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.
Payday UK and Payday Express were two large online lenders. These both stopped making new loans in October 2017.
Once Britain’s best-known high street payday lender, the Money Shop had 551 branches in 2014. By June 2018 this had dropped to 233.
The Money Shop stopped providing payday loans at the start of August 2018, and the branch network was cut with stores being sold to Ramsdens, Cash Converters, H&T.
In the last half of 2018, ICL received 45,000 affordability complaints.
So ICL was facing escalating costs and it was closing shops. Now the business has less than a hundred branches and 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
Joanne says
Hi, Payday Express sold my loan amount they claim I owe (but don’t) to a debt collector who instructed solicitors BW Legal, who issued a claim against me. Are they allowed to do that considering the compensation scheme, which I have received letters and have joined their scheme for redress. Jo
Sara (Debt Camel) says
did you tell BW you are disputing that you owe the amount? Did you return the Letter Before Action/Claim form you sent before the Court Claim Form?
Jo says
Hi, BW Legal know I am pursuing the claim for redress, however they state it doesn’t matter to them! They state they are still instructed to pursue claim regardless. The ‘debt’ was sold to PRAC Financial who are instructing BW to push the claim.
Sara (Debt Camel) says
do you have a complaint about the amount itself? or just whether the loan was unaffordable? did you return the letter before Action/Claim form to them?
Jo says
I have a complaint about the affordability. BW issued their claim before I received the redress letter etc. They are trying to force me to settle versus attending court. I have been seriously ill with mental health issues (all documented and that BW are aware of) as they know this, they are pressurising me to settle as they know how vulnerable I am
Sara (Debt Camel) says
With a court claim in progress, I suggest you talk to National Debtline on 0808 808 4000.
Gemma says
Hi,
I received a letter saying I can make a claim. I have borrowed from Payday UK, I have previously sent a claim to the FOS and I won and got a refund from them over a year ago. I am unsure why I was sent the letter as I have already had a refund? What will they do if I register to the claims portal?
Thank you
Sara (Debt Camel) says
These letters may have been automatically sent to everyone who hasn’t made a claim.
If your FOS complaint excluded over 6 year loans (to speed it up) then it’s possible you may now be assessed as getting a larger refund. Apart from that, my guess is it’s unlikely you eouoc get much if anything.
BUT you can’t lose anything by sending in a claim, and it’s easy, so there’s no reason not to.
Gemma says
Okay thanks very much Sara I’ve done the claim was very easy :)
p.gordon says
when i put my claim for refund six months ago i was told a dession would be made in april do u know if the money shop reach a dession
Sara (Debt Camel) says
all claims have to be made by the 9th April. Payout is expected before the end of 2020.
jamal says
Now the company is on mvl, what does that mean to redress creditors.
Sara (Debt Camel) says
The current scheme of arrangement for redress creditors continues.
Andy M says
Hi Sara,
I have CRS debt collectors texting/emailing/harassing me daily to pay £241 in relation to payday UK saying their client is going to instruct ccj but I thought they had liquidated?
Is this correct am I being wrongly chased?
Is this lawful considering I am receiving emails about payouts from the administrators for money shop etc?
I am a little confused.
If you could help so I know best course of action to take.
Thank you
Sara (Debt Camel) says
I assume CRS are collecting on behalf of payday uk – the situation is different if the debt has been sold.
Tell CRS that you have sent in a claim to the administrators (I assume you have) and you will not be paying this debt until your claim is determined as you have the right of set off.
Andy m says
Thank you !
Emma says
Hi Sarah I have been paying CRS for a about a month now probably longer. Should I wait to pay it or just carry on paying it for now.
Thanks
Sara (Debt Camel) says
Hi Emma, have you put in a Claim to the Money Shop?
Liam says
I today had a loan removed from my credit report, I’ve had no other contact from them, is this a sign they’ve agreed with my complaint? Or are they removing loans for anyone?
