A "Scheme of Arrangement" is in place for borrowers from the Money Shop, Payday UK or Payday Express who were given unaffordable loans. The Money Shop home page says: We have calculated the final dividend amount and you will be receiving 4.31p per £1. Where you provided us your bank details we will commence making payments from 24 May 2021. These payments will be made by BACS. People … [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...]
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...]
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...]