A first payment of 4.31p in the £ was paid in May/June 2021.
A second, much smaller payment of 0.65p in the £ is being paid on 14 or 18 January 2022.
If you do not receive this second payment, see below for what to do.
Contents
Background to the Scheme
This “Scheme of Arrangement” covers borrowers from the ICL brand names, Money Shop, Payday UK and Payday Express, who were given unaffordable loans.
ICL had two million customers, with three big payday lending brands:
- The Money Shop was once Britain’s largest payday lender on the high street. The Money Shop stopped making payday loans in August last year.
- Payday UK and Payday Express were two large online lenders. These both stopped making new loans in October 2017.
In summer 2018, the number of affordability complaints about payday loans increased significantly. Paying refunds on these complaints forced Wonga and Wageday Advance to go under.
In the last half of 2018, ICL received 45,000 complaints. So ICL wqs facing escalating costs and it was closing shops. Now the business is being closed completely because of the cost of these complaints.
A Scheme of Arrangement is a legal device which limits a company’s liability to its creditors. See What is a Scheme? for more details. ICL is using this to limit the amount it has to pay out in refunds on unaffordable lending.
The Scheme was approved by creditors in September and by the Court on 8 October 2019.
4.3% paid in May & June 2021
A claims page was published and all Claims had to be in by April 9 2020.
The Money Shop home page said:
- We have calculated the final dividend amount and you will be receiving 4.31p per £1.
- Where you provided us your bank details we will commence making payments from 24 May 2021.
These payments were made by BACS. People will be paid in batches, once or twice each week through to the end of June:
- We are unable to let you know the exact date of your payment.
- You will receive an email before we make your payment with your calculation and cash payment amount.
- If you did not provide us with bank account details, we have sent you a cheque.
The following details come from the March 2021 Scheme report:
- 182,566 Claims were received;
- the uphold rate was about 85%;
- the total compensation people should have got was c. £340 million – now people will only get a tiny amount of that back;
- it is now too late to submit a Claim.
No tax is deducted from the amount paid so there is nothing to reclaim.
Second, smaller payment to be paid in January 2022
After the first payment ICL was still receiving some money eg from a VAT recovery claim. This is being distributed to customers who had complaints upheld in the Scheme.
This will be 0.65p in the £. That is 0.0065% of the total redress that was calculated in your case.
This second payment will be much smaller than the first. If you got £100 on May 2021, you will get about £15 extra now in January 2022.
Customers were told by email about this on 12 January. The payments will be made on the 14 and 18 of January – your email says which date you should be paid.
Only bank transfers are being made – cheques will not be sent for this.
This second payment will be the final distribution. ICL will be liquidated – the company will no longer exist.
Was your ICL debt sold to PRAC/BW Legal?
Where you still owe ICL a balance on the last loan, this has been “set off” against your refund.
An example:
- you should have had a refund of £2500 and you still owed £1000
- then your balance is cleared, leaving you now being owed a refund of £1500
- you then get 4.3% of the £1500
If your last loan was sold to a debt collector, in most cases ICL has arranged for you to still have this set off.
The exception is if your loan was sold to PRAC/BW Legal. Here you have been left owing the debt to PRAC/BW Legal and were only paid 4.3% on the redress ICL calculated.
PRAC/BW Legal is offering to reduce some customers’ balances, but see No set off in a Scheme/Administration when debt had been sold? for how you can complain and ask them to write off your whole balance.
5% in all – that is a very poor outcome for customers
When the Scheme was proposed in August 2019, it was suggested people might get back nearly 80p in the pound.
My first thought when I saw the 80p in the £ estimate was “and pigs might fly“… see Will the Money Shop really pay 80% of your payday loan refund?
And that has turned out to be spot on…
In September it admitted that:
- it has decided to include all loans over 6 years which may reduce this to c. 44p.
- it has decided to simplify the assessment in favour of the customers, which may further reduce this to 27p.
- if twice as many people apply for a refund, this may go down to 14p.
By February 2020 in the previous quarterly report, the scheme administrators were warning this could be less than 10p.
So about 5% (4.3p + 0.65p) is a dismal outcome for customers.
Why won’t the FSCS help these customers?
The Financial Services Compensation Scheme (FSCS) covered people making PPI claims if their firm had gone bust.
But the FSCS doesn’t cover payday loans. This was a very poor decision by the FCA.
