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
Ashleigh burns says
Hi, I have received my email with offer of upheld claims. Mine also says payment will be late 2020.
Yasmin Marshall says
I voted yes, and logged into the money shop portal to view my claim and view amount,
For the loans I took out years ago when I wasn’t financially suited, I’m not going to complain. They did say on the header that they may not be able to pay the full amount stated in the claim. I accepted the offer for redress because it’s better then nothing, in the grand scheme of things anything to help get through this year is appropriated
Lee sharratt says
So. I ain’t heard anything. It’s just a waiting game ain’t it?
Scotus says
Just got an email this afternoon. Check your inboxes. Email subject is: IMPORTANT: ICL Claim Update
Sam says
I also received this email logged in and have exepted there offer doesn’t say when the payment will be made anyone know? I will try ringing them tomorrow.
emily says
The payment won’t be made until may 2021 but the offer they have made you, it is likely to be a lot less- like 10%
Sam says
I think there maybe a change in pace to the timelines that were expected as people (myself and others) are receiving offers which is not schedule till later. My claim was worth 8k I have had a offer of just over £700 :( better than nothing I suppose! It asked if I would except or wanted to dispute it I accept as full and final settlement it then asked me to update my bank account information to where the funds will be going did not say when will be made I will be ringing and update later I’m hoping its sooner than 2021!
Sam says
Update. I have just rang and spoken to them after receiving a offer for over £700 claim was worth over 8k I accepted that better than nothing. It also asked me to update information as to where the funds will be paid to rang to find out the payment date as I was hoping it had progressed alot and payment will be soon made was informed unfortunately its definitely not going to be until 2021 they will start making payments as of January 2021 can take upto May 2021 when all payments will be completed just a waiting game now! Gutted it would have came in handy now!
Amanda says
There is no chance you are getting 10%.
They are paying between 3p/£ to 4.1p/£.
I am due a redress of £7414 and will get about £300. (Excluding 8% interest)
Sam says
That is what has been offered and I have excepted it. I even rang them and spoke to them that’s correct I had over 8k and will receive just over £700 that has been confirmed to me! Hopefully good news for others
Alex says
I have not heard anything either, I’m assuming a delay due to covid?!
Darren says
Just had an email saying my ‘potential refund’ is £2,948.31, so I’ll be lucky to get £100.
James says
Just got a email £6200! So will get a measly £240 if I’m lucky?
Sam says
Hey you will get offered around £620 it works out of about 10% of what your claims worth well i got offered 10% what I have been offered and accepted you can dispute it gives you the option on the portal but probably won’t get much more money
Olu says
Surely someone somewhere must be able to help. Prior to someone challenging PPIs it was believed there was no redress. The principle is the same. Money obtained unfairly so must be paid back.
Sara (Debt Camel) says
The problem is that PPI was missold by banks and large insurance companies with deep pockets for the refunds. But payday loan were mis-sold by much smaller lenders who have now collapsed under the weight of the refunds.
If you want someone to blame, it’s the FCA’s fault for saying that payday lender should be covered by the FSCS safety net that steps in to help when a firm goes bust owing its customers money.
Karen strahan says
I got offered 4980 don’t know what I will get
HOS says
Hi,
Just wanted to share that I received my email. It went to my junk folder so do check there.
Potential redress £12,671.03.
Gutted I won’t get that but heyho at least I’ll get something back.
Jon says
So… I got my reply today – £11,200…
Ouch! I guess these sums add up over time and that whole amount would have been helpful but since I wasn’t the one to put a claim in and they told me about the scheme out of the blue (I’d not held a debt with them for about 4 years now) then something between £3-450 ish is better than nothing.
I do feel bad for others but personally I’ll be glad to have the whole thing put behind me! Now for a reply from the Ombudsman re. my Provident loans…
Grey says
Hey Everyone – there must be something we can do, these companies are using a loophole – cant we all get together and make the FCA review this decision?
There must be a lawyer out there wanting to take them on?
Gav says
That sounds like a good idea. Or start a petition on the government web site. If there are enough people MPs will debate if enough signatures are obtained.
Sara (Debt Camel) says
A petition about Wonga got absolutely nowhere at the start of the year, and there were a lot more people involved in that. Now, in the middle of Covid-19 and with Brexit looming, I think a petition has no change.
Ljc says
There must be thousands and thousands of us who have all lost out because of fca not ensuring we are paid what we should be . ICL, Wonga , quick quid etc can we do something to get a petition going or something as I am so angry about it and so upset my redress was around 9k and I’ll get next to nothing ; the same as many others on here
Sara (Debt Camel) says
Petitions are useless. Complaining to your MP is the only thing likely to make any impression if a LOT of people do it.
