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. Nicky says

    I have had no comms, emails about the portal closing or payments since the email last year and accepting my potential redress and updating my bank details. Still nothing and I don’t know if I should have received some form of notification or something in 9 months?

    I know payments are being made but if you haven’t received any emails regardless of waiting for the payment notice etc should I be worried? My potential redress was £15700 which is know is £650 or thereabouts

  2. Bob says

    Was the redress amount they first explained in an email or on the portal before it closed?

    I can seem to find original amount.

    • Sara (Debt Camel) says

      The redress email and portal should have had the same number for redress.

  4. Ry says

    Hi, im just wondering when i will get an email of how much i will get. The last email i received says they will email me again for the amount but that was more than 2 weeks ago.

    • Ann says

      I was receiving actual mail from them and not emails. Anyone in the same position and yet to hear? Wondering if maybe doing emails first

      • Claire says

        Hi
        I’ve received a letter about one case and then an email about another. One case was on the portal and one wasn’t which I couldn’t understand. I’ve emailed several times to ask the question but got an email back with an irrelevant answer to the question I asked 🤷‍♀️

        • Sarah says

          Exactly the same as me I have one Claim number on the portal which is for a lot less the other I got email about decision but when I emailed got a answer which wasn’t relevant
          I’ve had nothing lately

  5. Mark says

    Hi,
    I have had money deposited into my bank account but no email with any breakdown, the payment was from instant cash loans, has anybody else had the same thing happen?
    Thank you

    • Jo says

      I had an email on Tuesday and the money went into my bank today.
      Have you checked your junk folder(s)

  6. Martin says

    Hi All,

    Joined the part late here but have been watching avidly for weeks. I have heard nothing since email about portal closing..no emails or anything so hoping to hear soon! Just wanted to thank this site & Sara as due to finding it I have put in an affordability complaint to lending stream and been accepted or answered at least! I see alot of previous comments have gone so thought I would start the ball rolling again lol!

    • Adam says

      So received my email from icl. Whoop money on its way and have now submitted a complaint to lending stream but can see they only accept their own form now so will wait and see as I often took out loans with them to pay others of and then went into arrangements. What do u think my chances are?

      • M Campbell says

        Nothing. I phoned on Monday and they could not provide any information, any date, how much it would be.

      • Richard says

        Not a peep out of these nasty lot ,
        We have all been patient but this is now running very thin

    • Jemma says

      Yes me too. Not heard a thing. Cant wait til the whole thing’s over with to be honest. Not much longer to wait though. Try not to stress. Although I know its easier said than done.

    • Jon says

      Just to confirm for everyone getting itchy feet. I got an email on 08/06/21 and it advised my potential redress and actual award.
      The amount is indeed 0.041 per £

      The payment will be sent to the last address they have on file which would be the details you entered into the portal before access was removed.

      I am advised up to 7 working days for funds to clear into my account.

      Kind Regards,

  9. Karen Robinson says

    Hi is there anyway I can check my bank details with them? All I get back is an automated email.
    Thanks

    • M Campbell says

      Hi when I called on Monday, you could select an option to get through to someone to let them know a change of bank details.

  10. Lucy says

    received Email last thursday 3/6 to say payment within 7 days

    no payment
    but have just received another email to say they could not process payment please provide them with bank details
    my bank hasnt changed since I claimed on the portal

    has anybody else been in this situation?

    • Sara (Debt Camel) says

      yes a couple of people have reported this. It means they tried to pay you and the payments bounced bank from your bank. You need to send them your sort code and account number again and they will retry.

  11. NC says

    Hi Sara,
    I’ve got a loan ive defaulted on with Loans2Go, its extortionate rate, borrow 200 pay back 1600. Is there anything I can do that will get this reduced as in FCA etc? They refuse to budge, said it’s what I agreed which I did, I signed the electronic form but not everyone understands or takes into account your situation & frame of mind when you take crazy loans with companies like these? Any advice how can get put of this bind or anyone else been dealing with Loans2Go ?

    Regards NC

  12. Brian says

    Hi my redress was £4288 however I am guessing that I will receive around £200 ?

    And to be paid end of June ?

