Have you had an email from the Sunny Administrators? On 4 November 2020, KPMG, the Administrators of Elevate Credit International, are starting to email more than 500,000 Sunny customers who could get a refund for some of their borrowing. The Administrators have developed a Claims Calculator to work out which loans were likely to have been "unaffordable". If you get this email it is … [Read more...]
High cost credit news and policy
Sunny – some loans written off & the rest sold to a debt collector
UPDATE - Administrators tell people to submit claims On 4 November the Sunny Administrators said there may be some money for refunds and they are wiping people's credit records who had unaffordable loans. See 500,000 Sunny customers owed refunds will get little or nothing for details. UPDATE - loans sold On 2 October 2020, the Sunny administrators sold part of the Sunny loan book to Perch … [Read more...]
QuickQuid in administration – what is happening
UPDATE - the emails from QQ on 5/6 November were sent in error. Many people were worried these were a scam as the wording was odd, contradictory and often simply wrong. They weren't a scam - but they were very wrong and sending them was a mistake. QQ are now sending more emails saying: You may have received one or more unexpected emails from us on 5 November 2020 relating to the assessment of … [Read more...]
Kerrigan v Elevate Credit – an “unfair relationship”
The judgment in the Kerrigan & others v Elevate Credit International Ltd was published on 5 August 2020. Elevate Credit International was a large UK payday lender, trading as Sunny. Kerrigan and the other eleven claimants were Sunny customers who had made affordability complaints to Sunny through a claims company. The claims company brought the case and selected six claimants; Sunny … [Read more...]
Payday lender Sunny heading for administration
UPDATE - Sunny went into administration on 29 June. See 500,000 Sunny customers owed refunds will get little or nothing for the latest news about what customers will get. And see Kerrigan v Elevate Credit – an “unfair relationship” for my thoughts on the court case Sunny lost, badly. Elevate Credit International Limited, which trades as Sunny, has filed a Notice of Intent to appoint … [Read more...]
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...]
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...]
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