Victoria says
Hi All just received the email regarding the redress. They have upheld all my loans over a 4yr period when I was a struggling student. The full amount of redress should have been nearly 7,500.00 however I know I’ll get nothing like that amount back. What a difference it would have made to me as well, I was made redundant in August. Oh well onwards and upwards.
Julie says
So just had an email that my amount has been confirmed. From over 4K in loans they are saying £370 which is an absolute joke considering “your claim will likely be less” my amount from Wonga was more and I had less loan amounts with them. Think a green was £575 and I ended up with £27.50 lol.
Denise says
I heard from The Money Shop and my application has not been upheld. They said that they had “Lent responsibly” so I am not eligible…Well done to all those who have been successful….
Mo says
Got my decision letter and they have upheld my complaint. Over a 8 year period I had 53 loans (roughly 6-7 loans a year!) and the amount they have quoted me is £8757.79. of which I’m sure I will not get 10%. Can anyone confirm afew things for me please? The letter does say that ‘We expect that this will be in late 2020’ regarding the refund, is this correct as it says ‘it is now expected that the payout will be in April or May 2021’ at the top of the page? Also, can anyone clarify what the ‘Scheme of Arrangement sanctioned by the court’ is please? Is this related to the pot of money that is availble for refunds? And are we definetly sure that we will most probably get 3-4p to the £? The letter isn’t clear on how much it could be. Very vague!
GM says
Finally got the email today, partial upheld and redress amount of just under £3k. In 2019, I missed this amount by a couple of days due to them entering administration and not taking the FOS decision to upheld after a certain date. I’ll probably get just over £100, which is better than nothing.
In all, I can’t thank enough Sarah for all her hard work on the website. In the summer of 2018, I found this website by chance due to the Vanquis ROP refund delays and found out people were also getting refunds from many payday lenders. followed the guides and other people’s stories and I recovered over £12k from several lenders, such as Wage Day Advance, Quickquid, Wonga, TXT Loan and now PDUK. It cleared my cc debts, removed defaults and helped towards my first house deposit. I’ve been debt free since the end of 2018 and I couldn’t be happier!
Donna Maguire says
Hi I got an email from money shop today but unable to open the link anyone else have this problem
tommy says
If you got that email in spam folder you have to move it to inbox folder to open
Francesca says
Does anyone know if I had loads with payday uk and the money shop would I have 2 separate claims or would they treat as one claim?
Sara (Debt Camel) says
Have you already submitted a claim? because if not, it’s too late.
Jordan says
I got my email this morning, it’s outlined below. One thing I’m not too sure about is the pre scheme redress of £918. What does that mean? I still have an outstanding amount with the money shop. Will the use the redress amount to pay that debt off?
Decision Information:
Overall Decision: Partial Uphold
Total Potential Redress (£):2955.34
Number of loans in lending period: 14
Number of loans upheld: 10
Number of loans with no issues: 4
Pre-scheme redress (£): 918.83
Sara (Debt Camel) says
Pre-scheme redress – did you get a previous refund or write off from the Money Shop, PaydayUk or Payday Express?
Yes the redress should be used to clear the outstanding balance first. Ask them to confirm this will happen.
CJR says
Hi Sara
My potential redress is approx £2300 from 17 loans, no pre-scheme redress at all, so I anticipate £90 if that. However I still had a balance of £725 with the money shop and was being chased by BW Legal until recently. However my ICL account is showing closed, BW Legal are showing it as no longer with them and it’s fallen off my credit file. Would they offset this debt with the £90 and I’d still owe them £635? Not sure how this works if you have a balance.
Sara (Debt Camel) says
When there is an offset, this is BEFORE the amount us reduced to a small percentage.
So if this has happened – and it sounds as thought it has! – then 725 of the 2300 has been used and the remaining 1575 will then be reduced for a small cash refund.
John Edwards says
Hi,
I have a recent mark on my credit file from Payday Express however this loan was from 2013.
I understand the company have shut down. Is there anybody I can contact to make a complaint so this can be removed from my file?
Any help would be greatly appreciated. I’m worried this will affect my Mortgage application.
Thanks
Sara (Debt Camel) says
You can email uk-gct@themoneyshop.co.uk or call 020 3901 7571.
Basil says
I’ve just rung them for clarity, as I have £550 still outstanding, which was with CRS (before that with BW Legal). I received the email from ICL/The Money Shop a long time ago now, but hadn’t heard anything about offsetting.
