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. Neil says

    Decided to copy the template and send the complaint to piggy bank and cash4unow. Got reply’s almost straight away from piggy bank saying they lent affordably. I was actually still in a DMP at that time and stupidly in a hole that I was digging deeper and deeper. Surely they would of seen that on my report? Cash4uNow have responded by sending me a statement and that’s it?? slightly confused on what to do next?

    • Kate says

      I think you should now send the complaint to the FOS to look at and assess: they don’t agree they’ve lent unaffordably, FOS might see it differently (and, if you were in a DMP, I would imagine they would). You should get an automatic acknowledgement when you submit it, but they do seem to have quite a backlog, so it could be some time before you hear that your case has been allocated to someone to review.

    • Sara (Debt Camel) says

      Piggybank are now in administration. How many loans did you have from them and how large?

      Cash2UNow have just sent the details of your you borrowing as the template asked – this is not the response to your complaint, that will come later.

      Any further questions are best asked on the payday loan page https://debtcamel.co.uk/payday-loan-refunds/

      • Neil says

        Hi Sarah these were the loans as you can see I was getting these to pay these. What a mess I got myself in. I’m now in a IVA and feel really embarrassed about the situation I’m in. Can’t believe I got into this mess.

        08/02/2017 Total: £150.00 –
        07/03/2017 Total: £300.00 –
        29/04/2017 Total: £600.00 –
        30/06/2017. Total: £650.00 –
        31/08/2017 Total: £690.00 –
        30/11/2017 Total: £700.00 –
        30/04/2018 Total: £800.00 –

        • Sara (Debt Camel) says

          If you are in an IVA, any refunds you get will be paid to your IVA firm, not to you :(

          How long ago did your IVA start? What are the total debts in it? How much are you paying a month and how is it going? Are you buying or renting?

          • Neil says

            Yeah I had a feeling that would happen. The IVA started 20/09/2020 the total amount is £12,000 and currently paying £154 per month. The company is financial support solutions. Iv not missed a payment but feeling the pinch of this. I live with my partner who has a mortgage, I give her so much a month towards the bills etc as we have 2 children as well. I have no assets in my name at all.

          • Sara (Debt Camel) says

            It sounds as though you were yet another person missold an IVA 😠
            Paying 154 a month you could have cleared that debt in 6 and a half years in a DMP without having insolvency on your credit record.
            Or gone bankrupt and cleared if in 3 years.
            IVAs normally have no advantages for people without assets.

            The question for you is can you get through the next 4 and a half years? 30% of IVAs fail (they don’t tell you that). If your expenses have gone up, you should ask for your payments to be reduced. You could talk to National Debtline on 0808 808 4000 about your options and how much you might have to pay a month in bankruptcy – it may be worth failing the IVA and going bankrupt. Bankruptcy dies fail, if your expenses go up or your wages drop, your payments – never for more than 3 years and many people pay nothing – just reduce, to zero if necessary.

  2. Allan V says

    Hi!… I’m after some advice.. I’ve received redress this week minus the amount I “still owed” to them, however this amount was inlcuded in an IVA which conculded in 2018 and they received dividends on. Essentially, they have claimed their money twice to the detriment of every other creditor involved in the IVA. What’s my next step? thanks!

    • Sara (Debt Camel) says

      This redress from ICL? It is normal for a lender to deduct the balance unpaid in an IVA from redress.

      • AllanV says

        Hi Sara

        The IVA completed in 2018 (ICL was one of the creditors and as such have already been paid the dividend due) and by keeping part of the redress towards a debt that has already been paid they are essentially taking the money twice

        Allan

        • Sara (Debt Camel) says

          so you can query the deduction with ICL, but my guess is they only deducted the part that was written off at the end of the IVA.

  3. K says

    I agree very frustrating I’m still waiting for a email I’ve emailed them 5 times sent my debt relief order to them and still no reply from them. Its frustrating as I need to know if I get any redress to confirm with my debt relief order that it doesnt revoke it. They have dragged this on far to long and the lack of communication is absolutely appalling

  4. CC says

    So it seems after all this waiting and numerous emails I am to get nothing at all. I was bankrupt several years ago and supplied The Money Shop with all the relevant documents and details (twice) and this week they emailed me to say “as you haven’t supplied sufficient evidence of your Trustee in bankruptcy please forward this email to them”. I don’t know what other info I could have sent them. I did as instructed and have also spoken to the Insolvency Service and they tried to explain any redress will be offset and if there is any money due it will go to them to cover their “costs”. I was only due to receive about £45 of a £1046.00 claim but I did expect it to come to me as my bankruptcy was several years since discharge. The other thing I queried was how I could still owe them £295 in active loans when all my debts were dealt with under bankruptcy over 4 years ago and they say these loans were still ‘live’ in 2019, I know their trading companies were included. Lots I don’t understand but it seems if you were bankrupt or under any debt management then the money does not come to you. Sara, perhaps you could say if this is correct and my understanding of this situation is right. I have been told I don’t need to do anything further by the IS. Thanks.

