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
Neil C says
Hi,
I read these comments every day from people who ended up in same situation I was & it really makes me angry that this is what we have to settle for when bankers who gambled away billions still walked away with millions in bonuses & huge amounts in shares & pensions.
Theres tens of thousands of us put there surely if everyone got involved we could really fight for this. Its not right & same will happen again. Our money is out there in them fat cars accounts, i really need to paltry £300 I’m due (£7500 really) but I’d put it into a fund to fight that lot & win our money back if everyone wants to do same?
How about it, up for a fight? With money behind us who thinks we can smash this lot???
Ljc says
I agree Neil it’s so unfair , my redress was about £9500 plus interest and I am absolutely gutted . Life changing that would be for me
Kelly says
Totally agree with you ,Provident are as we speak trying g to get a scheme of arrangement so they don’t have to pay customers back ,while at the same time still gave Vanquis and other companys they ien making millions why are these getting away with it !!!
Neil C says
Hi Ljc, guess no-one wants to try get a fighting fund going & keep going after these people. It’s not impossible no matter what people say including our host on this site. If the tens of thousands used the law with the money we could raise, use our votes as a weapon too, with the numbers we could have & how that votes could be used to pressure the govt? There are still ways to fight this & as you say the amounts they are really owe you IS life changing for almost all of us but we have to do what doesnt seem to come easy to British people nowadays rise up & fight. Dont leave it to someone else n hope theyll do it for you. I really believe we could fight this & win but only if we all participate, make a start & reply then get more numbers & get the momentum going, cmon!!!
Ljc says
I agree with you Neil but I honestly don’t know what we could do – I emailed the money saving experts saying please can you look at this problem and one of him team came back and said
Mr E says
I know everyone is disappointed with the redress, however surely the bigger picture is that finally the FCA are clamping down on these parasites and whilst you do lose out on some redress money, your life will probably be a whole lot less stressful without these companies in it.
Lynne says
Hi I got this letter from the money shop. I presume it’ll be like the Wonga fiasco where we got a tiny fraction of the total redress?
Agreed funds lent irresponsibly
£6643.74
£3645.08
£729.02
£9559.80
Any Potential Redress figure shown in the table is the maximum amount payable – that is, it’s the most you would be due in compensation, if we were able to pay your redress in full. However, all customer claims are now being dealt with under a Scheme of Arrangement sanctioned by the court, designed to enable us to share the fixed amount of money in our Redress Fund fairly across all customers whose claims we uphold under the Scheme. As we’ve explained in other communications, it’s likely that customers who are entitled to redress will receive only a proportion of their Potential Redress amount.
Once we know the total amount of compensation we need to pay to everyone, we will be able to work out what your Payable Scheme Claim will be under the rules of the Scheme.
It is likely that the final payment to you will be less than the Potential Redress amount shown.
We will contact you again in due course to advise you of the final payment that will be made as a refund.
Sara (Debt Camel) says
yes, heading for a payment of about 4%
Lynne says
Grrrr it’s so annoying when it’s a 4 figure sum. It seems to be payments are to be given out in May? Although I feel a bit uncomfortable at the wording at the end which says ‘Where ICL do not hold bank account details for you or the bank account details are incorrect, this may mean we are unable to pay you.’.
Needless to say I’ve emailed them my correct bank details twice just to be on the safe side!
Sara (Debt Camel) says
In the recent report they are warning the payments may be delayed :(
Lynne says
Same as Wonga then. Got the message August 2019 about a payout in December then it changed to January 2020 – didn’t actually get it until end of April!
Lynne says
So if it does end up being 4% I’ll get about £380 back grrr
Sara Bayliss says
Hi my son said we will get more than 4p in £ I sent him my email and he thinks the 4p is on top of the figure we get after it’s been shared.
Kai says
Absolute sharks.
I will
Fight this until
My dying breath
Anthony moosa says
I am so confused with it all now and also is it just from the money shop or wonga as well as was with both but only have the money shop
mine just says Partial Uphold
Total Potential Redress (£):
2880.17
but when i asked they said ill be lucky to get £5 back at this rate
Lynne says
It seems odd they would actually say that. Mine was more cunningly worded like ‘it is likely you will not get the full amount’. The full amount being £9,958! The money shop I’m referring to.