StevieC says
Was it PayDay Uk or MoneyShop?
Wesley says
Hi, I have some bad loans on my record from payday UK that show missed payments, default and finally a CCJ, I applied through this scheme as I firmly believe I have a case.
Now if I am successful with my claim can I apply to have my CCJ taken off my credit file?
Also will my closed delinquent accounts with defaults and missed payments be taken off my credit file?.. Is this likely to boost my credit score greatly if I do remove the CCJ and defaults?
Finally supposing I won the claim, would I be able to make a claim for my settlement fee from debt collector who bought the account? How would I go about this?
Thank you for your time and advice.
Wes.
Sara (Debt Camel) says
It is a pity you didn’t look into this earlier before the CCJ.
Now if I am successful with my claim can I apply to have my CCJ taken off my credit file?
You can have a go. I suggest you cross that bridge when you come to it.
Also will my closed delinquent accounts with defaults and missed payments be taken off my credit file?..
yes if those loans are determined to have been unaffordable.
Is this likely to boost my credit score greatly if I do remove the CCJ and defaults?
That depends on the rest of your credit record.
would I be able to make a claim for my settlement fee from debt collector who bought the account?
You can make a claim. whether you would win it is unclear.
Wesley says
Thank you for your swift reply, I was unwell at the time so didn’t open my mail, that’s why things got as bad as they did.
The CCJ from payday UK was from 2018, the defaults and missed payments were from 2016/2017…other than that I have an earlier CCJ from Jan 2016 which I paid 6 months ago but company refused to notify the courts, I have recently sent form and £15 to update my CCJ as satisfied.
I have another default around 2016, so yes I got my self into a pickle, have since worked back to bring debt free and settling every creditor.. There were many.
My credit has moved to ‘poor’ from ‘very poor’ and is climbing, due to having credit builder credit cards always paid off and not missing a payment for 3 years, however alot of work to be done to rebuilt my credit rating.
Payday UK is by far the biggest and most recent black mark left on my credit file, how much would that other default from separate company and other earlier CCJ from another company hold me back in terms of credit should my claim and corresponding wishes be fulfilled?
Could you remove my second name please Sarah? Thank you.
Sara (Debt Camel) says
with another CCJ and a default your credit score isn’t going to get above fair. But that should clear in 20222, the big plus of getting rid of the payday uk CCJ – if that is possible – would be that your credit record will be clean 2 years earlier.
Having your CCJ marked as “satisfied” will make some people more prepared to lend to you but won’t actually improve your headline credit score.
But there isn’t a guarantee that you will be able to get the CCJ removed. Firsts step is to win the Claim.
Wesley says
Thank you Sara.
Cheryl says
When submitting my claim I was told that I would be updated with my redress amount by April 2020. The claims portal also states April 2020 yet I have heard nothing. Has anybody had an update on this.
Sara (Debt Camel) says
The Scheme FAQs now say “Towards the middle of 2020, we expect to start telling customers about the outcome of our assessment of their claims. “
Realistically you should not expect to see any money this year and it is likely to be under 10% of the calculated redress amount.
Lee sharratt says
Morning, but if the loans are over 6 years old. There may be a chance of getting more?
Cheryl says
Thanks Sarah. Im not really interested in the money to be honest. I am more concerned about getting one final default off my credit record. The debt is paid but the default date is may 2015. I am hoping that if my claim is successful and this particular loan is included my credit record will be clear sooner. Any repayment at this stage will just be a bonus.
Sara (Debt Camel) says
For Wonga the credit records weren’t cleaned until the end.
Dean says
BW Legal have just contacted me about £500 outstanding loan they purchased from the money shop and offering discounted settlement etc etc. If the claim is upheld what is the position with BW Legal, do they still have rights to pursue the loan or does it get written off?
Sara (Debt Camel) says
it’s a bit of an unclear area… How strong was your claim to the money shop?