I spoke to a very nice lady, very helpful, who quickly advised that in 2-3 months I will receive another email advising that the outstanding loan will be offset in full, and any remaining rebate will then be sent to me (but at the minisule pence-in-the-pound rate obviously), and all upheld accounts will be deleted from my credit record 8-10 weeks after that.
So – £1150 rebate, approx. £550 to use on the offset, meaning £600 to me (x 0.04 or whatever it is, so about £24) and all credit info gone, all done by approx. Easter 2021.
I’m not unhappy, all things considered, I’ll be honest.
Steve says
I am still waiting to hear from the money shop bout my redress amount. Interestingly, when I asked them last year for a list of all my loans with them, they included some ‘cheque cashing’ from the early 2000’s. I was not expecting these to be included in the redress programme, but they sent me the list of loans which included these. Has anybody who has received their redress figure had similar loans included in their agreed redress??
Jo says
Hi All
Just for info, BW Legal issued a claim against me for one of the money shop loans, I fought it, and interestingly I found out that BW has the same Director as ICL and when I challenged BW about it, stating that they are issuing claims when in fact the money goes straight back to ICL and that is a conflict of interest as there is a Scheme of Redress, and guess what…they stopped the claim and I made them issue a Notice of Discontinuance at the court.
Neil says
Lots of people this week stating they have eventually got their refund letters but I’m still waiting since registering last year. Interested to know if theres still a lot of people still to receive refund emails etc?
Sophie says
Yes I still have t heard anything. It’s really frustrating.
Michelle says
I put my claim in within ten minutes of getting the email to say the portal was open, haha, but haven’t had a refund email yet. Don’t see the point in chasing it up if payments aren’t going to be made until next year – I suppose they’ll get to me when they get to me.
James says
Got my email this morning. Upholding all loans.
I already had a refund from PDUK in July 2019 before the scheme started but they have agreed to refund ALL the others that weren’t looked at at the time due to them being over 6 years old.
So glad I took Sara’s advice and opted to take the offer rather than go into the scheme, the response to uphold all loans makes a mockery of the advice given by Money Shop at the time to not to take the offer and to go into the scheme to assess my borrowing as a whole.
Tracie says
I got and email but could not get into portal so called. Was confirmed that ALL 26 claims had been accepted and the lady said payment would be early 2021.
Not sure 🤔 who to trust, but she kindly updated my bank details so to be truthful it was money I never had so when it comes it comes.
Craig says
Hi I got paid 900 odd from the money shop then got another email saying I’m due 3900 from them but I’m part of the scheme have o got any right to claim full amount as I was given wrong amount on first claim
Sara (Debt Camel) says
No, the Scheme is dividing up all the money there is. No-one can get paid in full.
Grant says
Hello, i found this post scrolling through the internet on a mission to find more info,
I have had my letter yesterday ( saturday ) and was gobsmaked at the amounts
Overall Decision: Uphold
Total Potential Redress (£): 11759.77
Number of loans in lending period: 12
Number of loans upheld: 12
Number of loans with no issues: 0
this was over a 4 year lending time and 102 loans! All my loans were paid off and we dont owe them a penny!
after reading were likely to only get 4p in the pound, were looking at just under 500 pound back from this claim!
if the 10% is more accurate then maybe 1100 pounds or so is more useable but from a 11k claim? can the courts not force the company to add more funds to the pot?
Sara (Debt Camel) says
can the courts not force the company to add more funds to the pot?
No – the Scheme has been approved by creditors and the court.
There is no more money. After this distribution, the company is being wound up.
If you want to blame someone – apart from the company that continued lending when it should have stopped and handled complaints abysmally for years – then blame the FCA who has excluded this situation from the Finacial Services Compensation Scheme. If you were due a PPI refund and the firm went bust, you would be paid in full by the FSCS. But here you get no help from the FSCS. Complain to the FCA and to your MP.
grant says
Thank you for your reply Sara,
I am wondering if in the future can all claimants take this any further? such as a high court?
From what i have been reading here, 182,566 claims made and lets say 10% refused any payouts,
thats 164,309 claims to be redressed, shared from a pot of 20 million?
thats an average of 121 thousand pounds per claim, so how on earth is the pot so low now that they are looking at 4p?
i know legal costs are a fair chunk but that seems like a massive amount, why has the court let them take the legal costs out the redress pot? surely when considering costs the court would have looked at this and set that amount to one side and then put a pot aside for example 10 million pounds?
seems very strange way of doing things, i mean after all, whats to stop the money shop now claiming more court costs and the pot getting even less and the claiments getting 2p per pound?
sorry i do not know the law and all this seems very unfair to those like myself that paid off all the loans and will get a pitence back whist the owners are still sitting with my thousands sat in the bank earning interest! it makes a mockery of the system
Sara (Debt Camel) says
Re-check your numbers: £20 million divided between 164,000 people would be an average of £121 a claim – not £121,000.
