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. C says

    Hi
    I can update that I got my email Tuesday and payment today Friday. Hopefully the last few emails get sent today with payments received by Wednesday 30th June?
    Fingers crossed for all those waiting. Crazy we have had to wait so long.

  2. Neil says

    Had an email from the provident administration team today saying there was 50 million pound of the scheme is approved (see below)

    If the Scheme is approved, PFG will make £50 million available to pay customers with valid compensation claims for unaffordable lending. If the Scheme is not approved PPC and Greenwood will become insolvent and customers will not receive any compensation. An independent firm of accountants agrees with our view.

    Just thought I’d mention it incase people are aware etc.

    • Lynne says

      Yeah I got that yesterday but I think I only had a couple of loans with satsuma so if anything comes out of it I’ll be getting about 10p 😂

    • Matthew Pople says

      Yes agree with him and not worth hassle,to my mind that’s was absolutely scam by this claims portal,spoken to citizen advice and gave me their administrators email address registered a complaint to companies house in London,who instant loans who dealing payday loans,also registered my complaint to their adjucator and joint administrators who are dealing with the same company,await their response.

  3. Paulina says

    I have received 32 GBP refund from ICL Scheme; then the email from BW legal stating ‘We can confirm that you have no balance due to PRAC and your case is closed. We can also confirm that our client wishes to further support you within the Scheme of Arrangement and has processed a bureau deletion for these loan(s) with Equifax today.’. CCJ date- 25/01/2018 assigned to BW legal on 09/12/2016 for the original amount of GBP 749- CCJ for GBP 998 (additional court fees). I have not paid anything towards this loan of CCJ.

    • Sara (Debt Camel) says

      Then I suggest you reply to BW Legal asking them to confirm that they are no longer asking you to pay the CCJ and ask them to set it aside.
      See what they say.

      • Paulina says

        Is this risky to remind them of the CCJ? or is this the only way to have it removed if they would confirm that they are no longer asking for the payment for the CCJ?

        • Sara (Debt Camel) says

          I can’t tell.
          You could decide to keep the email from PRAC/BW Legal as evidence that you don’t owe them anything – but it looks to me as though it may have been an error.

          Do you have other problem debts as well as these two CCJS?

      • Paulina says

        I only have these two CCJs problem from the past- everything else has been cleared and nothing shows on my credit report. I will consider contacting BW legal. Thank you very much for the advice.

  4. Gary Keen says

    Got my email with redress from Money Shop 9 days ago, still nothing has hit my account yet ?

    • mattie says

      Will be working days, I believe. So if you get your email on a friday it could include 2 weekends in the 7 days

  5. Dan says

    Is there anyone who still hasn’t had an email I haven’t heard anything since the 8th may.

    I had this email last week from BW legal but that’s it’s.

    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.

    We can also confirm that our client wishes to further support you within the Scheme of Arrangement and has processed a bureau deletion for these loan(s) with Equifax today. If you purchase your own bureau reports from Equifax in the next 7-10 days, you will see that any reporting of the above loans by PRAC has been deleted from your credit file.

    Not even sure if I’m gonna get anything money back as had trouble using the portal.

  6. Claire says

    Still not had any contact from them regarding the redress, and not heard anything from bw… I rang them and they said they still don’t know what’s going on with my claim and told me to email them… which I did… on the 16th June, and still not had a reply… any advice on what to do? Thanks!

  7. Yasmin Loveridge says

    I had this email Friday from bw legal

    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 your 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 shortly.

    Confirmation of account closure
    Our client has subsequently instructed us to reduce your current balance by an amount equivalent to the redress amount and as a result, there is no balance outstanding and your case has been closed.

  8. Yasmin Maria Loveridge says

    Hi Sara,
    I paid my loan off in 2016 to myjar and I’ve put in a unaffordable lending complaint and they’re saying I still owe money when I don’t.
    Any advice please?
    Thank you

    • Sara (Debt Camel) says

      Tell them you don’t! Ask to see a statement of your account.