Dean says
I would say very, had loans with all of their brands at the same time and money shop specifically loaned additional funds when already in arrears and clearly in a spiralling pay day loan debt
Matt says
Hi i think i have made a huge error, as a compulsive gambler in the past i had many many loans. One was with The Money Shop. No affordability checks were really done -my job paid £180 net p/w and the loan was for £400 and i had other loans in place with different companies 2014.
I eventually had a DMS in place with StepChange but then had to withdraw -lost job etc. Subsequent to which CRS are now chasing me for the whole balance. I did not understand that i could make a claim against the Money Shop to at the least have the interest knocked down. They are now going to Court , am i effectively on the hook for the entire balance? Would i be able to state this in the court papers? I think i am in trouble…
Sara (Debt Camel) says
If you only had 1 loan with the Money Shop it is very unlikely you would have won an affordability complaint had you put one in time.
When did your DMP end? How much do you owe in total across all your debts, including those that were in the DMP and any new ones acquired since?
Matt says
does that mean that companies are not expected to look at the volume/number of loans you had at the time, i had about 6 across different companies, all within about 4-6 weeks and a number of rollovers and defaults.
The only winners here (as is always the case…) are the bookies who had it all..
Total debt at moment is about £4k, i have pushed back on a few of the ones that wish to take me to court for not having the original signed documentation which seems to have shut them up.
DMP did not end i just got to the stage where i was finding that current debts which were in the DMP were leading to the companies going out and buying old debt at trying to get it put into the agreement -StepChange were not much help with this and i saw a stage where i was just going to get more and more old debt added in and would effectively not be debt free for 7-12 years at least, now i am married and my wife earns alot more than i the companies wish to include this in my monthly household income view.
Many thanks for you comments, im amazed you have the time to help so many people!
Sara (Debt Camel) says
The FCA rules say that lenders have to make proportionate checks. If your loan was large, it should have been checked carefully even if it was only the first one. But for small loans, FOS interprets the rule as meaning that the lender should take into account the number of loans you had from them. See https://www.financial-ombudsman.org.uk/businesses/complaints-deal/consumer-credit/unaffordable-lending.
Have CRS started court action or are they just threatening it?
matt says
i just received my Letter B4 Claim so they are moving on up, probably just had it really, CCJ last year from Savvy where i had not update my address details -subsequently paid off- so not that worried about my credit rating as its messed up already just annoyed i suppose that all the lenders must have known what my issue was and yet still were quite happy to lend away…thanks for the advice
Sara (Debt Camel) says
well you can trying offering a full & final settlement? Avoid a CCJ and settle more cheaply?
Grace Ross says
Any news about the money shop complaints and refunds? The deadline for refund complaints is overdue. This would go some way to helping struggling families and also assist with future credit and mortgage applications if These loans are removed from someone’s credit file…
Sara (Debt Camel) says
The deadline for making a complaint has passed. But you aren’t likely to get any money back, and it will only be a small amount, for many months.
Ruth Fleming says
I returned the form in July 2019. I didn’t receive the letter on how to make a claim, sent October 2019. I left previous address five years ago. I received letter dated 2nd March advising deadline 9th April, on the 10th April (current occupants being in isolation). I contacted them, explained the situation and just got hit with a “you’re too late”. I genuinely didn’t know the claims process was in place, I’ve seen no media coverage around it. Do I just need to write it off as bad luck missing the deadline?
Sara (Debt Camel) says
I returned the form in July 2019
what form?
Ruth says
The one asking if we thought a scheme of arrangement was required
Marcus says
Hi I filled in my details. Into the money shop claims portal many months ago just wondering has anybody heard anything from them ?
david parker says
If a loan is deemed unaffordable against these lenders and it has been subsequently sold to a debt collector and collected through the court system (although I disputed it I actually didn’t get the final court date so missed it and paid to avoid CCJ going on file) would I have any redress against the debt collector (prac). IF the loan was mis-sold or unaffordable (which believe me it was) surely there must be some kind of redress as the loan is not ‘lawful’
Sara (Debt Camel) says
have you put a claim in to the money shop?
david parker says
yes I have, I had loans with pde, pduk and moneyshop
Sara (Debt Camel) says
ok so hopefully you will get a small amount back that way.
