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. Joanna says

    Hang on in there guys I got email on Friday. Payment will be made in 7 days.

    I too was like most thought that day was never coming. And realise it’s no point getting stress when I did as it didn’t help nor got payment any sooner and funnily when I wasn’t getting so stressed the email came…..
    It’s a awaiting game!

  2. Horace says

    I have just spoken with a lady on the phone who has advised there is going to be a 2 week delay to finalising the scheme. So for those who don’t receive an email by Wednesday don’t panic it’s just there will be a short delay by a couple of weeks, the lady advised that communication will follow by 30th to all those still awaiting payment.

    • Sara (Debt Camel) says

      so far as I am aware there isn’t a delay – this sounds like a confused communication from ICL.

    • chrisbt100 says

      I have just phoned them got through to a lovely lady, who took my claim number confirmed my email address and stated everything looked good on her end and that the email should be arriving shortly. I asked if there was a delay and she stated no there wasn’t any delays that she was aware of and all should be sorted by the end of june.

      • James Foster says

        Nice one chrisbt100! I’m not worried yet but nice email to read. Not negative :)

        • Horace says

          Hi James, none of what I said was negative mate I was relaying on the information I have been received. Sara seems to think it’s misinformation, which I hope for not just my sake but all our sakes that is correct. No reason for any of us to get worried that we won’t receive our money and that has never ever been a concern for me. Good luck to all

  3. Cece says

    Posting this because I’ve seen a few comments asking about myjar. I sent an e-mail yesterday and had a reply this afternoon saying that my complaint had been registered and will be looked into. As I don’t have a current loan I will be an unsecured creditor of the administration.
    Probably the best part though was that they said
    Experian has confirmed that all myjar loans will be removed from credit files. This means that data will no longer appear on consumer credit reports, will not be returned In lender searches and will not contribute to consumer credit scores.

  4. Paula says

    I never received any correspondence about the portal shutting I had already sent my details and my personal reference number I emailed the scheme message I originally received last year they replied saying portal closed and no more claims allowed said they had sent me letters which I have not received I told them not good which computer and email stuff and I’d sent my reference number months back yesterday I got reply that we are getting 4.31 in the pound and if they do not have my bank details a cheque will sent but still don’t know if I will get my compo can anyone help me understsnd

    • Sara (Debt Camel) says

      It isn’t clear to me if you sent a claim in time?

      I had already sent my details and my personal reference number
      when had you sent this and how?

  5. Richard Eastland says

    I emailed money shop and they replied asking me for my full name , address ,D-O-B, and claim number which I have given them twice in the past still no reply!!

  6. Damo says

    Haven’t heard anything apart from a letter from BW legal this morning saying that I have no balance due to PRAC and my case is closed.
    Frustrating being in the last batch!!

    • Steve says

      I’m in the same boat. Which is really poor because they are communicating about our account but to someone else, not to us. Surely that can’t be right

    • Chrisbt100 says

      Nope still waiting, you would think this week would be the week that loads of emails went out but instead we are still waiting!

    • CQueen says

      Hiya,

      Well, I just a few seconds ago surprised to receive an email to my main email address (so different from the one I had been communication with them on…) that my redress will be £43.56, from a potential redress amount of £1010 63.

      I was a bit skeptical about getting anything more than a few pence, so this is better than a kick in the teeth.

      Hang on in there, guys – it will happen!

      Best of luck with any other outstanding claims you have – and thank you so much, Sara, for your outstanding information, support and hard work.

      CQ

  8. Sarah says

    Had an email on Friday abs payment showing as pending for tomorrow….

    Was worried I would never get my money but never commented as didn’t want to add fuel to the fire.

    I really hope everyone gets their emails in next few days, and that everybody has payment by end of month. Really feel for those of you still waiting

    • LG says

      Ooh I wonder if this means I’ll get mine tomorrow! Also got my email friday….no idea how to see a pending payment

  9. CJ says

    Morning all, I have quietly watched this group and I would like to thank everyone, who has been contributing to this.

