On 10 January 202, the Wonga administrators started sending emails to some people who will be getting a refund to encourage them to check Wonga has the right bank account details to pay them: Dear X We previously emailed you in relation to your successful claim in the Wonga administration. At the end of January, we will communicate by email the amount you will be due to receive as a … [Read more...]
High cost credit news and policy
QuickQuid – the Casheuronet administrators’ Proposals & Voting
The Administrators for Casheuronet LLC (CEU) have published their Proposals for how the administration should be handled. CEU went into administration on 25 October 2019. CEU is better known by its brand names: QuickQuid, Pounds To Pocket and Onstride, all major UK payday lenders. If you have a complaint against one of these payday lenders you may have been sent a copy of these Proposals and … [Read more...]
More payday lenders go under – was anything learned from Wonga?
In the last six weeks, Britain's largest payday lender, QuickQuid, went into administration followed by three smaller lenders: 247 Moneybox, PiggyBank and Swift Sterling. Have the lessons from Wonga's collapse last year been leaned? And how can regulators and debt advisers do better in future to protect borrowers, not just of payday loans but other sorts of high cost credit as well? My 6 … [Read more...]
Amigo’s half year results – the rising cost of paying refunds to customers
Amigo's half-year results for April-September 2019 show a big increase in complaint costs about its guarantor loans. The majority of these complaints are affordability complaints, by the borrower or by the guarantor. Here is the management presentation on the results. What Amigo says about complaints Here my thoughts on some of the points Amigo makes about complaints in the management … [Read more...]
Sunny concerned about lack of regulatory clarity – really?
Many people hoping for a payday loan refund from Sunny were watching for the third quarter results from Elevate, Sunny's US parent. Would Elevate decide to close Sunny, so they wouldn't get their refunds? Two weeks earlier QuickQuid had gone into administration after its American parent announced it was exiting the UK. That left Lending Stream and Sunny as the largest payday lenders in … [Read more...]
QuickQuid goes into administration – what will happen
CashEuroNet (CEU), which owns the QuickQuid, Pounds To Pocket and On Stride brands, stopped giving loans and went into administration on 25 October 2019. I will be talking about QuickQuid (QQ) rather than CashEuroNet as it is the more familiar name. Everything here also applies to loans from Cashruronet's other brands, Pounds To Pocket and On Stride. Grant Thornton has been appointed as … [Read more...]
Customers owed refunds to lose out as QuickQuid closes
UPDATE After a worrying day for customers, late in the afternoon of 25 October it was announced that CashEuroNet had gone into administration. See QuickQuid goes into administration – what will happen for the latest news and how this will affect you. That article will be kept update from now on. This one won't be. On 24 October, Enova, the American parent of CashEuroNet, announced it is … [Read more...]
Money Shop, Payday UK / Express – Latest News & FAQs
Instant Cash Loans (ICL) is sending emails to the 2.6 million previous customers of Money Shop, Payday UK or Payday Express headed: IMPORTANT INFORMATION INVITATION TO CLAIM: SCHEME OF ARRANGEMENT IN RELATION TO INSTANT CASH LOANS LIMITED These are being sent over the next few days, so don't worry if yours hasn't arrived yet. The email explains that the Scheme ICL had proposed is now live. It … [Read more...]
Wageday Advance (WDA) – latest news on the administration
UPDATE - The administrators published their 1st progress report on 24 September. They had identifed 256,000 Wageday Advance customers as being owed redress for unaffordable payday loans. Of these, about 100,000 claims were submitted by customers (99,416 electronically and over 1,000 manually) before the deadline at the end of August. The administrators expect customers who sent claims … [Read more...]
83% of guarantor loan cases won at Financial Ombusdman
The Financial Ombudsman (FOS) complaint statistics for April-Jun 2019 have just been published, see Product Complaints Data. For guarantor loans, FOS decided in favour of the consumer in 83% of cases. That is a dramatic increase from the uphold rate of only 32% for the previous financial year I have been saying for several months that almost all affordability complaints by both … [Read more...]
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