UPDATE - Sunny went into administration on 29 June. See Sunny now in Administration for details, including the implications for customers. Elevate Credit International Limited, which trades as Sunny, has filed a Notice of Intent to appoint administrators. It told the Telegraph that: “Unfortunately, due to the ongoing economic uncertainty as a result of coronavirus and the continued … [Read more...]
High cost credit news and policy
Money Shop, Payday UK / Express – Latest News & FAQs
A "Scheme of Arrangement" is in place paying some money to borrowers from the Money Shop, Payday UK or Payday Express who were given unaffordable loans and who submitted a Claim before the deadline in April 2020. It is now too late to submit a Claim if you have not already done this. The following information comes from the latest Scheme report dated 22 May 2020: 182,566 Claims were … [Read more...]
Wageday Advance – payments of 5.68p in the £ are about to start
UPDATE On 20 May 2020 the Administrators announced: everyone will get 5.68p in the £. people should get an email sent today “or shortly afterwards” saying their dividend payment has been made. payments are being made to the bank accounts they currently have on file. It is too late to change this account. if you get this email but no payment is received within 7 days, you need to … [Read more...]
Wonga refunds – a small number of people STILL haven’t been paid!
*** Update: 21 April *** A lot of the remaining people still owed money have been paid this morning A few haven't. See comments below for details. People have been told they will all be paid by April 24. *** How to complain about not being paid *** 1. Ask the IPs for specific details of your case or put in a complaint If you don't want a standard reply, but for someone to actually … [Read more...]
BrightHouse enters administration – how does this affect customers?
On 20 March 2020, BrightHouse went into administration. BrightHouse sold electrical appliances, furniture, computers and mobiles on hire purchase. Its customers made weekly payments, sometimes described as "rent-to-own". Coronavirus has meant that its 240 shops have had to shut and many customers are likely to be asking for payment holidays as their income has fallen and they can't manage … [Read more...]
Amigo stops most lending & so do some other high cost lenders
On 24 March 2020 Amigo announced that: given the ongoing uncertainty that the economic implications of Covid-19 could have for our customer base, Amigo has taken the decision to temporarily pause all new lending activity, except for lending to key workers in exceptional circumstances. This article looks at why Amigo decided to do this and why other lenders, particularly high cost lenders to … [Read more...]
BrightHouse “close to collapse” because of increasing affordability complaints
UPDATE - BrightHouse went into administration on 20 March 2020. See BrightHouse enters administration – how does this affect customers? for details. On 29 February 2020, Sky News reported "Rent-to-own giant BrightHouse on brink of collapse". This said: there has been a "surge" of complaints which are currently costing BrightHouse more than £1million a month; management is worried … [Read more...]
Will the Money Shop really pay 80% of refunds? No!
UPDATES In August 2019 the Money Shop announced a Scheme it expected would pay c 80p in the £ to customers of the Money Shop, Payday UK and Payday Express who are owed compensation for unaffordable loans. I said pigs might fly - see the article below. And I think other people such as the FCA and the Ombudsman also express some scepticism... A month late, in September 2019, a revised version … [Read more...]
90% of guarantor loan cases won at Financial Ombusdman
The Financial Ombudsman (FOS) complaint statistics for Oct-Dec 2019 have just been published, see Product Complaints Data. For guarantor loans, FOS decided in favour of the consumer in 90% of cases: this is even higher than the 83% that were won in April-Jun 2019. these figures are a dramatic increase from the uphold rate of only 32% for the 2018 financial year. This … [Read more...]
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...]
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