Customers of the Money Shop, Payday UK and Payday Express have been let down badly by the UK regulators. The lenders were allowed to carry on giving loans that breached the affordability rules for years. And now there is no backup compensation scheme for when a lender goes under.
Updated January 2022
News about the Provident Scheme
Can you get an overdraft refund?
Refunds from large loans and car finance
Sarah says
Hi Sara
I’ve just had an email off them to say I’m going to receive another payment on 14th Jan. the email came from the same place as the others (same email address) haven’t asked for bank details but said to email them if I don’t receive the payment as they will close on the 25th jan.
Nigel Bleese says
I still haven’t received any information about the 2nd payment or even received a 2nd payment.
Sasha says
I have just received an email from The Money Shop to say I will receive my final payment of £1.60.
The email states:
You will receive this payment on 14th January 2022
IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Instant Cash Loans is closing. After 25th January 2022 we will not be able to make your payment.
Terry says
I have just received an email from the moey shop informing me that my last payment will be made on the 18th of January 2021 so keep an eye out the emails are starting
All the best
Terry
Sara (Debt Camel) says
did you mean the 14th ? That’s what everyone else has been told.
correction – some other people have been told the 18Th
Terry says
No definitely the 18th
Denise says
Just received an email from money shop regarding my second payment advising me I will receive my payment on the 14 January .
Mike says
I’ve just received an e-mail detailing another payment will be made on the 14th January.
It works out at around 15% of the previous payment, so if you received £200 in the previous payment, you will be receiving another £30.
Lime says
£196 getting £1.67
Party
Andy says
Just had an email saying I will get a payment on 14th January.
We are making a final payment to you of £ 66.48
You will receive this payment on 14th January 2022
IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Leonard says
Hope this helps some of you on here. I’ve just recieved an email stating that my 2nd payment will be made on the 14th on Jan. There are more contact details on the email if payment hasn’t arrived on that date,to correct banking details if needed. It also states that this must be corrected by the 20th,as they will not be able to make any payment after the 25th of jan. I assume its possible that other people will have diffrent dates,but just thought I’d let people know that emails are starting to be sent out
Conor says
Had an email today explaining my second payment for this Friday 14th. If not received, people are to follow the steps in the email to contact them before the 20th to get payment.
Craig says
Thought this had finished last year, but got an email about a second payment coming in a couple of days.
Takes the total return to around 5p in the pound, obviously not good but better than it looked to me at one stage.
Denise says
I received this email today
Case Reference:
We are making a final payment to you of £ 27.68
You will receive this payment on 14th January 2022
IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Instant Cash Loans is closing. After 25th January 2022 we will not be able to make your payment.
If you have not received payment complete the following:
1. Email: scheme@themoneyshop.co.uk
2. Subject of email: No payment received
3. Give us the following information
a. Claim reference number (as above)
b. Name
c. Sort code
d. Account number
Details of your final payment
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount £ 4245.60
Additional cash payment to you £ 27.68
Yours sincerely
Kev says
What does that final part mean about the 0.652 for every £1 of cash redress? Does this mean you are receiving another refund on top of the £27.68?
Sara (Debt Camel) says
No, the final payment of £27.68 is the further payment of 0.652p in the £
Dwayne says
Just had my email. Payment of 0.65 on 14th. So extra £22.52
Susan says
We are making a final payment to you of £ 95.27
You will receive this payment on 18th January 2022
IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Instant Cash Loans is closing. After 25th January 2022 we will not be able to make your payment.
A. says
Received second email tonight – payment on the 18th Jan.
Simon says
Just had a email to say getting a payment on the 18th of January
Jenna says
I have today received email confirming the amount and payment date of Monday
Kirsty says
Just had an email. Payment will be 14th January
C says
Hi – Thought I would send an update. I have just had an email to say my 2nd payment will be received 14th Jan. If not received by 20th to let them know, as ICL are closing and no payments will be made after 25th January 2022.
Kind Regards
C
Josh says
Just rcvd an email from ICL 2nd payment on 18 th Jan.
We are making a final payment to you of £ 24.86
You will receive this payment on 18th January 2022
IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Instant Cash Loans is closing. After 25th January 2022 we will not be able to make your payment.
Chris says
I don’t understand this, regarding the second payment. Just received this email:
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount £ 736.69
   
Additional cash payment to you £ 4.80
Based on the above am I being refunded £478 PLUS the £4.80? 736.69 * 0.652 = £478. Or is this wishful thinking on my part?
