On 10 January 202, the Wonga administrators started sending emails to people who will be getting a refund. Dear X Case Number: Third Party Reference: We previously emailed you in relation to your successful claim in the Wonga administration. At the end of January, we will communicate by email the amount you will be due to receive as a dividend. Please be aware, the payment you receive … [Read more...]
Payday loans - easy to take out - hard to escape from. This page has all Debt Camel's articles about them, the most recent first.
If you think you were given a payday loan which was unaffordable - you could only repay it if you borrowed again soon afterwards, read How to ask for a payday loan refund which has step by step instructions and free template letter.
Tens of thousands of people have got a refund of the interest they paid on some of their loans using this approach!
In the last six weeks, Britain's largest payday lender, QuickQuid, went into administration followed by three smaller lenders: 247 Moneybox, PiggyBank and Swift Sterling. Have the lessons from Wonga's collapse last year been leaned? And how can regulators and debt advisers do better in future to protect borrowers, not just of payday loans but other sorts of high cost credit as well? My 6 … [Read more...]
If you have received a PPI or payday loan refund tax may have been deducted. Since April 2016 non taxpayers and basic rate taxpayers can probably get some or all of this back from the HMRC! This article looks at who can claim this tax back and how to do it. Why was this taxed? People often feel cross that they are charged tax on a refund. If you return something to a shop for a refund, you … [Read more...]
When you get a payday loan, it arrives very quickly... so why does it take some payday lenders so long to pay out refunds for unaffordable lending? Especially as a few lenders are very fast? Thousands of people have left comments on the main How to get a payday loan refund page on the progress of their claims. This article summarises recent comments about the large and mid-sized lenders, … [Read more...]
Many people hoping for a payday loan refund from Sunny were watching for the third quarter results from Elevate, Sunny's US parent. Would Elevate decide to close Sunny, so they wouldn't get their refunds? Two weeks earlier QuickQuid had gone into administration after its American parent announced it was exiting the UK. That left Lending Stream and Sunny as the largest payday lenders in … [Read more...]
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 Stride. Grant Thornton has been appointed as … [Read more...]
People who still have a loan from Wonga that has been paid are getting emails with what sounds like a tempting offer: Loan settlement offer to restore your credit record. The offer details are: you only have to pay about 25% of the debt; the debt will be deleted from your credit record if you accept the offer; it says the offer is "time-limited" but doesn't give a date you have to … [Read more...]
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...]
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...]
This is the first in a new series of short articles looking at some lenders' poor complaint handling. In March, the FCA identified complaint handling as a key component of its supervision of high cost credit lenders. From what I have seen since then the FCA supervision teams must be pretty busy! So first up, Lending Stream, who has previous form in this area. I have already written about … [Read more...]