It seems unlikely that there is anything you can do about PRAC. If you had a CCJ you could apply for it to be set aside, but you don’t.
if you still owed PRAC any money you could ask the Money shop to set that off against the redress they owe you, but you don’t.
I am afraid you are in the same position as people that repaid their loans to these lenders – they too will get little redress back. The fact there is a debt collector in the process doesn’t change this.
Mart says
Hi, I had a loan but received no information from them. They have said they would have sent an email but I have checked and checked and I received nothing. I know the deadline has passed for getting money back, so not that bothered but want it wiped from my credit score? Because the deadline has passed does that mean I have no chance of this happening?
Sara (Debt Camel) says
did you only have 1 loan?
Mart says
I had 3 sorry, one after the other because the interest was getting bigger because of the lending. Also I was bringing in £800 and looking at the DSAR I received, my last loan and interest came to £750 and my outgoings they have put down was £300
Sara (Debt Camel) says
Well you can ask. Say you don’t need the refund but you have a good case beacuse – give a very quick summary of the borrowing and your situation. even though this won’t cost them money, it is more work for them to do so they may refuse.
Mart says
I have emailed them! Thank you :)
Mart says
Just an update from me – I have hounded and hounded them since I wrote this and spoke to ombudsman. Today I have checked my credit report and it has been removed! So happy that I didnt give up! Thanks again!
Christine richardson says
Hi
Instant cash loans have removed all negative results off my credit file ? Does this mean they are moving forward with payouts for misselling?
Thanks
Bethany says
When did they do this
Mine is still showing as was with bw legal how do I get it removed as showing love
Gavin says
Hi Sara,
Great articles and information hear that have helped me and my family with complaints.
I complained to Payday UK In Jan 2019 about irresponsible / unaffordable lending which was rejected because the loans were older than 6 years.
I only became aware I could complain about irresponsible lending from finding your web site while looking into PPI Plevin so thought this was within 3 years from when I ought to reasonably known I had cause to complain.
I took my complaint to the FOS In March 2019, had no correspondence from them at all until I rang them in June 2019.
Due to the delays within the FOS my case was never looked into and since then in July 2019 ICL has then gone into a scheme of arrangement.
I complaint to the FOS about my case and delays potentially significantly reducing my redress.
This was rejected so I took my complaint about FOS to the indecent assessor. This too was rejected.
It has been well documented through media around the delays within the FOS.
My question is do I have another level I can go to to complain or is my next option a Judicial Review or a higher court.
Your help would be greatly appreciated.
Kind regards
Sara (Debt Camel) says
I feel sorry for everyone who has lost out because of a payday lender going into administration. The FCA has failed to provide a back-up scheme to give proper compensation.
But realistically you are not going to get anywhere with this complaint about FOS. Even if your complaint had been straightforward, with no issue about jurisdication of over 6 years loans, it is unlikely it would have been resolved in 5 months. And if FOS had pushed cases through a lot faster, the company would simply have gone bust a lot earlier.
You would need to take legal advice about the cost of taking this any further through the courts.
paula says
Hi Sara, i had alot of loans with the money shop that just rolled over i received a letter from them last year about the proposed scheme of arrangement and i voted for it to go ahead and i heard nothing from them until last month with a letter dated 8th March with a deadline on 9th April but i received the letter after the deadline. I have contacted them and they said there is nothing they can do and the ombudsman said they cant help. Is there anything more i can do?
Sara (Debt Camel) says
probably not. It’s a shame you didn’t follow up what happening earlier.