Sara (Debt Camel) says
the amount being paid if not 65.2p per pound, it is 100 times smaller – 0.652p per pound.
£4.80 is what you will be paid.
Alison says
I just had an email about this and it said to the 2nd payment should be paid by the 20th of January and if not to contact them.
I will be getting a whole 50 pence! What shall I spend it on? It probably costs them more than 50p to make the payment!
Richard says
Just received their email to say the 2nd payment will be made on 18th January
Jordan says
I just got a email saying the final payment will be made on 18th January.
Annmarie says
I have just received and email about 2nd payment. It’s due to be paid on 14th jan
Paul says
Just received this from instant cash loans? Can anyone help?
I haven’t received a first payment and no emails this says second payment. How is £11 .. 0.652p per pound???
Details of your final payment
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount £ 1836.91
Additional cash payment to you £ 11.98
Sara (Debt Camel) says
If you didn’t receive the first payment in May/June last year you need to email scheme@themoneyshop.co.uk immediately with the Subject “NO FIRST PAYMENT RECEIVED”
Give your:
Name and phone number
Claim reference number (in the email you have just had)
Also your bank account details – sort code and account number.
I don’t know what can be done at this point but if you don’t do this asap the answer will definitely be nothing.
Ryan Lee Mcgrath says
Haven’t a clue why I have a redress amount of 3600 and only now getting 23 pound when other people are getting far more any one know any reason for this
Sara (Debt Camel) says
that is 0.65p for every pound in your redress – exactly what everyone else is being paid.
Robert Liddell says
Had email about January payment mine on 18th but says all have to be paid by 25th.
Carrie says
I have just recieved this email.. how much will i get altogether? Wont just be £19.50 will it?
We are making a final payment to you of £ 19.50
You will receive this payment on 18th January 2022
IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Instant Cash Loans is closing. After 25th January 2022 we will not be able to make your payment.
If you have not received payment complete the following:
1. Email: scheme@themoneyshop.co.uk
2. Subject of email: No payment received
3. Give us the following information
a. Claim reference number (as above)
b. Name
c. Sort code
d. Account number
Details of your final payment
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount £ 2990.68
Additional cash payment to you £ 19.50
Yours sincerely
Sara (Debt Camel) says
this is the second and final payment – did you receive one before?
Lisa Smith says
Hi Sarah
I received the same email above it is not quickquid that is the money shop
But the value they are paying doesn’t equal the 0.65 to the pound they have quoted
I though this process was closed what has happened ?
Details of your final payment
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount£ 2631.36 Additional cash payment to you£ 17.16
Sara (Debt Camel) says
that is the right calculation. they are paying you 0.65p in the pound -a hundred times less than 65p in the £.
Dave says
Hi Sara,
If the calculation. they are paying is correct then will the payout in March be 0.30p to 0.50p in the pound -a hundred times less than 30p to 50p in the £ ?
Sara (Debt Camel) says
no QQ will be paying 30-50p in the pound (they expect)
Sara (Debt Camel) says
yes this will be the second and final payment.
Lisa Smith says
Thank you Sara
Matt says
Had an email saying a final and additional payment will be made on the 14th January. Odd, as I’ve not received any payment previously. The rate is 0.652p for every £1 of redress.
Sara (Debt Camel) says
If you didn’t receive the first payment in May/June last year you need to email scheme@themoneyshop.co.uk immediately with the Subject “NO FIRST PAYMENT RECEIVED”
Give your:
Name and phone number
Claim reference number (in the email you have just had)
Also your bank account details – sort code and account number.
I don’t know what can be done at this point but if you don’t do this asap the answer will definitely be nothing. the first payment was much larger.
Cheryl Norton says
Hi
I got an email today confirming my final payment but I haven’t had the redress payment.
Did it always come in cheque form? If so I would’ve still seen this as if they have sent one out it would’ve gone to my parents.
I haven’t had any correspondence from them since May 2021 until today.
Sara (Debt Camel) says
If you didn’t receive the first payment in May/June last year you need to email scheme@themoneyshop.co.uk immediately with the Subject “NO FIRST PAYMENT RECEIVED”
Give your:
Name and phone number
Claim reference number (in the email you have just had)
Also your bank account details – sort code and account number.
I don’t know what can be done at this point but if you don’t do this asap the answer will definitely be nothing.