Sara (Debt Camel) says
Wobga was a seperate company, not linked to the Money Shop. People on here talk about it as many of them also had Wonga loans. Wonga went bust and it is now too late to make a claim to them.
It is likely you will get about 4% of the potenial redress back. That would be a bit over £100.
Anthony moosa says
that’s a bit rubbish that we have paid all this money and we get tech next to nothing back but i guess when your on low income its not as bad then receiving nothing
Lynne says
It’s terrible Anthony. Wonga worked out that I was due £12,800 but I actually only walked away with £550. It was better than nothing obviously, but such a huge drop. Not to be dramatic but the £12,800 would’ve been life changing.
Anthony moosa says
for me with been on a low income the amount they put would of gone for a nice first holiday or paying a lot of debt off but guess u cannot win both ways
Sara (Debt Camel) says
well actually you aren’t winning at all… first they gave you unaffordable loans, trapping you deeper in debt. Now you only get paid a very small amount of the correct compensation you should have had.
Richard C says
To folks, including me, who are hurting about getting 4%, if you scroll back long enough in the comments to July 2019 just when they went into
administration and you can read forum comments on here of people going “Yay! My claim was upheld at FOS and Im due 10-12k”
Lynne says
Blimey has it been going on that long? Although when they acknowledged my claim I notice it was submitted October 2019 (I’d literally forgotten about it). And still no end in sight for payouts….
Vince J says
I’m one of them. FOS Adjudicator upheld my complaint on 11/07/2019. The business has until 25/07/2019 to respond. ICL went in to administration on 19 or 22 July. Can’t remember which. Although my redress is only £2500, it’s still upsetting I won’t even receive half of the compensation.
Jon says
I’m waiting for them to pay out my redress rather than offsetting what I owe them. Then I’ll have to try and complain.
I’ve called several times, each with a different answer on when or how they’ll offset!
Lee sharratt says
Finally got my email. Potential redress. 5100 pound. 28 upheld. 1 not. Very strange. What ever I get. Better than nowt. Excited
Sandra Badley says
Hi
I got an email from the money shop saying to check my claim, i did and it said it had been upheld and the potential redress £3400 ish, obviously i know i won t get this but it also said that i had accepted a pre-scheme redress of £391 which had been taken off the final potential redress figure. I have no idea what the £391 is i don t remember ever accepting that or receiving that money, and if i had i certainly would have remembered getting nearly £400 does anyone know what this means?
Sara (Debt Camel) says
did you ever have a refund for the Money Shop? From Payday UK? From Payday Expresss?
Rob Brown says
£5992 my redress payout should be It appears I will get £240……….wow.
Lynne says
Yep same here mines £9553 and looking like I get £382.
Sally Edwards says
I have received an email today to say my complaint has been upheld for £1780. ( I’m aware I won’t get all that ) Can I just ask does anyone know what would happen if you refused the offer ? Thanks
Jamal Miah says
I’m guessing the percentage will go up and others will get higher amount.
Sara (Debt Camel) says
You can appeal it if you think the 1780 isnt right as more loans should be refunded.
I can’t imagine why you would want to reject it? If you think you are being paid an insulting small amount, then you could donate it charity.
Hmcat says
I also want appeal offer of readdress ignored 3 to 4 years worth of lending and related companies included in scheme They only oddly looked at loans 2006 and Moneyshop. Thus saving a bulk of loans to check really outraged they have done rush job and can’t be bothered to check correctly
Sara (Debt Camel) says
Then send in your appeal.
Anthony moosa says
all ive had is a August 27th 2020 Decision in Principle and that’s the only email
is this what everyone is talking about
Kyleigh Goodband says
Got my decision today £3331, all 14 loans upheld. Gutted I’ll see a tiny amount as that would still be life changing for me but hey ho, glad we’re finally getting to the end.
Wayne Clarke says
Yes im the same just a email of a possible readdress of £3900
Vince J says
Hi all, it’s been a while.
I received communication from The Money Shop. All 23 loans were irresponsible. The potential redress being £2500. It’s a shame that’s not being paid out. For info, my complaint was upheld by the FSO Adjudicator on 11 July 2019 and the business (ICL) had until 25 July 2019 to respond. But then my complaint was included as part of the Scheme of Arrangement that was announced the following week. What a kick in the teeth :(
Lee says
I had my email this morning, what a disappointment that was! I already knew we were getting approx 4p in the £ and resigned myself to the measley payout however I thought maybe £200, nope I stand to get a measley £28!!
