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...]
Payday loans
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!
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...]
Coronavirus & payday loans – 1 month break with no interest
A different approach for payday loans On 24 April the FCA published its guidance for payday lenders on customers with Coronavirus difficulties. With other types of credit, customers can have three month payment breaks but interest continues to be added during these breaks. This applies to mortgages, unsecured loans and credit cards, and car finance. But the FCA has taken a very different … [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...]
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...]
More payday lenders go under – was anything learned from Wonga?
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...]
PPI or payday refund? How to get back the tax deducted!
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...]
QuickQuid goes into administration – what will happen
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...]
Has Wonga offered you a low settlement? Is this a good offer!
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...]
Lending Stream blames refund delays on Brexit!
In March 2019, 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! But in September 2019 there was a brand new excuse from a payday lender. "Your refund will be slower to be paid because of Brexit" All the refunds mentioned here have been awarded by the Finacial … [Read more...]
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