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.

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

refunds from overdraft charges

Can you get an overdraft refund?

Refunds from large loans and car finance

Comments

  1. Chris says

    I almost forgot about this one. After Wonga, I thought I’d heard back from them all, hence I haven’t been on here for ages but I also submitted a claim for this Money Shop one as well last year but because it covers more than one lender, I couldn’t remember if I’d already heard back from them or not. I remember getting a loan from Payday UK once which comes under Money Shop I believe.

    Like with Wonga, I’m not expecting much and, again, just like Wonga, the Administrators are being really woolly about exactly, when and how much. last year they said we would hear from them this year now we’re halfway through the year. and so far, nothing. It’s a good job I don’t have to rely on it but I know there are many who do and I know what it’s like to have to wait and wait for something that you need, I’ve been there.

    I would imagine I won’t get much because I only borrowed £100 from them as I recall, which means I’ll probably be looking at literally a few quid at the most but there will be others who will have borrowed much more than that ought to be getting a lot more but sadly it seems as though they will be very shortchanged.

  2. Alex says

    Hi Sara,
    What’s the deal with an upheld complaint loan being sold on to debt collectors? I defaulted on my PDE loan at the end of Dec 2016 and it was sold to PRAC Financial / BW Legal. PRAC / BW continued reporting the loan as 4 months in arrears every month for 2 years until it was settled. I’m currently dealing with their refusal to set the correct default date — apparently very few companies can manage this simple task correctly!

    As all PDE records are being removed from credit histories should the PRAC/BW entry also be completely removed?
    Thanks

      • Alex says

        Yes, as part of the redress scheme. All of the loans I’ve taken with them have has complaints upheld as I was already in a bad way with Wonga loans when I started borrowing from PDE. I’ve had ClearScore (Equifax?) notifications that all PDE loans I took are being removed from my credit file.

      • Sara (Debt Camel) says

        have you asked PDE what they will be doing about the debt with aa debt collector now they have decided it is unaffordable?

        • Alex says

          The administrators never reply to emails and the people on the phone have no clue. I was hoping there would be ICO guidance or some legal precedence I could direct them towards.

          Honestly the number of companies who are incapable of correctly reporting to credit agencies and who totally ignore ICO and DPA rules is utterly staggering. There needs to be some campaign around this as the ICO are toothless when it comes to these issues.

  3. Alex says

    Good news! I got a reply from the administrators.

    “Good Morning/Good afternoon,

    Thank you for your recent correspondence.

    If you have recently made a claim in the Scheme of arrangement we will shortly be assessing all of your past lending and, aim to let you know any upheld redress amounts by the end of 2020. This is because we must consider all claims before being able to calculate the final redress payment. If we don’t agree with your claim, you will be able to ask an independent third-party adjudicator to consider your case further.

    If it is decided that your loan was irresponsibly lent and your claim is upheld, any customers who hold an outstanding debt purchased account (with companies such as PRAC or Asset Collections) will be given the opportunity to off-set your redress claim from your current outstanding balance and have your credit file deleted at the end of the Scheme. ICL are currently liaising with a number of companies we have sold debt to in the past, and will arrange for your balance, if you choose to, be deducted at 100p/£.

    Should you have any further queries please give us a call on 0203 901 7440.”

    Please feel free to use this if it’s helpful, I can also forward you the email if you want.

  4. Alex says

    Hi,
    ICL removed mine PDUK loans from clear score. I raised the dispute in transunion and Experian. As I remember they removed from Equifax only . why?

  5. Alexxx says

    I did the same. they removed my PDUK from Equifax and I raised disputes in transunion and Experian. gona see what will happens

  6. mark says

    Hi,

    I am still owing around £1500 to paydayuk now TheMoneyShop

    I have not received any information regarding the redress when i filled in the form last november/december

    do i need to still pay the £1500 as i am currently paying £50 a month. can i ask transunion to remove this from my credit rating and tell the moneyshop i wont pay the rest?

    original amount was £2k loan – slipped on payments went up to £3k due to financial difficulties – managed to pay of half of that £1500 and bring it down to £1500

    • Sara (Debt Camel) says

      Was this your first loan from them?

      re your credit rating – you need to wait until the Money Shap has decided if it will uphold your complaint.