Kelvin says
Hi, after some advice related to the topic. I had a dept from payday uk passed over to BW legal. I set up a payment agreement with them around 2 weeks ago (I was unaware of the compensation scheme and have missed the deadline) I logged into my account today to check the payment date and the agreement with them is showing as ‘closed’ after calling BW legal they have informed me that they are no longer dealing with the case and it gas been passed back to ICL. Does anyone have any advice on what I should do next or any idea what this means? Thanks in advance for any advice, I am not worried about claiming compensation just concerned about the debt and repayment situation.
Sara (Debt Camel) says
I think you have to ask ICL why this has happened.
Dean says
The money shop has sent the quarterly report today, redress payments now expected to be May/April 2021!!!Reading through the report, It seems costs have increased so not sure there will be much left to pay creditors!!
paul says
The quarterly report has been emailed and looking at only 3/4p in the pound for redress
Steve says
I have received 4 duplicate emails today from Money Shop with an attached quarterly report. It is basically saying that we will be lucky to get 4% compensation, which is considerably lower than the initial and subsequent estimates of around 10%, although at the moment only 70% of possible claims have been received. It also predicts that we won’t be given their final compensation value till March 2021 and unlikely to get paid till May 2021. Thus is a far cry from their original pledge that final figures would be this year and paid before the end of 2020. Not happy at all. Please remove my email address from comments
Sara (Debt Camel) says
if you no longer want to receive comment notifications, there is an Unsubscribe button on each email.
Nick J says
So, it’s looking like 4p in the £ from the latest quarterly report?
Sara (Debt Camel) says
I have now updated the article above for the latest quarterly report.
They are now saying 3-4p in the pound is a “prudent estimate” :(
And no money until April-May next year.
R says
I had loans with PaydayUK as well as with the Money Shop, although the latter were a few years older. However when I made my complaint they said there was no record of my loans with the Money Shop, I take it there is nothing I can do about that?
Sara (Debt Camel) says
I think you should have followed this up at the time. Did you have proof of the loans?
Joanne says
Hi all, just received an email from ICL, they are now in liquidation, not sure how that affects the scheme! Can I send the email to you! Jo
Sara (Debt Camel) says
thanks for the offer but I have already seen a copy of the email.
Joanne says
Hi Sara
Does this mean the end of the scheme? Jo
Sara (Debt Camel) says
No – it was always expected the company would go into liquidation after the Scheme had completed.
Jo says
If that is the case, where is the compensation coming from? Also, does this have any effect on third party debt collectors pursuing claims? Thanks
Sara (Debt Camel) says
The compensation comes from the money the company had plus the extra money it has received from loans and other debts, including inter-compnay payments from its previous US parent. But it isn’t nearly enough so people will only get c 3-4% of the assessed value of their claim.
have you submitted a claim?
James says
This is so so bad.
I had an offer from PDUK that didnt include loans older than 6 years on the table, I wrote saying please include them and the reasons why then this scheme was announced with the 80% statement.
I ummed and ahhed about going into the scheme or taking the lower than probably due offer, so glad now i took the money.
When i rang up to accept before the July deadline they said it will go into the scheme now, i said no thanks i will take the money and the call handler was surprised.
So glad i followed your advice Sara to cut my losses and run.
This is just awful again for people after Wonga
Jo says
It’s absolutely shocking! I wonder if the third party collectors they sold the loan to can still continue with Claims? Jo
Denise says
Yes I have received 4 emails all quarterly reports
Joanne says
Hi Denise
Thank you for your response. I guess that means the end of the road for the scheme and any redress? Jo
Lee sharratt says
I have just looked at the webSite. If it was the end, surely they would say ?
Denise says
None yet just four quarterly reports which they apologised for sending. Looking on their website it does say we will be receiving emails advising us how much we will be receiving mid 2020. So that will be around about now I imagine.
Angela Darnley says
Hi, I have just received 4 emails about this! I am not sure if I even put a claim in? Would I still have received the emails if I hadn’t?