    • Sara (Debt Camel) says

      If the loans that are being refunded were taken before your bankruptcy it is correct ICL can first use the redress to clear the balance of the loans owed to them that went into your bankruptcy and the remained goes to the official Receiver.

  5. Brian Edgar says

    Hi All

    Still waiting on my refund and e-mail notification

    Does anyone have an e-mail address I can use to ask for an update , redress was with money shop

  6. Yasmin Loveridge says

    Hi Sara,
    My loan for paydayuk was sold to bwlegal. Do you think it’ll be reasonable to put a claim in?

  7. Steve says

    BWLEGAL have just written off my moneyshop debt. I owed £865. No refund but all cleared.

  8. Kelly says

    I still haven’t heard a thing, I’ve been checking on here for updates to kind of see what’s going on with others. I didn’t get told the portal was closing and have heard nothing at all since last year saying my claim had been accepted 🤷‍♀️

    • Mark r says

      I was worried about getting my redress payment, but got email today 10am, £479 will be paid to bank account within seven days. Don’t fret you’ll get paid.

      • Kelly says

        I got my email this morning! Got a little something which I had already worked out against my redress so just glad I heard something! Glad you got yours too ☺️

  9. Ann says

    Hi everyone I called today after being on hold for 35 minutes the advisor told me that they have no access to customer accounts of no email received by Monday extremely unlikely any payment will be made as all Contact will cease and of June regarding redress issues

    • Vicki says

      Well that’s a bit worrying. I have had all other emails but none since they said the portal was closing. :(

    • Kelly says

      Surely they can’t do that because the claims have been made and accepted so the dividend would have been split between claims upheld? This is worrying though because I know on the portal I had completed everything they had asked me to

    • neil says

      Errrrrrrrm that is really worrying to hear?? Wonder if Sarah is aware of this? That sinking feeling and premonition I had of them paying half of us may come true 🙄😞

      • Sara (Debt Camel) says

        I think they have paid a lot more than half already!
        It sounds a scrambled message to me.

    • Karol says

      Hi everyone I was told that every payment must be made by the end of June so I am waiting as no email at all to as everyone else

    • Amy says

      Surely they can’t legally do this Sara?
      A lot of us have had it confirmed we’re due redress but not received emails with the amount yet and have waited how long for these clowns to say this!!

    • Mark says

      This can’t be legal can it ?

      Surely they have to pay.

      I am getting very, very anxious now as no payment or email received yet.

      • Mark says

        Just been on the phone to them and was told ALL payments will definitely be made by the 30th June

    • MrsM1980 says

      Hi Ann,
      I think the advisers are all different, I have just contacted after reading your post as I was quite concerned that I am also yet to receive another email since May, the adviser was lovely and she asked for my ref, said all payments are being made up to 30th June, I asked if they had my correct bank details as I have changed banks (not sure if it was before or after claim) and she took my details and advised that they would be sent to relevant department, I contacted a few weeks back about my banking details and was just told I would have to wait to see if it bounced before they do anything, I think it just depends who you get.

    • Mark says

      Still not had anything it’s worrying now was looking at £350 guess I can kiss that good bye then 😡😡

  10. J says

    I had email on 3rd June, no payment received. Emailed them several times. Week later they respond with your payment bounced from the bank please provide bank details. Provided with fresh details and sent them 3 emails since. No response, no payment, nothing. Tried to call. Nothing. Is there anyone we can escalate this to as in Fos or Fca?? Getting pretty fed up of being ignored after waiting 2 years for this to be sorted and now they have cut off contact. Suspicious thinking but why have they done it this way so no one can speak to anyone baffles me.

  11. jimbob says

    Got my email on monday cash in bank friday. I was very happy to get 240 of 6k. But i cannot ever remember borrowing that much

      • Vic says

        Who do you email. I’ve sent loads with no response. They used to replay but now don’t.

        Also all links go back to a fresh new money shop site re selling loans. Surely that shouldn’t be allowed.

        Got a sinking feeling they are just going to ignore all now :-(

        • Sara (Debt Camel) says

          emailing will not speed up your payments.

          The old .com website name has been sold to a different firm.

