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.
Contents
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
Can you get an overdraft refund?
Refunds from large loans and car finance
Steve says
So here’s my dilemma…I stupidly went through a claims company last year (July 2018) for my old Money Shop loans before I found this website and realised I could do it myself.
In October, The Money Shop gave their final response by saying they won’t look at the over 6 year loans, but offered £564.60. I declined and it then went to FOS.
1st July 2019 and the adjudicator decides in my favour, saying the top-ups on loan one, then loans 2-11 inclusive of rollovers should not have been given (most had rolled over several times, and he even said loan six had rolled over twenty times).
Do I take the money and run? Can I take issue with the claims company for poorly handling my complaint (they’ve not even contacted me yet regarding TMS’s situation)? What I’m worried about is riding it out, then the scheme either goes through and I get less than £564.60, or the scheme is rejected and I get barely anything?
Sara (Debt Camel) says
Have you added up how much interest you paid on the top-ups and loans the adjudicator says should be refunded? You need to know what that amount is.
Also at the moment it is not clear if the assessment under the scheme of Arrangement will include all loans over 6 years, no loans over 6 years or if people will have to make out a case for saying the loans over 6 years should be included.
Steve says
I’ll have to work it out – the paperwork they sent me was over 40 pages long 😂 I’m looking at upwards of £5k though.
I was worried that the scheme may not include loans over six years. I think I’ll work out the interest on the top ups and loans (these loans were all the cheque-based in store ones where I wrote a cheque for £100, got £87ish back and then paid about £18 per cheque per month to roll it over). So it’s going to take some spreadsheets to work this one out haha!
Steve says
So, I’ve decided to accept the lower offer as I just don’t think I’ll get more than that if the scheme goes through or not. It’s just easier in the long run. The FOS emailed me today to say TMS had rejected the adjudicators decision, so I’m not going to waste any more time.
I’ve sent off the acceptance form, so fingers crossed!
I’ve still not heard anything from my CMC, they’ve not written to me at all to say ICL are proposing the scheme!
Kuba says
I have an open account with Instant Cash Loans T/A Payday Uk, it’s £694 and I have not paid anything towards it since January 2019, but they keep marking it as Late Payment on every credit report I checked. My question is – will this debt be written off? Or will they sell it on (it has not been sold on and I have not received any further contact from PaydayUK). Should I contact them to take it off or do you think it will be best to keep quiet? I want them to amend the default date to late 2015 if the debt is not written off but if it is will it fall off by itself?
Yvonne says
If it was having a detrimental effect on my credit score I would certain not ignoring it.
Farhad says
Sara, it would be very kind of you if you can answer this query which I asked few days ago. If I was to accept the Money Shop offer for some loans in 2013, Am I still ok to leave the remaining loan complaints which are with the FOS under the PaydayUK and Payday Express brand names and possibly look at them once the scheme goes through? or would my acceptance completely wipe off my entire claim against the ICL brand.
As I am only majorly concerned about a default from a loan in 2016 from PDUK which is with a debt collection agency and I would really like it removed. My complaint was handled so badly by ICL, I was issued multiple letters under multiple reference numbers but it was all over the place, I got so fed up by sending them additional information with no more movement that I gave up and sent the lot to FOS.
Sara (Debt Camel) says
Did your Money Shop offer say it was in settlement of all complaints against ICL? if it didn’t, I hope that you could accept that and take the other 2 complaints into the Scheme of Arrangement in September – and that isn’t me being optimistic, it seems sensible. But I have not seen anything to say that definitely is possible.
At the moment ICL haven’t said how credit records will be affected by the Scheme of Arrangement.
james shaw says
Anybody had any confirmation on when claims will be paid that are accepted and sent back on or before the 31st July deadline?
The FAQs state that they won’t be part of the scheme so I hope they get paid before late 2020!
Thanks
Sara (Debt Camel) says
I think they should be paid in the next few weeks.
James says
Thanks Sarah
I can confirm that this is correct.
I accepted my offer and followed up with a phone call, the call handler stated that she would move the case into the payments section and that it would be paid within the next 28 days.
Ian says
If the Money shop goes under does that mean the markers on the credit file can be removed as realistically they cannot show on your file if they are not a trading company? I had the same with Vivus and that got removed from my credit file
Sara (Debt Camel) says
I have asked ICL this.
Yvonne says
Hi Sara responses are coming back I’ve got one on the way from FOS saying ICL do not agree with the adjudicator received today apparently. Why would they.?? Where will I go now ?? No point got to move on.
Sara (Debt Camel) says
were you made an offer before you went to FOS?
Yvonne says
No but the final response letter from ICL before going to FOS was as follows;
I believe we should’ve asked more questions and done more checks at the time we lent to you. Unfortunately, I have been unable to reach a decision as to what we should have done with the information I have available to me.
Sara (Debt Camel) says
so there is no offer you could now choose to accept. You will have to wait until September and the complaint can go into the Scheme of Arrangement. It may be that ICL will automatically submit it, but it may be that you have to complete a form for this to happen. All will be clearer at the time.
Rich says
I had exactly the same response from them last year !
Case been with FOS since November , an decision was due back to FOS regarding if they were going to allow me to claim on both loans on the 16th July
I’ve not heard anything from them
Stephen says
I received an email from the Money Shop the other day regarding the scheme of Arrangement. I don’t have an ongoing claim but did have some cheque book loans with TMS a long time ago and some pay day loans with MEM. Is it worth sticking in a claim now, where would I get a statement of account!?
Sara (Debt Camel) says
You will be able to put in a claim in September after the Scheme of Arrangement is approved. It will be a simple form to complete, you don’t need a list of your loans.
Dean says
Hi Sara,
I’ve finally got through to my adjudicator and they have said that my complaint will need to wait so it’s fair to everyone which I understand. She did however advise/suggest to make a service complaint against the FSO considering how long they have had this complaint. My question is – What would this complaint actually achieve and what are the potential outcomes ? I’m just so stressed by all of this I don’t won’t to drag it out without any chance of a worthwhile outcome.
Thanks
Sara (Debt Camel) says
I’m sorry, I have no idea.