It’s deeply unfair. But going to court will not produce any more money to be divided.
As I said, if you want to complain, tell the FCA how disgusted you are with their regulation and lack of FSCS coverage and also tell your MP.
ROBERT says
Good morning, for all of you waiting for your emails, please daily check your SPAM inbox, or simply log in to the portal. My redress landed in SPAM on the 1st and checked this today the 4th. Further, has anyone asked for said company to supply details, dates, amounts etc. of actual loans taken? If so were they able to supply them.
Overall Decision: Partial Uphold
Total Potential Redress (£): 6621.22
Number of loans in lending period: 18
Number of loans upheld: 15
Number of loans with no issues: 3
Sara (Debt Camel) says
why do you want the details? Refunding 15 out of 18 loans looks pretty normal?
Acee says
Got my email yesterday owed over 3k so will end up with about £120 scandalous really but I did get a few grand back from PDUK and Payday Express a few years ago and got my claims in a few years ago on Wonga and several others who have since gone bust. Feel for those late to the game and missing out on what they are owed.
Robert says
Hi, because I believe that I had 30 loans between PDUK & PE, and just want to make sure 1, that they have them recorded and taken into account in the assessment. I have everything bank statement from 2011. And yes over 4 years or so borrowed around 100, 000 from twenty odd companies Not proud but it’s what it is. All paid back. No DM. No IVA. Circumstances are what they were as I believe 100 % of your subscribers found themselves in as I did. Stay safe!
Sara (Debt Camel) says
ok, but it’s likely that rollovers and top ups were counted as a single loan, so that may account for the apparent discrepancy?
Have you looked affordability complaints to the other lenders?
ROBERT says
Hi, well I have 26 days to ring or email for a clarification before pressing the accept button.
Yes, I have claimed against the fluent In business lenders successfully plus the in administration companies (sic). Last one will be Quickquid. So I will see you on that page.
Was says
I have had confirmation of my claim being accepted, what should I do accept or appeal, I’m guessing I accept as they have agreed they lent irresponsibly.
Overall Decision: Uphold
Total Potential Redress (£): 4208.68
Number of loans in lending period: 5
Number of loans upheld: 5
Number of loans with no issues: 0
Sara (Debt Camel) says
Unless you think you paid more in interest than that, I suggest you accept.
You may have thought you had more loans, but if a loan was rolled over several time, it is only counted as one loan.
Dean Evans-Turner says
Hi, after some advice please. I originally submitted a case for irresponsible lending before ICL closed which got transferred to an ongoing claim under the scheme so was never rejected, it’s still sitting in submitted. My issue is I have a balance with BW legal (never paid any as it was disputed) and I informed them when I first got a letter from them as to why I wasn’t paying. I updated them all the way regarding my claim, gave them reference numbers etc to which they said they would put a hold on my ‘debt’ until there was an outcome on my claim.
I have just checked my credit file and they have been registering MISSED PAYMENTS against me for what last 2 years every month.
Surely they cannot do this as the debt is in dispute and it must go against some guidelines especially given they said it was on hold until an outcome ?
What should I do ? I’m pretty confident in my case for irresponsible lending, especially the final loan (which BW ‘bought’) do I just wait for an outcome then contact them, get the missed payments removed and pursue compensation for damage to credit profile and reputation ? Contact them now ? I don’t know what to do for the best.
Sara (Debt Camel) says
you should get a response to your claim quite soon – I suggest you wit for that.
Mark says
just an update here, i submitted my claim last year Nov/Dec 2019.
I have just seen through Credit Karma that Instant Cash Loans T/A Payday UK have removed my debt for £1500. They have marked it as Paid & Closed
I’ve had this on my file since Aug 2015 with missed payments every month. That has all been removed and in my closed accounts i have just one entry Aug 2015 with a OK mark meaning it was paid.
I have not received any payment – but I’m glad the marker is off my file and my overall debt has dropped from £2000 to £500.
Speaking to an advisor early supposedly i will get reimbursed from last year Aug 2019 till July 2020 any monthly payments i made (~£600) but i am not holding my breath.
Time to clear that last £500 off now and i’ll be debt free.