  12. Mark says

    Good morning everyone. I’ve just received my money into my account. I had no email or anything but it just showed up into my account this morning. So don’t worry about the email too much I was thinking that I would get one but like many others I didn’t so keep checking your account as you may very well get a pleasant surprise this morning as did I. But believe me you will get your money. Even if you don’t get an email confirming this. Take care and thanks Sara for all the help and advice in this forum. 😉

    • Amy says

      I keep checking in vein hope this will be me but no such luck, if I told get an email today I won’t bother checking again, absolute waste of time and energy!

      • Mark says

        Yes it only builds anxiety. I even stopped coming on this forum and reading things as other people’s anxiety can rub off on you then you start to overthink yourself. Just rest assured in knowing your payment is coming. Everything will get paid by the end of the month. Don’t put negative energies into the universe it’s not going to do any good saying I won’t get it or I’m going to get missed. The fact they even contacted you to let you know you had redress and then informed most the portal was closed, why then after all that let work would they suddenly decide to not pay those who money is owed to. Just doesn’t make any sense. So just hang tight I guarantee within the next week most who are worrying on here will have received their payment, with or without an email. Tbh the email sending is pointless most know what they are due to get so they should just send it and keep it moving so others can also receive theirs too. Again good luck to everyone. I got a little more than estimated too so I’m grateful for that. Going to go change my tyres now 😉. Have a good day everyone

  13. Jo says

    I got my email on Monday, an email from BM Legal on Wednesday, which was confusing and the money went into my bank this morning. No pending payment was showing prior to the payment. I feel angry we all got such a poor payout, but such is life. I can draw a line under this now, and thank you everyone, especially Sarah for the help and support. I’m now moving on to shop direct, who this week rejected my affordability claim. Once again thank you everyone

    • Victoria says

      Received email on Monday and money was in my account just after midnight. Thanks again Sara. For everyone waiting, I’m sure it’s coming soon, it’s not the end of June yet. Moaning achieves nothing and just makes others anxious.

    • Danielle says

      Email received Monday and money in my account today. I bank with Halifax. £552 out of £12000+ bit of a bum deal but better than nothing. Thanks for all your help Sara 😀

  14. Rebecca says

    I have not yet receieved my final email regarding payment being made.. Who would the email come from please ?

  15. Terry Wright says

    No email received, money in account this morning – as others have indicated, it’s worth checking your account from time to time folks.

  16. Candyce says

    Still no email or money as of yet, is there anything we can do if nothing is heard or money isn’t received as promised? Emailing them is a dead end as they never seem to reply other than an automated response. I haven’t had any communication since last year, I’ve done everything to make sure all my details were correct on the portal. Especially as my loan was taken out so long ago and I have changed address and bank accounts since the original loan. Also I know it’s not much that I’m meant to be receiving, however it would be definitely appreciated.

    • Cally says

      Hi, could someone help please. I provided my bank details back in April. I’m still waiting to be paid out with the amount they said I’m owed. I have still not received any email to say when I’m getting my money. It’s nearly the end of June. I have received a email from BW is this connected

  17. Denise says

    Received my email on Tuesday 15th received my money in my account this morning. Good luck everyone who have not received their email yet.

  18. Martin says

    Hi All…Just this minute got my email dead on 0930 advising payment to be made in next 7 days. I can finally breathe a sigh of relief:)

    • Sarah says

      Email recieved just now guys…. Finally… I was a silent watcher for a while continuously looking for updates and checking emails and getting to the point where I was panicking as I had not heard anything…can finally put this to bed now… keep waiting guys for those who haven’t redo anything they are coming in

    • Stacey says

      I have received my email this morning so they are definately still sending emails so hold on tight peeps they are still coming :)

    • Sandi says

      Whilst it may not be the original redress amount, it is something! I received my email just now, £196.24 coming my way within 7 days, finally. Hang in there everyone.

    • Leon says

      I finally received an email this morning. ICL tried to originally say in May I owed money but luckily I kept emails from years ago which showed that I didn’t. Like many I was worrying that I would be missed out. I’m writing this as I hadn’t seen anyone say they received an email yesterday.

      I will be paid in next 7 days. Hope everyone gets emails/payments soon. It’s been terrible communication by ICL and Money shop recently

  20. Candyce says

    Panic over, email received today. Fingers crossed everyone, I think they may have done a mass send out this week. 😊

    • Andrea says

      To everyone saying no email – I got mine just now. They are obviously not sending all at once.

    • Sops says

      Hang on in there everyone , just got my email today at last ! Anyone who thinks they’ll be missed wait until very end as they could be potential account errors I’m sure they will have to do a mop up of unpaid customers at sone point , I suspect any bounced back payments will be issued with a cheque unless they’ve contacted to state otherwise x

      • Sara (Debt Camel) says

        yes they will be trying to pay [people whose payments have bounced back – they will ask for new bank details.