Dean says
This is the email reply I had
Thank you for your email.
A letter has been sent and should be on its way to you which explains things further. As things currently stand, ICL says it isn’t in a position to pay redress if we uphold complaints. So we think it’s fairest to all that we wait for the outcome of this vote – which will affect you and other customers that have asked for our help. We’ll be in touch as soon as we know more. But, just so you’re aware, it could be a while until we have an update to share.
I understand we’ve had your complaint for some time and please let me know if you would want to raise a service complaint about the time it’s taken.
Yours sincerely
Vince says
I think I might look in to the Service complaint as I sent my PDE complaint to the FSO on 18/08/2018. It was picked up by an adjudicator on 29/01/19, passed to a second adjudicator on 08/04/2019. On 17/05/19 I received an update stating I can expect a decision in 2=3 weeks. BUT on 13/06/19 it was passed to a third adjudicator. I received a decision on 11/07/19 and the deadline is tomorrow.
GM says
My deadline was Monday and nothing happened. Called the adjudicator yesterday who was a bit short of words and didn’t say much, always referring to the website, which has even less information.
As it has been mentioned here before, had the FOS been quicker, TMS would have gone down quicker.
Since I made these complaints I convinced myself only to feel positive once the money was in my account. I was lucky with Wage Day Advance, shortly before it folded, so I cant complain.
I had a potential redress of £1.5k with TMS so I only expect probably 10% of that. I Have another complaint with QQ, first sent to the FOS at the beginning of November and it’s still at the jurisdiction level… with the competition falling down, QQ is getting a bigger share of the market.
Vince says
I called the FOS and raised my issue that my complaint has been passed to. 3 different adjudicators. I said that I appreciated that they have had a huge volume of complaints to deal with so understand in some way it took from August to late January for my complaint to be picked up. But I’m not happy that my complaint has been assigned 3 times and that it took 7 months for an adjudicator’s decision I provided all my bank statements and every single loan agreements for this particular complaint with PDE. I appreciate somethings are outwith their control but on more than one occasion I was told to expect an update with their decision but that did not happen and nothing to say there had been delays. I think in I’ve tried to be patient and in the span of 7 months it’s been with FOS have followed up for an update twice. I was told a manager will call me in the next two days.
As for my deadline tomorrow I don’t expect to hear back as I’m aware there’s a two week backlog. In the meantime I’ve sent an email to to TMS’s FOS Correspondence email address since both my emails sent to the scheme@themoneyshop.co.uk address have gone ignored just like everyone else’s.
Gill says
This is so frustrating.
Probably been answered before, so apologies if I’ve missed, but will the scheme of arrangement review complaints rejected by TMS but had not yet had a FOS/adjudicator decision?
Thanks!
Sara (Debt Camel) says
yes it will. You may need to resubmit your complaint – all will be clearer in September.
Charlotte says
7 months is better than 2 years.
May 17 I sent my complaint to fos
October 17 payday express said they would only look at my last 7 loads which weren’t over 6 years which i rejected (this was never even told to me my fos til I rang for an update the following month
June 18 adjudicator found in my favour but payday express rejected it so i said I wanted it passed to an ombudsman
June 19 they find in my favour again but it’s another adjudicator decision not the ombudsman.
Payday express had til 4th July to get back to them. They accepted it to pay from loan 7 to 24, decision was updated on their system 17th July so I’m probably out of the cut off and won’t get the money they offered.
I signed and scanned my acceptance over the next day and adjudicator confirmed he received and forwarded to payday express straight away.
I’ll be so gutted if I don’t get it all my statements everything was sent with my initial complaint. I sent it as the same timd i sent my payday uk complaint and that waz dealt with and paid out in october 2017. I could lose out on it by 2 days
Vince says
Oh wow… two years?!? I’m so sorry yours took so long. I feel like a brat for complaining now. I’ll have my fingers crossed you’ll receive your offer. Keep us updated.
Dean says
So regarding the service complaint with the FSO this is the email I have just received so things are moving quickly, I doubt the outcome will be positive but it seems they are at least acknowledging they are at fault for people missing out
Dear Mr xxxxxx
I’m aware you’re unhappy about the time it’s taken for us to consider your complaint. You feel this has caused you to lose out, now that Instant Cash Loans (ICL) are looking to enter into a scheme of arrangement. So I understand why you’re unhappy given what’s happened.
ICL has updated its website to confirm that it is proposing a scheme of arrangement with creditors. Please take the time to read what ICL has said, particularly the FAQs which set out ICL’s position in relation to new and existing consumer complaints, when they’ll pay redress etc. Because ICL is going through this process and isn’t going to be making any new offers of redress in the meantime we’re going to continue to pause on complaints against Instant Cash Loans Limited
In the meantime, I’d like to take some time to review your case in full before providing you with my response regarding the concerns you’ve raised. Our policy for complaints about our service allows me 15 working days in which to respond to you. But due to the circumstances, I’d like to provide my answer as soon as possible.
I have all the information I need for now – feel free to get in touch if you have any questions.
Kind Regards
Xxxxx
Rich says
It seems as though TMS are progressing/replying back to adjudicator decisions. Adjudicator upheld my complaint on the 4th July 2019 and gave the business until 18th July to respond. My adjudicator hasn’t really been giving much information away recently so I called up TMS myself yesterday for an update and they told me they had responded back to the adjudicators opinion on the 17th.,even though I never heard anything back (probably because they’re busy and I get that). I chased this up with my adjudicator again asking them to check their response and unfortunately TMS don’t agree with their opinion and believed they lent responsibly. Not the news I wanted to hear but It doesn’t surprise me. I tried and didn’t get the compensation I deserved.
For those who have had adjudicator decisions sent to TMS before the news and are waiting a response, you may like myself get a response soon. My advice is don’t wait for the adjudicator to give you the update but to call up TMS directly and ask for it yourself as they may have already sent their response to your adjudicator and it’s not been realised on their end for whatever reason.
Good luck everyone.
