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...]
High cost credit news and policy
Wonga – Latest News about refunds
YOU CAN NO LONGER MAKE A CLAIM ABOUT WONGA LOANS THE DEADLINE WAS SEPTEMBER 30. A payday loan is "unaffordable" if repaying meant you had to get into more debt, by borrowing again or getting behind on bills or other debts. So you may have repaid all your loans but still have a good claim for a refund of the interest you paid - which is usually a LOT. Find out more about payday loan claims, … [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...]
Will the Money Shop really pay 80% of your payday loan refund?
UPDATE On September 13 ICL put an update on its website to say: Over the previous weeks, we have been refining how we will assess complaints made to us in the Scheme, and there have been some important developments, which might affect how much consumers might get in the Scheme. It has clarified how it will assess claims for refunds, accepting all loans over 6 years and more claims in general. … [Read more...]
SpeedyCash in administration – send affordability claims by end July 2019
SpeedyCash had several high-street stores which stopped lending in 2017. It was the trading name of SRC Transatlantic Limited which went into administration at the end of February 2019. SpeedyCash had c 183,000 former customers. If you borrowed from SpeedyCash, you may have a claim for unaffordable lending. An unaffordable loan is one you could not repay, or which you only repaid with … [Read more...]
Loans2Go’s interest rate – “outrageous” – how to complain
In January, a reader told me about a loan he had for £650, with 18 monthly repayments of £147. This adds up to a total repayment of £2,650 - an eye-watering amount and more than four times what he borrowed. At first I thought this was probably taken out years ago. But in fact, it was borrowed in late 2018 from Loans2Go. Loans2Go also offer logbook loans, but this article is just about their … [Read more...]
Money Shop – redundancy plans and stores closing
UPDATE - June 15th Money Shop to close – two million customers will be informed On June 21 the Daily Mail reported that : In a letter sent to employees and seen by This is Money, ICL said it plans to close or sell off all of its UK stores following 'poor financial performance' and an 'unprecedented number of customer complaints'. The Money Shop has already shut down or sold … [Read more...]
Payday lenders tired of having to pay so many refunds – unsurprising!
The Financial Ombudsman Service (FOS) published its Annual Review this week which highlighted the massive jump in payday loan complaints - up 130% to c.40,000 in 2018-19. The Consumer Finance Association (CFA) has responded with a blog Reflecting on the FOS Annual Review. The CFA is the trade association for payday lenders, so you won't be surprised they are not happy... Mandy Rice-Davies's … [Read more...]
Guarantor loans – why guarantors & borrowers need extra protection
Guarantor loans are coming into the regulatory spotlight. The FCA wrote to CEOs in March 2019 saying it will be looking at affordability and whether potential guarantors have enough information to understand how likely it is that they may have to make the loan payments. In a speech, Jonathan Davis said: Recent work we have done in this area showed that many guarantors are making at least 1 … [Read more...]
- 1
- 2
- 3
- …
- 6
- Next Page »