  21. Jason Chibanda says

    Hi Everyone!

    I got my email today telling

    Potential redress was £!893.00
    Actual cash payment £81.00!!!

    I won’t lie I am raging from this!! How can they get away with this?..

    Is there anyway I can complain or challenge this?

  22. Fred says

    Another wave of emails today. I finally just got mine now.

    They haven’t deducted the 2 amounts they said I owed (I queried this but they never replied)

    • Marc-Bfs says

      Hi Guys,

      Finally got my email this morning! Redress £4373 payment £188. Just to be clear i did get an email a couple of months ago saying I HAD money still owning! it was £20 but I sent an email back to show the loan had been paid, NOTHING has been taken off my payment amount.

      The payment is meant to be made in 7 days.

      Thanks Sara for all your hard work.

  26. Mark says

    I have just been on the phone to ICL and the lady has assured me that ALL payments will be made by the 30th June . I did emphasise that many have not received an email or their redress as yet and can she assure me that payments will definitely be made . Her reply was yes they will definitely be made by the 30th June

  27. Robert says

    I’ve been watching the forum and was like a lot of people on here worried they was overlooked because no email or payment, but hang in there guys I’ve just got my email Potential Redress £ 4593.54 actual payment to me £ 197.98 to be in my bank within 7 days so pleased its finally over with

  28. Leoni Rudge says

    I had my email this morning! £17.16 🤣🤣 oh well, better than a kick in the teeth.
    Has anyone had a Friday email? Are you able to say when I should expect the money? Thanks all!

    • Sara (Debt Camel) says

      The timings of the payments don’t seem to be directly limed to the day you get the email.

  29. Chris says

    This morning I regrettably sent a nasty email and titled it as a SAR request and that I wanted a manager to email or phone me. Now it may have been a coincidence but 20 mins later i received the email.
    Stay strong everyone and thank you SARAH for the amazing work.

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

    Your Claim

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

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

    Applying this ratio, this is your calculation:

    Potential Redress Amount £ 5378.88

    Actual cash payment to you £ 231.83

    Next Steps:

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

    • Sara (Debt Camel) says

      It was a coincidence – as you can seen a LOT of emails were received after 9 o’clock this morning.

      I will point out that everyone send emails asking for info or when they will be paid if probably getting in the way of them trying to sort out people whose payments have bounced.

  30. Priscilla says

    Hi everyone, l finally got my email lol, do you know how long l have been waiting for this!. Was owed 5700 and l thought if l get at least 2000 l would be happy, well my payout is 245. I have to be grateful as better than nothing.
    Big thank you to Sara for this blog as no one else had any information.

    • African Queen says

      Hello,
      Hope everyone is keeping safe and well.
      Just received my email this morning.
      Potential Redress figure: £2976.77
      Actual Cash Payment: £128.30
      I will update when the money appears in my account.
      Hang in there everyone xx

  31. Cece says

    I was beginning to think that it wouldn’t happen but I’ve just received my e-mail £704 from over £16K potential redress. I didn’t realize just much I’d relied on and used these loans.
    At least I know that by this time next week it should all be over. Fingers crossed for those still waiting to hear 🤞

    • John says

      Email received this morning 😃 £259 from £6022, have to admit I feel abit sick seeing it wrote down but better than nothing I guess. The emails are coming though so hang in there lol

  33. Murray says

    I received my Money Shop refund (£242) today. But thanks to visiting this sire and seeing Sara’s advice, I decided to try and see if I was entitled to any refund from Lending Stream. I contacted them only last week and yesterday received an offer of £2,555 compensation which I accepted and is now in my bank account.

    I am so grateful to Sara because without her advice I would have been oblivious to my entitlement. I would urge anyone who had historic loans with Lending Stream or any other of the payday lenders still in business to contact them.

      • Murray says

        Lending Stream? I logged onto my account (had forgotten password so obviously reset it) and went to the complaints page. I simply said I was seeking compensation for interest on unaffordable loans, I didn’t need to fill any special form and/or give reference numbers. Presumably because they had my email address and details on the system they sent me a detailed letter with an explanation of what I was being offered on the basis of six of my twelve loans being agreed to be unaffordable. It really was as straightforward as that.