Yvonne says
Thanks exactly the same in my case ICl has disagreed with the adjudicator deadline was the 25th July but FOS was given an update in the 20th. Apparently there is a letter on the way from FOS giving me my position now. Seems to me FOS are powerless now
GM says
I still believe that they’ll will respond to Adjudicator decisions sent before the 15th, or even until the end of the month. The trouble is that unlike Ombundsman decisions, adjudicator decisions are not legal binding, so they can simply reject the complaint and then push it into the Scheme.
Vince says
This is what I think will happen. The adjudicator’s decision will be rejected so to incorporate complaints in to the scheme. Just a feeling…
GM says
Just called TMS complaints team and they are just clearing the adjudicator letters that have been looked at by the TMS team before the 15th. those will either be accepted or rejected, depending on the case.
Even if they received a letter from the Adjudicator before the 15th, it doesn’t mean it’ll be looked at, so it’ll be dropped automatically and no response will be given to the FOS. Those cases will have a dedicated letter from the FOS. They are giving priority to Ombudsman letters for now.
Steve says
I have a complaint with PDX about irresponsible lending, and was a few weeks off their final decision before they stopped processing them
I had the email from the money shop about the proposed scheme of arrangement
– the strange thing is the postcode ‘to prove it is genuine’ is old, from in- branch cheque cash loans from 2007/2008 kind of time
so they obviously have records of these, even though this was not what my ongoing complaint is for
would any redress scheme then be for any historic loans period, as long as they are deemed unaffordable ?
Sara (Debt Camel) says
At the moment details of the redress calculations in the Scheme of Arrangement haven’t been published. They could include all loans, regardless of date, only include loans less than 6 years, or have some way of deciding which loans to include. Personally I think they should include them all.
Shell says
I decided to accept the poor offer payday uk offered me and filled out the acceptance form and emailed it to them but have heard nothing back from them… has anyone else done the same thing and received an acknowledgement from them?
James says
I had no response after a couple of days so I rang them.
After 5 minutes looking they found the form and ‘moved’ it to the correct location for payments – 28 days wait
I 100% recommend that you call them to follow up
0800 280 2548
Sara (Debt Camel) says
If you accepted a poor offer, you can still submit a Claim now to the Scheme.
GM says
So today I got the FOS letter about ICL, saying that the complaint won’t go any further as ICL is not in the position to offer redress anymore.
It took 8 months for the FOS complaint to be allocated to an adjudicator as PDUK refused to look at +6 years loans. Some people in the same position as me got cases sorted and picked up much earlier…
I can tell you right now that if the scheme doesn’t include loans over 6 years older, I’ll be voting against it.
Charlotte says
I got it too after having accepted an offer Tuesday I rang them and they said I’ll still get my money as they’ve been told any acceptance before the end of July will be upheld. 2 years I’ve waited for them to finally accept I really will be gutted after them giving me an offer if I don’t get it
Steve says
Thanks for the replies, and i’d vote the same GM
I was really surprised they had my old details and therefore must also have details of old loans from 10-12 years ago since they are quoting my ancient postcode. It might explain why Paydayexpress kept sending me a rejection letter saying they could not find my details for about a month of repeating them when I made my claim. they could see I also had loans with The money shop I wasn’t mentioning. Well I am sorry for anyone in limbo and who will get a tiny fraction of what they should/would get but certainly not sorry for ICL
Ljc says
I have seen people talking about acceptance forms but I haven’t received one , basically on the 12th July my adjudicator emailed me and said PDUK have agreed with him and are upholding my complaint – I messaged him back and said I accept the offer and he gave me an email address to send my bank details too which I did there and then . Since then I haven’t heard anything , so yesterday I phoned fos for an update on 2 other complaints I have with them and asked about the pduk one and they said it’s on the list that we have sent to ICL today , they said we can’t chase them anymore but you will be paid . I’m just worried about an acceptance form that everyone’s talking about because I haven’t had one , can anyone /Sara advise please
Sara (Debt Camel) says
what was the email address he gave you?
Ljc says
foscorrespondence@themoneyshop.co.uk
Charlotte says
My one with payday express which I accepted on 22nd i had to sign a form and scan it back to the fos they forwarded it to them that day. I added my new bank details on there aswell. They said I just have to wait for payday express to contact me when they’re paying
Ljc says
Hi Charlotte thank you for your reply it seems people are signing acceptance forms but I never had one , my adjudicator just said in the email to me if I agree and accept their offer send my bank details to a certain email address and then that’s it – I’ve left 3 messages for him to ring me back in the last week and 1 this morning (none of which he’s replied too) to try and find out what I’m supposed to do
Sara (Debt Camel) says
The “Acceptance form” from ICL is only where ICL made an offer to you directly when you complained.
When ICL have accepted an adjduicator decision you need to accept this by telling FOS. FOS will then tell ICL. Which is what Charlotte was describing.
Dan says
I’ve been following this since the recent announcements. Just want to hopefully give people some hope who are waiting on refunds. I had an adjudicator decision accepted on Fri July 5th and the payment promised was received this afternoon (Fri 26th) so they are still paying out! Good luck to everyone else waiting.
Christine says
I had also had my acceptance form approved on the 5th July and I to received my funds today the 26th July :-) so hopefully those of you who have accepted will have your funds soon :-)
Charlotte says
Was that through fos? Did they tell you when they was making the payment
Christine says
No I did the complaint myself and they agreed with me didn’t need to go to FOS and no I had to phone them up many times to make sure all was ok and ask
When it would be paid.
Lee sharratt says
So having complained over a year ago to the fo. So decided to look at my loans over 6 years. And then express say this. The fo put there finding to express. Had till the 18th to reply, no luck yet. Another of waiting if any . Very angry
Charlotte says
Payday express was given til 4th July when the fos agreed with my complaint. They didn’t get back to the fos and accept til 12 days after
Emma says
Hi Sara,
I received an email from The Money Shop recently saying that there might be cause to refund money as I borrowed from Payday UK quite a while ago and had a succession of loans with them. The email seemed to be a bit vague and didn’t state if I needed to do anything. Do you know much about this?
With the wage day advance email I needed to fill something in that’s all. Sorry if you’ve answered this question a million times!
Many thanks.
Emma
Sara (Debt Camel) says
I am assuming you haven’t already complained to Payday UK?
