On 28 May 2021, the KPMG administrators announced they will be paying 3.21p in the pound to c 40,000 people who submitted a claim for unaffordable loans. All 500,000 customers with mis-sold loans should have had their credit records repaired, see below. 40,000 people is a low number as the administrators calculated that more than half a million were mis-sold loans. Many people may not have … [Read more...]
Sunny – some loans written off & the rest sold to a debt collector
The administrators say people may be allowed to submit claims in November 2020, if sufficient funds are available in the Administration for a distribution to be made to unsecured creditors. The administrators will also explain then what people who have already submitted claims, or who had claims agreed but not paid when the company went under, need to do. But that "if" clause is important. The … [Read more...]
Kerrigan v Elevate Credit – an “unfair relationship”
The judgment in the Kerrigan & others v Elevate Credit International Ltd was published on 5 August 2020. Elevate Credit International was a large UK payday lender, trading as Sunny. Kerrigan and the other eleven claimants were Sunny customers who had made affordability complaints to Sunny through a claims company. The claims company brought the case and selected six claimants; Sunny … [Read more...]
Payday lender Sunny heading for administration
UPDATE - Sunny went into administration on 29 June. See 500,000 Sunny customers owed refunds will get little or nothing for the latest news about what customers will get. And see Kerrigan v Elevate Credit – an “unfair relationship” for my thoughts on the court case Sunny lost, badly. Elevate Credit International Limited, which trades as Sunny, has filed a Notice of Intent to appoint … [Read more...]
Sunny’s payday lending – concerned about lack of regulatory clarity
In November 2019, 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? In late October QuickQuid had gone into administration after its American parent announced it was exiting the UK. That left Lending Stream, Myjar and Sunny as the largest … [Read more...]