    Got my email about a refund from Money Shop on Friday, however, it is yet to materialise.

    Feeling inspired, I was wondering if anyone has had any luck with Cash Converter Payday loans refunds? I sent “The Letter” and they are saying there is no record of me and to provide bank statements etc.

    The thing is, the payday loans were processed in person at the time, could not do it online. They were saying due to GDPR they do not have me listed anymore. Are they B.Sing me? Money Shop still had my data to contact me last year.

    • Helen says

      I received exactly the same response from CC.
      I then had to go to my bank and request bank statements, which went back to 2011/2012 and took a week to arrive. They showed proof of the payments to CC, so I emailed them over.
      I then received a response from CC as follows;
      Thank you for your response, please can you advise which store you used when you took the loans. All stores are franchised owned, and we need to make sure your complaint goes to the correct person to investigate.
      I then informed them which store I went to and they responded on the same day with a ‘Complaint Acknowledgment’ letter, which read: We are sorry that you have had cause to complain to Capital Cash Ltd. We confirm that we have received your complaint, and you should retain this letter for your records. We treat all complaints seriously and will conduct a thorough investigation into your complaint. Once we have completed our investigation, we will write to you to inform you of our decision. This will be within 8 weeks of receipt of your complaint, although we hope to resolve matters sooner…..
      It’s another waiting game I’m afraid. I also had several other payday loans at the time, basically robbing Peter to pay Paul, which caused me massive financial difficulties and untold stress. There were times when I couldn’t afford to eat!! However, the CC loans were the largest and no checks were ever made by them on their affordability.
      Hope this helps.

  10. David Evan says

    Those that have received an email reads that payment will be made in 7 days…. so for those of us still waiting, if we havent had an email by tomorrow then potentially we wont be getting paid until july…. terrible really that its taking so long…

    • Amy says

      No one reported any emails yesterday and none so far today, obviously taking into account it’s still early in the day but doesn’t fill me with confidence!!

    • Lisa G says

      I got mine at 10:58 this morning. £314 to be paid within 7 days but by looking at people’s comments, those that have had an email on Monday & Tuesday seem to have the money cleared in their account by Friday.

      • SF says

        Hi

        For anyone still waiting/those, like me, who had received no further contact, since last Autumn: received my email two days ago, money literally just gone in.

        Don’t give up hope!

        A final big thank you, Sara, for your stellar work and commitment.

        CQueen

    • Mark says

      Finally, finally got my email at 11 am this morning.

      My claim was for £7000, not the £4000 I had in my head – i must have got confused with my QuickQuid amount.

      So that’s nice. The £300 should cheer up my late Council Tax pursuers anyway. :)

  11. Amy says

    News flash!!
    Me the biggest doubted of ever getting an email has finally got an email!
    Amount as expected
    Hope all you who are waiting get floods of emails now too!!
    Big thanks Sara, as always. I’ll drop by to confirm I’ve received the money as anticipated

    • John says

      Just had the email there now.

      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 £ 3433.57

      Actual cash payment to you £ 147.99

      • John says

        That said, I did get £4k early settlement figure back in 2017 from them.
        The rest of the companies I had and there was quite a few it settled via the FCA.
        So im surprised I am getting anything.

    • Lisa Germany says

      Anyone still waiting for their email, mine came through at 10:58 this morning. Redress of £314. Payment within 7 days.

  12. Joshua Connelly says

    Just got my email today at 11am. £133 from a redress of over £3000. Not complaining every little helps. Literally had given up thinking I’ll get anything. Hang fire guys, those expecting it will receive it.

  13. Chrisbt100 says

    Finally got my email today yes and phew!! Was getting worried there. Good luck guys

  14. Lidia says

    Hello, I just received today email and in 7 days money will be account. I delete by accident previous emails from money shop but I’m sure that my potential redress amount was higher than what they send me today in email. Any chance to check it?