If that is correct, there is nothing to do now. You may be asked to vote to approve the Scheme in August. If the Scheme is approved you will have to submit a claim in September – I am hoping that will be much like the Wageday Advance form you had to fill in.
BUT did you use other payday lenders? If you did, now is the time to send them complaints!
Emma says
Hi Sara,
Thank you so much for that, that has explained it better.
Thanks to this website I managed to get a refund from Uncle Buck. I do have payday loans I’m still paying off, Satsuma, lending stream, 118118 money. I am in payment plans with most of them. Will I still have a chance to try and claim? Feel like I will be paying them off forever!
Thanks,
Emma
Sara (Debt Camel) says
Yes! When you are in a payment plan, the refund normally reduces your balance, which will help the time to repay it.
Use the letters on this page if you borrowed a lot from the lender. If there were only 1 or 2 large loans , use the one here: https://debtcamel.co.uk/refunds-large-high-cost-loans/
Vince says
Hello, I’m not long back from a long weekend away from home and have come back to a letter from the FOS dated 22 July about my complaint. My letter says:-
“ICL told us that it agreed with our recommendation before it proposed this scheme. So. assuming you’re happy to accept our recommendation too, we understand ICL is prepared to pay what we’ve said in full
This means you won’t be affected by ICL’s scheme.”
I’m SO relieved to see this in writing (it was upheld on the 11 July with a deadline for ICL to respond by 25 July which hasn’t happened) I guess FOS will need to write to me with the figure for me to accept, right?
Sara (Debt Camel) says
That’s good news for you. You need to contact FOS now and say you want to accept the offer.
GM says
That must be a relief, I’m glad you got a good outcome in the end.
On the other hand, I am very disappointed because my case was upheld by the adjudicator on the 9th and they had up to the 22th to agree. I got a letter from the FOS on Thursday saying that ICL would stop looking at the complaints… HOW is this possible?
Wayne says
Phoned PAYDAY UK today and the call handler was so rude. After claiming I was shouting and that he threatened to terminate the call and then putting me on hold for 5 minutes, he had confirmed after almost 4 weeks upon receipt of my acceptance of their low offer that I’m on their payment list. An absolute joke.
No one has a clue what’s going on. You may get the redress this week, it could be next. What systems do they use? It’s a shambles.
I’m now thinking that all this redress system is not working in the consumer’s favour. Too stressful and fat too much onus on us to chase up.
Lee says
Hi all
I’m after some advice on what I should do about outstanding BW legal loan payments relating to PDUK and payday express loans that were sold on.
I lodged my complaint and have accepted an offer but not all loans were considered had these loans been considered then I am certain I round have been paid redress on these too?
I contacted both numbers for The Money Shop each one telling me they couldn’t help, has anyone got experience of this?
Thanks
j c says
I partially settled a claim with payday uk and this was received earlier this year, however part of it they couldn’t settle due to insufficient information, but they said they could settle it after I provided bank statements. However that took some time, and I have it only now – With the new information on their finances, it seems I am unlikely to get this back now as they don’t seem to be able to assess that part of the claim again. Do you have any ideas if it’s possible to get a payout on this, or do I now have to wait for the scheme :(
Sara (Debt Camel) says
It’s good you got a partial payout earlier. As you say, ICL will not assess your new infomration now. It’s not clear if you will be able to submit a claim for the remaining loans to the scheme if it is approved in September.
j c says
I can’t describe how annoyed I am now, because i had to wait so long to get bank statements this has likely cost me a few thousand pounds.
The rate these companies are essentially going bust at is a joke. And how can the ombudsman take years to assess claims for loans over 6 years when these companies are going bust and people probably getting nothing. Surely something has to change.
Lee Sharratt says
It’s shocking. Over a year to look at mine. To decide they will look at loans over six years. And then this. It’s a joke. What the point with all the waiting ? Do u think the scheme will consider loans over six years ?
Sara (Debt Camel) says
yes the Scheme will consider loans over 6 years.
Ljc says
I agree Jc I’m fuming at the way they are allowed to carry on and also angry at the fos at the way they have just seemed to pick some cases up that have been with them for 2 months and have been sorted and redress paid out and I’ve waited over a year and now I’ll get next to nothing when I was looking at a lot of money
GM says
So, after sending an email to my adjudicator and having a bit of a rant about this whole case, this was his response:
“I hope it will help to explain that we try to deal with cases in the order in which we receive them. But the time it takes for us to be in a position to allocate cases to an adjudicator and issue a view can vary depending on many things, for example, the volume of cases, the issues raised in each complaint or the response times from an particular business.
Your case was allocated to me on 1 July 2019. I sent my view on the complaint to you and ICL on 9 July 2019. My view gave both parties the opportunity to respond by 22 July 2019. If either you or ICL disagreed with my conclusions the next step would have been for the case to be referred to an ombudsman for a final decision to be made.
ICL didn’t respond to say that it agreed with what I said and was willing to make an offer – and the announcement by ICL that it was proposing a scheme of arrangement with its creditors then meant that we were unable to progress these complaints.
We’re continuing to monitor the situation with the proposed redress scheme. You can find more information – including some FAQs on what the proposed scheme means for consumers – on ICL’s website.
I’m sorry I couldn’t write with more positive news at this time”
turtle says
Refunds down the pan from ICL just like all the interest I paid to Wage Day Advance and Wonga.
Amazing how they can get away with it even though they are owned by a billion dollar hedge fund.
Joe says
Now that the 31st July has passed and people have accepted the poor offers they were made earlier – does anyone know when these will be paid? I sent my acceptance letter the day after the news broke but have not heard or received anything yet?
Charlotte Clark says
I’ve just rang the complaints department they received my acceptance on 23rd and my bank details were uploaded yesterday so should be maximum of 28 days. I was told to ring back late next week just to check
Joe says
I sent them an email this morning asking for them to confirm they received my acceptance and asking for a timescale. They emailed me back using the wrong name but my reference number to say it would be paid by 5pm tomorrow.
Lee says
Hi Jo – when did you send your acceptance form if it’s being paid tomorrow?
Mine was sent on the 19th July but I’ve heard nothing since!
