urgent need of it. Hope we never see the likes of payday loans on a street near you. I would stay well clear in future.

    • Hayley j says

      I received an email on Tuesday stating payment is expected to be made within 7 days. Fingers crossed.

    • Lynne says

      I couldn’t agree more. In fact I could cry at what I SHOULD have got back. Between Wonga and Money shop it would’ve been in excess of £23K! Just imagine that.

      • Jay says

        Others are saying they got their emails on Tuesday 2nd June, are showing pending in their account and will be cleared tomorrow.

        • Val says

          Did I read on here that some have had no emails re amount to be paid yet money appears in their bank anyway ?
          What a shambles it’s been
          I’m owed £368 but heard nothing since about three weeks ago that portal closed
          I do wonder how many staff are processing this payment as my employer has over 6000 staff yet we all get paid same day an it’s not that hard to work out 4p in the £1 an input that into BACS

          • Sara (Debt Camel) says

            In any mass mailing some emails never get delivered. Others go into spam and are not noticed.

        • Lynne says

          My bank doesn’t show incoming payments (I’m baffled as to how other people’s do!), however I just checked my credit report and it’s gone up again so that’s 3 months in a row. That was my main goal throughout all this.

          • Mark says

            My main account doesn’t but my Monzo account shows items due in and if it’s bacs let’s you have it at 4pm the day before it’s supposed to hit your account

      • Richard says

        Why ‘SHOULD’ you have got back £23k?

        As I said before, although we were all vulnerable at the time, and these were loan sharks, the fact remains that we did know what we were doing and we still went ahead with the choices we made.

        Personally I feel lucky to be getting anything back at all.

        • Sara (Debt Camel) says

          Because that is how her redress would have been worked out by the Ombudsman, if she had complained and had the complaints decided before administration of the Scheme.

          The FCA is quite clear that the full calculation is the correct compensation for having been mis-sold loans. You may feel lucky to get anything back, that is no reason why other people should feel the same.

          • Richard says

            There’s no guarantee that adjudication would have confirmed ‘mis-selling’ in every case. But point is rather more subtle. Side-step the issue if you like, but in that case we should consider ourselves lucky in this country to have an FCA and Ombudsman.

            However awful these companies are, and however vulnerable we may have been, we’re still bloomin’ lucky to be getting anything back at all.

          • Sara (Debt Camel) says

            We are lucky to have the FCA and the Ombudsman. However people here were not lucky that they were mis-sold hundreds of millions pounds of loans, by lenders ignoring the FCA’s rules on affordability checking. And they are not lucky that the FCA has not put in place any backup form of compensation. When a PPI firm went under, people with PPI refunds were paid IN FULL by the FSCS, but the FCA said it didn’t think it needed to extend the FSCS to cover compensation when lenders went bust.

            Everyone can make their own judgement about how fair the amount they are receiving is. But thinking that the full amount calculated is the amount you should rightfully have received is a very reasonable viewpoint.

  53. Kerry Lynch says

    Hi everyone
    I spoke to a helpful lady regarding money shop redress, I moved since putting claim in so updated details, she said if it’s a 4 day week they only do 1 payment run and once email sent the money is in account within time frame stated on email, I didn’t get a email saying portal was closed and they have my email, she was adament all refunds will complete by end of June

  54. Nicola says

    Hi
    I had an email yesterday stating they are having trouble paying the amount into my bank and could I email them my details. Even though I confirmed the bank details on the portal! Anyone else had this.
    The ref number on the email is correct so not thinking it’s a scam?!?!

    • Sara (Debt Camel) says

      A small number of payments will have “bounced back” when they were sent and not arrived in people’s accounts – perhaps you miskeyed a sort code or account number? This sounds like one of those.

  55. Richard says

    Email received Tuesday PM stating payment would be in next 7 days. Now the BACS payment is pending in my account so will be credited overnight.

    No complaints about that.

  56. Darren says

    Hi all,

    I have just received an email as well, confirming my amount and I should receive it in the next 7 x days.

    This site has been a great help, so a big thank you for answering my questions the support has been amazing.

    It is happening be patient ! good luck all.

    • Helen says

      Hi everyone I have just recieved my email should be 7 days would like to say thank you for sara and everyones advice on here hope you get yours soon

    • Kerry Lynch says

      Just received email saying funds will be expected in account within 7 days things are moving at last

  57. Katie says

    Hi everyone just got my email I’m getting £23 🤣🤣 I suppose it’s better then nothing and now I can not worry about them at all

  58. Marts says

    Hi all I’ve just had an email to say I will be paid in the next 7 days into bank account check emails as this was about 5 mins ago. Good luck all.

    • James says

      Just received the email £373 it says will be paid in the next 7 days. So that’s the end of that, I can help but be angry with myself that I didn’t claim before the scheme but that’s life. Thanks Sara I wish you all the best in life and thanks to the community as you have all been great a great help

    • Luna says

      Hi Everyone, I have just received the email with the final payment I am due. This forum has helped me alot to follow the process easily and I would like to thank everyone for the great support specially the amazing Sara for the tireless and patient support all the way through. God bless you all.

    • Adam says

      I haven’t had a thing from them since the portal closed although I have just had a payment from elevate credit out of the blue who I submitted info to a similar scheme last year

    • Blake says

      Could you tell me what email address sent the email to you as my inbox is all over the place . Thanks in advance

    • Stephanie says

      Hi, had my email today saying the same as everyone else. My total cash amount is below as set out in the letter.

      Potential Redress Amount £ 717.42
      Actual cash payment to you £ 30.92

      Would have been nice to get at least 50% but I’m past caring.

      Hope everyone else hears soon.

  60. Grant says

    My email came today at 10.40am.

    Further to our confirmation of your upheld claim in the Instant Cash Loans Scheme of Arrangement, we can now provide you with your final payment value.

    Your Claim

    We explained previously that the Potential Redress figure would be the maximum amount payable. We have calculated the proportion of redress due by sharing the fixed amount of money in our Redress Fund equally across all customers whose claims we upheld under the Scheme.

    We can confirm that we will pay you 4.31p for every £1 of cash redress

    Applying this ratio, this is your calculation:

    Potential Redress Amount £ 11759.77

    Actual cash payment to you £ 506.85
    Next Steps:

    Any payment due, will be paid to the latest bank account we have on record, which you entered in the Customer Claims Portal. We expect that this will be within the next 7 days.

    Yours sincerely

    • JC says

      Can I ask did you still have a balance left to pay? I know my Maths isn’t the best but to be getting just over £500 from just under £12000 doesn’t seem to be right.

        • JC says

          Forgive me, I blame night shift brain!!!! Still absolutely shocking given that we were initially advised would be in the region of 80p for every £1!

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