  16. Jo R says

    Hi,

    Just a FYI for those still waiting on an email, just received mine 20 mins ago, hadn’t heard anything for ages, £107 expected to paid in 7 days. It’s definitely a case that they are working in batches, I wasn’t going to chase until their last day given on the 30th and received the confirmation 8 days before. Thanks :-)

  17. Ross says

    Hi all, just to let you know that my email has just landed in my inbox. I was quite amused, as they told me on the 4th of May that they would be contacting me ‘shortly’ to confirm my amount but it is what it is. Mine should have been £4600 and they’ve confirmed a cash payment of £200.49. Still, it’s money I never expected so I’m not complaining. Will be nice to draw a line under the this one, once and for all. For those still waiting, the emails are on their way.

    • Phil says

      Email came through about 30 mins ago. Honestly thought I would never hear. £116 on its way to my account. Thank You Sara for the regular advice and updates and all posters here keeping us sane with regular info. The wheels are moving, which is always good to hear. Good luck everyone.

    • Ray says

      Literally just got the email hang on in there its coming folks. It was a few pounds more than i calculated so I’m happy. Believe you me, I’m normally the last to know anything.
      Just waiting on my tax rebate for previous claims when i was charge tax on the interest.

      Thanks Sara for all your help

  18. AB says

    Just had my email this morning. £33.69 from £781.78. I’ll take it but to be honest it was hardly worth the effort of claiming it.

    They should never have been allowed to get away with this. I was in a bad place when I took out these loans and obviously it only made things worse. They miss sold these loans to thousands of people and this isn’t even close to the compensation they deserve.

    • Jolo says

      Same here email arrived about half a hr ago. £76.02 within the nxt 7 days. More than I thought it would be so I’m looking at it as a bonus. Yeah I know it should have been a lot more but I’ll take it

  19. Richard Eastland says

    At last had my email today ,payment of £334 .31p should be paid within 7days ,
    Anyone who have not yet received the email please keep the faith

    • Michael says

      I also got an offer mail today .I thought it would never come. 8000+ due, I will be paid 325. Let’s see when they actually pay. But there’s hope of you haven’t got your email yet

    • Helen says

      I’ve just recieved an email from them, stating that they had made a decision re my iva, and as it was completed before October 2019 they will pay me the redress. However they haven’t actually confirmed what I will be getting or when!

  21. J says

    Hi Sara, can you please advise what action I should take?
    I received email on 3rd June waiting 10 days and still no payment was advised my payment bounced and have given them fresh bank details. Its now 22nd June and still have not been advised I this has been processed or when I may expect, have tried to call and all I get is automated robot talking and have emailed so many times with only a response to reply with my unique number which I did and still have no update. What action can I take next as I’m getting really fed up now.

    • Sara (Debt Camel) says

      I don’t know how they will be batching up these “second attempts”.

    • Matt says

      J, I received an email from them on the 14th June requesting bank details as payment had bounced. i replied and sent back my account details that evening and this evening I have received the funds in my account. My bank does pay Bacs a day early so maybe keep an eye out tomorrow as you may get lucky if all done together.

  22. Matt says

    Just wondering if anyone else had a request to confirm bank details as payment bounced and if you have received funds and how long it took after confirming account details.

    • Lolly says

      Hi this happened to me – Got my confirmation email on the 8th of June I was told my payment had bounced on 14 June , I replied via email with updated bank details immediately on the 14th of June and payment was made on the 23rd of June

  23. Jamil says

    Hello,

    I received my email at 1057am. The only odd thing is that it was sent to another email address I have and not the one they have been corresponding to me on. I’m quite sure it might be the email I used to start my claim so that’s probably why it ended up being sent there. Also mine was in the junk email folder. You have read it many times but I will repeat it ” I was becoming sceptical like a lot of others but don’t panic you will get paid.” Best of luck. Thanks to Sara she has been there for us all the way answering all sorts of queries some that might seem trivial but she still answered.