    • Lynne says

      Should be £184 payable whenever they get round to it but mine was within 3 days of the email arriving

      • K says

        Hi Lynne
        My redress was £1643 but they said there were going to use it against my loans for £140 and £175 although I’m a debt relief so this would be wiped what would I ne looking at redress

  13. dean says

    I received my payment today for £288 pounds. I have received no e mail since the one informing me of the portal closing down. My redress was over £8000, I cant remember the exact figure but think it was £8700(never had email to confirm but I accepted it on the portal and used that for my records, hence why I cant access the exact figure)I had no outstanding debt on my loans so am puzzled by the amount. Even if it was £8000 dead the payment would be £320+. Anyone else had similar and is it worth getting in touch with the administrators?

  14. Rebecca says

    Hi Eveeyone, Havnt heard anything since last year. Updated all my details. Just concerned I won’t receive anything. Is there anything I can do to find out or am I best to leave it. Thanks in advance.

    • Candyce says

      Hey, does anyone have the phone number at all? I’m really worried that my details haven’t updated correctly or something, I have not had any communication since the redress emails last year. I know I shouldn’t and probably should just sit tight, however I feel I should just check they have everything up to date.

      Has anyone spoken to them over the phone recently, is it easy to get through?

    • Ross says

      I think there’s still quite a few people waiting to hear, if the comments above are anything to go by (me included). I think, with such a lot of people, it will take time and (unfortunately) some people have to be at the back of the queue. They have said it should all be done by the end of June. Based on the fact that they’re now giving a window of 7 days, for payment, after receiving the email, they have up until 24th June to get through everybody. So, realistically, it could be another fortnight before the final customers hear anything. I’m sure that if, by the end of June, you haven’t heard anything, then you can contact them and it will be much easier to get through, as the vast majority (if not all) of people will have received their redress. It’s just a matter of patience, really?

      • Candyce says

        Thank you, I’m keeping my fingers crossed 🤞🏻, I’m a bit of a worrier that’s all, I have moved and changed bank accounts since have the original loans, I did update everything, however because I’ve heard nothing since last year I just have a slight doubt. Think positive and hopefully I’m next on whatever long list it is they have 😊.

  15. Tee says

    Got the email on Monday and payment is today showing as pending for tomorrow. I was worrying like some that I hadn’t had the email and then worrying about some others comments that despite having had the email the payment hadn’t come through. It will come through, relax :)

    Ps thanks to Sara who I imagine is probably looking forward to us getting our payments through more than anyone!

    • john says

      had my mail on monday and transaction visible for payment in tomorrow. thanks for your guidance. £6k original claim accepted and £268 rebate.
      whilst these things do drag on and they are ALWAYS late paying out vs their guidance, I have now had about £600 from Money Shop and Wonga which I wouldn’t have had without this forum and your advice.
      cheers!

    • Leanne C says

      Got an email on Monday 7th June to confirm my payment amount
      Potential Redress Amount £6344.24
      Actual cash payment to you £273.44

      Still not received payment yet though

    • St.Albansdebz says

      I received an e-mail Monday and payment will hit my account at 16.00 today. I opted for the bank that pays a day early! You will probably receive money tomorrow

  17. Rich says

    Good morning

    I received a message on Monday the 7 th of June re payment, after debt paid I was due £252 but 4 working days later, I haven’t received any money.
    If you haven’t received anything the best thing to do is email them and again, eventually I got a reply, I know I haven’t been paid yet but at least I feel I’ve moved on a step.
    Should it take 4 working days tomorrow Friday will be the last day I can receive the money before their 7 days expect your money runs out?!!

  18. Steve says

    So £340million was the redress amount and roughly £14.5million will actually be redressed, my question is what has happened to the small amount of £325.5 million that was taken. ?????

    • Sara (Debt Camel) says

      The £340m was never sitting in the bank. ICL is going into liquidation because it doesn’t have nearly enough money to pay the refunds.
      The money was spent on paying staff, IT systems, advertising, rent (all those shops!), utilities, borrowing money to lend out … and of course director salaries and payments to shareholders.

  19. Emma says

    Hi, I received my redress but no email to say that it was going to be paid in to my bank.

    I also have complained to Lending Stream about my loans on 26th May and had a reply on the 3rd June providing me with the documents requested. Do I have to send them anything other than the template off here or just wait the 8 weeks?