Terrible that these companies are allowed to get away with this!!!!
Lynne says
It’s disgraceful Lee. You get your hopes up when it says the claim has been accepted only to come back to earth with a bang.
JR1981 says
How much was your redress, I was meant to be getting £5000k so was thinking prob around £150-200… dreading it now
Darren says
My redress was 14k but the way I look at is there is nothing nobody can do about the 4% return which is being branding around, still not loads but I suppose its better then nothing..
Sara (Debt Camel) says
is there is nothing nobody can do about the 4% return
well there is nothing ICL can do – that is all the money there is to divide.
You can write to your MP and also to Mel Stride who chairs the Treasury Committee (https://members.parliament.uk/member/3935/contact)
Simply signing a petition will have a lot less effect than MPs getting individually written letters from their constituents.
If you do this, it’s good to be clear about what you think should be done…
With PPI, if a firm went under, the people owed refunds could get them in full from the Financial Services Compensation Scheme (FSCS).
But the FCA decided not to extend the FSCS to cover refunds from lenders. (PPI was covered because that was a form of insurance.)
So you should ask for the FSCS to be extended to cover refunds for mis-selling of loans, or for a similar scheme to set up for loans. You can point out that literally millions of people have been affected by this problem.
Kyleigh Goodband says
I have written to my local mp and just sent an email to Mel stride, I copied your section about the fscs and added some more to it. I hope it’s looked into seriously as I find it so unfair that millions of us lived a life of misery and then find out we’re due thousands that could change our lives but ending up with next to nothing. Fingers crossed a change is made.
Lee says
It gets worse!!! They are not setting aside any previous balance that was sold to PRAC so I will still have to pay PRAC!! I stopped payments to them a while ago so I guess I will have the stress of them chasing me again now!!
This is what I received…….am I reading correctly?…..
You currently have a balance outstanding on a loan that one of our firms originally provided, which we subsequently assigned to PRAC, a debt purchaser. If we had not assigned the loan, you would have been able to set off your redress against that loan. However, since PRAC is the legal owner of that debt we are unable to apply set off and must therefore pay you the dividend amount, which we expect to be around 4p/£. You may if you wish decide to use your dividend payment to pay down your outstanding balance with PRAC, but that is a matter for you and is something which must be done outside of the Scheme.
Sara (Debt Camel) says
This is complicated. I will be writing a short article about it in a few days.
Sara (Debt Camel) says
See https://debtcamel.co.uk/no-set-off-scheme-administration-debt-sold/ which covers your situation.
Faye says
Finally got my email today redress 11655.38 that would have been very nice. At least I will get something better than a poke in the eye…
Sean says
My betting is you refuse the offers and we be waiting another year and it will be less money
Lynne says
What? If someone refuses the offers we all have to wait?
Sara (Debt Camel) says
everyone has the right to appeal if not enough loans are being refunded. Any appeal that you should get the full amount or 4% is absurd is going to be rejected immediately.
There is a time limit for people to appeal.
But it is not the appeals that are holding up the payments – the latest Scheme report says:
There is now a possibility that the Scheme may extend later into 2021 than previously envisaged. ICL are working with a third party purchaser of part of ICL’s debt book to agree, in conjunction with the FCA, the wording of ICL’s further communications to creditors whose loans were previously sold to that third party.
Sabrina says
I had an email from them yesterday stating this
“ Good Morning,
We will commence making payments in May 2021.
We will be back in touch as soon as we have determined your final payment amount.
If you have any further queries, please don’t hesitate to get back in touch.
Kind Regards
Instant Cash Loans Limited
T: 020 3901 7440
E: scheme@themoneyshop.co.uk“
Grant says
There is now a possibility that the Scheme may extend later into 2021 than previously envisaged. ICL are working with a third party purchaser of part of ICL’s debt book to agree, in conjunction with the FCA, the wording of ICL’s further communications to creditors whose loans were previously sold to that third party.
could i have an english translation please Sara.
What does that mean?
Sara (Debt Camel) says
it means they are still arguing with debt collectors about whether refunds can be set off against debt collector balances.