  24. debbie says

    Hi

    Just received this, thought I would post to inform anyone in the same boat as me.

    Thank you for providing us with documentation, this has been reviewed and we can now provide you with a decision.

    As your Debt Relief Order released your outstanding debt to Instant Cash Loans before 9 October 2019, being the effective date of the Scheme, we can confirm that we will be paying you all the redress at the dividend amount.

    We will write to you shortly to tell you how much cash you will receive.

    Regards,

    Instant Cash Loans Limited

    • K says

      Hi
      I sent allmy documents to.them ref my debt relief order but have just got a email and they have taken payment for the loan of still so have forwarded itt o my debt relief advisor

  25. Jan says

    I have received the following from them:_

    Thank you for providing us with documentation, this has been reviewed and we can now provide you with a decision.

    As your Individual Voluntary Arrangement released your outstanding debt to Instant Cash Loans after 9 October 2019, being the effective date of the Scheme, we can confirm that we will be using your redress to reduce your outstanding debt.

    We will set out the exact calculation when we write to you shortly to tell you how much cash you will receive, and how much your open balance is.

    Regards,

    Instant Cash Loans Limited

    Are they allowed to do this as I understood that on completion of the IVA all accounts would be closed

    • Sara (Debt Camel) says

      yes they can – this was standard procedure with PPI refunds when the debt had been included in an IVA.

  27. C says

    Hi
    I too thought I would be missed especially as I had an outstanding debt to clear. However, I have just got my email @ 2.17pm.
    Potential Redress Amount £ 5648.93
    Outstanding debt at 9th October 2019 £ 905.53
    Redress left after balance cleared £ 4743.40
    Actual cash payment to you £ 204.44
    I will update once I receive payment.
    Thank you Sara for all of your advice and answering of questions as we all went through this process.
    I can say I was getting worried I wouldn’t get an email. It is such a shame we are getting only a fraction, but every little helps.

  28. CD says

    I received 2 emails today first one stating redress due in full and just now one advising on the amount I will be paid, so this wraps up both my claims (one for PDUK and other for Payday Express) as I received the other email last week. I’m so relieved! It will be so nice to not have to worry about it anymore :) I hope that everyone receives their emails and payment swiftly – it was extremely annoying to be in the last batch but that’s always the case for me it seems lol! A huge thank you to you Sara, without this site I would have been completely in the dark! It’s been a great help and I will most definitely continue to use the site and your advice.

  29. D kirk says

    I got my email on the 14th and was told payment within 7 days and still it hasn’t hit my account . the phone line is more than useless . I know i inputted the correct bank details so still in Limbo

    • AM says

      I had the same issue , then I received an email saying the account details I provided were wrong. Very strange as I had checked them on the portal and they were correct.
      Then then told me that I had to wait 14 days before they process the payment again. I am still waiting.

  30. debbie says

    Received this email this afternoon.

    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 £ 11671.06

    Actual cash payment to you £ 503.02

    Payment within 7 days.

    I sincerely hope anyone still waiting here`s today or tomorrow as scheduled for the scheme to pay all clients by the 30th June as stated.

    Thank you Sara, this site has been invaluable to us all, very much appreciated.

  31. Jane says

    Got my email today and so did daughter so hold on there people we were in same position thinking we were not going to get anything.

  32. Neil says

    Did anyone have to leave there bank details via email because they didn’t have access to the portal Back in 2020?? I had to do that, I only got my email on Friday so still a few days left to receive payment but kind of got a bad feeling. That’s the way my luck is at the minute :(

    • Ceri Ann says

      Don’t worry Neil. I got my email on Friday as well but payment probably won’t go through until Thursday.

    • Matt says

      Have had just to jump through the hoops in the same way after my email friday.hopefully it’ll all get processed as soon as it can Neil.

