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...]
High cost credit news and policy
QuickQuid goes into administration – what will happen
UPDATE - the Claims Portal is now live. 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 … [Read more...]
Payday lender Sunny heading for administration
UPDATE - Sunny went into administration on 29 June. See Sunny now in Administration for details, including the implications for customers. 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 administrators. It told the … [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...]
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...]
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