If I’m to take the 28day rule then I’m not expecting it soon but are people being paid before 28 days?
Thanks
Lee
Stephen says
Hi Lee
I sent my acceptance back 22nd July, have just spoken to customer relations on 01903 768769 who said my payment will go through before or on 9th August, hopefully this helps.
Steve
Joe says
My form was sent in on the 18th July. Will wait and see if money turns up tomorrow.
Joe says
I just received my payment that was due today
Lee says
Thanks Steve – That’s good to know!
Hopefully mine will be in a similar timeframe to then :-)
I will give them a call to spur them on!
Can anybody help with my query relating to outstanding payments with BW legal? Do u have cause to stop paying them? These loans should have been looked at too but wasn’t!
In fact the offer I have received barely scratches the surface of what I am truly owed but I have had to cut my losses as have many others :-(
Robin says
Well today The Money Shop did what they said and paid out my redress. I’m beyond happy and very grateful to Sara, this forum and the FOS for all the invaluable help you’ve given me. I wish everyone the very best of luck with their cases and hopefully you can get something back as well. I really feel for those who were just short from the cut-off date, I so nearly was too and I can understand what you’re going through. I hop that the scheme is fair and the you also get something for all your efforts
Paul O'Gorman says
I had 14 loans from Payday UK / EXP and have only just [literally] discovered all this news,i have not been contacted at all……….is it all to late for me?? I got in a right mess??
Thanks for any advice
Sara (Debt Camel) says
Iif the Scheme is approved in September you will be able to apply but you will only get back a small percentage of the possible compensation.
If you had payday lans with other lenders, send them an affordability complaint now!
Louise says
Hi I received the email from the money shop last week.I put a complaint into the money shop a few months back and got redress back but my payday uk and payday express we’re not successful.Would I need to put these complaints in again does anybody know.Many thanks.
Jo says
Will successful claimants also have the loans removed from their credit files?
Sara (Debt Camel) says
I think either negative marks will be removed or the loans may be deleted. But this hasn’t been confirmed.
Basil says
I’m also in this boat. I have suspended payment until I hear from TMS.
Joe says
====THE MONEY SHOP SCHEME===
===VOTING===
For or against? My feeling is that voting for this is essentially consenting to being ripped off, being offered pennies to the pound. Would be interested on others thoughts on this.
Kk says
I had a loan with money shop and I entered a repayment scheme as I had some many loans with other payday lenders I was struggling. I have only today received an email entitled “scheme or vote arrangement ” but no idea what they want me to vote on… they are asking if I want to agree to agreement or not. What do u think ?
james says
I agree with you but i dont think there’s much of a choice. if its voted down, the other option is probably that they find their way into administration or something like that.
Holly says
Exactly . I have got the same email from them
Sara (Debt Camel) says
Hi guys – give me some time to read all this! At first sight the 80% figure looks surprisingly high….
Sara (Debt Camel) says
and my article saying why I think it’s high: https://debtcamel.co.uk/money-shop-80-per-cent-how-likelyund/
Vanessa says
Hello,
I am somewhat confused as to what to do and I am hoping for some clarity. I got an email today asking me to vote on the scheme. This is the first I have heard about it. I had payday loans from The Money Shop and PayDay UK years ago and eventually paid them off after getting into a lot of debt. I do not live where I did when I obtained them and my mobile number has changed. Do I need to contact them to update my details? Do I need to send anything else?
Sara (Debt Camel) says
I suggest you don’t do anything for a while. There is no hurry. There is a LOT of paperwork to look through, then I will be writing an article on this and what people’s options are.
Jo says
So what is the best thing to do for people who might be owed? Vote for the scheme or not?
Sara (Debt Camel) says
I can’t say which way you should vote.
I don’t believe the 80% of redress that ICL has talked about. I think either people will get much less, or some people may get that but others may get nothing with a case that the Ombudsman would have been likely to have accepted.
There will be more money to be divided if the Scheme goes ahead then if the vote is lost and the firm goes into administration. But it is possible that a specific individual may get more money through administration than through the Scheme… without knowing what criteria the Scheme will use to decide Claims, I can’t guess if this will be a very rare occurrence or could affect whole groups of people.
Terence Thompson says
I’m confused as I cant remember who I had loans from I have had loans from a company called pounds to pocket there now called on stride but dont know if I payed to much back
Sara (Debt Camel) says
Sorry I have only just seen your comment as it is on a page about a different lender. If you had several loans from Pounds To Pocket then they may well have been unaffordable – send them a complaint ASAP using the template letter here: https://debtcamel.co.uk/payday-loan-refunds/
Desiree Seymour-Parris says
I am in a similar situation as you Vanessa. I paid the loans off as I needed the money urgently and whatever figure they wanted in return as interest I paid and was in deep debt after that too. It was a few years ago when I was working. I have changed address and mobile number. Its a little confusing. Where do I stand. I have not received an email but an invitation to vote from the money shop.
emma says
This was my email definitely says they have an additional 20 million sara
INVITATION TO VOTE: PROPOSED SCHEME OF ARRANGEMENT IN RELATION TO
INSTANT CASH LOANS LIMITED
We wrote to you on 19th July 2019 and sent you information about a Scheme of Arrangement
which we are proposing. If the Scheme is approved, we will have an additional £20 million
available to meet the costs of complaints from our former customers.
On 9th August 2019, the High Court gave us permission to ask people to whom we may own
money to vote on whether or not they would like the Scheme to go ahead.
We think we may owe you money because you previously took out a loan from us or one of our
other companies. If the Scheme goes ahead, we will ask you to submit a claim and, if we agree
that we should not have made you a loan or you have another valid complaint about a loan, you
will be entitled to a payment in 2020.
If you would like to vote for or against the Scheme, you must do so by 5pm on Friday 20th
September 2019.
Sara (Debt Camel) says
Yes, but this is not an additional 20 million over the 18 million which they talked about in their previous email.
Loo says
Has anyone actually managed to get through to them on the 01903 number? I’ve been trying for over a week now and today I have been waiting for 3 hours and counting!!
Steve says
Hi, I was down for payment on the 9th and the money was in my account as promised. Sorry others are having a shitty time of it.