Denise says
I had an apology email saying they apologise for sending me multiple emails I had 4 as well
Scott says
So does this mean it is 3-4p in the pound off of the potential redress that is stated online in our account areas? Or that the redress has already been recalculated to be this 3-4p in the pound, as I had an email saying to go into my login area, where it says potential redress is circa £500.
Sara (Debt Camel) says
Then you are likely to get £15-£20 back :(
Scott says
Figures! Oh well, when it comes, it will go to Charity
Alex says
I really do not understand when they will send outcome of the claims. I am waiting 1 year and have to pay to BW legal instalments to avoid default in my credit file. I have rights of set off balance. This ICL account damage my score for 4 years(late payment) how more I need to wait to they remove it from my file. any timescales for this. It is big big scam….
Alex says
Hello. Anybody got an outcome after submitting claim on The money shop portal?
Lee sharratt says
I keep looking at the page. Nowt there
Lee says
I’ve just logged into Moneyshop and checked mine, no update.
I registered as soon as I could several months ago so was expecting to have heard by now.
I pay £35 a month to BW legal and have requested they they hold my account until the results are known, they refused this and said they were collecting on beheld of the debt collector Prac and I should continue payments, seems very unfair when I can expect only 3p pack for every £1 they will owe me!!!
J says
I’m in the same situation and need some advice on this to, don’t seem right we have to continue to pay as we won’t get a proper refund anyway.
Neil says
Hi, I haven”t received any emails etc from Money Shop & when I logon nothing has changed in my details. Anyone else waiting on a response as a bit worried that a lot of people have been contacted over past couple of days but I’m still waiting for a response. Thanks & amazing work being done by Debt Camel.
Darren stocks says
I have just had a email off money shop in my spam folder, it was under noreply@icldd.com, it then gives you a link onto its portal and it states your redress etc, and have 30 days to reply.
Lee sharratt says
What date?
Darren Stocks says
Sorry , it was today, 4 hours ago.
Lee sharratt says
Ok. Anyone else? I ain’t got one
GM says
I haven’t received any communication either.
Jamal says
If we are lucky we might get 1p/£ by the end of next may the cost of administration will be higher. From 3p/£ it will decrease 0.5/£.
Denise says
Hi just had an email from The Money shop advising me that they have 180,000 to work through they are working through them now until the end of October and will let us know the outcome by email or letter. Hope this helps.
Alex says
thanks for info!!!
Marc Harris says
Hi All,
My name is Marc and I was in alot of financial distress many years ago (2014 and 2015) and obtained many payday loans (irresponsibly).
I have won many cases from the the following companies:
-Peachy
-Wonga
-Sunny
-Safetynet Credit
– and others.
However, I have 2 final claims which, due to the fact they are in administration or I missed the deadline, I have been unable to complete the claims procedure/get a timely response. These relate to UNCLE BUCK and PAYDAYUK of which there has been discussion above.
Therefore, I am considering raising a dispute with all credit agencies on the basis that I have missed payments and settlement terms which are not accurate at all and are very inconsistent amongst each CRA.
If I raise a dispute and state that the missed payments all these years ago are not accurate and that I want them removed from my file, and UNCLE BUCK and PAYDAYUK do not respond in the allotted time (I think 28 days), I believe I win the case and the data is removed from my file. Seeing as they are both in administration do you think I should?
As stated above, I missed the deadline to make a claim with PAYDAYUK of which I know for sure I would have got a hefty payout and in regards to UNCLEBUCK they have just said it will take them a very long time before they can get back to customers regarding complaints given they are in administration too.
Thanks
Marc
Sara (Debt Camel) says
are the loans you want deleted defaulted? when were the default dates?
Jo says
Hi Marc, how did you win your cases?
Marc Harris says
A simple irresponsible lending claim.. I had many many payday loans at the same time and was able to claim that I was in a financial hole and each one was making my situation worse!