    • Basil says

      Hi Mark

      If you already have a default, then the damage is done. You might as well try and pay back as little as possible now and put your money to work on other debts etc. I’d stop paying immediately, tell them you’re suspending payment until you get a full decision from TMS. I told BW I wasn’t paying a thing until the end of the redress, they sent one threatening letter and nothing more – that was 12 months ago now.

      • mark says

        I am just worried it will impact my credit rating – i have done well this last year to get it back up. its with Instant cash loans

        loan defaulted on 2016 august – so i have 15 more months till it is wiped

        ill ring and say i want the loan removed – as its in redress have not heard anything . if they dont remove it out of goodwill i’ll ask to suspend payments until they make a decision!

        I just dont want it to go to a debt collection agency or ccj

  7. Jason says

    i had form about redress when was at [old address] but my adress has changed and my email has to so i dont no if i am getting something back and if so will into go into the bank just want to no thats all and do i have to give them my new email adress.

    • Sara (Debt Camel) says

      you need to tell them about your new email address otherwise you won’t know what is happening.

  8. Rebecca says

    I honestly don’t get this… So if it’s 4.1p/£ I’ll get around £900 instead of 3.7K?!

    Also, No way did i have 42 loans with them.. How do i find out how many i had please? 😌

    “We have completed our assessment of your claim, and the outcome is summarised below. Please note: it is very unlikely that the Scheme will be able to pay the full value of any ‘Potential Redress’ figure shown.
    Your Decision in Principle Letter contains more detailed information about your claim, so we ask that you read it carefully before deciding how you want to proceed. You can find the letter by selecting ‘Communications’ at the top of this page. You will also be able to download and save your letter for your records.
    We hope you will be satisfied with our assessment. You now have 30 days in which to decide whether or not to accept the outcome, or to make an appeal. After 30 days, if you haven’t made an appeal, the outcome shown below will become final.
    Decision Information:
    Overall Decision:
    Partial Uphold
    Total Potential Redress (£):
    3743.87
    Number of loans in lending period:
    42
    Number of loans upheld:
    41
    Number of loans with no issues:
    1

    • Sara (Debt Camel) says

      So if it’s 4.1p/£ I’ll get around £900 instead of 3.7K
      yes.

      No way did i have 42 loans with them.
      I assume you think you had more. Could any of these loans have been rolled over? As they may only have been counted as a single loan.

      • Rebecca says

        Hi Sarah thank you for the reply, I have just now spokento them over the phone. They have said i will get £149 MAXIMUM based on how many customers are claiming, everyone should have a reply by end of March to actually confirm what they will get :/ I think that figure is shocking to ne honest…so don’t know where 3.7K figure has come from…i had 3 loans but rolled over and just paid the minimum amount that’s why it says 42 loans apprently 😊

  9. Anne says

    So I had the email this morning asking me to confirm my bank account and other details – now what? Doe anyone know when payments are likely to be made?

  10. Michael says

    I had an email yesterday (13.07.2020) asking me to either accept or appeal their offer letter.
    Should I accept or appeal?

        • Sara (Debt Camel) says

          no you will get 4.1% (or whatever the final % is, it hasn’t yet been determined so far as I know) of the 3k amount.
          :(

      • Michael Howkins says

        They have agreed a potential redress of £5400
        This is fair, but considering that you expect payment of only 4% = £216, it is not suitable compensation

        • Sara (Debt Camel) says

          You can’t appeal the % payout. they will be dividing the money available between the people with approved claims. Everyone will get the same tiny %. It’s not fair but there is no more money…

          • Michael Howkins says

            Should I therefore appeal the potential redress, or is that likely to be rejected and I might end up with nothing?