      PS please put comments about Myjar on the payday loan page – they are more likely to be seen there by people who have recently dealt with Myjar.

    • Matthew Pople says

      The whole thing is scam which l said before,that’s why Citizens advice beureu involved,trading standards have written to them await their response.

  9. Miss Emma Jones says

    Anyone else received emails this week from Moneyshop? Sent them my bank details and they confirmed that I due a payment back but not received anything yet, that was 2 weeks ago, know they said end of June..

  10. AM says

    Still not received money. Received email on 11th June, then a further email 10 days later to say my bank details were wrong. Then was told had to wait 14 days before they processed payment again. Still not received anything. Anyone else had same issue

    • Natalie says

      Still waiting for my payment. Had to chase them a few days ago and still no reply. Getting fed up now!

    • J says

      I have been waiting since 3rd June send them loads of emails and no response would be nice if someone could actually comment who we can put complaint into.

      • Ceri Ann says

        Sara if possible could you continue to advise J and the others who are still waiting. Let’s not forget them as they surely need to know were to get answers

  12. Adam Bateman says

    Got my email saying I’m getting a whole £38.57 redress. This email was on 21 May 21 and said I’d be getting it within 28 days. It’s now 1 a July and nothing.

  13. Tyler N says

    Is there anyway we can lobby a petition to get the FSCS scheme looked at?
    When I contacted the FCA with my complaint after a year they responded and told me its “up to the government to include payday loans in the FSCS, Not the FCA”

    And the rest of my complaint was about the FCA’s conduct with payday loan companies going under the last few years and only paying tiny % of expected a refunds, knowingly for a good few years!.. (just about every PDL company goes bust and pays pennies back )
    FCA said a response to that part is on hold due to “active investigations which if they responded now could jeopardize the ongoing cases”

    I can’t find any petition similar so is it worth a shout?

    • Sara (Debt Camel) says

      I am not a fan of petitions. Unless you can get them signed by hundreds of thousands of people, they are ignored. It would be much better if people wrote to their MP directly about this – get your MP’s email here https://www.writetothem.com/ – and copy this to the Chair of the Treasury Select Committee Mel Stride, mel.stride.mp@parliament.uk

      The FCA should not have dismissed a complaint saying it is up to the government to include payday loans in the FSCS.

      This decision to extend the FSCS to cover consumer lending was taken by the FCA in 2016, see https://www.fca.org.uk/publication/consultation/cp16-42.pdf which said in 9.2 that “9.2 Consumer credit activities were brought within FCA regulation in April 2014. We did not extend FSCS cover to any of the new activities at that time, but said we would look at this issue when firms were fully authorised. Having now considered the issue in more detail, we still believe that most consumer credit activities should remain outside FSCS protection because our other regulatory requirements are sufficient.”

      In 2019, the Treasury Select Committee asked Andrew Bailey, the FCA CEO at that time, to explain why the FCA took this decision. His letter in response is here https://www.parliament.uk/globalassets/documents/commons-committees/treasury/Correspondence/2017-19/FCA-Chief-Executive-to-Chair-re-Wonga-150219.pdf. That letter shows that the FCA regards the decision to extend the FSCS to cover lending as a matter for the FCA.

      So it is completely reasonable for you to make a complaint to the FCA that this was a very poor decision by the FCA. If the FSCS had been extended to cover lending, then people could get full redress from the FSCS if a lender failed. So it was the FCA’s inaction that has resulted in you losing money.

      I suggest you go back to the FCA and explain that. If they still reject your complaint you can send it to the FCA Complaints Commissioner – the response you were sent should have explained how to do that.

      (This is what happened when a PPI firm went under – the FSCS paid out in full. The FSCS covered PPI refunds as they were “insurance” which is covered by the FSCS.)