Ian says
Hi there,
Had my email today:
Overall decision: Uphold
Total Potential Redress: £4376.52
Number of loans in lending period: 35
Number of loans upheld: 35
Pre-scheme redress: £3865
Reading the above I’m a bit confused what the “pre-scheme redress amount is?
I had a previous claim and refund and was then had an email in July 2019 to tell me about the proposals for a Scheme of Arrangements. I then had to vote and had an email in October 2019 to make the claim, which I did.
Anyone know what the pre-scheme redress is and is that the value the 3% will be refunded?
Ljc says
I have a query too Sara mine came through as this and I don’t understand the big difference , like Ian’s figures are really different to mine (total potential redress v pre scheme redress) can you explain at all please ?
Overall decision Uphold
Total potential redress £9144.57
Number of loans in lending period 28
Number of loans upheld 28
Number of loans with no issues 0
Pre-scheme redress (£) 797.79
Sara (Debt Camel) says
Everyone so far who has had one of these has turned out to have had some previous redress of £797.79 from one of the money shop’s brands. Did you?
Ljc says
Thinking about it now yes I did from pduk £700 odd pound but the larger figure I take it was TMS as i paid them in interest over £8/9000 . Does that mean I’m not getting anything from money shop ?
Sara (Debt Camel) says
I think it means it will deduct the previous redress from the total figure and then you will get a small % of that lower number. You coukd ask them to confirm this?
Kerry says
Has anyone had theirs rejected? What will I need to do to appeal? They have rejected all 4.
Sara (Debt Camel) says
Can you say something about these 4 loans – how large were they? were any rolled over? what ere the gaps between repaying one and then taking out the next one?
Alan says
I’ve received an email today rejecting my claim on ‘8’ loans, have appealed as I have the Financial Ombudsman’s report where they upheld loans 4-16, have offered to send them the report so it says it’s now going to an independent adjudicator.
karl sharman says
mine is what does this mean please
Decision Information:
Overall Decision:
Uphold
Total Potential Redress (£):
18996.35
Number of loans in lending period:
37
Number of loans upheld:
37
Number of loans with no issues:
0
Gareth says
It means the agree they were irresponsible for 37 of your loans and the owe you £19k… IF…. they were paying out 100%. But…. due to them only paying back somewhere between 2p to 4p in the £…. you will likely get something between £380 to £760
Kaell richards says
I still haven’t heard anything from them. Put my claim in 20th nov 2019. Are they including all loans you had under any of the brand names because I had SERVERAL loans with both payday UK and payday express dating all the way back to 2010/2011 and I received only one email about putting a claim through was I supposed to receive different emails to make claims against each brand?
Cheryl says
For those hoping to have negative marks removed from their credit record. I have been told today thay this is not automatic if your debt was sold on. My debt was sold to PRAC through BW Legal. Although it was paid in full a couple of years ago the default wasnt registered until may 2015 therefore they have advised to contact BW legal and it is up to them as to whether they remove the entry. Icl apparently have no control. Sara can I ask if this is correct as although any redress will be nice its the removal of the negative entry im more concerned about. My redress amount is £14000
Sara (Debt Camel) says
What is the balance with PRAC/BW Legal? Is some of the redress being used to clear some of that?
Julie Patterson says
So when I logged into my portal it said my redress was £2500. No good with sums. How much do you think I am likely to actually get
Mr Colin Howard says
Probably about £50
Craig Randall says
I made my own claim against them before they went into liquidation and they said they owed me 900 so got that then they went into liquidation and got an email saying they owed me another 3900 surley they whould have paid me the full amount before they went into liquidation ??
Sara (Debt Camel) says
They are now doing different calculations.
Lou says
My redress is £16244.00. Sixteen thousand pounds from 64 loans. Gotnthe email today. Im actually a little shaken and sad for my younger self . I truly think financial management needs to be a core subject at school. Luckily I’ve sorted my finances and now whatever i get will be a nice extra bit but gosh, 64 loans!!!!!
Ian says
What i dont understand is why kpmg can take this long to do this months takin a fortune out the pot then add more months take more money out of the pot i know you might say covid and its just how long it takes but i dont buy it are they just so big they can do what they want
Sara (Debt Camel) says
All the claims have to be assessed. Then everyone who gas appealed has to gave the appeal considered. And all assets need to be sold.
Tracy says
I received my email from the Money Shop last night to go onto the Claims Portal for an update.
32 loans upheld.
Interest to you £3,153.64
8% compensation interest payable by us £2,230.02
20% tax deduction from 8% compensation interest £446
Potential redress £4,937.66
Option to appeal or agree – agreed. Letter states payment expected in late 2020.