  33. Neil says

    Hi Sarah Do you think a debt relief order is more appropriate for me instead of an IVA . Been in IVA for 9 months @£154pm outstanding debt of £12,000 – no assets and my car is hire car through NHS my place of work. Just unsure on it all really. Obviously want my credit score to get better on the future and the company I’m with now said it would after the Iva has finished.

        • Sara (Debt Camel) says

          Well an IVA isn’t supposed to leave you with much spare money, the question is are you managing to pay all your bills and will you be able to keep going for the rest of the 5 years? Is needing a new pair of jeans or shoes going to cause a crisis?

          The new DRO rules that start at the end of June you are allowed to have up to £75 a month spare. Your IVA firm thinks you have £154 a month. It is just about possible that a debt adviser might think you do have less than £75 a month spare – you could talk to National Debtline on 0808 808 4000 and see what they say.

          If you won’t qualify for a DRO then your options are to stagger on, to ask your IVA firm to reduce your monthly payments by £20 or so to give a bit more leeway, or to give up and go bankrupt.

          Your credit record will improve after your IVA finishes, when the IVA has dropped off your record after 6 years – but then it improves just the same 6 years after bankruptcy.

  34. Jennifer says

    Finally had my email today from The Money Shop ! £7995 getting around £342, think it’s shocking but at least all sorted now

    • Winnie says

      Finally received my email today regarding payment. Thank you so much for your help and advice Sara. Initially, PaydayUk rejected my claim and I was then contacted by The Money Shop. Hope you all hear soon, for those still waiting.

    • Geoff says

      I got mine yesterday at 13.40 pm saying it would be paid in 7 days . That’s after I thought it was a no hope

  35. Marc-Bfs says

    Hi Folks,

    Got my email on Friday 18th June 2021, and the money has just arrived in my account just after midnight Wed 22 June 2021.

    Hope you all get yours.

    Thanks again Sara for your help. :-)

    • Sara (Debt Camel) says

      This isn’t some long running predictable program where you can expect what happened to people who got the email last Tuesday or the week before to happen to you.

  38. Lesley says

    Had email on 18th June, money in account this morning 23rd..

    Hope everyone gets there’s on time..

    Thanks Sara

  39. Richard says

    Very basic pattern of email Tuesday, payment Friday. Email Friday, payment Wednesday. This would fit that everyone left would get an email this coming Friday around 11am and get the payment before end of June. Time will tell.

  40. Kat says

    For those of you waiting for payment. I checked my bank this morning and the money was in. I haven’t received any emails at all.

  41. African Queen says

    Hello all,
    I received my email on Friday and money is in my account this morning. I bank with LLoyds.
    Hang in there. This will over for all of us soon, I’m sure.

  42. Sops says

    Hi me too and I’m Halifax, hoping this all ends well for anybody still waiting , just lending steam and QQ to go,
    Sara I had a claim rejected by TFS , before submitting to the ombudsman should I request a SAR from TFS ? Sorry I know I’ve asked on wrong thread.

  43. Candyce says

    Hello. Update for those still waiting, email on Friday money in this morning. Stay positive, it looked like they maybe working a bit quicker 😊

  44. angie says

    my email arrived today…delayed I think as got another email in relation to a previous IVA from them and they had to check a few things..but payment within 7 days.

    on another note..i sent the lending stream email posted on here last week..today they made me an offer £692 which I accepted and it was in my account 5 mins later…so def worth doing!
    lucky month for me..off out for beers..😎
    thankyou so much for all the advice on here.

      • Angie MT says

        Sara posted the link on here last week..probably be in “older comments” section…it gave you the wording and the email addresses.

  45. Joseph says

    He Sarah where can I find a complaint template to send to lending stream?Tks for your help

  46. Mark says

    Anyone live abroad and have had payment paid into international bank? They did say they would pay into my Spanish account but no email yet and no payment…not looking good.