Lee’s comment above suggests that ICL are losing some of these arguments :(
Anthony moosa says
Total Potential Redress (£): 2880.17
Number of loans in lending period: (what does this mean) 7
Number of loans upheld: (what does this mean) 6
Number of loans with no issues: 1
we did have more then 1 loan but it was always paid back on time and we only missed 1?
Gladys says
Number of loans in lending period: The number of loans you have taken from them over their length of business (or at least as far back as they were willing to look)
Number of loans upheld: The number of loans they agree were wrongly given to you therefore will provide compensation for.
They’re essentially saying you took 7 loans, and they think only 1 of the 7 was ‘affordable’ or rightly given.
Andrew says
Hi I have just had redress of 5950 and updated my bank details they are taking 400 pounds out in tax can you claim this back
Sara (Debt Camel) says
No. Because you will get a LOT less than that amount. And probably no tax will be deducted from the actual distribution.
Mal Smith says
Hi Sarah,
On my redress letter it states:-
Please note that you have already accepted an Irresponsible Lending redress payment in relation to a loan that is eligible for redress under this process of £1213.79. The amount of redress already paid has been deducted from your Potential Redress figure, and the Payable Scheme Claim value has been calculated for any balance that remains.
Now, I have never received this amount…or to my knowledge ever accepted an Irresponsible Lending redress payment!
Likely an error or will I receive this payment separately?
Thanks for your help!
Mal
Sara (Debt Camel) says
You need to go back to them and query this as you never made a claim before and never received a payment.
Andrew says
My debt was sold to PRAC I still owe them £460 pounds my redress amount was £2788. My debt is registered on my credit file to PRAC. Do I still continue paying this to PRAC or will this be settled now. This has probably been posted by someone else before and if it was I apologise
Faye says
Hi Andrew
On my letter from icl it states any money owed to prac is down to yourself to pay
Sara (Debt Camel) says
This is complicated. I will be writing a short article about it in a few days.
Sara (Debt Camel) says
And here is the new article https://debtcamel.co.uk/no-set-off-scheme-administration-debt-sold/ which covers your situation.
PF says
What an absolute farce – I lodged an appeal against the original ‘Decision in Principle’ due to the fact they hadn’t included the loans I had with Payday UK but the ‘independent Scheme Adjudicator’ didn’t address my concerns and has now issued an ‘Appeal Outcome Letter’ stating ‘I have now completed my review and I have concluded that ICL’s assessment of your complaint was fair and correct in every respect.’
I have tried getting back in touch with ICL and offering my SAR as evidence of the Payday UK loans but now they are saying that the decision is final and binding and nothing further can be done! This is an absolute joke.
Sara have you any advice?
Thanks,
PF
Sara (Debt Camel) says
I am sorry but I don’t think there is anywhere to go if your appeal has been rejected.
Sara (Debt Camel) says
I have been told by ICL that payouts are likely to start in May and to be completed in June.
And that no tax will be deducted from the payouts.
MG says
Well I had a total redress amount of about 11000+ which has been reduced to under 500. So where did the money go? In KPMG’s pocket mostly. Government should have a limit attached to how much the administrators can charge take. This on top of KPMG and other such firms instrumental in tax avoidance schemes, costing the taxpayer millions and as a result common man is squeezed of every penny by treasury. It’s a scandal. But when the government is made up of 1%, then the rich are getting away with theft.
Josh says
Hi Sara
My potential redress is £3382.
20% tax duduction from 8% compensation interest which is £314. Can I claim this amount from tax office. Does ICL pay £314 to tax man or dividend of £314 like 4p in £. Thank you.
Sara (Debt Camel) says
The tax deduction in that calculation is notional to determine what your redress woukd have been if the Scheme had not been in place. You then Will receive about 4% of that amount.
But there will be no tax deducted as part of the amount you are paid, so there will be nothing to reclaim from the taxman. This is what always happens in payday lender administrations.
Adelle says
Hi Sarah,
Will we also only get 4% on the 8% compensation payment to
Thanks
Sara (Debt Camel) says
Yes, you get 4% on the total.
Laura Finn says
My redress claim amount is £13k. What exact amount will I get back. I would like a decent amount back due to the irresponsible lending that the money shop did.
Lynne says
I reckon that works out £520 Laura
Donna says
Hi are people still waiting for an email from the money shop with there redress amount,I have not yet received one.