          • Sara (Debt Camel) says

            What reason do you have to appeal the redress calCulation? You said you think it’s fair… How many loans did you have and how many are they refunding?

        • Rebecca says

          I feel the same way, explained that to the lady on the phone and as Sarah says she said there’s no more money to give 🙄

  11. Josh says

    Could you please share the money shop email id which you received if you dont mind.
    Thanks

  12. Margaret Charnock says

    I made a claim but not heard anything yet I had many a payday loan from the money shop

  13. Jane says

    The website says everyone who has claimed will be contacted between June and Oct this year so I guess it’s a waiting game . Good luck

  14. Harry says

    Just had an email, my redress amount totalled £6782 so looking at £200.00 to £275.00, it bizarre how they can get away with this, I’ve had redress claims with Wonga, WDA and Payday uk totalling £12100 and will receive around £450.00-£500.00 how can they get away with this, I’ve never recovered from taking out these pay day loans, I was at my lowest ebb and very vulnerable (financially) it sickens me that we can be treat like this.

    • Rebecca says

      I totally agree Harry, i don’t understand how we are not really being compensated as the loans we look out are a lot more than what we are recieving back!

      • Sara (Debt Camel) says

        There is very little money to be divided compared to the large number of people who were given unaffordable loans.

        • Siobhan says

          I find it very strange with the redress amounts. I only ever had two loans with payday express, they’d have been approx £150 each. I’ve had my Redress figure of £280, how come I am getting a decent amount but others that have paid thousands aren’t? To be fair I completely forgot I had complained about them, it must have been a long time ago.

          • Sara (Debt Camel) says

            Do you realise you will only be paid a small percentage of the assessed £280?

  15. Jane says

    Just greed and insolvency laws allowing profits to be squirrelled away. It’s grotesquely unfair I agree and the Fca should be doing more to make the redress more equitable, but instead we are where we are.

  16. Rachel Holland says

    I have a loan from 2016 that i am currently paying off monthly as it was passed to a debt management company and am trying to finally get on top of my credit file. I didn’t realise I could complain and now it’s too late.

    Do I continue to pay the monthly payment?

  17. Katharine B says

    I’ve had no further contact since before lockdown last email was January saying we will be in touch. I’m probably lucky if I will get anything as I only cashed out cheques and had a one off loan of £100 when I was working. Itd be nice to get something back but since I e had no reply from my last email I’m not going to call as will use up my minutes. You would think a company like this should be better informed despite the lockdown causing a possible delay.

  18. Mike T says

    Hi, I entered into a Debt Management Plan a long time ago with several lenders including PDUK. While the other lenders registered a default at that time and are now off my record, PDUK was always showing as open and 4 payments behind.
    The account was recently removed from Clearscore but remains on my Credit Karma (transunion) report.
    Should I be taking any action here? This is the only bad account on my file and if it was defaulted like the rest of the lenders it would now be clear.

    • Alex says

      The same situation. Removed PDUK loans from clearscore and experian but they do not want remove from creditkarma. They rejected my dispute. Loan is 6 month late for 3 years already. They register missing payment every month. Loan with BwLegal. And still no outcome for my claim

  19. Robert says

    Hi guys, I still haven’t heard from moneyshop since they said claim is upheld. Is there anyone else still waiting for there claims?

    • Davey Crockett says

      I haven’t even heard if my claim has been upheld yet – should I have done?
      When I log on to the claims portal my claim just says submitted.

      • Chris says

        Me neither. As you will know, they said “We expect to be able to confirm and pay any final compensation amounts later in 2020”. That message has been up there since last year. We’re now in that “later in 2020” zone and many of us have evidently still heard nothing. No doubt they will use Coronavirus as an excuse for things being slower than they ought to be.

        To be honest, when I was first contacted by the Money Shop administrators about a loan I had with them I thought they must have made a mistake. I didn’t realize that Payday UK were part of the group and I did have a loan with PDUK. I guess because they were such a large group they have a lot to get around to, including all the loans people took out with The Money Shop itself. They were quite a well known name on the high street.