Katharine Bisset says
How did you get paid? I have only sent the VOTE YES when I got the email two weeks ago, since then no word. I am skeptical as Wonga never got in touch regarding the fact I tried to claim money back. I used the money shop to cash cheques and had the odd loan. I doubt anything will come back so quick if they are saying paid by 2020.
Thanks
Loo says
Hi Steve, was that within the 28 days? How did you get them to confirm? 28 days was last Wednesday and I just can’t get through to a single soul to confirm what is happening! Pleased you got your repayment
Charlotte says
It’s 28 working days just so you know cause I asked this week as I accepted mine 22nd July they said it could take upto 30th August that’s when it’s been 28 working days, they only make payments on a Friday x
Stephen says
Hi
I had my complaint rejected by payday UK but was successful with one from payday express. I complained to ombudsman and got acknowledged but nothing more just before the administration story broke. Will I have to complain again or will it be like Wonga with a portal etc?
Thanks
Sara (Debt Camel) says
I think you will have to submit a new complaint after the scheme is approved. A new Claims Portal will be set up.
simon says
Hi Sarah,
I’ve had this email, but I have had successful claims go through the FOS for all 3 companies and had pay outs early last year, why would they email me and does it really concern me now? Should I vote of just not bother as I dont think they would owe me ny more would they?
Simon
Sara (Debt Camel) says
I think it’s unlikely you would get any more! I think they are just emailing every customer.
Tracey says
I’m really annoyed with FOS. I rang them in September with 3 pay day loan complaints over 6 years old – money shop, payday uk and express payday and was advised to send the bank statements to them which covered the 5 consecutive years of loans. This took me 3 months to scan. Eventually I completed sending all documentation in December. I then got a reply in June advising they were on my case. I also received a phone call 2 weeks before this happened to confirm they were being looked at. I did point out to them that they had received my paperwork 7 months ago and i had heard rumours of all 3 company’s going under so could they please make a decision and then this happened. Its not fair. I think because there was so much paperwork to go through, it kept being put on one side.
Dean says
Hi, if you ask the FSO you can put a service complaint in to a team manager, this in turn will mean they look at your case and if it is framed they took too long they can offer redress of post money as compensation. If you are not happy with the outcome you are then entitled to go to alter independent assessor who looks at complaints against FSO
Leesharratt says
I waiting over a year. For them to decide if to look at the loans over six years. They decided to. In this time. Money shop have all this going on and the fo refuse to go any further. Very annoying
Sara (Debt Camel) says
Unfortunately those timescales are not unusual. There was a huge backlog of ICL cases at FOS. I very much doubt your case was handled more slowly because there were a large number of loans. And even if there had been an adjuicator decison, ICL may well have rejected it and there would not have been enough time to get an Ombudsman decision.
Yvonne says
This is my predicament I havent got anything from ICL since the adjudicator upheld my complaint.
Charlotte says
Have you rang them I haven’t heard from them since I accepted so I called them and they said it would just go in within 28 working days. I accepted on 22nd July and they said it will be in by Friday 30th August as they only pay on Fridays
Yvonne says
Rang who?? FOS upheld ICl havent answered my case is best described as in limbo. I was unlucky re timing. But I have not had any emails at all re voting etc..
Sara (Debt Camel) says
Charlotte, it sounds as though ICL accepted your adjudicator decision, so it is being paid out.
Yvonne, it sounds as though ICL did not accept your decision – is that correct? Your adjudicator at FOS would know.
Yvonne says
Hi Sara yea that’s correct. Adjudicator sent response a week before announcement. So ICL ignored.
So looks like I’ve got to resubmit it again to scheme even though adjudicator upheld. Very very frustrating.
Stephen says
Hello,
I tried to make a complaint against Payday Express some time ago but failed as none of the contact details worked. Emails were bouncing back undelivered.
This seems to be good news for me as I can now pursue my claim, is this right?
However, I didn’t receive an email from ICL. Should I contact them? If so, using which contact details?
Sara (Debt Camel) says
it is a pity you did not pursue this issue earlier.
You can send in a complaint now, but it won’t be looked at because at the moment ICL, who owns the payday Express brand, is asking for approval for its Scheme of Arrangement as described in the article above.
If the Scheme is approved, then there will be a way for all customers to submit a claim for payment in the scheme. You will not get back the full amount of any refund that is calculated though.
Jono says
Hi DebtCamel,
I sent PaydayUK an email for a statement of borrowings, I received a reply today saying
“Thank you very much for your request for a Statement of Account/Data Subject Access Request.
We will have written to you or your client separately to explain that Instant Cash Loans Ltd is planning to go into a Scheme of Arrangement, which will set a process for considering and, where appropriate paying out redress for Irresponsible Lending Complaints. Given the current plan, we have limited resources to produce the documentation you have requested, we therefore ask that you only request this information where absolutely necessary, and instead encourage you or your client to make a claim in the customer portal when Live. This is likely to be after the Scheme has been approved at the end of September.
If you still believe you require a Statement of Account/Data Subject Access Request then please reply to this email.”
My question is, reply saying I would like my statement or wait and also when will I know the customer portal is live?
Any advice would be amazing,
Thank you!
Sara (Debt Camel) says
Why do you want this information? If it is for an affordability complaint, then as the reply to you said, there isn’t much point in it :(
If you are in dispute with a debt collector or something, that would be different.
Jono says
Hi,
I wanted to open a case with FOS about irresponsible lending so I wanted to get a list of the loans I had with them, then got this response.
Sara (Debt Camel) says
FOS will not currently look at at any Payday UK complaints. Can I ask if you used a template letter from somehwere else, as my templates for payday lon refunds do not ask for a SAR.
Jono says
The message I sent them said
“Dear Customer Services,
Could you please forward me on the statements in full of the 5 loans I took out with you please, so I can send these to the FOS.
Regards”
Purely because with the complaint regards LS, The FOS asked for copies of the statements of my loans with the interest etc
Sara (Debt Camel) says
OK, that was a sensible idea, but it has been overtaken by events as now FOS will not look at these cases.