Frances says
Hi Donna. I haven’t had one either ! The longer this goes on , the more dejected I become 😭
Ryan says
im sure it would be a different story with them if we took out a big loan and offerd 4% or lower than the interestst they wanted! or 4% or lower back in total full stop theyd kick off sending all kinds of threatening messages!… as one previous comment says, how we have all been through a shit storm over the last year or so and to get hope of help financially to then have it ripped back and the darkness thrown our way again, is complete bull $#1t!!!
Lynne says
You’re completely correct Ryan. Another annoying thing they’re doing is saying ‘this is our final response’. Even that seems like some sort of veiled threat, like stop contacting us we can’t be bothered with you!
Sara (Debt Camel) says
Of course they have to tell you when they have given you a final response. It isn’t a veiled threat, it is a fact. There is no point in encouraging people to continue a correspondence that is not going to get anywhere.
Ceri ann says
But Sarah, I have had final decisions overturned before. Is there really nothing more to be done. Should we just accept our pittance without argument. Can you offer any advice.
Sara (Debt Camel) says
have you appealed about the number of loans that have been upheld? That is your only option. There is no way to appeal against the low % payout everyone will receive. There is no more money to be divided.
Garfield66 says
Hi Sara,
I rec’d my email yesterday stating my redress payment was £196, however, because I still owed £410 from an outstanding loan in 2014 my redress amount was deducted from this, this left a debt of £214 owed. I emailed them straight back stating that my initial redress was paid out without this being taken and the £410 was “statute barred”. I have just checked my account and this has now changed and they will pay £196 into my designated account in May 2021!!
Result! Pass it on
Siobhan says
I had the same thing, and I told them it was statute barred, but they said they will still deduct it from my redress!!
Sara (Debt Camel) says
which legally they are entitled to do.
Statute barred doesn’t mean the debt no longer exists
Lynne says
No but I thought it meant it could be written off
Siobhan says
Mine is statute Barred and they say they don’t have a CCA either, so they have no proof of anything I owe them, yet they are still going to deduct it from my redress! How are they allowed to do that?
Sara (Debt Camel) says
legally these loans exist. It doesnt matter that the CCA can’t be produced.
gail blount says
Hi my redress is £674 so i am looking at about a tenner if that i have had no correspondence at with the Money shop except a email months ago saying payout is due in April 21 has that now changed ?
Sara (Debt Camel) says
Well about £25… payouts now expected to start in May and complete in June.
Lynne says
Why does it keep being being pushed back Sara do you know? Is it simply the volume of claims?
Sara (Debt Camel) says
no, it was the time taken to sort out the claims where debts had been sold to debt collectors. There have been a lot of these.
Lynne says
Well folks it’s April now. I guess the ends in sight.
Im not sure when they’ll tell us the amount we’ll actually receive? I remember wongas email came in the January with the actual amount that we’d get (and it was paid out in April), so you’d think they’d know by now really?
D Feeney says
Hi I have a potential redress amount of £4751. What should I get for this please? It is so awful that I needed to use them in the first place and nearly lost everything trying to pay them back. Its so not fair
Lynne says
Hi I think it’s £190 based on a 4% payout
Lynne says
I asked when they will tell us what the actual refund amount is. Here is the (generic) response.
Good afternoon
We will make payments in May 2021.
We will be back in touch as soon as we have determined the amount of your payment.
Samantha says
I’ve been asking them the same question and received the same response. Absolutely hopeless!
kathleen says
i have contacted use a number of times and I’ve had no response I would like to no if I’m getting any payment from use;s u see I changed my email address and I cant remember the one I was using when I first contacted yourself
Sara (Debt Camel) says
Hi Kathleen,
this page is not run by the Money Shop administrators – you need to email them at scheme@themoneyshop.co.uk, or call them on 020 3901 7440, between 9am and 5pm, Monday to Friday.
Lynne says
I’ve had 34 loans upheld and there were none that they disagreed were unaffordable. This is the only company that’s upheld them all.
Dave L says
Snap 54 loans as well , nearly 5000 claim
Accepted but be lucky to get 200
Dylan Ritchie says
Could it be higher than 4% as people are just guessing or has that be confirmed? I have a redress of £2006.88 what will i get back roughly thank u
Lynne says
I think it’s been agreed it’s 4%. Be nice if it ended up higher (but I hope not lower!). You’ll get about £80 Dylan.