  20. A says

    For those worrying like me I called money shop today and spoke to a really nice lady called Katie on 0800 280 2548 who was very helpful, confirmed that I would be receiving an email not letter ( I had a previous address on the first correspondence so wanted to check it was up to date) and confirmed I would be emailed to the correct email also as the portal shut and I’ve received no communication at all I was concerned about the wrong details.

    Although she couldn’t specify when I will be paid (which I didn’t expect anyway) she did reassure me it would be before the end of June so I really hope I hear soon now!! 🤞

    • Greg says

      Just spoke to someone at ICL/Money Shop to query bank details I advised for payment. Person was very rude and advised that he could not see this information and that I should email query.

      Reply received

      “We are no longer able to access the claims portal to view your bank details currently held. Should the bank details be incorrect and the payment returned to us we will be in contact to obtain up to date details.”

      The whole process, the length of time, lack of communication and poor customer service has been absoloutely pathetic.

    • Kate says

      Oh I’m definitely going to be in the final week ( if at all ) this is so painful!

    • Matthew says

      I have had no email just the email saying it’s closed but went to my junk folder ?

  22. Debbie says

    I had an email last Wednesday and the money was in my bank account today.
    Thanks to Sara for all your help.

  23. hugo says

    Yep thanks Sara, nice of them only to refund 4.3p in the pound. out of my original claim for £2283 i recieved 98£ what a disgrace. Does anyone know why eurocash is being done again, as have had a pounds to pocket loan and a wage day advance, which i got simply £50 for?surely if a copany is in admin it should do every company rather than in bits?

    • Sara (Debt Camel) says

      Wageday Advance was a totally different company, not related to Cash Euronext.

  24. Val says

    Email just now finally amount advised
    If u are still waiting I’m so sorry but it is coming
    A huge thanks to sara as with out this site I’d never have known
    Provident/satsumas/peachy / money box to come but another year I expect so I’ll dip in an out of this amazing site
    Thankyou

  25. Dee says

    Hi Sara can you help. I emailed Piggybank about affordability . They sent me a DSAR report . Nothing else. I replied asking what would happen now. Just had reply saying they sent DSAR report and no further action to be taken. Then asking me what I was trying to achieve from this. Confused about reply. Thank you.

    • Sara (Debt Camel) says

      reply saying you are making a claim in administration for redress for unaffordable lending.

      Further questions are best asked on the main payday loan refund page https://debtcamel.co.uk/payday-loan-refunds/ where they are more likely to be seen by other people who have recent experience of claims against piggybank.

  26. Josh says

    Finally had my email, my potential redress was in excess of £16,000 but my actual redress was calculated at £12,000 anyone had this happen?

    • Sara (Debt Camel) says

      Had you already had a refund from any of the money shop, payday uk or payday express?

      • Josh says

        No I haven’t but have used all of those for previous loans, I don’t have proof of the amount as I’m sure it was on the portal and not email. Not sure wether to chase it up as it’s taken forever already lol. Email does say Maximum potential redress so that’s probably there get out clause

        • Josh says

          This was the email

          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 £ 12236.38
          &nbsp &nbsp
          Outstanding debt at 9th October 2019 £ 791.76
          &nbsp &nbsp
          Redress left after balance cleared £ 11444.62
          Actual cash payment to you £ 493.26

  27. Yasmin says

    Just sent an email to myjar and had a email back saying my email had been blocked anyone else had this?

  28. Katrina Burnell says

    Why are deducting a balance from my redress, when I paid these loans off in 2020???

  29. Peter Osborne says

    It’s really scandalous that firms can be found to be effectively acting fraudulently, have compensation agreed but then have no pool feom government to cover the payments. The lack of effective governance enabled these firms to.operate, the owners took the profit, sold on debts and no doubt are currently running other companies doing similar things. The insolvency operators make a tidy income as well. As usual the poorest and most vulnerable pay the price. Depressing state of affairs really!

    • Paul says

      Just received email stating what I was due and it will be paid in next 7 days so hopefully others may get an email today

    • Chris says

      Hi everyone just got email 2 mins ago so its coming hold tight. Just curious tho says next steps about being paid in 7 days and also further steps say about outstanding debt that was sold to prac which I don’t is it just a generic email they send?