        • Elisabeth says

          Hi Murray. After reading your comment I’ve decided I’m going to give this ago as well. I was just wondering, as I too have had to rest my password, if it showed your previous loans on your account. Mine is coming up blank so I’m a little worried they will come back saying I haven’t had any. (I’ve had more than enough evidence saying I have). Just wondering if this is a something I should prepare for or if it’s worth letting them dig about for the info?. Thanks 😁

          • Sops says

            Hi, I struggled with my password, in the end I filled the general question form out and listed my name email etc and they’ve located the accounts , it’s a bit of a faff on as you have to duplicate info but they do answer.

          • Murray says

            Hi Elisabeth – I wasn’t required to provide any further information beyond requesting a refund. I hope it works as smoothly and successfully for you as it was for me.

            Murray

  34. Becky says

    Just got my email today, £89 better in my pocket than theirs, but it is quite disgusting considering it should have been over £2000!

  35. Fraz says

    Silently watching comments and finally received email today, was supposed to be £10k plus but ended up just short of £400, its better than a kick in the teeth.
    On a negative note, Lending Steam have rejected my claim saying they carried out all sufficient checks and it wasn’t unaffordable lending. Been back to them 3 times and they still reject it and now asking for bank statements and credit files from years ago, think I’ll give in to them.
    Thanks everyone for updates and comments on here, I’m sure everyone will get email/money eventually……keep smiling!

    • Sara (Debt Camel) says

      how many loans did you have from Lending Stream? They know perfectly well almost no-one can produce old credit records – they are just trying to be difficult.

      • Fraz says

        I had 34 loans sadly between 2011 and 2014, in the 34 loans in borrowed £8080, so can only imagine what interest I paid.

        • Rebecca says

          Nah I would keep going Frazier, how did the guy up above you get an offer? Keep pushing

          • Sops says

            That’s exactly what I’m doing , pointed out that from an online portal hundreds have been accepted and advised they are penalising me for rejecting my claim when I had 11 or 12 loans in quick succession, advised they did not carry out the appropriate checks and I requested an SAR , got a reply re sar and advised they will reinvestigate , won’t hold my breath but you never know ?

    • Sara (Debt Camel) says

      oh I would just send this straight to the Ombudsman then – even without any “evidence” you may very well get a refund on the later loans just because of the huge number.

      • Fraz says

        I will do thank you, do you have a link to the form I need to go to the Ombudsman? Thanks!

        • Rose says

          Fraz, definitely go to the FOS. LS rejected me completely, but FOS said that loans 5-40 shouldn’t have been made, and that I should be refunded the interest I paid plus statutory interest.

          I sent it to FOS in November, the adjudicator ruled on it in mid May, and LS made payment to my bank within about ten days.

          It was well worth waiting put it that way: good luck!

  36. Rebecca says

    Guys please be patient, I know it’s hard!

    I thought they’d forgotten me but I’ve literally just received an emailed after not hearing from them since the email about shutting the portal.

    They’ve given me my total redress amount and I’ll be paid within 7days. There is no order it’s just a waiting game :)

  37. Denise says

    Good morning everyone,

    I have received my email this morning, like a lot of others. I did however, notice that there was a distinct lack of posts on here yesterday about emails. I could be wrong and please forgive me if I am. I usually notice a flurry of posts on here about the receipt of ICL emails, but nothing yesterday….It struck me as a little odd. I am not complaining, just making an observation.
    As I said, I have received my email this morning and I am more than happy with the payout of £286 I do honestly believe that the Karma train pulled in at the station of the Moneyshop etc I know that many are unhappy with what they have been paid out, I totally understand their grief but I look at it this way….If the Moneyshop/PaydayUK etc hadn’t gone into liquidation then we would have nothing at all and our credit files would still have their mark on it. So I am grateful that these companies are slowly but surely falling by the wayside.
    Another thing that crossed my noggin earlier was that I should imagine that if ICL want to make all payments by June 30th with a 7 day window for those payments, then those still waiting to hear should have their emails by, the very latest, June 23rd. I do hope that is the case.

    Regards

    Denise

    • Jason Chibanda says

      Hey Denise,

      This is a really positive way to think about to be honest! Thanks.

      So from your message our credit file will be cleared?

      thanks

      • Denise says

        Hello Jason,

        I believe that as part of the redress we will not only receive a payment but also our credit files will be cleared as well of any connection to and with The Moneyshop and any affiliate companies.

        Thank you for your comment about my approach to this situation. I do appreciate it and I am glad that you concur with my positive attitude towards it.

        Enjoy your weekend :)

        Regards

        Denise

        • Sara (Debt Camel) says

          Loans that have been decided to be unaffordable will be deleted from your records.