      If other people would also like to complain to the FCA, you can do it by email to complaints.scheme@fca.org.uk or by completing a form on their website: https://www.fca.org.uk/about/complain-about-regulators/form

      You are asked in the form what firm you are complaining about – this is the lender, but you are complaining about the FCA’s failure to extend the FSCS, not what the lender did wrong. You can list several lenders if you have been affected by them going under.

      Brief details of your complaint –
      “The FCA’s failure to extend the FSCS’s remit to cover consumer lending has meant that I have lost several hundred/ thousand pounds [if you know the exact number say so] when xxxx went into administration [or entered a Scheme].”

      Brief details of the steps you have taken so far to try and resolve the matter (including any compensation received to date):
      “My complaint was upheld by the administrators but I only received [£]. So far as I know there is nothing else I can do.”

      Misconduct alleged:
      “The FCA made a bad decision in 2016 to not extend the FSCS to cover consumer lending, see section 9.2 in CP16-42 https://www.fca.org.uk/publication/consultation/cp16-42.pdf.
      Andrew Bailey’s justification of this decision in 2019 in this letter https://www.parliament.uk/globalassets/documents/commons-committees/treasury/Correspondence/2017-19/FCA-Chief-Executive-to-Chair-re-Wonga-150219.pdf was that it would not affect many people and would not be for large amounts of money. But millions of people have been affected. The refund I should have received would have made a significant difference to my life [expand – would you have been able to pay off other debts? pay arrears on important bills?]
      The FCA should have known by 2019 that a very large number of people had a good claim for redress from payday lenders. Its failure to extend the FSCS left me and many others without any safety net when a regulated firm went under with very insufficient capitalisation to repay these redress claims.”

      Remedy sought
      “I would like financial compensation for the money I have lost. And the FCA should extend the FSCS scheme so other people do not have this trouble in future.”
      ———————————–
      If the FCA rejects this complaint, they will explain how you can send it to the Office of the Complaints Commissioner.

        • Tyler N says

          I sent my response to the FCA!

          The more people do it the more likely something will change or atleast get some attention due to the amount of time it takes the FCA to process such complaints.
          And if it could protect us all – Now and in future.
          Its something worth trying atleast.

          I will also try contacting my MP to see if this results in anything too.

          Thanks for a great response as always Sara!

      • Rebecca says

        Are you complaining to them because you only received a % of the redress owed please ?

        • Tyler N says

          In short… Yes.

          its regarding the FSCS (compensation scheme) being extended to cover ALL payday loans/high cost credit. If this was in place similar to the FSCS that was available for PPI until last year, then we would be protected from these companies when they go under.

          Everyone would get 100% of any compensation through FSCS instead of the pathetic percentages we get after companies call administrators to scrape the pennies up.

          • Ljc says

            I’ve just submitted my complaint to the FCA . I know there is thousands of people on here following the ICL thread & all it takes is 10 mins to do a quick email complaint . Please send in your complaints as surely if they get hundreds, thousands of them they will have to do something .

          • Ljc says

            Hi Sara /Tyler
            So I put in a complaint to the FCA re the fscs not covering payday loans & they’ve sent me this response , which I thought was a bit random …any thoughts ?

            Thank you for your complaint form of 5 July 2021.

            In order for us to understand your complaint in more detail, we’d be grateful if you could let us know when you first became aware of the matter regarding Payday Loans.

            This will enable us to fully understand any allegations raised against the FCA and decide whether this is something we can investigate under the Complaints Scheme.

          • Sara (Debt Camel) says

            I don’t know why they are asking that, but they may not need exact details. They may just want to rule out something that happened a long while ago. For example before 2014 the FCA wasn’t the regulator for payday lending.

            Did you make a complaint to the Money Shop, Payday UK or Payday express before September 2019 when the Scheme started? Or was the first you heard of it when you has an email from ICL about the Scheme?