  47. Hmcat says

    I was concerned as a lot of loan history was ignored appeal got a what appeared to be generic response not actually looked into redress not what it should have been however my main concern was stauted barred yet apparent ambiguity with Prac out of blue resolved .. sorry if late to updates I had no email but their readdress paid into bank and prac have admitted they are out picture no more calls despite bei g told to stop .. extract from email so I am relieved hope this helps those possibly waiting or getting Prac going on :

    We understand that you have received notice of your dividend from Instant Cash Loans Ltd – in liquidation (“ICL”), in relation to historical lending by them for loans upheld as irresponsible lending within their Scheme of Arrangement.

    The letter you have received may be confusing, stating that you have a balance owed to PRAC Financial Ltd (“PRAC”). For the sake of clarity, the point about PRAC in the dividend letter is generic. ICL do not know if you have an outstanding balance with PRAC Financial. The letter should therefore have indicated that you “may” have a balance due to PRAC for a loan that was sold to them, and if so what action you needed to take.

    We can confirm that you have no balance due to PRAC and your case is closed.

  48. Kate says

    I had an email on Tuesday, the first one since October last year, so payment will be made over the next few days.
    I’ve just used the complaint template and contacted Lending Stream. I don’t hold out much hope so anything g back will be a bonus. If not, we’ll you don’t miss what you never had!

    • Angie MT says

      I didnt hold out much hope but a week later got £692 from lending stream after I accepted offer..was in my account in minutes. good luck..🤞

  49. Mick says

    I got email from money shop saying I’d be getting 206.72 paid into my bank account in next 7 days, then I got this email from BW legal tonight…..
    Instant Cash Loans Ltd – in liquidation (“ICL”) have advised our client PRAC Financial Ltd (“PRAC”) that they have recently written to you regarding your claim in their Scheme of Arrangement. PRAC were informed by ICL that claim reference *********relating to loan reference *******was assessed for irresponsible lending and the claim has been upheld or partially upheld and you will receive your dividend for the interest redress for this loan of £185.72 shortly.

    However, our client would also like to assist you with this matter further and has reduced your current balance outstanding by the redress amount of £185.72.

    So will I be getting 206 in my bank in next few days or has it come off BW?!

    • Sara (Debt Camel) says

      You are the second person to report this. (Unfortunately the previous comment was lost through some systems glitch)

      How much did you owe BW Legal/PRAC?

          • Mick says

            Email from BW in full….

            Our Client: PRAC Financial Limited
            Original Creditor: Instant Cash Loans Ltd t/a The Money Shop
            Original Agreement Number: *****
            Our Reference Number: ******
            Balance Due: £87.67

            Instant Cash Loans Ltd – in liquidation (“ICL”) have advised our client PRAC Financial Ltd (“PRAC”) that they have recently written to you regarding your claim in their Scheme of Arrangement. PRAC were informed by ICL that claim reference ********relating to loan reference #######was assessed for irresponsible lending and the claim has been upheld or partially upheld and you will receive your dividend for the interest redress for this loan of £185.72 shortly.

            However, our client would also like to assist you with this matter further and has reduced your current balance outstanding by the redress amount of £185.72.

            Discount offer
            Our client would also like to take the opportunity to assist you in trying to resolve the account by offering you a discount against the new current balance. Strictly without prejudice, we are delighted to advise you that we have agreed a pre-approved discount of 55%.

            This offer is open until 20 August 2021.

          • Faye says

            Hi Sarah I just got this from BW legal.
            Balance Due: £326.76
            Instant Cash Loans Ltd – in liquidation (“ICL”) have advised our client PRAC Financial Ltd (“PRAC”) that they have recently written to you regarding your claim in their Scheme of Arrangement. PRAC were informed by ICL that claim reference -, relating to loan reference …… was assessed for irresponsible lending and the claim has been upheld or partially upheld and you will receive your dividend for the interest redress for this loan of £234.84 shortly.