Sarah – obviously the percentage has not been confirmed as of yet but will £446 be paid the HMRC or the final percentage of say 3, 4, 5% of the redress?
Cannot believe so much money spent on all the payday loan companies :(.
Sara (Debt Camel) says
It is likely that nothing will be paid to HMRC when the final percentage is known.
Tracy says
Thanks Sarah
Matt says
Surely by declaring an amount payable to HMRC and deducting this from the total potential redress they are in fact minimising the actual scale of the redress to consider for payout? Surely they should only declare the 20% payable to HMRC after they have declared the final percentage they are actually paying out. It seems to me that they are using these tax payments to write off a huge proportion of what the true scale of total redress actually is.
I also note there is no option to opt out from paying the 20% if you are on income lower than the required tax band such as there was with PPI claims.
Anyone have any thoughts on this?
Sara (Debt Camel) says
What has happened with other administrations (technically this isn’t an administration but for this purpose it is much the same) is that an agreement was reached with HMRC that as the payouts would be so small, they would all be treated as being made from the 80% part, so no tax would be deducted.
the actual scale of the redress to consider for payout
This is only relevant as it affects what proportion of the overall pot to be paid out you would get. If your redress is 0.004% of the total sum of all redress amounts you get 0.004% of the pot.
That number would be the same percentage if the “before tax” or the “after tax” amounts are considered.
But this way no tax will be deducted from what you get. So you are better off. And there is no need to try to reclaim the tax. HMRC is the loser, not you.
I am guessing but HMRC have probably agreed to this as the process of reclaims is mostly manual. With the tax amounts often being small, the cost of processing the reclaims could be much greater than the tax collected in the first place.
Pablo says
Hi Sara, another debt question. I had a payday loan with Payday UK I appreciate it’s to late to claim from them now. But my debt of £1450 was taken on by BW Legal 15/05/2018 I managed to pay back £1070 so far. Just checking if this correct that I should be of/still be paying this Payday Loan back when the company has gone under.
Many Thanks,
Pablo
Sara (Debt Camel) says
you didn’t send a claim into the Money Shop scheme for this?
Pablo says
I did claim in The Money shop scheme and they did get back and in their online portal set up it says they will uphold my (very substantial) debts I had. I’m assuming that does cover both Money Shop cheque’s and
Payday UK ?
Sara (Debt Camel) says
Get back to the Money Shop and ask if they will be settling the BW debt.
Pablo says
Hi Sara, just to let you know contacted and phoned them and they says they can’t give an answer to any sold on loans yet including BW Legal. There hasn’t been a decision made if they will settle them. With an awful 4p in the pound still the going rate for settlement!
Sara (Debt Camel) says
ok, well I hope this gets resolved. If not, come back and comment again.
Fm says
After a very conservative estimate and not counting roll overs I would have at least 160 yes that’s putting s low figure on it .. loans with Money shop fresh not rolled over ..I had rolled over as well from 2002 to 2009 I then ended up not paying last balance in 2009 circa 490 legit reasons but hey how despite this after letters etc their payday UK lent to me.I was quick to register on the portal when emailed when it first came out. Yet no decision .I contacted them twice told by end of October. Really my gut is telling me this would be an embarrassment and will say no issues despite bad credit cycle of loans and lending to someone who had defaulted etc so at end of October or if by some eat my hat Can you despite their decision ?
Sara (Debt Camel) says
I would be astonished if you don’t get a refund. This is just going through a program to calculate it. No one is going to look and think , oh that is too much let’s reject this one!
Jane MAKHLOUFI says
The scheme for moneyshop sent my letters to wrong address so lost everything not do nothing too been on phone is there anywhere I can get hold off please
Malek says
Will our credit ratings be updated soon after we accept?? I got my email and accepted the offer. All 4 loans upheld £1760 redress but tbh im not worried about the money im more worried about years worth of late payments these clowns put on my file.
Anyone know a time frame on this?
Sara (Debt Camel) says
There isn’t a timescale for this. My guess is they will all be done at the same time in a single batch. That may not be for quite a few months.
Malek Kerbache says
Mine was cleared of any entry from ICL wow did my score take a jump up!
I asked and the time frame is 8 weeks incase anyone else wants to know
Michael Butt says
Mine was done a while back, actually before I got my claim result. It was the inkling that my claim was accepted
Sara (Debt Camel) says
Oh! That is good news.