  14. D says

    finally got my redress paid after it ‘bouncing back” after months of dealing with the thick and rude as hell call handlers . granted they don’t know much but the most unhelpful morons i ever dealt with . i also know my details were correct in the first place….good luck everyone

    • Faye says

      Oh dear, that’s a shame…I only spoke to them a couple of times and must say they were very nice and as helpful as they could be under the circumstances. Errors happen and to say they have paid out around 150000 people or so and fielded probably millions of queries…I personally don’t think “morons “ is fair

    • M Clarke says

      Snap.
      Received a email on the 18th stating my details were incorrect and they were holding my settlement till I gave them correct details. These I checked and they were correct. Emailed them 4 times to clarify this and ask when I could expect my settlement. Last week a reply came back that they’d made payment on 8th and it was a matter for myself and my bank. After checking the bank says no payment was made. I think they truly hope you’ll just go away and not bother for such a small amount of redressed.

  15. Craig says

    Still no email or redress even though they said my claim was valid and I updated my details online and had same bank details over 20 years anybody else heard nothing or received nothing after saying they would redress?

  16. Emma Jones says

    Got an update, finally a reply to my emails, hope you all have too.

    “We will be attempting payments via BACS, week commencing 12th July”

    Phew was getting worried that I was going to have to waiting until December.

  17. John says

    Got my money through last week, £259 (original redress amount over £6k /(
    Just seen a second payment in december. Great news, only around £26 but still, didn’t expect the first payment and the second is an little present for my boy 😊
    Thanks for the update

  18. PH says

    What’s the latest with Moneybox247. They originally said they will be paying out in April 2021. ❓❓❓

  19. Marty says

    So they have been emailing me throughout and said I would get an email with redress amount nothing landed so I chased it up and got this

    The reason you have not received a refund is you were awarded a pre scheme redress.

     

    Pre-Scheme Redress relates to a claim you have received a refund for in the past. This amount has been taken from your total redress offer leaving you with a total potential redress offer of £0.00.

    Many thanks

    Customer Relations

    • Sara (Debt Camel) says

      did you receive a refund from the Money Shop, Payday UK or Payday Express?

    • Sops says

      I think that’s a load of balony! I complained to them years ago and got money back , then I didn’t know the process of what they should legally have paid and got about £500 back , on the redress scheme I still got just over £300 which on the percentage allowed is correct , they would normally deduct any previous refund from current scheme amount , unless you got back all the interest plus 8% simple before they went belly up I’d question it for sure .

    • Sara (Debt Camel) says

      so what refund did you get? And how did that compare to the redress ICL calculated?

      • Sar says

        Hi Sara,

        Have complained via the template you have given. Is there a timeframe for them to deal with these complaints in?

          • Sar says

            FCA- I got this response. I don’t see how this is relevant

            Thank you for your complaint form of 6 July 2021.

            In order for us to understand your complaint in more detail, we’d be grateful if you could let us know when you first became aware of the matter regarding Payday Loans.

            This will enable us to fully understand any allegations raised against the FCA and decide whether this is something we can investigate under the Complaints Scheme.

            Full details of how we handle complaints can be found on our website – https://www.fca.org.uk/about/complain-about-regulators.

            I don’t know what to say as I can’t remember when I started looking into it or when they first contacted me or how it’s relevant.

          • Sara (Debt Camel) says

            I don’t know why they are asking that, but they may not need exact details. They may just want to rule out something that happened a long while ago. For example before 2014 the FCA wasn’t the regulator for payday lending.

            Did you make a complaint to the Money Shop, Payday UK or Payday express before September 2019 when the Scheme started? O r was the first you heard of it when you has an email from ICL about the Scheme?

  21. Marie says

    I too have received the same email from FCA and I have told them that my initial complaint was raised in around September 2018. I don’t have any other information available.

    • Ljc says

      Hi Sara
      I made a complaint to the money shop around May 2018 , sent to Fos 2 months later they sat on it for about a year , then ICL went into administration so I found out about the redress scheme a year or so ago ?