Mark says
Is it now the case that we will not see any redress from the money shop until the end of May 2021?
Oh and its gonna be 4.1p in the £
Sara (Debt Camel) says
The latest update says April or May 2021. And yes, 4.1p…
Mark says
Thank you. It’s going to be as scandalous as the Wonga redress calamity…yikes.
Marc Harris says
These are not in default no…
I had defaults from 24/7 moneybox which I won and since removed.
Cheryl says
I had an email yesterday to say they will be informing people of their redress amount between now and October 2020 and that any payments will hopefully made by the end of 2020.
Steve says
Biggest con going. Should just give what money’s in the pot and give it to the nhs and stop the fat cats getting more millions of people money
Kris says
As with the wageday advance I still had a balance due which was wiped clean as well as recieving redress. I have currently still got a balance due to payday uk via be legal. Can I expect this to be wiped aswell as receiving redress. Or part of it taken off depending on amount owed. Thanks
Sara (Debt Camel) says
I’m not sure what is happening with these debts, sorry, you could email them and ask?
Cheqmate06 says
An extract from letter received from money shop:
Here’s an example:
Mr Jones learns he is entitled to £500 Potential Redress, but he also has an outstanding debt of £700. The Scheme has determined that customers will receive a cash payment of 20p for every £1 of Potential Redress they are due.
● If Mr Jones opts to use his redress to reduce his debt, we’ll reduce his outstanding balance by the full £500 Potential Redress, leaving him with £200 still to repay. As his entire Potential Redress amount has been used up, he’ll receive nothing in cash.
● If Mr Jones opts to receive a cash payment from the Scheme, he’ll receive a cheque for £100 (20p for each of his £500 due), and he’ll still owe £700 in debt repayments.
Hope this helps all with their decisions.
Kye says
Hi, there is still an account in default on my credit report from Instant Cash Loans/Payday Express. I originally had a complaint for redress but have had no correspondence from them for almost 6 years now. I’ve received an email notification from the liquidators informing me that I’m owed redress but I haven’t had the balance removed from my credit score. How do I get this removed?
Sara (Debt Camel) says
they will get round to this eventually!
Claire M says
I put 2 claims in to ICL, one for myself and one for my partner. Very old loans.
I found an email in my junk folder dated 4th June. When I logged into the portal it’s showing my claim is upheld for 15 loans and my redress amount is nearly £1800…….although I’m aware it’ll end up being a fraction of that. You are asked to either accept or appeal the offer and provide bank details if you accept. You have 30 days to accept or reject.
My partners claim is still at the ‘submitted’ stage so I have no idea how they are dealing with claims as I submitted both on the same day, 1 day before the deadline.
Sara (Debt Camel) says
You have 30 days to accept or reject.
If you don’t reply it will be assumed you have accepted this.
GM says
I haven’t received any email despite the fact that I got an acknowledgement from TMS last year with a claim ref number. My loans were with PDUK though.
I logged in and there is not outcome yet on my claim… shouldn’t they have been all assessed by now?
Bradley says
I submitted a claim several months ago but not heard anything back. Can you confirm you have my details please?
Sara (Debt Camel) says
You need to contact the Money Shop, not post a message here.
D says
Seems they’re removing credit file Mark’s.mine has a notification on clearscore of a pending change
rachel says
do we have any redress over a fully paid CCJ with Bw legal. it was from 2017 for missed paymengs. had my email this.morning with my compo figure from moneyshop. if it was lent wrongly as they state on my final response letter surely we should be able to claim against bw legal as it wouldnt have to have been paid.