Unknown says
2006.88 divide by 100 then times it by whatever percent
4 percent is 80.27
Kerry says
It’s disgusting that these companies can get away with compensating so little. I am owed £5k but it looks like I’ll get £200ish. It sickens me that I will get a fraction of what I’m owed. Fortunately I am in a very strong position financially but there are others still struggling where getting back the full amount they were owed would turn their life around. I’m glad they won’t be racing the payout I complained that it was wrong that not only would we not have got the full payout but we would have been taxed on it too.
Lynne says
I feel the same Kerry. I’m due £9559 on this one but will get around £390. My claim with Wonga was £12,800 but I walked away with £550. If we got a little bit less than the total that would be one thing, but 4% or thereabouts is just laughable and quite frankly insulting.
Lynne says
Just looking back on my Wonga emails. They sent a message on 29th January 2020 to confirm the amount of my redress and it says ‘payment will be made within 4 weeks of this email’. I got it paid on 25th April! Hope that’s not going to be the case with the Money shop. As they’ve said they will start paying out in May you kinda think they should know by now what everyone’s amount is going to be. That’s why I’ve a feeling it’ll be a lot later than they say….. Hope I’m wrong!
Sara (Debt Camel) says
I think they know what they will be paying out – like wonga the biggest problems may come if they don’t have correct bank details on file.
TRACY says
its disgusting how they keep changing the date when payment will be paid. I had email last august saying we will be in touch very soon on how much i am going to get .still have not had any email. How many more times are they going to change the payment month first they said Jan2021 and then April And now may they could go on forever saying this , Wish i Knew where to complain too about these.
Lynne says
I know Tracy. Wonga did the same. Contact made in August 19 about the claim, with a payout date of December, then January. By the time they emailed late January to confirm the amount I’d be getting they still didn’t pay up until end of April. Thing is when they did answer emails it was a standard generic message, which just went to cause further frustration.
Laura says
Does anyone know how to dispute Payday Express appearing on their credit file? I have raised the dispute with the credit report company however it was rejected. I can only see part of the account number on the credit report too so am finding it difficult to check against my records. I do not recognise the amount nor the start date of the said loan and wish to find out more information but do not know where to look.
Any advice would be appreciated.
Sara (Debt Camel) says
You need to talk to the Instant Cash Loans scheme:
If you need help, please contact us at scheme@themoneyshop.co.uk, or call our Helpline on 020 3901 7440, between 9am and 5pm, Monday to Friday.
And be very clear you are disputing the debt, not saying it was unaffordable.
Tracy says
how much longer can they keep saying the same thing , I bet at the end of this month they will be saying we will be paying out in june, every time ,we get closer they change the month , im beginning to think we are not going to get anything. i really do think that. Theres something not right. DOES no one else think this? I last had a email back in August 2020 and nothing since..
Sara (Debt Camel) says
For what it is worth, I think payments will start to be made next month
Lynne says
Hope Sara’s right on this. I do have a better feeling than I did with Wonga. The frustration for me with them was that they told us in January what amount we’d get but then they didn’t make the transaction until end April. At least this way if moneyshop do start payments in May we don’t have long to wait after notification of the amount.
Betty says
Sara do you think that this month we will get notifications of actual amounts
Sara (Debt Camel) says
I don’t know.
Sara1 says
Has anyone had their claim rejected and have asked the adjudicator to re assess ? I’ve had 19 loans upheld and 30…yes 30 deemed to be affordable I’ve accepted the 19 but asked them to re look at the 30 …?
Nicky says
Well my portal states potential redress of £15379 and 48 loans yep that was one hell of a spiral. Getting back £615 if I’m lucky. Just glad to be out of it but by far one of the of the worst and I initially raised my claim in May 2019. It all takes time but they were the 1st lender back in 2008 and it all went downhill from there! At any given point 12 loans from various providers. Regardless of the amount we’ve all worked hard to get ourselves out of this or are working towards it so don’t lose hope and in the current situation just having the records wiped or credit files updated is a huge step. I know would be amazing if we all got back the money we were entitled to but we won’t so let’s take the small victories and also knowing that in the current vulnerable state they can’t allow others to go down the same rabbit hole
Lynne says
I can’t even log into the portal Nicky. All I know is the email came with a letter attached saying they had upheld all 34 loans. You’re right though. The money would be nice but at this late stage we’ve gone so far with all these leeches that the best outcome is just to get them off our credit files. This caused me no end of scrutiny at work. Hopefully my career can take off now.