    • Julie says

      I have just received an e mail at 15.32pm confirming my payment: potential redress £4813.27 outstanding debt £54.04 Redress left after balance cleared £4759.23 Actual cash payment to me £205.12 plus £7.12 for a payment i have paid since the 9th October 2019?? it says it will be paid within the next 7 days

      I also contacted Lending Stream 10 days ago using the form Sara provided (Thank you) received confirmation of complaint immediately, was offered a good sum of money on Monday and within minutes of accepting the money was in my account – Thank you

  31. Sara lou says

    Hi all email arrived today potential redress 89.00 actually due £3.29p 🙈
    Ah well all over and done will never go down this route again.
    Thanks Sarah

  32. Caitriona says

    Just got my email which says that a balance owing is being deducted which is fine as I knew that from a previous email however under next steps it says that my balance was sold to Prac and it remains owing to them and they will contact me in 14 days to discuss repayment. How can the redress amount be reduced to clear the outstanding loan but it remain owing to prac? I’m very confused, anyone else had this or know what it means

    Thanks also Sara for such a fab and helpful site

  33. John says

    I received today… ???? Do i need contact PRAC and pay them outstanding balance or just ignore them ? I told them that want redress all money to all outstanding accounts ???!!!!

    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 £ 1074.94
    Outstanding debt at 9th October 2019 £ 790.00
    Redress left after balance cleared £ 284.94
    Actual cash payment to you £ 12.28
    Next Steps:
    1. 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.
    2. You currently have a balance outstanding on a loan that one of our firms originally provided, which we subsequently sold on commercial terms and assigned to PRAC, a debt purchaser.
    3. We understand that some PRAC customers may have misunderstood the position set out in our previous letter as saying that we could guarantee set off of the Redress Amount against monies owed to PRAC. This is not the case, due to the fact that PRAC has legal ownership of that debt, which means that loans due to PRAC remain payable and can only be discharged by PRAC.
    4. Since PRAC is the legal owner of that debt we are unable to apply set off and must therefore pay you the Cash Payment set out above. You may, if you wish, decide to use your Cash Payment to pay down your outstanding balance with PRAC, but that is a matter for you and is something which must be done outside of the Scheme. There is no legal obligation that you pay this dividend directly to PRAC.
    5. Any of our entries on your credit file concerning loans to which the Redress Amount relates will be removed shortly. However, we will not be able to remove any credit file entries or County Court Judgments (“CCJs”) which relate to the loan we assigned to PRAC or which PRAC has recorded since purchasing your debt. If there are any such entries or CCJs concerning the PRAC loan, you will need to discuss them with PRAC who will be able to deal with your query appropriately.
    6. PRAC is fully aware of our decision and has committed to making contact with you within 14 days of the date of this letter. As an FCA regulated business, PRAC is obliged and willing to consider all of your current circumstances with a view to agreeing an appropriate way forward with you in relation to the sums you still owe to PRAC.
    7. Please direct any future questions or queries in relation to the sums you owe to PRAC, to PRAC itself. ICL will be unable to assist you in that respect.
    Yours sincerely
    Instant Cash Loans

  34. AM says

    Received email today but also stated that PRAC will contact me in 14 days. I have no idea what loan this is for, would it have been included in the loans that were upheld and therefore they will pay the redress for it?

  35. Pauline says

    I made a claim as I used The Money Shop a few times. My redress was originally for £1567, however the actual payout was £65. Absolutely disgusting the way this scheme has been whittled down to pennies.
    On top of that the standard letter states a debt to PRAC is still outstanding from Payday Express (never had a debt with them or heard of PRAC). They will be contacting you in 14 days.
    Seems like they are grabbing at straws to pay people of with one hand and take back with the other.

  36. Tom says

    Just received my email today, approx £2368 receiving £101 back within 7 working days.

    Good news

  37. Kelly says

    Hi, I just wanted to let you all know that I have received an email today confirming the amount and saying I will receive it in seven days! I think the amount is terribke but it’ll do fit a drink and takeaway 👍

  38. Neil says

    Still no email! Looks like I’m going to be one of the last ones. I actually predicted this through my crystal ball! Still plenty time I suppose?

