*** Update: 26th March *** A few people have been paid this morning. but not all. See comments below for details. *** Administrators update 19th March *** See Wonga's home page for details: The Joint Administrators have now attempted to make dividend payments to over 443,000 creditors representing 98% of the creditor population. This includes payments to creditors whose payments 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!
Will the Money Shop really pay 80% of refunds? No – now may be 10%…
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...]
Sunny concerned about lack of regulatory clarity – really?
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...]
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...]
Money Shop, Payday UK / Express – Latest News & FAQs
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...]
Wageday Advance (WDA) – latest news on the administration
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...]
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...]
- 1
- 2
- 3
- …
- 6
- Next Page »