Mark says
This may be a silly question, if I have complained and got my refund already from TMS, yet I am still getting the communciation on the vote and being told a payment is forthcoming, is this because I am still owed or because they havent worked out I ve been paid already ??!
Sara (Debt Camel) says
If you think your settlement was too low – perhaps they excluded loans over 6 years old? – you can submit a Claim to the new portal
Lou says
If I’m still paying off a loan from payday express to bw legal
Do I carry on paying them
Can I still claim
I did receive the email regarding voting
Sara (Debt Camel) says
Yes you can still claim.
You may though be one of the groups of people who are better off if the Scheme is not approved, but the company goes bust! So you may not want to vote in favour of it. It depends how the Scheme will handle “the right of set off” and how the administrators would, I will ask about this.
James Michael says
I have had a fos decision in my favour for Themoney shop, it all seemed to be agreed, they said I would have the money in 10 working days, so 15 days later I still don’t have anything so I rang again and said it would definitely be in my account on Friday the 16th. It’s not Saturday the 17th and I have had nothing and I am starting to get worried because just after the amount was agreed by me fos and money shop they have started sending emails out about going bust and voting on options but it does say in the email if you already have an amount agreed the email don’t apply to me yet they still haven’t paid. Is there any advice you can give please?
Sara (Debt Camel) says
Ring them again :(
I do think you are going to be paid in full. It’s annoying their administration seems rather hit and miss.
Confused says
I recently had a CCJ registered by PRAC for Payday Express. Should they have been able to do this and can I get it set aside due to this case?
Sara (Debt Camel) says
This news about these lenders has no impact on existing debts. I assume you didn’t defend the Claim? Had you already submitted an affordabilty complaint?
Confused says
I didnt even know it was happening. And I believe I oreviously did but it was rejected. I am in such a mess
Sara (Debt Camel) says
OK, well if the debt collector wasn’t aware that you had a complaint in progress then there is no reason why they shouldn’t have gone for a CCJ.
You can put in a complaint to the Scheme in September, but it will be a long while before anything is paid out and it is uncertain how much of your refund you may get.
How bad is your current situation? Do you have other CCJs? Other debts you arent paying which may go to CCJs?
Loans from other payday lenders you haven’t yet complained about?
Charlotte says
I got my email today I’m receiving my refund from payday express within 10 working days. I sent my acceptance to fos on 22nd July. I am so thankful they finally accepted my complaint after 2 years of waiting and just before they stopped paying.
jesy says
Good luck with getting payment ! They breached on 10 working days as well as breached on 28 days as per FOS email .No communication from them.
Ian says
As it stands I have a loan from The Money Shop which I am paying back monthly. As it states in the scheme, a claim can not be put in against them until its accepted. As it stands my credit file is showing a mess and this one of the companies that is causing it. Whilst all this is being sorted out with the Money Shop is it worth asking the credit reference agencies to remove the entry until such time The Money Shop has sorted themselves out and can take on the complaint? Because of the amount of time it may take to get sorted and I would expect The Money Shop to be upholding a fair amount of claims if they have put £18m to one side should they be removing or suppressing the credit file data for now?
Sara (Debt Camel) says
how much do you owe on the loan?
I would be very surprised if the CRAs will be prepared to remove any entries at the moment. And the Money Shop is busy trying to sort out the scheme and the voting.
Ian says
There is about £700 left on it. Its been sold to a 3rd party debt collection agency now.
Sara (Debt Camel) says
ah ok, if it was still with TMS you could stop paying it until they settle the complaint.
David b says
Hi there,
I have an outstanding loan with nothing paid since the scheduled repayments were missed in Dec 2015 and Jan 2016. Notice of default given on March 2016 but not heard a sausage since.
Repayments were about £100, so I think a loan value of approx £200.
Any advice on how to proceed? Stay quiet until it becomes statute barred in March 2022? Many thanks.
Sara (Debt Camel) says
Was this your only loan from any of these lenders?
David b says
Hi Sara,
Not the first loan:
1st 01.10.15 for £100 (£120.80 repaid 27.10.15)
2nd 03.11.15 for £200 (£238.40 repaid 30.11.15)
3rd 30.11.15 (same day!) for £150 and never repaid as CPA never taken.
Grateful for your advice!
Sara (Debt Camel) says
Well that is a problem. I would expect ICL to sell off thir defaulted loans to a debt collector. Are they likely to delay until after the debt is statute barred – it’s not impossible but it’s surely pretty unlikely.
If you wait and make a claim in October, the amount you might get would be tiny.
You could try emailing them at account.services@themoneyshop.co.uk and say you are happy to settle the outstanding loan at £150 – I have no idea how likely they are to accept that.
David b says
Hi Sara,
Agree probably not worth complaining.
If I contact them, does it reset the clock on the debt becoming statute barred?
It’s already in default, so the way I see it as worst case – they sell it, I complain and have it removed from my credit file (other loans at same time have had that result from FOS) and interest refunded and settle the capital.
Best case they don’t sell and don’t make contact until March 2022 and then I can forget about it.
Do you see any benefit in settling up now, rather than waiting for them to chase me? Not unwilling to pay, just have other priority debts which aren’t frozen to deal with first! Many thanks
Sara (Debt Camel) says
“other loans at same time have had that result from FOS” have you had this result with any cases where the original lender no longer exists or is in liquidation?
David b says
Not liquidated no, uncle buck, wage day advance both had all interest and charges refunded and negative credit information removed (FOS decision). Cash4unow and sunny both wrote off balances without going to FOS. Mr lender and lending stream currently with FOS. Just weird that PAydayUK have forgot about me!
Sara (Debt Camel) says
So the problem is that your debt is very likely to be sold soon. And ICL will be being wound up. If you wait for a year or two until the debt collector contacts you, at that point you can’t claim the loans were mis-sold as you have to complain to the original creditor who no longer exists.
Lou7 says
Hi
I had a complaint rejected at FOS for payday uk so is it highly unlikely I will get anything from them? I had the letter yesterday about voting for or against the scheme. Any info would be appreciated.
Sara (Debt Camel) says
I too think it’s pretty unlikely!
Zara says
I’ve not made a claim yet. Is it too late?
