According to Sky News, Instant Cash Loans (ICL) will ask its creditors to approve a Scheme of Arrangement as it prepares to close. ICL had two million customers, with three big payday lending brands: The Money Shop was once Britain's largest payday lender on the high street. The Money Shop stopped making payday loans in August last year, closing branches and concentrating on pawn-broking, … [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!
SpeedyCash had several high-street stores which stopped lending in 2017. It was the trading name of SRC Transatlantic Limited which went into administration at the end of February 2019. SpeedyCash had c 183,000 former customers. If you borrowed from SpeedyCash, you may have a claim for unaffordable lending. An unaffordable loan is one you could not repay, or which you only repaid with … [Read more...]
In January, a reader told me about a loan he had for £650, with 18 monthly repayments of £147. This adds up to a total repayment of £2,650 - an eye-watering amount and more than four times what he borrowed. At first I thought this was probably taken out years ago. But in fact, it was borrowed in late 2018 from Loans2Go. Loans2Go also offer logbook loans, but this article is just about their … [Read more...]
UPDATE - June 15th Money Shop to close – two million customers will be informed The Daily Mail has just published Hundreds of jobs at risk as payday lender The Money Shop goes under following 'unprecedented number of customer complaints' which says: 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 … [Read more...]
The Financial Ombudsman Service (FOS) published its Annual Review this week which highlighted the massive jump in payday loan complaints - up 130% to c.40,000 in 2018-19. The Consumer Finance Association (CFA) has responded with a blog Reflecting on the FOS Annual Review. The CFA is the trade association for payday lenders, so you won't be surprised they are not happy... Mandy Rice-Davies's … [Read more...]
Curo Transatlantic Limited (CTL) had two brands: Wageday Advance (WDA), a mid-sized payday lender; and Juo Loans, a small guarantor lender. CTL entered administration on 26 February 2019 because of the number of payday loan affordability complaints they were receiving. They appointed KPMG as Administrators. SpeedyCash was also part of the same group as Wageday Advance. It was a … [Read more...]
Wonga stopped lending and went into administration on 30 August 2019, unable to pay refunds on all the payday loan affordability complaints it was getting. An unaffordable payday loan is one you could only manage to repay if you borrowed more elsewhere or didn't pay some bills. So you may have repaid a loan but still be able to claim a refund of the interest you paid if the loan was … [Read more...]
New statistics for July-December 2018 from the Financial Ombudsman (FOS) show how payday loan complaints have jumped in the second half of 2018 and give details for how many complaints the larger lenders had. Almost all these cases are affordability complaints where a customer was given payday loans without proper affordability checks and is asking for a refund of interest paid. The … [Read more...]
QuickQuid has told some customers that it plans to delete loan data over seven years old with effect from today, 15th April 2019. It says this is to comply with its legal obligations. QuickQuid has sent emails to the affected customers asking if they would like a copy of their data before it is deleted. It seems to me that this new policy is not in the customers' interest because it will … [Read more...]
In April the Wonga Administrators published the new Online Claims Portal. This lets current and previous Wonga customers in the UK submit a claim for a refund for unaffordable loans. The Online Claims Portal will close at the end of September, so all claims should be submitted before then. The Administrators have given a set of FAQs. What is the form for? The form has two main … [Read more...]