    • Ceri Ann says

      Nothing yet. But I know someone always has to be last. Still can’t help thinking that they have somehow forgotten me

    • Kate says

      Every day I get more and more disappointed when I hear others have got theirs ( I’m pleased for them of course ) but I just can’t help wondering where my email is …
      It does feel as if I’m waiting to be picked for the rounders team at school …

  39. Paulie says

    Email received this afternoon.

    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 £ 36186.10
    Outstanding debt at 9th October 2019 £ 819.54
    Redress left after balance cleared £ 35366.56
    Actual cash payment to you £ 1524.30

    Crazy how over the years I managed to take out loans continuously setting me back almost £40k. Even crazier how they kept approving loan applications. Live and learn and let’s make sure those around us don’t fall into the debt trap!

  40. Claire says

    I have a balance outstanding with prac finance which got passed on to bw legal, I have a payment plan with them so don’t plan on paying them any of my redress, will just continue with my plan payments.

  41. Col says

    Received email few weeks ago stating my refund would be used to offset my balance. Redress was roughly 3k and balance roughly £200 dp they take the balance away from the 3k redress or from the 100 and odd quid i would of received? Im confused ha thanks in advance.

  42. Sharon says

    Received email on Monday 7th waiting for money to go in bank .Anyone had any joy with morses had quite a few over years

  43. Stephen says

    Hi there
    Money just arrived in my account. Got my email Monday. I bank with Santander. Time to move on. Thank you for a great resource and web site. FCA have a lot to answer for.

    • J says

      had email from money shop money saying redress £188 to be paid into bank within 7 days just been put in my account😄 another one ticked off

    • Paul says

      Hi,

      Just a heads up, received an email on the 8th June with breakdown of how much I would get and money was in my account today 10th June.

      Hope this helps

      Kind Regards

      Paul

    • Liz says

      Had an email on Tuesday saying my redress will be in my account within 7 days, payment went in my bank today.

    • Leon says

      Sooooo the money just landed in my account t so it wasn’t a long wait for me . 3 days or so after the email . 1 down , 1 to go . Had two claims with different numbers . Still no email for the other one but things seem to be happening

  44. Chiara says

    Got me email tonight at last so feeling relieved
    Not much but better than nothing
    Good luck everyone else 😊

  45. Louise says

    Had my email! Thanks to this forum have lodged complaints with lending stream and SNC!

    • Dave says

      Hi Louise, have you heard anything from either LS or SNC apart from the initial acknowledgement email? I have noticed some people have had their redress payment already and sent their complaint in after I sent mine.
      Thank you.

  46. Jay says

    Got my email on Tuesday afternoon and the money has hit my bank account this morning

    • JR1981 says

      ICL payment went in this morning after receiving the email on Monday. Now this chapter can finally shut! Good luck for those still waiting it will come. Sara and team thank you again for you advice. I will be giving my refund to our local soup kitchen to help the homeless

    • LR says

      Email received Tuesday and money in this morning. So glad this is all over. Thanks to Sara for her tireless help.

    • Helk says

      Money in!! Thank you Sara!! Been amazing!! Keep up the good work!! Will be back when the provident decision has been made!!

    • Tasha says

      Finally received payment today from Monday’s email.
      Redress amount £3734.59
      Payout amount: £160.96

      Wanna say a big shout out and thank you to Sara (debt camel) you’re an absolute godsend with this website. I can’t imagine the stress from people repeating the same thing over and theorists you’ve been so patient.
      To be honest nipped my lending in the bud years ago and wasn’t expecting anything back. Would have been nice to receive the full amount from both money shop and wonga but life is what it is. Hopefully people don’t fall victim to these sharks in the future.
      Have a blessed day everyone

    • Dave R says

      Have been paid! Email received Monday and it was there in my bank this morning. Hang in there if you’re still waiting, won’t be much longer I’m sure. Then it’s another one we can all put behind us.