Victoria says
Hi Lynne
Can I please ask how having the loans caused you to have work issues?
Was it related to your credit file? Do you work in the financial services industry?
Sorry for all the questions but just wondering.
I had loans but paid them all back years ago so no negative file reports but I’m curious how it could impact on your job.
Many thanks
Lynne says
Hi Victoria, no I worked for the Police. You go through a vetting process before you can join where you have to list finances, defaults etc for the last 10 years. I passed and all was ok but every few years you are vetted again and during that time (i.e since I started working there) I got some defaults. Basically you’re meant to tell them if anything has changed since you last went through the vetting process. Anyway what resulted was a 2 hour meeting of me squirming in my seat as they read to me a print out of my latest Experian credit report! It was very uncomfortable and not something I’d wish to go through again.
Victoria says
Thanks Lynne, wow that’s very intrusive. I’m glad you are sorted now though.
I’ll be glad when we finally get our compensation back from this tawdry company.
Take care and thanks again for the reply.
Lynne says
Thought we’d finally got some news then as an email just came from the Scheme address but it was just to confirm they had my bank details! That’s something I guess.
Nicky says
I haven’t had any emails don’t know whether that’s a bad sign or just them being slow?
Thomas mcTasney says
The money shop
Received letter saying my potential
Redress was £6748.60 is it legal
For these to pay 4 per cent I was
Using these for years month after
Month using d.l.a.book to get loan
When paid loan after 4 weeks taking
It back out again till the next
4 weeks this kept going on
Sara (Debt Camel) says
I am sorry but only being paid 4% is legal. Blame the FCA whose poor regulation has led to this mess and who has not provided any backup scheme to pay people their proper compensation when a lender goes under.
Tracy says
hi just wondering if anyone as heard anything since last time . They still not contacted me to say how much i should be getting.
Sara (Debt Camel) says
As soon as they tell people, someone will post it here – so if no-one has you can assume this is still “no news”
Cyndy says
Hi folks., we are getting closer to payments. It’s been a long wait
Steve says
I am now really bitter as well as angry about this whole fiasco. My initial complaint was way back in 2017. The Money Shop delayed things, then the Ombudsman up until being placed in the Scheme. I had 10 loans upheld with a Redress of about £1300 giving me around £50. I had many more between 2002 and 2012. I appealed but the so called ‘Independent Review’ has rejected my appeal. No reason given. I don’t think anyone even looked at my reasons for appeal. That’s the end of the road now. Scandalous.
Sara (Debt Camel) says
I am sorry your appeal did not get anywhere but legally no loans before April 2007 would have been considered, as the law changed at that point.
PF says
I feel your pain – the ‘independent’ Adjudicator was certainly not acting in an independent capacity when ignoring the evidence of 4 loans I had with PDUK from 2008/2009. It really is a joke.
Tracy says
hi cyndy ,hope you are right because thats what ive thought every month and then they go and say it will be the following month we will get our payments . I will not believe it until its in my bank….
Cyndy says
Yes Tracy, I agree but surely they couldn’t move the goal post again. That would be disgusting of them
Sara (Debt Camel) says
There is no indication that they will not be paying out in May / June as they have said. But not planning what to do with the moeny until it arrives is very sensible!
PF says
Hi Sara,
Has there been any news on what criteria has been set for the redress to be set off against outstanding balances?? I have a potential redress amount of £590 but an outstanding balance with PRA Group of £640 – i obviously want to use the redress to offset the outstanding balance, otherwise I may only get back about £24.
Thanks,
PF
Lynne says
Hi the letter I got states:-
If you currently have a balance outstanding on a loan that one of our firms originally provided, you will be given the option to reduce that balance by the full amount of the Potential Redress payable to you, rather than received a reduced amount in cash. We’ll explain how this works in more detail on our website, and have provided an example below; but put simply, if you choose to use your redress to reduce your outstanding balance, you’ll benefit from more of the value of your total Potential Redress amount, but you’ll receive less, or possibly none, of it as a cash payment.
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.
If this option is available to you, we’ll explain how it works in more detail.