Sara (Debt Camel) says
I suggest you talk to National Debtline on 0808 808 4000 about whether you have a case for saying the CCJ should be “set aside” and if they say yes, how to do this. You could try talking to BW Legal, but my guess is they would not be very helpful…
Alex says
My partner and I have had ClearScore notifications this morning that all records of our borrowing from PDE are being removed. It looks like things are moving on with the redress scheme at least, though it should be criminal that payments will be as low as 2p/£
Paul says
I’ve got 3 Pending alerts on my clearscore credit report of Instant Cash Loans removing stuff from my file today.
Dm says
I hope / transunion Experian etc will be notified too? Clearscore only uses Equifax I believe?
Jay Ant says
I never signed up to the scheme and have only just found out about all of this. I still owe the money shop £1759.00 from a £1250 loan and have already paid them £623 interest. What chance do I have of getting that money taken off the original loan now and just owing what I borrowed in the first place?
Sara (Debt Camel) says
Have you been making payments to this? Could you offer a settlement amount?
Jay ant says
Hi Sara
Yes I pay every month to them through a DMP. I can’t afford a settlement with them at the moment at the current figure but could if they took what payments I have already made off the original loan. Currently I haven’t even paid off the interest
Sara (Debt Camel) says
Then one option is for you to make them a full & final settlement offer. If they refuse, ultimately either they will stop collecting any more money or sell the debt to a debt collector, who may well accept a settlement offer.
The only problem with making them an offer is you then pop back onto their radar… but as you are in a DMP those payments will just continue.
Luke says
I have been given a redress amount of £1100.
Am I likely to see any of this?
Sara (Debt Camel) says
yes but probably less than 5%… the number won’t be known for a while.
GM says
What email address is everyone using to Communicate with this TMS?
I voted and registered for the scheme, but I haven’t received any communication from them since October last year!
Basil says
I have just had ClearScore notifications that my three (2 closed, 1 open) loans from The Money Shop are going to be removed from my credit score next month. This is excellent news. I was only due about £10 in redress, so the main factor for me was getting this hideous mess off my score.
Carla says
Me too! I don’t care about the redress, just the default on my account.
Neil says
Hi,
I registered for the scheme for redress with The Money Shop, Payday UK etc & have noticed over the last few weeks that a lot of people have received notices about money they will be due but Ive still not had any response to my claim yet.
Is there anyone else who registered for this scheme that have not been contacted yet? I registered as soon as the scheme started I believe it was last year but I’m bit concerned that I’ve still not received any details on any payments I would be due.
Grateful if you could let me know if anyone else has contacted Debt Camel about not having any update on redress.
Regards Neil
Sara (Debt Camel) says
Keep checking your spam folder is the best advice, sorry.
Alex says
Hi Neil,
My partner and I are registered for the scheme but also haven’t been contacted with any payment details. Our loans were with Payday Express if that’s any help or comfort — I imagine they’re working through claims by company, rather than the order in which they were received.
Sara (Debt Camel) says
make sure you check your spam folders.
Neil says
Hi, thanks for the replies. I also have claims for Payday Express, Payday UK & The Money Shop however i did receive over £2000 early last year from Payday Express. This was done through a claims company & I’ve asked them to confirm it was just redress from Payday Express & not the other lenders who are part of TMS group.
Payday UK was the lender I was with the longest & had the largest loans with & I’m pretty certain they would have been owe me a lot more than £2000, I had £1000 plus loans rolling over for 6 or 7 years with Payday UK,(yeah I know crazy) the loans with TMS I’ve found harder to try & work out as a lot of them were done in person at TMS premises.
Thanks for taking time to reply & good luck with your claims, I’ll post again when I receive my email.
Michelle says
I, like others, have today had notification that my loans have been removed from my credit file. But when I log on to the portal, my claim is still at “submitted” stage. Although I’m pleased that the record of these has been removed, how can they remove them without assessing my claim? I’m confused!
Alex says
I had the same with OnStride. I try to find out what going on.
dan says
was your loan paid off – or were you still paying it off?
John Corcoran says
I’m disgusted my compensation should be just shy of £5000 and now I’m looking at £200 if I’m lucky