  38. Mel says

    I haven’t had my email yet but I am really saddened to see the money shop is online again and selling these ridiculous loans. I can’t believe that nothing is being done. On the face of it they can declare bankruptcy on one business then open up another – even in the same name ! Whilst those who have been owed money for them selling unaffordable loans walk away with a fraction of the redress they are due. Shocking.

      • CC says

        You wouldn’t think anyone would want to touch that trading name would you? It hardly had a good reputation especially given what has happened lately and people are going to think it is the same company with the same appalling practices. Let’s hope this isn’t the case and people are not going to get stung by this new company as so many were with the old Money Shop and their various trading ‘disguises’. I trust things are better regulated now.

        • Sara (Debt Camel) says

          and they are going to have to field a lot of complaints in the next couple of years that were meant for “the old money shop” – still, it is a cute name.

        • Chris D says

          They know there will always be desperate people, and Money Shop is such a recognizable name

  39. GAO says

    I’m so happy I received my email today 09:31, potential was £ 8944.17 actual refund £ 385.49. I’ll post again when it’s in the bank. Hate to see what I could have possibly received if I claimed years ago but hey ho, it’s money I didn’t know I’d be getting and the whole process led me here to start making claims against others. Keep up hope everyone, it will come!!

    • Karol says

      Hi guys just received my email today redress 4290 amount payable in 7days 182 pounds be patient they have to pay by the end of June

    • LMC says

      I got my email today redress amount £638.00
      Actual cash payment £27.50
      Guess it’s better then nothing

    • GAO says

      So good news, as I use Monzo I can see that the payment was due to come in tomorrow but I can get it from 4pm today. Thankful that this episode is over, and for this page encouraging me to reach out to other lenders. Just from reviewing my accounts when looking for details I can see that I am surely owed £1000s and £1000s. Will go along way to building back my credit and reducing my financial worries.

  41. Sade says

    Hey guys, I received my email on Tuesday. £571.73 went into my account today. I will now go and drink a well deserved pornstar martini. Good luck everyone still waiting.

  42. chrissy says

    got my email today thankfully. £639 is better than nothing – next 7 days for payment it says just like the others. Keep the faith folks it is coming

  43. Ceri Ann says

    Cannot quite believe it but I too received my email at 9.30 saying that £110 would be in my account within 7 days. It has been a long anxious time. Good luck everyone who will be waiting a few days longer.

  44. Matthew says

    Got
    My email today 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 £ 4628.28

    Actual cash payment to you £ 199.48
    Better than nothing I did get bw one few days before just a heads up for the people that are still waiting it’s coming

  45. Chrisbt100 says

    Still waiting for my email to arrive getting slightly concerned now as only have one week left really to get emails out! How many people haven’t received theirs as yet? Is there still a few??

        • James Foster says

          Heyyy I’m in the waiting queue. I’ll not panic unless I’ve not had an email last day of June. Only just passed half way of month so absolutely no need to worry guys :)

        • Sean says

          Same here, still waiting, im half expecting to get payment bang on the last day of June which would be kind of amusing at this point🤣

    • CD says

      I had to make 2 claims with the Money Shop, one for Payday UK and one for Payday Express so have 2 different claim numbers – I finally received an email today for one claim but nothing for the other – it’s absolutely bizarre how they have been processing these claims and it seems in no particular order whatsoever! I would have thought they would process both claims for an individual at the same time, I mean I’m glad I now have an email for one but obviously would have preferred them both at the same time! The mind boggles…

  46. Candyce says

    Try not to panic, like others and as you can see from my previous posts, I was worried to. Email has come today, admittedly it’s not the life changing amount I thought I would get when I first claimed, however it is still something I thought I wouldn’t have, especially as it was so long ago I took the first of 2 loans out. I also had no idea about the whole claim thing until I saw The Money Shop Loan sign while watching Homes Under the Hammer and had a little light bulb moment and googled them 😊. Thank you for this website it’s kept me sane over the last few months 😊 take care everyone and good luck I have my fingers crossed for you all 😊

  47. Steve says

    I’ve had an email from BW legal saying I have received notice of a dividend from ICL and that they they are removing stuff from my credit file but I haven’t actually had the referenced email from ICL. Any ideas/anyone else had similar?

  48. John says

    So I received my email today. I am assuming payment within 7 days is only Monday to Friday (as working days)? Anyone been paid on a Saturday?

    • Sara (Debt Camel) says

      it isn’t the same firm – ICL sold the brand name and the URL of the website. Only the .com was sold – you will find .co.uk addresses go to the “old” money shop and talk about the Scheme.

  50. Peter says

    Have been asked for bank details twice in the last year. Still waiting. Worrying as we are nearing end of month. I was told that my pay out will be £880 .