AJ Skinner says
Just got an email confirming my second payment will be made on the 18th Jan.
Catherine Mclaughlin says
Woohoo just received email confirming payment will be made on 18th January.
Cliff says
I’ve just had an email stating I will recieve a second small payment on january 18th
Mark d says
We are making a final payment to you of £ 4.44
You will receive this payment on 14th January 2022
IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Instant Cash Loans is closing. After 25th January 2022 we will not be able to make your payment.
If you have not received payment complete the following:
1. Email: scheme@themoneyshop.co.uk
2. Subject of email: No payment received
3. Give us the following information
a. Claim reference number (as above)
b. Name
c. Sort code
d. Account number
Details of your final payment
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount £ 681.16
Additional cash payment to you £ 4.44
Yours sincerely
Instant Cash Loans
####
Is this right. Surely my final payout should be higher???
Sara (Debt Camel) says
what was your first payment?
Allan Craik says
When was the first payment?
Sara (Debt Camel) says
paid in May and June last year.
Sam says
Does that you will get both those amounts or just the lower additional payment..it’s not clear
Sara (Debt Camel) says
People are going to be paid one payment which is the one in the email on the line which says “Additional cash payment to you £ z.zz”
Jay Willoughby says
I got £2.23p out of £342.76p absolutely pissed at this as liquidates get £450 per hour and are paid before us ridiculous
DebbieG says
It’s an absolute joke isn’t it
Nursey says
Hi just had an email to say I will be getting £20.64 from a total redress of 3000 wehey this will be paid 14th I can’t remember getting a first payment .
Sara (Debt Camel) says
If you didn’t receive the first payment in May/June last year you need to email scheme@themoneyshop.co.uk immediately with the Subject “NO FIRST PAYMENT RECEIVED”
Give your:
Name and phone number
Claim reference number (in the email you have just had)
Also your bank account details – sort code and account number.
I don’t know what can be done at this point but if you don’t do this asap the answer will definitely be nothing.
Fred says
just received an email for a 2nd payment. wasn’t expecting that so quite a pleasant suprise.
says on the 18th, if not received by 20th as they are closing on the 25th of Jan
Sean McG says
Got an email today from Instant Cash Loans stating the following. Did anyone else get anything similar?
Dear X
Case Reference: X
We are making a final payment to you of £ 6.79
You will receive this payment on 18th January 2022
IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Instant Cash Loans is closing. After 25th January 2022 we will not be able to make your payment.
If you have not received payment complete the following:
1. Email: scheme@themoneyshop.co.uk
2. Subject of email: No payment received
3. Give us the following information
a. Claim reference number (as above)
b. Name
c. Sort code
d. Account number
Details of your final payment
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount £ 1041.01
Additional cash payment to you £ 6.79
Sean McKennG says
Replying to myself here but can anyone help me calculate my total redress amount?
Sean Bethell says
Redress amount 1041.01
O.652% of 1041.01 = £6.79
Andrew says
Just had an email that states –
You will receive this payment on 14th January 2022
£1.38, I mean, wow, what will I spend it on!!! :)
cherelke says
Has anyone else had an email about their final payment? I’ve just received mine. It will be paid on Friday 14th Jan
Donna says
Just had the exact same email with regards to a “Final Payment” due Friday 14th Jan
Wasn’t aware or expecting it but it’s a bonus if it comes through
Russell Williamson says
Mine says something like 3+ pounds and a potential redress of 500+. What does this mean I’m only getting 3 quid back. Of so that’s pointless
Sara (Debt Camel) says
yes you will get about £3 back on £500.
it may seem annoying but it is the distributing the last small bit of cash before they shut up shop for good.
SARA says
I’ve just received this.
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount £ 421.75
   
Additional cash payment to you £ 2.75
Joanna says
Same I’m getting £1.09 out of £167, got £7 odd last summer…But Im also waiting now for the more generous quick quid payout
Martin says
Hi All
Just received an email stating the final payments, works out an additional 0.652p for every £1 of redress owed.
Regards
Mya Hodgson says
Has everyone received their 1st payment by CHQ last year? I haven’t had anything but received an email today saying they are sending me £42.16 by bacs on the 18th Jan, with regard to the 2nd dividend payment.
Sara (Debt Camel) says
If you didn’t receive the first payment in May/June last year you need to email scheme@themoneyshop.co.uk immediately with the Subject “NO FIRST PAYMENT RECEIVED”
Give your:
Name and phone number
Claim reference number (in the email you have just had)
Also your bank account details – sort code and account number.