  20. Neil says

    Hi,
    Yeah I’m still waiting as well. I registered as soon as it started but haven’t heard anything about what I’d be entitled to. I’ll give it another few weeks & contact them again as last time just got standard we’re extremely busy & will be in touch? Frustrating but having been through this with other lenders its what I’ve came to expect, just a waiting game. Let me know when they do contact you & will do same as couldn’t be that many people still to be contacted!!!

  21. Cheryl says

    Hi Sara
    I had an email last week stating that they had found 3 loans all of which had been upheld. However I actually had around 50 loans. I have appealed but been told it will go to an adjudicator and their response will be final. They have told me not to send details or proof of loans they will sort it. If I can’t put my evidence forward what is the point of an afjufivator

  22. Jon says

    Has anyone been successful in getting their loans removed from their Experian credit file? I think it’s bizarre they removed them from one CRA and not the other 2!
    I’m in the same position as most, I’ve not had my loan assessed yet and still waiting.

    • Alex says

      I have the same issue. they removed from Experian as well for a 20 days and now added again. i think they can add all loans to Equifax as well at any time. i have active loan with bw legal now, and i think people on payment plans will be assessed last ones, to take as much money as possible.

      • Jon says

        I received a message from experian telling me that they refused the change to my credit report.
        I really don’t understand why they’d remove from only one CRA.

  23. Jon says

    Has anyone who had an outstanding balance successfully negotiated a lower full and final settlement?

      • Jon says

        Yes I have a claim in that hasn’t been assessed. It’s unlikely that it’ll result in a big offset to be honest.
        This is the only loan outstanding on my credit file, I can’t afford to pay off in full.

  24. Rosie says

    Hi, as far as I am aware I have a balance outstanding with Money Shop for approx. £700. The original loan was taken out in 2004, however I fell behind and the last correspondence I received was an annual statement in 2014. I have now received confirmation that there is a potential redress due to me of approx. £25. My question is what happens to the balance that is still owed to them. Because they never contacted me repayment, I forgot all about this and there is nothing on my credit report regarding this.

      • Rosie says

        Last payment made was in 2011 while I was in an IVA, however the IVA failed soon after. They sent me an annual statement in 2012, 2013 & 2014 but never heard from them again until 2019 when they proposed a scheme of arrangement.

    • Sara (Debt Camel) says

      Then this debt will have become statute barred 6 years after the date your IVA officially failed. once it is statute barred, nothing you do can change this, including taking any offered redress. But they would have the right to offset any redress against the balance owed.

  25. Jon says

    I was just told over the phone that I’d hear a decision within 6 to 8 weeks with the redress value. Seems there’s not much longer to wait.

  26. Teddybear20 says

    I’ve just received an email about my ICL Claim Update. You have to log into the Customer Claims Portal. They have completed the assessments and you are given a potential redress figure (mine is £423). You can either ACCEPT or APPEAL the figure they have come up with. I accepted. There more organised than Wonga! Please check you emails guys.

    • Andrea says

      I had this around a month ago, they seem to be spreading out these emails. Hopefully they will hurry up with the actual payments.

    • Chris says

      Same here. I got an email on my mobile last night, just as I was about to switch if off and go to bed lol. Funny time for them to be sending out emails but I guess the Administrators are having to work overtime and a few of them might even be working from home too, what with the pandemic etc.

      As you said, they get you to log into the Customer Claims Portal where you can accept or appeal etc. One of my misold loan claims was rejected, that was the ORIGINAL one but the second one was accepted, mainly because they felt it was given too soon after the last one and they rightly consider this to be a sign of dependence on it, which is right, I can see that now, although at the time, I never saw it that way.

      £299 is the PRINCIPLE amount but as they have said, I don’t expect to get even anything near that. I’ll think myself lucky if the final amount is even in double figures lol but I have of course accepted. Something is always better than nothing I guess.