  51. Alex Collins says

    Left my new bank details months ago but still no emails or payments made !!!

    Is there an email we can send to query it?

    Thanks

    • Sara (Debt Camel) says

      They won’t respond to queries about when you will get an email / be paid. They are working their way through the batches.

  52. Peter says

    Hi Sara what is your thoughts on the amigo loan case? The FCA piping up and channelling amigo for their £35m offer? A little late to those of Wonga, quickquid, wage day advance and money shop to name but a few?

    • Sara (Debt Camel) says

      the difference is all of those other firms were going bust… Amigo wants to be able to pay very little to refunds and still carry on in business…

      • Peter says

        The principle is still the same? They want to undercut affordability claims but the FCA won’t allow it, but the FCA didn’t step in to cover all eventualities. Too little too late. What is your thoughts?

        • Sara (Debt Camel) says

          So the facts that the FCA failed to stop these lenders handing out loans for years with very poor affordability checks and failed to make the firms hold enough capital and let them get away with very poor complaint handling and did not provide any form of backup to pay refunds when they went bust – those are all the same for all these firms in administration or a scheme.

          But at the point a lender was going under into administration, or (like ICL) into a Scheme then liquidation, then the FCA has no decision to make… it cannot insist a firm that has no money produces any more.

          The difference with Amigo and provident is that these firms intend to carry on in business after the Scheme and for that they need regulatory approval. Hence the FCA has some leverage.

          • Denise says

            Hello Sara,

            I know that this is possibly the wrong place to post this, but you mentioned in your post, Provident, and I just had to add my little story here.
            I got in touch with Provident, via Resolver, two years ago, about an unaffordable loan. Their reply was (boiling it down) “If we refund you then we would have to refund everyone” So, basically “No” However, I recently received an email saying this…Quote ” We are proposing a scheme of arrangement for customers who may have claims for unaffordable loans received from Provident Personal Credit, Satsuma, Glo or Greenwood between 6 April 2007 and 17 December 2020.

            We believe that affected customers will be better off if they vote for the Scheme because they will receive some compensation if they have valid claims although it is likely to be significantly less than you are owed. If the Scheme does not go ahead, the Lenders are likely to commence insolvency proceedings. If that happens, we do not think that customers will receive any compensation. “…end quote.

            I wondered if you knew about these emails?…I am sure that you do though. I was also curious if anyone else had received the same email about Provident?

            Apologies Sara for posting this here.

            Regards

            Denise

  53. Rose says

    Sara, is it the case that all loans made by PDE/PDUK/whichever names Money shop owned were found to be unaffordable pretty much by default? Or are they likely to have looked at them individually and decided?

    Just interested, really, on the process when lenders go bust – I received redress from WDA, Wonga and now Instant Cash Loans, and though, in all cases, I do think they oughtnt to have lent to me, no matter how pathetically grateful I was at the time that they would, I also know that FOS doesn’t always uphold all loans necessarily, so I was just wondering the procedure here.

    • Sara (Debt Camel) says

      They looked at the pattern of lending – so if there were a lot of loans, treating loans that were rolled over as new loans, then all would have been refunded after a certain point. Or if they were big compared to your income.
      Broadly the same as the administrators do, aiming to replicate what the Ombudsman did more or less without having to look at every case individually and ask people to produce bank statements.

      • Rose says

        Thanks so much for explaining, Sara – that’s really interesting. (I sort of assumed that, to save time, they just treated them all as missold)

  54. Denise says

    Good evening Sara,

    With regards to my Provident post to you earlier. I checked on Resolver and it seems that I did escalate my claim to the ombudsman in October 2019. I don’t have a reply from them. I have scrolled through emails and the Resolver case and there is no response at all. I now find that a little odd.

    Regards

    Denise

    • Sara (Debt Camel) says

      Well it is a shame you did not follow this up before. FOS isn’t looking at provident cases at the moment because of the proposed Scheme.

  55. Richard Eastland says

    Hi Sara what happens if we have not heard anything by the end of the month?

    • Sara (Debt Camel) says

      So far as I know, they are still on track to have sent a payment to everyone by the end of the month.
      There will be a few cases where a payment has bounced back from a bank and people will need to resupply bank details.
      All contact with these remaining few people is not going to stop at the end of June!

  56. Andrew says

    Hi Sara, just wondering if I could get your thoughts and advice on my situation?

    I’d previously made complaints to the money shop about payday express and payday UK. After hearing nothing back 8 weeks later I submitted complaints about both to the ombudsman, with my payday UK complaint apparently not assigned to any one specific adjudicator, rather it seemed to be whoever was free at the time picked up where the previous adjudicator had left….this sounds terrible but this complaint was handled smoothly, quickly and resolved with payday UK having to give me a redress of £1400 which they paid promptly.