I don’t know what can be done at this point but if you don’t do this asap the answer will definitely be nothing. The first payment was much larger.
Lisa Smith says
I have received this last final payment email but the figure of 0.65p to £1 isn’t what we were paid where did this figure come from and are we due to receive it ?
Details of your final payment
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount £ 2631.36
Additional cash payment to you £ 17.16
Yours sincerely
Sara (Debt Camel) says
This is the second much smaller amount they said they would pay out (see https://debtcamel.co.uk/money-shop-scheme-second-small-refund/).
It takes all the remaining money – not a lot – and distributes it. the Money Shop will then be liquidated the week after.
Gina says
Received an email today saying they are paying into my account £61.07 on the 14th January I haven’t even received the first payment what a complete con! Potential Redress amount £9338.72 they are refunding me £61.07 and I didn’t receive the 1st payment either !
By my calculations they owe me thousands !!
Sara (Debt Camel) says
The first payment would have been about £400.
If you didn’t receive it you need to email scheme@themoneyshop.co.uk immediately with the Subject “NO FIRST PAYMENT RECEIVED”
Give your:
Name and phone number
Claim reference number (in the email you have just had)
Also your bank account details – sort code and account number.
I don’t know what can be done at this point but if you don’t do this asap the answer will definitely be nothing.
DebbieG says
Like others I received this email today.
However, if this is a second payment amount, then where was my first payment? This would be the only payment I’d have received from them?
We are making a final payment to you of £ 10.59
You will receive this payment on 18th January 2022
IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Instant Cash Loans is closing. After 25th January 2022 we will not be able to make your payment.
If you have not received payment complete the following:
1. Email: scheme@themoneyshop.co.uk
2. Subject of email: No payment received
3. Give us the following information
a. Claim reference number (as above)
b. Name
c. Sort code
d. Account number
Details of your final payment
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount £ 1624.59
Additional cash payment to you £ 10.59
Yours sincerely
Instant Cash Loans
Sara (Debt Camel) says
If you didn’t receive a payment in May/June last year you need to email scheme@themoneyshop.co.uk immediately with the Subject “NO FIRST PAYMENT RECEIVED”
Give your:
Name and phone number
Claim reference number (in the email you have just had)
Also your bank account details – sort code and account number.
I don’t know what can be done at this point but if you don’t do this asap the answer will definitely be nothing.
Mario says
Good evening all received email at 16.37 told will receive payment of 51.99 on the 14th of January a very pleasant and much needed surprise
Rob says
Im getting another massiv £24. Should have been £3,800. Oh well.
Jay Willoughby says
Didn’t even get first payment as usual the victims of debt are the lower class peasents of a class system bullshit
Sara (Debt Camel) says
If you didn’t receive a payment in May/June last year t you need to email scheme@themoneyshop.co.uk immediately with the Subject “NO FIRST PAYMENT RECEIVED”
Give your:
Name and phone number
Claim reference number (in the email you have just had)
Also your bank account details – sort code and account number.
I don’t know what can be done at this point but if you don’t do this asap the answer will definitely be nothing.
Antony says
just like everyone else, recieved a “second” payment letter today, never recieved a first payment, sent them an email.
i gave my bank details VERY soon after the claims portal first went live and i’ve only ever lived at one house, smells fishy to me, almost scandalous
Antony says
still not recieved first payment, have sent them an email today, i gave my bank details the same week the scheme went live, same bank account, living at the same house, this story seems all too common, sounds scandalous
Suzzyjen says
Got an email that I will be getting 88.98 .Very good news on a dark miserable January evening it will minimise my overdraft of 120 quid. Thanks for the heads up
DebbieG says
Yes same here. As soon as I got the email about the scheme, I went online and completed all the info required.
Haven’t received a penny to date. Complete con.
Chris says
An additional 95p from ICL coming my way on the 14th of January. I can hardly contain my excitement lol
Alyson says
😂😂😂 ok now I don’t feel so bad!! I got £1.49
ScammedByPayday says
£4 here. Sorry to flaunt my vast wealth on ya
Chris says
£6368.75 redress amount. With the second payment, I have had about £280 actually paid. Happily still in debt thanks to Moneyshop and all the other unmentionables in this crooked market.