  27. GRAHAM JESSUP says

    Wage day advance wasn’t delaying payments because of lockdown so why is the money shop don’t make sense

    • Jon says

      I know, I think they need a better email system / server if they need to send our outcomes in batches over many months. It’s more likely a delay tactic.

  28. RM says

    I haven’t heard a thing and I’m furious as my claim was submitted ages before they went into insolvency and should have been paid in full. I just tried to log into the money shop portal to see if there was an update there – couldn’t remember my password so entered my email and waited for the verification code. Entered that when it came through and absolutely nothing. It says ‘you may proceed’ but when you click continue FA happens. How do you get in??

  29. Jo says

    Same here! Absolutely nothing heard since submitting claim at beginning of Scheme. I wonder if they are working through in alphabet of surnames? Mine begins with S?

  31. Chris says

    Just received notice that redress amount is £6700. So, looking to get just over £200. Not sure whether this is better than a slap in the face but…

    • Christine says

      Hi
      Did you get an e mail of the money shop ? I’m still waiting for one about my claim ? Thanks

    • Jane says

      It barely is is it – I can’t think of another area of compensation where this could happen . The compensation due should be indemnified by the fsa who failed to act when the leeches who made a fortune from these loans were fleecing people at their most vulnerable.

  32. Jon says

    I’ve still got an outstanding amount and had my redress amount. I’ll ring them tomorrow to see if they’ll offset straightaway.

  33. Alexxx says

    I got my redress amount today and accepted it straight away(998£) i still pay money to bwLegal who collecting payments on ICL behalf(620£ left) my payment to BwLegal due on 26th of august,so i can easy cancel direct debit with them? this amount should be offset, but as i read in letter they only later will explain how to offset you balance , because you will have a choice to get cash(3p per£) as well or offset balance. what should i do now? when offset option will be available? somebody got any information?

  34. Mark says

    Finally had an update: Decision in Principle

    Potential Redress Amount: £2888.11

    2/4 loans covered from 2015 to 2018

    £2888 would have helped a lot but i dont think i am going to get anything close to that. It’s annoying how they are sending out this figure – with a pdf of an example where someone gets 20p per £1. Could be a bit more realistic that its going to be closer to around 1-3p per £1

    Never again!

  35. Jon says

    I phoned them regarding offsetting my redress amount against what I owe. Apparently within the next 3 weeks they are releasing further emails regarding this.

  36. Colleen says

    Hi, redress suggested as £715 for my partner. How do we work out what he is likely to get from that please? I’m no good at maths….

    Mine is still saying submitted :(

  37. sara lou says

    Hi i have had a redress of £81.75 which I have accepted
    Thanks Sarah for your advice
    Sara lou

  38. David says

    Hi, I had 3 loans in Oct, Nov and Dec 2015, for £100, £200 and £150. Loan 1 and 2 were repaid on time with interest of £20.80 and £38.40 respectively, and I paid nothing towards Loan 3 which defaulted 22.2.16.
    The claim result is ‘partial uphold’ on ‘2 out of 3 loans’ with a potential redress of £110.

    I made them a very good offer to settle the capital amount only £150 on loan 3 in exchange for the entry being removed from my credit file, but they refused and said I had to go through the scheme. I haven’t had any contact with them since 23.3.16, so come 2022 that will be statute barred, so do I leave it, or ring them up to offset the redress of £110 against the capital of £150 and settle the account.
    (With the logic that if they are upholding the complaint then the loan was missold and shouldn’t have interest applied).

    Or am I extra cheeky, take my fiver in about a years time and do nothing in the hope that the entries are removed from my credit file, which is the end goal really.

  39. Mark says

    New information after a call with ICL TheMoneyShop

    expected 4p on the £ for redress payments
    if you want the balance offset it will be 100p on the £ (so balance outstanding – 100p on the £ amount)
    and finally if you have been paying into a loan since october 2019 – all payments will be returned from october 2019 to june 2020

    Just got off a call and thats what i was told.