    My payday express complaint however was assigned to one adjudicator and he was absolutely useless. He didn’t check any of the information I’d sent him and I had to resend my bank statements multiple times because he’d apparently lost them – and then he started basing my complaint on payday UK rather than payday express so I again had to correct him. Eventually payday express sent through my account history to him, which when I checked it, only covered about 50% of the loans I’d taken out previously. Despite me telling the adjudicator that the data he’d been sent was only partial, he ignored me until I forcefully made him look at my bank statements to see the actual dates payday express had deposited in my account and when Id paid them – this was an absolute nightmare and went on for over 8 months until time had ran out and the scheme arrangement was agreed…..

    • Andrew says

      Needless to say, I made a formal complaint against the adjudicator in question.

      Then back in April I received an email saying my redress figure was only £610 which is ridiculously low because I’d taken out at least 5 £400 loans which I’d rolled over many times. The administrators response was that they had calculated my loans with payday UK and payday express together and then deducted the £1400 redress I was paid for my payday UK complaint which made no sense whatsoever!

      Since then, they have emailed me saying that part of my redress figure was used to pay off my 2 outstanding loans with payday UK….which left me gobsmacked as I’d paid everything off under a dmp with stepchange/CCCS back in 2011! After weeks of unanswered emails and threatening legal action, they eventually sent me an email confirming that the 2 loans were in fact settled years ago and that my redress breakdown and figure would be recalculated…..that was 6 weeks ago and none of my emails asking for the updated figures have been acknowledged since then….and just as I suspected, I received an email last week saying I’d receive the original redress calculation – which was based on false information – in my bank on Monday morning! Numerous emails have again gone unanswered and now they’ve actually made the payment to me which they’ve already admitted was based on incorrect records on my account…

      • Sara (Debt Camel) says

        they had calculated my loans with payday UK and payday express together and then deducted the £1400 redress I was paid for my payday UK complaint which made no sense whatsoever!
        So far as I know, that is what is supposed to happen. You may get more redress on the “uk” loans when the “express” borrowing is taken into account and vice versa – recalculating redress on the joint position and then subtracting what you have already been paid is the best way to do this.

        But obviously they should not be using it to repay a balance that they have agreed has already been cleared.

        I suggest you email scheme@themoneyshop.co.uk with “You have paid me the wrong amount” as the title and explain this.

    • Sara (Debt Camel) says

      So far as I know, they are still on track to have sent a payment to everyone by the end of the month.
      There will be a few cases where a payment has bounced back from a bank and people will need to resupply bank details.
      All contact with these remaining few people is not going to stop at the end of June!

    • Josh says

      I’m not holding out hope any longer. Heard nothing. Sent numerous emails and got no response.

  58. MARTIN says

    Morning all. Got my email Friday like lots of others on here so will post as soon as the redress goes into my bank. Is there a Lending Stream feed on here also?

      • Marcia says

        Hi Sara
        Thank you for been there for us. I didn’t received no further information from the money shop but this morning I checked my account and they have made a payment not even a quarter of my redress. I’m happy it’s all over but keep on holding on everyone your time is coming.

  59. SamT says

    Hello I’ve been a silent watcher for a while. Still awaiting my money shop payment (I’m waiting patiently) thanks to this group I have successfully received a payment from Wonga and lending stream. Im now about to tackle txt loan which I think are called my jar. I have emailed them and it bounced back so I think it’s a case of calling them. What exactly should I say to them and has anyone had success from these? I have searched on This group but I can’t seem to find anything

    Many Thanks

    • Sara (Debt Camel) says

      yes txtloan were Myjar – now in administration. You should email your complaint to myjar@harrisons.uk.com with CLAIM as the subject. Keep it very brief. The payout is expected to be very low.

      • samT says

        Thanks Sara, also I’ve gone through a few old bank statements and can see debits made to cash choice are you able to tell me who cash choice are?

        Thank you

  60. Mark says

    What is the date for getting really panicky about being forgotten.

    I am nearly at that point now. No email, no funds appearing in my account.

    There are now just 7 more working days until the end of June.

    • Sara (Debt Camel) says

      I do understand why you are worried but inevitably some people are in the last batches. This doesn’t mean they aren’t going to get paid.

    • Amy says

      Same Mark , followed the page for ages saw lots get emailed and paid and have heard nothing myself since the portal closure email, I rang them up, they confirmed my correct email address and postal address but couldn’t say anything else.
      It’s sucks being in the last lot, definitely also wondering if I’ll actually be paid at all!

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