  23. Mark says

    Hi Sara, thanks for all you do. I took the advice from this site and sent a template to many creditors regarding unaffordable lending and high interest etc. One of them has come back with a Final Response and advised unable to uphold complaint etc. Stated that they did affordability checks and many of my loan details they no longer hold as over 6 years old. However, the very next sentence offers me approximately £2k in order to settle the complaint in respect of interest! The 2 loans they detailed only totalled about £1k! Final response also asked for my signed confirmation that I am in acceptance – I returned this yesterday. I am expecting them to come back and state that there has been an error etc. Perhaps it’s not an error but my immediate thought is they have not removed parts from a template! How would I stand legally on this now – it’s a final response after all and asked for my written confirmation. I have this in black and white.

    • Sara (Debt Camel) says

      I suggest you wait and see what happens, it seems like a waste of time to explore all the different possibilites here when you will know soon enough.
      you can win complaints at FOS for loans over 6 years old. But there needs to be some proof of what the loans were, if you have emails, bank statements or old credit reports that will often be enough.

  24. Michael says

    July 12 2021 I have had no email or payment from the moneyshop and no reply from my emails looks like I have been robbed again

  25. N says

    So, I did e-mail the scheme email to enquire as I hadn’t received any email detailing payment or a payment and received the following “As part of the scheme of arrangement your outstanding debt owned by Instant Cash Loans will be automatically set off using the redress awarded.  The redress awarded to you does not fully cover your outstanding debt with Instant Cash Loans and they may pursue you for the remaining debt.  You can find full information within the scheme documents on the website at”
    Am baffled as I don’t believe I owe anything. I have emailed again but received no answer, no automated email like I did the last time.

  26. Louise Quinn says

    Hi

    Is it right that the money shop is offering loans with 49.9% Apr after only paying 4.31p in the £???

    • Sara (Debt Camel) says

      It isn’t the same company. ICL sold the brand name to a broker, the money went to paying refunds in the ICL scheme.

  28. Aaron taylor says

    Hmm… to receive 10% of the 4.3% is ridiculous. I mean, to most people it is so little as to be irrelevant. Imagine the bank fees being incurred for each BACS payment, and the wages of the liquidators being kept on to oversee this farce. Oh, wait… I see….

    • Sara (Debt Camel) says

      no, really you don’t see. There are still some assets being realised. The timing of things like resolving legal liabilities with all the shop leases and any resultant tax liabilities/ VAT refunds is not in the control of the people running the Scheme. Their options were to delay all payments until December so they only had to make one payment or have a tiny second payment – they would have been paid the same regardless.

      • Aaron taylor says

        It just seems a bit nonsensical. They could have incorporated the December money into their fee, and paid out one payment in June. Anyway, another 10 quid-odd for me won’t hurt, and I will be glad when this case has stopped dribbling on.

  29. Katy says

    Sorry if this has already been asked but I received my payment in June and I was just wondering if anyone had had their details amended on their credit report yet? Is it too early to expect this? Thanks

  30. Mark says

    I was told my payment was being paid week beginning 12th july (BACS Payment) but not cleared as of yet. Anyonelse told this and now have there money?

  31. Miss Emma Jones says

    I was also told this by phone and email, was told it would clear in 5 days but nothing. Called again and was told they were sort staffed but it follow the week after. After several more emails they finally replied saying a cheque was sent back in May, but to the wrong address, yet they as asked me for my bank details. I’m close to giving up!

    Nothing they have told me has been true 😒

  32. Dean says

    I would like some help please..The moneyshop paid me £64. However I missed an email explaining that I could of paid this to ACI who are after £490 from me to close this account..Now I owe them £490 and they won’t accept the £64 to close the account..I’m back to square one owing money again even though I’ve tried to sort this..So a debt that shouldn’t have been allowed is now another debt that ACI are chasing me for..I’m in £100 a week Universal Credit..Can anyone help me?

    • Sara (Debt Camel) says

      what are the rest of your finances like – do you have other problem debts or are you behind with bills?

  33. Matthew Pople says

    Moneyshop still owes me by redress of 1500 pounds,we’re is it and this off paying of two of what ch l was not aware only recently 10 mnths and after they broke data protection as well,await your response and explanation and information.