Av says
Potential redress nearly £4300… The say im getting £28!! Thats absolutely crap
Mark says
I will get £2.56 back on a £396 loan. That was well worth the effort of making a claim for all to be returned or a percentage. I’m sure the people who dealt with all the claims took the majority, just another load of crooks taking money of the crooks who should’ve sent it our way. Bunch of vultures the lot of them
Sara (Debt Camel) says
The problem is that very large numbers of people had been missold loans over a long period. Blame the FCA as the regulator for allowing this to continue AND for not insisting that the lenders were well capitalised so there was more money available to pay compensation AND for not providing any backup scheme when a lender failed.
Mark says
And yet Money shop is allowed to continue to trade as a loan broker now too, rubs salt in the wounds that. People should definitely avoid brokers too
Sara (Debt Camel) says
This is a different firm. They bought the name from the scheme administrators.
But yeah, avoid those broker leaches.
Karl says
I don’t understand this at all.
We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
Applying this ratio, this is your calculation:
Potential Redress Amount £ 1309.71
Additional cash payment to you £ 8.54
Surely 0.652p for every £1 would equal
853.93092???
I have not received that at all
Sara (Debt Camel) says
The second payment is 0.65p in the £. This is 0.652%
That is a hundred times smaller than 65p in the pound which would be 65%
Lisa says
Just checked bank statement and I received first payment on 9th June for £71
Edward Johnston says
Have also received the same email from ICL.
However, the email clearly states that we are to receive 0.652p for every £1 of cash redress, not 0.652%!!!!
The school that i went to taught me that that is two different calculations.
My redress amount is £1,179.75.
Therefore my payment amount should be £1,179.75 x 0.652 = £769.19
I have been offered £7.69, which is 0.652% of my redress amount.
Clear as mud.
Have emailed them for clarification.
Sara (Debt Camel) says
The second payment is 0.65p in the £. This is 0.652%
That is a hundred times smaller than 65p in the pound which would be 65%
saver says
Hi
they arnt even offering 1p to the pound they are paying 0.652p (which is less than 1p)
A regular reader says
@ Edward..
Money shop’s calculation is correct. £7.69 is 0.652p of every £1 of your original redress amount..
Its just over half a penny for every £1 they owed you.
FOR EVERYONE – Divide your redress amount by a 1000
Then multiply it by 6.52 (which equals 0.652p or 0.652%)
The answer will be the same figure money shop used to calculate the 2nd payment
Lou says
Just seen they are only paying 4.3 to every pound for first payment was expecting £371 but got £16 didn’t realise till today I checked my bank and was paid that in June 2020 and would not have seen as only £16 lol , and then the excitement of a further £2.42!
I would check your bank account may/June last year as the amount is so low probably missed it like I did
Such a low amount for everyone
Denise says
Happy New Year to everyone….
I just read an email that I got yesterday from The Money Shop….Oh dear!!!!!
It seems that I am getting a percentage of a percentage…of a percentage.
It boiled down to this….
Potential Redress Amount £ 6643.26
Additional cash payment to you £ 43.31
A figure that was banded about last year was around the £128.00 mark. I honestly thought that I would get that amount…
It appears that I, like so many of you, are in the same boat. The corner cutting has been intense. It’s as though they have culled the cash….
My email also included this….
“We are making a final payment to you of £ 43.31
You will receive this payment on 14th January 2022
IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Instant Cash Loans is closing. After 25th January 2022 we will not be able to make your payment.”
I tried calling the number on the claims portal, but it only rang once…and then went dead….
I do feel your pain…It seems such a drastic outcome for something that was so protracted.
Do take care everyone…and thank you for reading…
James Maclean says
Hi there. Just received an email saying I will receive £56 tomorrow and that got me thinking. I didn’t receive my first payment. I have looked on my bank statements and can’t seem to find it. Does anyone know what reference they use?
Jim says
Sara
Firstly thank you for all the help that you have given us. You really are an angel
Do you know how this will impact our credit ratings?
And thank you again
Jim
Sara (Debt Camel) says
Well getting payments has no effect on your credit rating.
Do you have money shop / payday Uk / payday express loans on your credit record? That you would like to disappear.
Denise O'Brien says
Have received my 2nd payment good luck to you all and keep safe everyone
Nathan Mccutcheon says
I have received my payment today the second payment.
I have emailed several times as I never received a first payment from them. I am unsure how you can receive a second payment but not got the first.
I suppose there is little to no hope if the money has already spent.