PF says
Hi Lynne,
Yes I got a similar email but on an earlier post, around the end of March, someone mentioned that because the debt had been sold to PRAC he wasn’t able to have his redress set off against his outstanding loan.
Copied from the original post – ‘You currently have a balance outstanding on a loan that one of our firms originally provided, which we subsequently assigned to PRAC, a debt purchaser. If we had not assigned the loan, you would have been able to set off your redress against that loan. However, since PRAC is the legal owner of that debt we are unable to apply set off and must therefore pay you the dividend amount, which we expect to be around 4p/£. You may if you wish decide to use your dividend payment to pay down your outstanding balance with PRAC, but that is a matter for you and is something which must be done outside of the Scheme.’
If this is true it is very troubling and something ICL need to communicate asap.
PF
Lynne says
Ah ok well that is disgusting then if that’s the case. It seems these people always have us over a barrell.
Richard Eastland says
Hi my loan refund was for £7770.00 how much will I end up with?
Lynne says
£310 Richard
Anthony hodgson says
Anyone else got this? I don’t owe them any money Further to our confirmation of your upheld claim in the Instant Cash Loans Scheme of Arrangement, we’re now writing to tell you about the next steps in paying redress.
Your Claim
We explained previously that the Potential Redress figure would be the maximum amount payable for your claim, and that it was likely you would only receive a proportion of that. We also told you that you may be eligible to use your redress to pay off any outstanding balance.
We are now able to confirm that we will be using your redress to reduce your outstanding debt to Instant Cash Loans. This is important to you because your outstanding debt will be reduced by the full amount of your redress, whereas a cash payment would only be for a proportion of that amount (this is likely to be 4p cash for every £1 of redress).
We are sorry that you are not able to choose if you want the cash dividend or set off against your outstanding debt. The terms of the Scheme of Arrangement mean that we try to replicate what would have happened if Instant Cash Loans had gone into a liquidation or administration. In such a scenario, your outstanding debt to Instant Cash Loans would automatically be set off against the redress awarded. The terms of the Scheme of Arrangement are not flexible in this regard and so we are unable to make any exceptions.
Sara (Debt Camel) says
I think it’s generic – see the other comments here.
Malek Kerbache says
I got this as well. Seems their worming their way out of paying people.
Issy says
Hi yes I just got same email so does this mean we’re are getting nothing back there are just clearing the outstanding loan , my redress was £6500 I only owed £700 so am I getting no cash back I’m confused the last email said after paying back the outstanding loan my redress was still £5230 ??
Nichola says
I have just received the same and my amounts were similar to yours Issy
Vickie9 says
I got this email too and given I don’t owe them anything but they owe me £9,900 it really is quite laughable. I wasn’t expecting to see anything from Payday Express anyway but they are the dregs of the dregs.
Claire says
Yes I got this today too and also do not owe them any money, I am hoping it is a generic email or an error! I have responded and hope to receive a response.
Wayne says
Yes exactly the same
Steve says
Yep I got this email today also and don’t owe them a penny.. they owe me £2373. So more like 100 quid!
Chris says
Yes, me too. Looks like everyone has got this same message. I can’t swear to it but for the life of me I can’t remember getting any loan from Instant Cash Loans specifically. It was Payday UK I had a loan with, unless they were one and the same trading under those two names maybe??
Sara (Debt Camel) says
ICL scheme covers The Money Shop, Payday Express, Payday UK and Ladder Loans.
Richy says
Yes I also got this. It’s quite hilarious really .. £6942 I’m owed … il probably now get £200 if that because I was left owing them £1700 because they literally crippled me financially. Jokers
Laura says
Sara you mention June. That is worrying
Sara (Debt Camel) says
As the article above says, “It is now expected to start in May and to complete in June.”
There is ZERO chance of every payment working the first time it goes through. As the Wonga veterans on here will tell, you, it can be a long slow process for a random group of people where for no apparent reason the payment details don’t work.
Sean says
I think it is a bit unfair you can pay of you outstanding loan full amount with the redress but only get a 4pence in the pound return so for every £100 pound it’s £4 back
Ruth says
I agree Sean. That does seem discriminatory.
Laura Finn says
Mine is a redress of £13,000. What will I actually get back?
Lynne says
About £520 Laura
Laura Finn says
That is better than nothing but nearer to the full amount would have been better. It is truly deserved especially when you were irresponsibly landed money to.