Malek says
When I accepted my settlement it said Payments will be April 2021
PF says
I have received my decision from ICL upholding all 3 loans from Payday Express but no mention of the 13 with Payday UK – I called up and asked if these were to be looked at separately only to be told this was everything. Luckily I have all my accounts listed from a previous DSAR request so i have appealed the decision and now have to wait up to another 8 weeks for this to be looked at.
I would suggest everyone double check what they are accepting via the portal when the decision comes through and question if it doesn’t look right. I know I won’t receive much redress but I do have some outstanding balances and the full amounts can be offset against these, just getting them off my credit records will be the biggest win.
Rose says
Still waiting to hear if my claim has been upheld or not – beyond ridiculous the amount of time this is taking. That alone should be the subject of investigation.
Also – impossible to log into the portal – takes you in circles getting you to enter a verification code to change your password – accepts your email and the code but won’t let you amend your password even after confirming your email and code were correct – wtf???
Matthew Teale says
Hey all
Starting a petition on the goverment website regardi g ICL (instant cash loans). The petition is for the FCA to step up and protect customers who have fallen victim of payday loan company exacly like they have for PPI claims so customers can receuve full redress. I need 5 email address to get started so if you wouldnt mind posting email address on here to get started I will let you know when the petition is live so it can be shared, just so disgusted that my mother is due thousands in redress but will only be offered 4p per £1 due.
Sara (Debt Camel) says
I don’t let people post emails here. You would get deluged with spam
Matthew Teale says
No problem Sara I understand, I will post when the petition is live anyway.
Ljc says
Is this live yet Matthew as I really want to complain to the FCA
Grant says
I agree, however, there is very little that can be done as i understand it. I am due close to 12,000 pounds and will see less than 500 of that.
It is what it is, the court has seen fit to let these B@$t@rd$ keep thier ill gotten gains while the rest of us suffer. Like the rest of the world, the richer get richer and the poor stay there.
I personally think this is a joke, they made billions from us with massive apr rates, made millions in bad loans, and now get to pay back 20 million.
Whooop dee bloody doooo
Sara (Debt Camel) says
Signing a petition makes very little impact. There were a lot more wonga victims and the petition got nowhere.
The only thing I can suggest is instead writing to your MP and saying that the FCA should give you protection through the FSCS when your lender goes bust.
If you were due a PPI refund and the insurer went under – it happened a couple of times – the FSCS stepped in and paid customers their refund in full.
Cj says
So I also have got an email today stating all my loans have been upheld all 47 of them with an amount of 15743.00 ..so this was over the different companies under money shop…I have already had a claim with money shop and payday exp and have been paid out ..they did not agree to all loans though..and I was too late for payday uk…what do I do ..do I go ahead but then I feel would have been paid twice for some of them but haven’t had all loans upheld
Sara (Debt Camel) says
Previous refunds are normally taken into account in these calculations – is their a line saying “previous redress” or something like that?
Cj says
No nothing like that .
The amounts their showing was nothing like I got anyhow even adding the two I got .. I got about 5000 from money shop and payday exp. which is considerably lower than what their saying now … would I be in trouble for accepting this then
Sara (Debt Camel) says
They have made you an offer, I can’t see how you can get in trouble for accepting in. You aren’t being asked to confirm it is accurate.
And normally they don’t really provide enough information so people can check the offer is right.
But if you feel uncomfortable as you are sure it is wrong, you can phone them up and say.
Caroline says
56 loans all upheld, total redress £21500 😮 praying for it to be more than 3p in the pound! I have claimed from every payday loan I’ve had in the past and won every case so far, 3 rejections but now with the FOS who have upheld each complaint they have had in the past from me! Keep going people and stay positive! It takes time and patience but is worth the wait!
Lee sharratt says
So. I aint heard anything. Shall I wait till the end of October? Or contact them ?
racheal says
i got took to court for mine by BW legal and have finished paying it. so i will just get my small redress. x
Dave says
Hi got redress amount of 10500 and I understand ill only get around 4% of that , but does that include interest?
Sara (Debt Camel) says
You get the set percentage on the whole amount.
Nic says
So for £6775 including interest you only get 4% back?
Sara (Debt Camel) says
yes, basically :(
Steve says
I too am getting fed up. I started the complaints process over two years ago. The Money Shop stalled me and then the Ombudsman sat on my
complaint for a year until the Scheme of Arrangement came along and they informed me they could no longer help. As others have stated the whole thing stinks.
Ljc says
Same happened with me
Victoria McAleer says
This happened to me also.
I complained to the Financial Ombudsman but as you can imagine it got me nowhere.