    • Julia says

      I received my email Tuesday this week and payment is in there this morning (Friday 11/6)

    • Kate says

      Don’t worry Lucy ..I’m still waiting too …I just wish all this could be done with! Hopefully we won’t be long now 🙄

      • Lucy says

        I’ve just rung third time ringing and actually got someone nice lol, she said my letter was sent out Monday (not received) and she told me my payment amount, she said she can’t see that payment has been made yet but fingers crossed for next week 😊

  48. Foster says

    Just wanted to say morning and for everyone to have a nice day. Hopefully I get my email today.
    Peace ☮️

  50. Chris says

    I received an email Tuesday 8th June to tell me my redress would be paid into my bank within 7 days, I can confirm it got paid in yesterday (Thursday 10th June) so hopefully the people who have had their emails yesterday won’t have to wait too long for their money to appear in your account, just a heads up that it may not be the full 7 days you are waiting. Good luck!
    Chris

  51. Martin says

    Can people stop saying ‘Got me money’ now! Its getting really annoying and childish like ‘Got me jab’…We don’t need to know thankyou!

    • Sara (Debt Camel) says

      But a lot of people who are still waiting want to see that real progress is being made in making the payouts. Also this is the end of a long and difficult road for many people and it’s good for them to be able to record their feelings.

      • Martin says

        Fair enough I got out of bed the wrongs side this morning and just getting myself would up about it lol! No harm meant :)

        • Jack says

          Don’t be daft Martin, you’re fine to be grumpy I’d say. I was feeling exactly the same yesterday. I received my redress amount in the post today and it was dated the 8th saying I will get it in my bank account in seven days. Fingers crossed for you today.

    • Suzzyjen says

      People want to know the money is real.Iwas glad to hear when others got their money.Your money is on it’s way so feel free to post and let everyone know🥰

    • Sara (Debt Camel) says

      1) your redress has not been used to pay any balance at PRAC. PRAC refused to allow that… hence that other article on how to complain to PRAC and ask for set off.

      2) when was this loan taken out? have you made any payments to this PRAC debt or acknowledged it in writing in the last 6 years?

      • Chellle says

        I am too in the same situation and thank you for your advice I have requested proof from ICL , I also asked if PRAC owed the debt why when I have not consented from a third party ICL to share my details with PARC – can they do this? I have asked them to provide me with the terms and conditions along with proof to ICL, the debt i had is going back to 2014. So would the debt still be valid if over 7 years.

        • Sara (Debt Camel) says

          I also asked if PRAC owed the debt why when I have not consented from a third party ICL to share my details with PRAC
          ICL does not need your consent to sell a debt to a debt collector. This is a red herring and will not help you resolve the situation.

          So would the debt still be valid if over 7 years.
          Have you made any payments to this debt during the 7 years? Have you acknowledged the debt in writing to PRAC?

          • Michelle says

            Hi Sara,
            I am in the same situation as Chellle.
            The debt with PRAC is over 7 years old.
            I have not acknowledged the debt in writing, and I haven’t paid anything towards the debt in the last 7 years.
            Do you know if the debt would be still valid?

          • Sara (Debt Camel) says

            Then the debt may be statute barred. Talk to National Debtline about this on 0808 808 4000.
            Is this showing on your credit record?

    • A says

      Did you confirm the correct email on the portal?
      I’ve confirmed mine with them and they have the correct one so if I don’t receive one it’s a major cock up, as I’ve heard nothing though I am hoping I am on who just has it turn up in their account also! Lol

  54. Denise says

    Good morning,
    I hope this message finds everyone well?
    I had an email on Monday and received a payment today. When I got the email, I was puzzled, because the figure offered was not the one I had been told about in a previous email from 2020. I called the relevant number and spoke to a lady who told me that I have two payments due to me. I had not realised that the reference numbers were different (my bad for not paying attention)
    The second payment is due before or by the end of the month. I am glad that I made that phone call.
    I would, if I were you, go back over your emails and double check your refence numbers. It could be that you will get more than one payment. I had loans with The Money Shop and PaydayUK. It seems that these payments are being made separately because, effectively, they were two different registered companies….This is me speculating, not a known fact, but it does seem to make sense.
    I wish you all well.

    Regards

    Denise

    • Sara (Debt Camel) says

      um… have you made any payments since the Scheme started in September 2019?

      • Denise says

        Hello there Sara,

        I cleared any debts that I had with Instant Cash Loans in 2019, around April time. Nothing since then.