      • Matthew Pople says

        They owe me 1500 pounds what they said on the claims portal.
        They broke data protection and refused to talk about and took them 10 months and to send the information which is totally unacceptable with no fully apologie,so l want full refund of the inconvenience caused.

        • Sara (Debt Camel) says

          So first I have every sympathy with people upset at getting such a small amount back of their calculated redress.

          But that doesn’t mean ICL legally did anything wrong in the Scheme. They calculated everyone’s true redress – £1500 in your case – then used those numbers to divide up the small amount of money there was between everyone who had their claim upheld.

          The £1500 calculated for you was a theoretical number. That money was never sitting in a bank account to be sent to you, it hasn’t gone anywhere.

          I don’t know what data protection rule you think was broken?

  34. Matthew Pople says

    ( Email for Joint Admiinistrators)
    
    Dear Adujdicator or Joint Administrators.
    This a complaint of how customer has been treated from Moneyshop.co.uk
    First issue,they need to refund the £1500 back to my account what was left of £2600 from the claims portal,they also had also without my knowledge they had two loans going back 13yrs claiming they were in my name,with no evidence from themselves claiming this was debt going back 13 yrs ago.
    Second issue,they keep apologizing for braking data protection in which these came about,claiming from their department was on their system and also took them 8 to 10 months to provide the evidence after requesting several times in which they lost on their system,and also putting the phone on me while was discussing to one their colleague over the phone.
    Third issue,not reading the emails l provided the information in which l provided from checkmyfile credit agencies that loans fall off the system after 6yrs.
    This important matter had to be put in writing and not a phone calls to resolve this matter.
    Awaiting your response and how you will deal with this issue with a satisfactory outcome.
    Thank you.
    Matthew Pople

    Sent from my iPad

    • Sara (Debt Camel) says

      I am not sure who you have sent this to.

      I doubt you will get anywhere, but if you want to try, you need to go into detail on all the points. What are the numbers in your first point, you need to explain them. How exactly did they break data protection? what does loans falling off a credit record system after 6 years have to do with anything?

      To be clear,
      I am saying you need to give a lot more details to whoever you sent that email to.
      I am not the right person to send this to. You don’t have to convince me of anything.
      There is no point in replying here.

      • Matthew Pople says

        Speak to [xxxxxx] and she will explain everything they failed to do with this case.

        • Sara (Debt Camel) says

          I am not the person you need to talk to about any complaints. I am not connected to ICL.
          If you need help to complain to ICL talk to your local Citizens Advice.

  35. Dianne Fisher says

    I received £17 which was 4.3% of the overall loan. I thought it would be nearer £100 With them saying 4.3p per £1. It was honestly not worth my time and effort. I wish I’d of known I’d get so little.

  36. Matthew Pople says

    Having spoken to Citazen advice online,they will be speaking to trading standards about this issue,regarding Moneyshop.

  37. Lucy _mcguire says

    I’ve seen people are making a complaint regarding the money shop when they raised this before they went under, is it worth it? I did raise this dispute probably a year before they went into administration, it was forwarded to Financial Ombudsman but the money shop took so long to reply that they then went under before it was sorted, is it worth complaining?

    • Sara (Debt Camel) says

      did you not make a claim to the ICL Scheme? If you didn’t, it is a lot too late to do this now.

  38. Irishchick88 says

    Hi

    I have just recieved a letter from qdr solicitors about an Instant Cash Loan. I missed the cut of for claim – is there anything I can do here?

    This debt is years old

  39. Jee Kung Lee says

    I put the cheque on Monday the 16th August 2021 at my bank. There was no money left in your account to paid me money backed you owe me.
    Can you refund me please to the amount of £53.76p

      • Jee Kung Lee says

        I am hoping your company will reimburse me soon as it will help me with bill’s and etc.
        I am hoping your company will also include me in the second payment too.