  40. Neil C says

    I wish this was a joke but alas another kick in the teeth with 4p for every pound. Isn’t there any way the FSCS can go after all the profits that were pocketed when they were clearly breaking the affordability rules? Can’t they be fined & money taken from the ones who profited as they know who these people are & is there a way we can keep up the fight to get compensation from FSCS as the people who have lost out again have no doubt lost out on other schemes too.
    I’d easily give up the paltry sum I’ll receive (£8000 but lucky if get £300) to put towards legal costs to fight for more. These sums we should’ve received are life changing for a lot of people & I’d love to keep up the fight if there’s a way, only way I can think of is politics, find a way that will threaten the politicians & then they’ll refund us, worked for the banks!!!

    • Sara (Debt Camel) says

      The FSCS has no jurisdiction here. It is the FCA’s fault. Complain to your MP.

  41. Rather Notsay says

    Hi, I got my redress value of over £10,000. As you can imagine the stress of getting paid and it all going back to the money shop only for me to then have to borrow more was unbearable. Yes I signed the loan terms but its sickening that they were allowed to legally offer such high interest rates and now it’s even more sickening that they got away with all my money and all I’m going to get is 4% if I’m lucky. People need to go to jail for this because I nearly lost my life because of it

  42. Laura says

    I had loans with Pay day express and also with Pay day Uk. Had an email from money shop last night re my redress amount. Does this include both payday express and payday uk loans All on the one claim or will I get another email from the Money shop re the other loans from other company. It doesn’t say on the email. It says I had 5 loans and is paying out on all of them but I’m sure I had more than this if it includes both pay day uk and payday express.

    Can you advise please?

    • Sara (Debt Camel) says

      I think you need to ask them.
      NB if you had loans that were rolled over, they may only show as 1 loan.

      • Laura says

        I just checked and had 4 separate loans from payday express.
        I had 5 separate loans from payday uk.

        So maybe this email is just for payday uk.

        I have emailed to check.

        Hopefully will get another email for payday express as well.

        • Jam says

          Please let us know once you received the response. I had loans with money shop, payday uk, payday express.

  43. RDO says

    Submitted my claim and forgot all about it, get the redress email, £4k, but I’ll barely see £200 of that, total joke.

    If the Scheme is not approved by ICL’s creditors or the Court, the directors of ICL expect
    that it will be necessary to place the company into liquidation. It is expected that any
    return to creditors (including consumers) in a liquidation would be significantly lower than
    if the Scheme were to be approved.

    Should have just let them go into liquidation…

  44. Mark says

    Are paydayuk still operating and fleecing other vulnerable people!!!

    paydayuk.co.uk

    This is sickening if they are just carrying on with what they did before¬

    †Payday UK will not perform a credit check, lenders will complete a soft search when assessing your eligibility for a loan. If you accept a lender’s loan offer, they will perform a hard credit search.
    *Subject to lenders requirements and approval. Once approved, your cash could be sent within 10 minutes. The time that it takes for the cash to be received in your account will depend on your bank’s policies and procedures. **Based on the average number of applications in February 2020.

  45. sara lou says

    Hi is anyone having issues submitting their claim with cash euro net ? All my details are correct but it keeps saying it doesn’t recognise them. My complaint was upheld via the financial Ombudsman. But they went into liquidation the next day so I didn’t receive anything.
    Thanks sara

  46. Mr. Ambrose says

    After receiving an email or letter regarding this scheme some time ago, responding and pretty much forgetting about it, I suddenly got an email last night. It told me there was an update on my claim and I should log into the portal. Logged into the portal, and it stated that out of a possible 6 loans, there was a potential for redress on 5 of them, with the possible amount for redress £1600.

  47. Rebecca says

    Hello all, got my email today from the money shop! Potential redress of £2081 obviously I know I’ll get no where near that.
    Feel abit gutted (although glad that time of my life is over) I’ve missed out on a lot of compensation with everywhere going bust. I really wish that this could be looked at like PPI and get the amounts we are entitled too! Anyways thanks again Sara for all your help with this site

  48. Robert says

    Am still waiting for my email 😂 any latest on PiggyBank and 247money since they have went burst?