            However, our client would also like to assist you with this matter further and has reduced your current balance outstanding by the redress

    • Sara (Debt Camel) says

      What is happening here is PRAC/BW Legal were the only one of the ICL debt purchasers to not co-operate with ICL in getting proper redress for people who still owed balances. Everyone else allowed ICL to take back the balance and offset it agianst the redress people were owed in the Scheme. PRAC/ BW Legal refused to play ball.

      ICL has therefore had to give you 4.3% of the calculated redress, even though there was a balance you should have had offset. You are now being paid that 4.3% by ICL. So far as I know, these emails from BW Legal don’t change that at all.

      When I found out how difficult PRAC/BW Legal were being, I wrote this article https://debtcamel.co.uk/no-set-off-scheme-administration-debt-sold/. You should read that. It says how unreasonable PRAC/BW Legal are being and how as a result you can complaint to them and ask them to give you set off and send your case to the Ombudsman if they refuse.

      A few people who tried this got turned down and now have cases at the ombudsman. But BW Legal seems to be softening their stance and some people have now had their balance written off.

      Now three people today (Mick, Faye and another) have all reported getting an email from BW Legal offering to reduce your balance by the redress you are getting from ICL.

      Logically the amount of this disciount is a complete nonsense – the cash redress you are getting from ICL was based on 4.3% of your total redress. But you should have been entitled to a full offset of any balance you owed BW Legal against the full amount of the ICL redress, before the 4.3% was taken.

      I can only guess that BW Legal is hoping that by offering your what looks like a relevant amount as a balance reduction (even though it is just wrong), you will fall for this and accept it. And end up paying them some money to clear the remaining balance.

      In practice you have to decide whether to accept this offer and still owe a balance to PRAC/BW Legal
      OR
      to reply to BW LEgal saying you want the full amount offset which (in almost all cases) will mean you no longer owe BW Legal any money at all.

      You should also be entitled to have the default removed from the PRAC/BW Legal credit record.

      It is worth pointing out that for every case that is sent to the Ombudsman, PRAC will be charged £650 as a FOS fee … I have never encouraged people to just send a FOS case to be a nuisance, but here, where PRAC/BW Legal are being so difficult and trying to buy you off with less than you should get, you should be aware that PRAC/BW Legal really don’t want a pile of FOS cases…

      But if you will only owe then a small amount after this weird discount and just want this settled, that is perfectly reasonable view for you to take, providing they also correct your credit record!

      • Mick says

        Thanks for reply. So the email I got from moneyshop on Tuesday saying I’m getting 206 paid into my bank, will I get that cash or do BW eat it up?

          • Ross says

            Recived payment today from moneshop but also had the email from BW legal –
            was assessed for irresponsible lending and the claim has been upheld or partially upheld and you will receive your dividend for the interest redress for this loan of £326.74 shortly.
            does this mean i will get a seperate payment from BW legal?

  50. Claire says

    Should everyone have received an email by now?
    I still haven’t had anything… :(

  51. Sara lou says

    Hi have had an email saying
    Instant Cash Loans Ltd – in liquidation (“ICL”) have advised our client PRAC Financial Ltd (“PRAC”) that they have recently written to you regarding your claim in their Scheme of Arrangement. PRAC were informed by ICL that claim reference *********relating to loan reference *******was assessed for irresponsible lending and the claim has been upheld or partially upheld and you will receive your dividend for the interest redress for this loan of £185.72 shortly.
    So think it may be taken off what I owe
    However, our client would also like to assist you with this matter further and has reduced your current balance outstanding by the redress amount of £185.72

    • Sara (Debt Camel) says

      yes several people have had these – see my reply to Mick above. They are offering a very odd discount, it makes little sense. You can accept it and pay them some money OR object and ask for a full set off of your balance so you owe nothing.