    • Sara (Debt Camel) says

      In that case I don’t know.
      Payday UK tried to make some automatic refunds to a few people several years ago – they were small – it is possible you were owed one of those and it was never paid? But you would have to ask ICL what it is for.

    • Pat Smith says

      Have just received my email. My payment will be almost the exact amount of this week’s much larger than usual food shop, so I’m pretty happy.
      Hold on in there all those who are yet to receive the email, it is coming!

      • Charley says

        I’ve just received my email 11/06/2021

        Thank you for making this page it has helped loads.

        Hope you all get yours soon.

      • M Campbell says

        I finally received my email and the amount is exactly how much I calculated.

        Good luck everyone.

  56. Joanne says

    I received the email yesterday with the amount I was due to be paid. How long after this has people found that they have received the money due

  57. Chris says

    £6.31 in my account today from ICL, hey, the drinks are on me everyone (sarcasm of course lol 🤣)

  58. Tracy says

    I didn’t receive an email but i did receive a letter this morning containing the amount that moneyshop will pay me in the next 7 days. Thought i would put it on here for all the people in the same boat as me

  59. Lisa says

    Hi Sara
    I have just received my email and it seems they have deducted 20 percent tax
    My original email in October had this
    Interest paid £4409.79
    8% interest £1822.95
    Less 20% tax £364.59
    Redress amount £5868.15

    I thought they were not deducting tax as they are paying me 4.31%of £5868.15 not 6232.74

    Would be grateful for your advice please

    • Sara (Debt Camel) says

      The calculations of the redress amount (Interest paid £4409.79 – 8% interest £1822.95 – Less 20% tax £364.59 – Redress amount £5868.15) are all notional amounts worked out in order to be able to divide up the money there is available.
      They are not real figures. No tax has been paid to HMRC at all – not that notional amount and not on the amount you are being paid – so there is no tax to be reclaimed.

  60. Robert says

    Debt Camel might also be interested in the little aside to the settlement of the Money Shop scheme, relating to the PRAC issue, who Money Shop sold my debt onto and who obtained a CCJ against me while I lived abroad, and who have been harassing me for years, and who I have been fighting through the County Court (once even getting the court to change the court location at such short notice I couldn’t possibly have physically attended), also for years. Absolutely absurd resolution to this, that not only do these vultures get away with 4.31p in the pound, but it is somehow OK for the debt that has been acknowledged as having been lent irresponsibly and that was unaffordable to the extent that claims sank the company and necessitated this Scheme of Arrangement can continue to be held as legitimate by an even worse bunch of vultures. I have never acknowledged this debt to PRAC, and have stated every time to the local County Court and the District Judge that the original debt is in dispute and involved in the Money Shop process and later Scheme of Arrangement, and that it was lent on unfair and unenforceable terms, as well as of course being unaffordable and not properly assessed, which has been acknowledged in by the Scheme of Arrangement and The Money Shop. I will seek redress on the PRAC matter from the Ombudsman, but any thoughts on the PRAC issue, and particularly the legitimacy of points 2-5 of the Money Shops’ email to me and other people with PRAC involved.

    Robert

      • Robert says

        Hello Sara
        You might be interested to know, I actually have virtual hearing between me, PRAC/BW Legal/Perch Capital and the District Judge for West Yorkshire on Friday morning about this ICL/PRAC debt, and its long trail. I will be using your equitable set off suggestions, and have done some case research. Obviously I am no lawyer, but the District Judge has been helpful and temporarily stayed their efforts a number of times in the last couple of years and given me extra time. If I could afford a lawyer I would love one of course, but I will do my best, I have no assets and my credit rating is ruined anyway so I have nothing to lose. I will let you know what happens and whether anything useful for others happens.
        Robert

        • Sara (Debt Camel) says

          well good luck, but why did you not seek to get it stayed so it could be decided by FOS?

          • Robert says

            Hello Sara
            I really would have loved to have done that, but I have never found a way to get the County Court and this District Judge to do it, and I have never been able to afford the money for the application, the money for a proper solicitor to help me do this, or the time to learn myself how to do it. I have complained to PRAC/BW Legal/Perch Capital and I will complain to FOS, but meanwhile the process in court grinds on.
            Robert

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