        • Sara (Debt Camel) says

          it isn’t my company! I just report on what happens. You need to email ICL about this.

  40. jee kung lee says

    Can you please Sera give me ICL/Mo email as I’m need some guidance to getting £53.76p.ok

    • Katy says

      I e-mailed them about this and they said 6 weeks from payment date but assuming it takes a little while to update on your file. If not removed by end of this month will chase

  44. rein says

    rein still awaiting just heard more about money shop saga ,l made various claims and had updates ,then c19 delays

    • Sara (Debt Camel) says

      I have removed your email address and phone number.

      I don’t know what happened to your claim. This is not the right place to ask, this is not the Money Shop website.

      You need to ask the Money Shop. Email scheme@themoneyshop.co.uk and ask them.

  45. Mr Brian Healy says

    I made a complaint to FCA about their failure to place PDL within the scope of the FSCS which has cost me around £12k between what I would have received in compensation normally and the administrator dividend; of course it was rejected out of hand with not even a reference to my complaint.

  46. John says

    So my claim was successful a while back now. I accepted the scheme and was paid about £60. I was told that al accounts would be removed from my CRA’s. However, 3 of the loans were not removed. This is because ICL had not uphold complaints on all of the loans. The scheme of arrangment portal didnt have a detailed breakdown of what loans were included and which ones were not. So I (unfortunately) just assumed that they were all included. ICL just reply to my emails saying that because the irresponsible lending has been dealt with under the scheme of arrangement, there are no other options that allows me to pursue the matter.
    The loans they upheld were taken out via the high street store in 2013/4. Loans taken out online in 2016/7 were not upheld. If the earlier loans were irresponsible, unlawful and unaffordable, then surely it proves that the latter ones were also? Does anyone have any idea how I can challenge them now? I said I would take it up with the FOM but they just reply saying there are no longer any options to pursue.
    The scheme portal was flawed, unclear and I feel that they have done me over. Please help if anyone can!

    • Sara (Debt Camel) says

      I am sorry but there isn’t anything you can do at the moment – you should have appealed the decision in the ICL Scheme.

      If you wait another 6 months or so, at that point ICL may have gone into liquidation and stopped talking to the credit reference agencies – then you can ask the FRAs to suppress these loans, see https://debtcamel.co.uk/correct-credit-records-lender-administration/. But at the moment this is too early to do this as the CRAs will ask ICL who will respond to them.

  49. Denise O'Brien says

    Just to let people. Know Sara I know you do not have anything to do with the ICL money shop scheme that i contated them yesterday and the 2nd dividend will be given out at the end of the year.

  51. steve says

    Good morning,
    I’m after some help and am in rather a state. In 2015 whilst going through a divorce i took out a PDL with PaydayUK. I was also suffering with my mental health. I defaulted and a mark was made on my credit file. I have been suffering with my MH since and have been diagnosed with PTSD. and really haven’t been in a place to pay much attention to my credit file. This week I’ve had a Mortgage application rejected due to said default. I know that the scheme for claims has closed. But can anyone advise on the best route to go down in terms of clearing that default? I’m not bothered about the money, just that default.

  52. steve says

    Thankyou Sara. Unfortunately I don’t have months. We were due to complete on a house next month and that’s now likely to fall through as the bank have stated they won’t accept the default. Even though they knew about it when they gave me a DIP. The only other alternative mortgage i’ve been offered is going to be the difference between 1.5% and 4.15%… and that’s a massive difference.

    • Sara (Debt Camel) says

      I understand but there is no solution I can see. It is a shame you did not check your credit records a year before applying for the mortgage, but where you are now, the Money Shop will not remove that default.

      I never advise getting an expensive bad credit mortgage. The broker will say that you can remortgage onto a normal rate at the end of the fix – but there is no guarantee that this will be possible. Ask the lender with the 4.15% quote 9already ouch!) what their current standard variable rate is, as that is what you are moved to if you cannot remortgage away at the end of a fix.