  53. Ashley Clark says

    Hi,
    I owed £759 to BW legal and I got an email today saying that my redress is £440 which they have taken off so the balance was £309 then they gave me a discount of 55% so all I owe them now is £139 but I haven’t had any other emails from ICL

    • Sara (Debt Camel) says

      yes several people have had these – see my reply to Mick above. They are offering a very odd discount, it makes little sense. You can accept it and pay them some money OR object and ask for a full set off of your balance so you owe nothing.

      You should however be getting an email from ICL and a payments from them.

      • Faye says

        Hi Sarah, I’m confused I have been paid my redress from ICL😁 but are they paying me again,the BW legal letter kind of implies I will, £250 pounds or so, if so will it be at 4 p or at 250 sorry I keep reading this letter and confusing myself

        • Sara (Debt Camel) says

          No, the BW legal email is talking about a debt you owe them which they are offering to reduce 9well that is what the emails other people have had say, so I am assuming yours is the same.)

          Did you know you owed them money?
          How much does the email say they are reducing it to? Because there is a very good argument for them clearing that debt completely, not just reducing it, see https://debtcamel.co.uk/no-set-off-scheme-administration-debt-sold/

  54. Jamil says

    Funds went in to my account just now. 0020 hours. Email was received the Tuesday just gone.

    Best of luck to everyone

  55. Amy says

    At long last my pay out has landed in my bank!
    Email received Tuesday , pay out Friday..
    Thanks for the support along the way folks, another journey over, all the best to those left waiting 🙌🏻 It will come!!

    • Sean says

      I legitimately thought i was going to have to wait until next Wednesday for humour sake but received the funds this morning,

      Now waiting on Lending Streams decision and then to see what comes of Provident!

  56. Sean says

    Last email received in May advising I’d receive the payment some time in June…since then heard or received nothing…I’ve held off until now but it seems odd to be told one thing and then radio silence…Does anyone have an email address or contact number for them, there’s probably one on this thread but I don’t have time to trawl thru.. T.i.a.

  57. SamT says

    Hi Everyone.

    Is anybody having any luck with Myjar? I’ve emailed them and they are having issues locating me. They have now replied to me saying this

    In view of the GDPR, unfortunately based on the years you’ve had your loan, this account has been deleted in line with MYJAR’s data retention policy. Therefore, the data of this loan is no longer on the customer base.

    Is there anything I can do? Or is this one a lost cause

    Thanks

  58. Ross says

    If it helps, I had my emails on Tuesday and payment was in my account this morning. I was told, in early May, that they would be in contact ‘shortly’ and it took until late June for them to get in contact and pay. Hopefully, they’re mopping up the last few now. At least, by the end of June, everyone should’ve been contacted/paid. For those who haven’t, it should be much easier to contact them, as you will be in the minority and they should respond fairly quickly?

    • Sean B says

      I’d like to email them but the email address I have (the one they emailed me from) has bounced my enquiry back..Quite close to giving up with it tbh

  59. Paulina Bojor says

    Hello, I have received refund from the Money Shop. BW legal once entered CCJ against me. Now they confirmed in the email that I do not have any outstanding balance with them. In this case what I can do about CCJ? Is it possible to remove it? How should I proceed? Thank you

    • Sara (Debt Camel) says

      so the BW Legal CCJ was for a loan that has now been decided to be unaffordable in the ICL Scheme? And you paid it? How much was it for and what was the date of the CCJ?

  60. Marty says

    Nothing as yet, not sure if I will get anything as FOS upheld some of my complaint and got some redress before admin however have been sent all the emails about the portal and voting scheme and also got one saying I would get an email with an amount – as yet no email though.

    Sara do you know in this situation if its likely I will get anything ? I have my doubts.

      • Marty says

        Hi Sara

        Last thing I got was on 7th May

        As of 8th May 2021 you will no longer be able to access the Claims Portal.

        We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.

        Not sure why they would send that if nothing forthcoming?

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