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...]
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...]
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...]
The Money Shop stops lending
On 1st August 2018, the Money Shop stopped giving loans to new or existing customers. Here is the announcement on its website: The Money Shop is part of the Dollar Financial Group, who owned two other large payday lending brands, Payday UK and Payday Express. These both stopped lending in October 2017. The Money Shop is not going out of business, it is carrying on with its other travel … [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...]
Payday UK stops lending after more than 10 years
In October 2017 Payday UK and Payday Express stopped offering loans online or over the phone according to their websites. They were two of the oldest and largest payday lenders in Britain. They were brand names of Instant Cash Loans Ltd. The group's Money Shop business is unaffected, as are their smaller pawn-broking businesses: Robert Biggar. Suttons & Robertsons, and Duncanson & … [Read more...]