    • Andrew says

      My decision email arrived at 23:42 last night! I think they are using staff based abroad…

    • Lee sharrratr says

      I have several cases with the fo. By the time they look at them. The business have gone bust. Typical

  49. Andrew says

    I received my decision yesterday which was partially upheld. It found that 2 out of 8 of my loans were ‘lent irresponsibly’. I am little disappointed because I feel that they were irresponsible if my other loans from other lenders were taken into account. Is it worth asking for an appeal on these grounds? (I am more interested in getting the loans removed from my credit file than the compensation.)

  50. Adam says

    4p to the pound… I’ll get under 40 pounds off of the 950 or so. Better than nothing but not by much

  51. Jon says

    I disputed their decision. They removed all interest years ago on one of the loans they didn’t uphold.
    Surely removing interest and charges is a admission of irresponsible lending?

    • Sara (Debt Camel) says

      Not sure why you are asking this? They said they would refund a certain number of loans, after your appeal they have included another one?

      • Jon says

        No, they didn’t include this loan as upheld.
        They already refunded the interest years ago but for me it’s more important they agree it was irresponsible so it can be removed from my credit file.

  52. Rich says

    Hi. I am currently in a payment plan with bw legal for a money shop loan. Now they have admitted irresponsible lending and have upheld all my loan complaints, should I stop paying into the payment plan?

    • Alexxx says

      I had the same. I contact money shop and bwLegal and now my account closed(with BwLegal) and in 1 week they deleted my loan from credit file with a late payment. it happens everything because BwLegal collect money on ICL behalf, if loan was sold could be different story. Somebody mentioned as well that they will return money since October 2019 if you paid to upheld loan and amount they owed you is higher that your outstanding debt. I am not sure about it,only heard this info

    • racheal says

      i had a court order and have repaid bwlegal it all (800) and paid last payment in july. ive been told by bwlegal they bought the debt so the full amount is due to them and they would continue action if i didnt pay it so i finished mine. my redress amount is 2300 so i will end up with about 80 odd quid… great !

  53. R says

    Hi,

    A lot of people posting about the offers they have received, however despite having my claim acknowledged I have not received any further communications apart from the quarterly updates. Should I take any action?

    R.

  54. Kye says

    I was waiting for email correspondence, but I received nothing. I’ve just logged into the portal, and they’ve given me my redress figure, you have to complete the form to accept it and provide your account details

  55. Dave Webster says

    Hi I’ve been awarded 10500 from the money shop any idea what percentage of that I’ll actually get?

  57. Sarah says

    I’ve had my redress letter stating irresponsible lending and a redress amount of £1300, I was paying the debt off through a debt management plan and the debt was sold earlier this year to CRS. I called CRS and told them of the redress and was told to send copy of redress document which I have done, no one has emailed me back and CRS are chasing me as there was outstanding amount of £300 on the debt before redress. I have stopped paying as the redress amount covers my debt but what I can do to get CRS to stop chasing? I’m worried about more negative marks on my credit score.

    • Sara (Debt Camel) says

      Send CRS a written complaint – you have supplied them with the documents they asked but they have not responded and they are continuing to chase you.
      The negative marks on your credit score have already happened – they are not going to get worse at this point – but they should all be corrected in the end.

    • Leela says

      Hi Lee,

      I haven’t heard anything yet either but I think they’re still working through the claims at the moment and we should hear by October.
      I’m going to call them if I haven’t heard anything by next week, just to chase.

    • Gemma says

      Please can someone confirm the number to call? I tried to call and it doesn’t give you an option to talk with anyone and all my emails have gone unanswered.

      Please can someone who has called them advise what number they used?

      Thanks in advance.

  60. Colin says

    I had a loan with payday UK and payday express I entered the my new address details on the portal and it advised no record of me! I thought maybe it’s a diffferent company I went back not realising it was after the cut of date to realise I did have many loans but they won’t uphold my complaint as it’s after the cut of date what can I do?

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