Has anyone else has this issue??
Sara (Debt Camel) says
Have you checked your bank statements for last May and June to be sure it isn’t there?
If you didn’t receive the first payment in May/June last year you need to email scheme@themoneyshop.co.uk IMMEDIATELY with the Subject “NO FIRST PAYMENT RECEIVED”
Give your:
Name and phone number
Claim reference number (in the email you have just had)
Also your bank account details – sort code and account number.
I don’t know what can be done at this point but if you don’t do this right away the answer will definitely be nothing.
Nathan Mccutcheon says
Hi thanks for the reply. No definitely not I didn’t receive the first payment nor did I get a check and my address hasn’t changed in 20 years I have emailed to say I haven’t received it.
Thanks
ScammedByPayday says
I nearly emailed MoneyShop thinking I didn’t receive my first payment. But i trawled my bank account and was actually paid in June 2021, and now i remember. So people should check their old statements too
Susan says
What is the redress figure and the traditional figure how much would I get between £1589.00 redress and adtiobal £10.31
Sara (Debt Camel) says
If your redress figure was £1589, the second payment you should get today or on Monday will be £10.31.
I am not sure if that was what you are asking?
saver says
Hi
they arnt even offering 1p to the pound they are paying 0.652p (which is less than 1p)
Sara (Debt Camel) says
yes, but this is in addition to the 4.3p they paid in May/June last year, so overall people have been paid 5%. Still very low!
Rose says
I didn’t receive an email about the additional payment – I received £127.30 last year (redress figure was £2953.53): last year, PRAC emailed me to say that ICL’s letter was unclear, and I *didn’t* have a balance with them (the debt had been sold to them, but I had since cleared it) – so I am not sure, as it was sold on, if I would be eligible, and this is why I haven’t received the email – or if it’s another reason.
Is anyone else in this position, or have any insight?
Sara (Debt Camel) says
I think you should have received an extra payment. You could email them and ask why you have not been told about it.
Sheena anderson says
I’ve just emailed them as I haven’t received any payment either last year or an email this year
Susan knowles says
I cannot remember getting any money last year either
Sara (Debt Camel) says
check your May and June bank statements!
Rebecca says
Just had another payment from them yesterday too- very random!
Susan knowles says
How much payment did you receive was it what you expected
Suzzyjen says
I have just had my 2nd payment 88.98. Not so Blue Monday.Hope everyone get what ever was stated in the email it’s better than nothing. Thanks Sara.
Susan knowles says
Hi I was expecting more than I received I don’t know whether to email them
Sara (Debt Camel) says
what was your redress calculated at? how much were you paid last summer? and how much have you just been paid?
Hayley Bradley says
Hi, I received an email saying my second payment will be made on 18 Jan 2022. I did not receive this as I changed my bank account details. Their email advised
“IMPORTANT check you have received this.
If you have not received this, you must let us know by 20th January 2022.
Instant Cash Loans is closing. After 25th January 2022 we will not be able to make your payment.
If you have not received payment complete the following:
1. Email: scheme@themoneyshop.co.uk
2. Subject of email: No payment received
3. Give us the following information
a. Claim reference number (as above)
b. Name
c. Sort code
d. Account number
I have completed the above but, have had no contact to say this is being actioned.
Does anyone have a telephone number I can ring? As the redress number I found on Google just cuts off….
Thanks
Hayley
Kim says
Hi Hayley,
I had the same email about being paid on the 18th Jan 2022. I emailed before this date to confirm my new bank details and got email back stating these had been updated. I never received payment yesterday and emailed like you did with all the details they asked us to, to the scheme email address and heard nothing back. I sent a chaser this morning stating I’m worried I won’t get money as you are closing on 25th jan 2022 and still heard nothing.
I was after a telephone number too but I found on money shop website the following:
‘If you cannot find the answer to your question, please email us at scheme@themoneyshop.co.uk. Our phone lines are now closed.’
By the above they don’t have phone lines now just all done by email.
I hope you get payment and so do I, as we done what they have asked. So frustrating you can not call.
Kim
Hayley Bradley says
Hi Kim
Yes, it is really frustrating to not get an acknowledgment……
I really hope we both get our money too……
I have sent another chaser email too…Fingers crossed.
Hayley
Jason says
I emailed them last year and had no response and have only just noticed this.
Despite putting my claim in early, I have not received any correspondence or payment.
What an absolute scam of a scheme!