Sara (Debt Camel) says
you will be able to put in Claim when they set up the new claim page in October.
Sarah Harrison says
I’ve had news from the Ombudsman who upheld my claim against cashnurnet (pounds to pocket) they give them till the 23rd August 2019. This is the latest updateI have requested some clarity on the business’ response to my view. So I have given them until 2 September to respond at which point I will be in touch to let you know. So not sure how this will go
PF says
Hi Sara, I have a complaint against ICL on hold with the FOS but have been contacted by BW Legal saying ‘In the event that you fail to contact us within 14 days, collections activity will continue which may result in legal proceedings being issued against you. ‘
I have already advised them that I have an active complaint against ICL, can they still pursue me for this while I can’t progress my complaint? Thanks
Sara (Debt Camel) says
I can’t really guess what BW Legal will decide to to. You certainly have an argument that you are still disputing the loan with the lender and will be submitting a claim to the Scheme if it is approved or the administrators if it isn’t. And the FCA rules say a creditor such as BW Legal should not start legal action if a debt is in dispute for what may be valid reasons.
PF says
Thanks Sara, your advice as always is much appreciated.
Paul Marsden says
The money shop have turned away my complaint detailing that ithey have acted correctly in giving me the loan. Could you please provide or point me in a direction of next steps?
Also, who do i contact to set up a payment arrangement with them> I am finding it pretty difficult
Paul Marsden says
Apologies, i forgot to put the rest of my message
Basically, my concern is now trying to fix my credit report rather than getting any redress. I literally cant find anyone to set up a payment plan with so some guidance would be fantastic
Dean says
So the saga continues, probably like many I have received a letter from BW legal regarding my loan threatening court action if the debt is unpaid. I have raised the concern that I still have an ongoing FOS case (no decision was made before the scheme was proposed) and they have said they was not made aware by their client but will put the case on hold until they hear back. My question is who are PRAC financial limited as they are the client, do they have an association with ICL and if so surely they cannot pursue for debts whilst the scheme is being voted for. If they are what happens to the money people pay as they are intimidated into paying as the letter threatens court etc. It seems bulky boy tactics by ICL to push through as much money as they can before winding up etc. I would also think this would be against the standards of lenders as harassment as they cannot pursue a debt whilst a case is ongoing. Sara and everyone else what are you thoughts ? I’m debating pursuing for all it’s worth (not for financial gain but principals) for too long lenders have used company structures, legal loopholes etc and shouldn’t be allowed.
PF says
Hi Dean, I received the same email from BW Legal earlier in the week and following some advice from Sara, simply replied that ‘FCA rules say a creditor such as BW Legal should not start legal action if a debt is in dispute for what may be valid reasons.’ I also added that i wouldn’t hesitate to raise a complaint if they continued their harrassment. So far they haven’t replied. If anyone knows how to stop these leeches until the outcome of the ‘scheme’ or administration then please let me know.
Dean says
The annoying bit is that PRAC and BW legal are the same company and the CFO of BW legal joined in April after being CFO for nearly 10 years at, yes you guessed it THE MONEY SHOP. Clearly they are connected in some way. I’m lucky to be back on my feet again and the MD of my own company and I have some resources behind me and time, I’ve decided to make it my ambition to achieve change and stop this type of practise going on and stop the bully boy tactics, the legal loopholes and general disregard for people.
Sara (Debt Camel) says
The article above has been updated – ICL previously said it may pay 80p in the pound. It has now admitted that it may be 14p in the pound.
It has confirmed that it will consider ALL loans over 6 years, so that’s good.
Turtle says
At a dismal 14p to the pound and any redress late 2020, I would rather see them go into liquidation If it left a stain on the ICL directors credibility.
The company behind ICL is a billion dollar hedge fund. Amazing how they can get away with this.
Ross says
I’ve just read their latest email, and clicked on the link. They’re stating it could now be 44p/£ instead of 80p/£. Not seen the 14p/£ figure anywhere on there?
A says
On the website further down there is a paragraph under the heading how many customers will respond that states it may only be 14p –
“If double the people respond that we assumed in our base case, then the expected outcome for customers could fall from 27p/£ to 14p/£.
We still think that even 14p/£ would be better than what people would receive if we went into liquidation. We cannot predict what will happen, but we have explained here the likely impact of some of the things we have done in the past few weeks.”
Louise says
Only £10 million will be used to cover redress. I doubt it will even reach 14p in the pound.
Paul says
Hi
Due to a redundancy I was unable to repay my loan to these and it has left a huge boot of missed payments on my credit report back to 2012. I actually forgot about the loan as the years past I wanted to clean up my credit report so settled
In full in 2017. Only £200. It has massively damaged my credit report. Is there anyway instead of claiming compensation that I could have this red blot history removed or altered to be more
Favourable?
Sara (Debt Camel) says
Just claim compensation from the scheme in October – if this is upheld, the negative credit record will be corrected. If it isn’t, then when ICL goes under after the scheme has finished, you can complain to the credit reference agencies that your credit record should have had a default added to it in 2013.
Gill says
What is everyone voting- yes or no? And does it really make any difference?
Vicky says
I voted yes , I think what offering now after update is going to be better than if go into liquidation I could be wrong not good on these things hope I’m thinking right?
GM says
I voted yes too. I rather have something instead of nothing.
GM says
They are terrible at responding by emails. The case handlers are usually based in the US, so they’re 6 hours behind judging by the timestamp on their emails.
They also have offices in London with people who can see the correspondence from you to the case handler, but don’t have access to the files. The FOS case handlers do not take calls, only the people at the London office speak to them while they put you on hold.
call 02038592760 or 02038592731. sometimes the number is busy, so keep trying.
I’m having a lot of problems with my bank details as their system has some pre-setup parameters which don’t allow sort codes outside a range of numbers, so I’ve been waiting for 2 weeks until they have their IT sorted out. I’ve called so many times for an update that the guys in the London office recognize my voice when i call…
Vicky says
I’ve had an amount given to me from wonga and wageday but they said now where near what I will get, I’ve had emails from money shop but they haven’t given me an amount of what to expect is this still to be decided
Sara (Debt Camel) says
yes.