  53. Steve says

    Thankyou. A wish I had checked it a year ago as well. Unfortunately I was on quite heavy medication and my soul focus was seeing tomorrow. The original lender had already agreed a decision in principle based on me having a default. But now that an offer has been accepted they’ve changed their mind. So I’m now between a rock and hard place. The shocking thing is I’m now actually in a good place Financially. The banks just don’t care. The focus is on issues from 5 yeas ago. There is redemption from most crimes in this county. Unfortunately the prison sentence for falling on hard Financial Times is longer than most actual prison sentences. It’s all morally wrong.

    • Aaron taylor says

      Steve, I totally agree. I got very deep into payday loans back in about 2012. It seemed easy money. Until the repayments hit, you roll them over monthly and the debt just gets out of hand. Even now, I have no debt, but it still haunts my credit file! It is wrong…

  54. Patrick says

    Hi Sara,
    Thank you for the valuable advice on the ICL scheme. I only discovered my cheque on 24th May,2021 from ICL after the Ist December, 2021. The cheque was only valid upto 30th November, 2021. Long story short – they have refused to issue a replacement to cover that amount. They already accepted liability but why would they refuse or ignore requests for a fresh cheque or BAC’S. What is the best way forward? Should I involve a local MP?

      • Patrick says

        Hi Sara,
        Thank you for your response. They haven’t given any reasons, except saying that they will not disburse any further payment. In this scenario, who can I make a complaint to? It appears the ICL scheme is not under the jurisdiction of the financial ombadman. They surely must accountable to someone?

        • Steve says

          A company that takes advantage of those in distress taking advantage of people in distress…. neither will do anything that benefits anyone other than themselves and the rich. The only ones that will ever suffer is us at the bottom.

    • Sara (Debt Camel) says

      Did you give them your BACS details?
      Is there a reason you only found the cheque so late?

      • Patrick says

        Hi Sara,
        I have given them my bank details ; from the language in the emails, it appears they are not willing to issue a fresh cheque. I will use every sinew in my muscle to ensure am not taken advantaged of. I will use the Citizens Advice Bureau to try and claw back what is mine.

  55. Terry hyson says

    Good Afternoon All

    I have just been in contact with the Money Shop and I’m not sure if this will be news to anyone but the 2nd payment is now due in January 2022 and not December 2021 as we thought.

    Good afternoon

    The 2nd dividend is currently scheduled to be made in January 2022. Sadly I can be no more specific than that at the moment.

    Kind regards

    Instant Cash Loans Limited

    E: scheme@themoneyshop.co.uk

    From

    • Laura says

      Thanks Terry for the update. I know I am only getting £20 but it’s still nice to get at some point. At least I don’t have to keep checking my bank every morning.

      Keep safe everyone

      And have a good of a Christmas as possible to everyone in the debt camel community. Thanks again Sara for all the work you do.

      Laura

  56. Gareth says

    “Pigs might fly”, one of the statements made by the wonderful moderator Sara when this debacle kicked off circa 2 years ago. Covid of course has played a huge part in delays but there simply is not enough powers to enforce these processes to run quicker and to committed deadlines. The initial batch of payments back in may 2021, (originally scheduled for October 2020), weren’t all made on time. Now the extra, albeit minor amount, of course isn’t being paid on time. It’s not about the money, more the principle. We have been let down by the entire circus here. We all deserve better. Merry Christmas and a happy new year.

    • Faye says

      Oh no, payments for first one were around June, you need to chase that although it may be too late I’m not sure, maybe Sara might suggest something but I know they are liquidating in jan

  59. Marlon says

    Has anyone heard anything yet? Happy new year to all. Sara what are your thoughts on the lack of communication regarding this December payment?

  60. dawn says

    this is the latest update I got from them when I asked about the Dec payment – which says nothing

    With reference to your email below I am unable to confirm the payment date for the 2nd dividend just yet. Communication will be provided via email once the date has been confirmed.

    Please note the 2nd dividend will be substantially less than the 1st dividend.

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