What is the point in having an Ombudsman that purposely delayed decisions and in doing so facilitated the company the complaint was about.
The excuses I got were ridiculous.
I paid every penny back to those sharks and should have received over 7k in redress.
CMcK says
I got into the complaint process and forgot about it, until last week while searching my inbox for something completely different I found an e-mail in my junk folder saying there was an update in the decision.
They had upheld 2 out of 6 claims, and I had 30 days to dispute. Unfortunately about 2 months had passed since I had gotten the e-mail so by the time I actually noticed it my 30 days was over.
I e-mailed them to say this was unfair, I do dispute it, and I didn’t get chance to do so within the first 30 days as I didn’t know a decision had been reached. They e-mailed back and basically said I was out of luck.
Is there further actions I could take (FOS?), or would it be a waste of mine and the FOS’s time?
Sara (Debt Camel) says
No you can’t take any complaints about this to FOS.
Martin says
Got my email also and as not on portal had to ring. Have been awarded £577.00 but have small balance of £50.00 owing. Girl confirmed that balance would be cleared and calculated refund of approx £20.00. She has confirmed they are looking at percentage of 3-4p in the pound.
mark says
Can’t believe what I’m reading , if they are only paying you 3 to 4 p in the pound compensation why can’t you pay them 3 to 4 p in the pound of the £50 you owe then work out what yr in titled for the whole scheme stinks from start to finish
Martin says
I am only paying them 3-4p in the pound. They may be taking the full £50 and clearing the balance but for me it’s only costing me £2.00
Andrew says
Hi Sara
Money shop and 24/7 money box have stated no refund and there is still balances on both £691 and £495 should I be contacting them to arrange a payment plan. Money shop is about 3yr old and money box is about 8yr old. Or should I wait for them to contact me.
Sara (Debt Camel) says
So you put a claim in to the money shop and it was rejected?
Do you have any money available to make a settlement offer?
What are the rest of your finances like?
Andrew says
Only if my redress by amigo loans comes through soon if not no. And I voted on the scheme after I complained which was a long time ago. So sending to fos is not a option I’m afraid.
Neil says
Hi,
I’ve been trying to enter new bank account details for the ICL/Money Shop scheme as it says you can update your new account details on the claims Portal but I cannot find that option when I logon. I’ve emailed the scheme help but had no reply yet? Anyone know if you can do this on the portal or if you have to call them up?
Also I thought that the Cheque Centre was taken over by Money Shop but despite asking them months ago to look at my Cheque Centre loans they’re not included in latest offer only Payday UK, anyone been successful claiming against Cheque Centre?
Thanks Neil
Sara (Debt Camel) says
I don’t think Cheque Centre was taken over by the Money Shop. It went under 3 years ago and it is too late to claim from them.
christopher Hayes says
Im trying to understand like everyone else angry and no option to accept actions funding my foolish decision to borrow from scumbags and after teasing an apology / compensation towards there actions in my case still suffering especially trying to repair my credit report. One thing If anyone has time to explain or just confirm a few points i spotted failing to understand the last quarterly report. statements earlier on in the report said claim window closed and expected payout predicted was 7.8m less . which if they predicted having to payout why drag out these cases for years with the people they caused problems to making them suffer once more. Then the scheme exceeded prediction by 26% due to recharged employees we lose out in redress. why are we paying for it? ombusman involvement was 39% higher we pay for they advertise fair decisions only to harm our outcome. Then nothing can be done objecting fault 11 out of 14 times pay 4800 . 6months on less than £200 yhey admitted fault and i lost 4600 from 4800
Cheryl says
Hi Sara can you offer any advice. I have received my email to state my redress amount. This amounts to £14000 i know i will only receive around £420 of this. Any amount received is a bonus at this
stage. My concern is that the last loan was sold to PRAC financial. Despite ICL agreeing to remove adverse credit history they say that it is upto PRAC to remove this final loan. The loan was repaid in full a couple of years ago and is due to be removed from my credit history on 01.06.2021. I was hoping to get it removed earlier. I can not speak to PRAC as all of their calls go tgrough BW Legal. BW legal say that they dont have any control over credit reports. Im hitting my head against a brick wall and dont know where to go with this any advice you can give would be appreciated.
Sara (Debt Camel) says
I suggest you email Rachel Withers at rwithers@prac.co.uk with COMPLAINT re CREDIT RECORD as the subject.
Explain your problem, attach the email from the Money Shop showing the debt sold to PRAC was unaffordable and ask for the default showing on your credit records to be removed or you will be sending this complaint to the Financial Ombudsman.