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ICL / Money Shop Scheme ends

A first payment of 4.31p in the £ was paid in May/June 2021. A second, much smaller payment of 0.65p in the £ is being paid on 14 or 18 January 2022. If you do not receive this second payment, see below for what to do.   Background to the Scheme This "Scheme of Arrangement" covers borrowers from the ICL brand names, Money Shop, Payday UK and Payday Express, who were given … [Read more...]

January 13, 2022 Author: Sara Williams Tagged With: High cost credit news/policy, ICL & the Money Shop, Schemes of Arrangement

No set off in a Scheme/Administration when debt had been sold?

In 2021, the Instant Cash Loans (ICL) Scheme Arrangement, Money Shop, Payday UK and Payday Express customers whose debts were sold to PRAC Financial (PRAC) have not been given set-off between their ICL redress and the loan they still owe. The same situation could occur with other Schemes of Arrangement and other debt collectors.  In 2022, it seems to have happened to some Provident loans that … [Read more...]

April 20, 2021 Author: Sara Williams Tagged With: High cost credit news/policy, ICL & the Money Shop

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...]

February 25, 2020 Author: Sara Williams Tagged With: High cost credit news/policy, ICL & the Money Shop, Schemes of Arrangement

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...]

June 21, 2019 Author: Sara Williams Tagged With: High cost credit news/policy, ICL & the Money Shop, Payday loans

Refunds from Payday UK/Express & the Money Shop (old article)

UPDATE On July 15, it was reported that the Money Shop is to close. This has been confirmed on July 17, when the Money Shop website was updated with details. See Money Shop to close – two million customers will be informed for details of how this will affect existing complaints. That is the best place for all discussion from now on and I am closing comments on this page. If you had … [Read more...]

January 4, 2018 Author: Sara Williams Tagged With: ICL & the Money Shop, Payday loans

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