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    Big Bad Boss Gazer's Avatar
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    The payday firm that's being forced to hand ?15.4million back - are you due a refund?

    After what the regulator called "a number of serious failings" that "caused detriment for many customers" one of the biggest payday lenders is handing millions back to its cutsomers.

    Mistakes, debt collection practices and affordability checks mean ?15.4million will be paid back to customers of Dollar Financial - which owns The Money Shop, Payday UK, Payday Express and Ladder Loans.

    ?The FCA expects all credit providers to carry out proper checks to ensure that borrowers don?t take on more than they can afford to pay back. We are encouraged that Dollar is committed to putting things right for its customers,? said Jonathan Davidson, from the Financial Conduct Authority.

    The payout

    * 65,000 customers will get a cash refund

    * 67,000 customers will have their loan balance reduced

    * 15,000 customers will cash and get their loan balance cut

    ?The payday lending industry has been a parasite on this country, it lived in a void of regulation for far too long," said Guy Anker, managing editor at MoneySavingExpert.com.

    "Thankfully, we have started to see much greater scrutiny of the ways these dangerous businesses in this dangerous industry operate. And now their horrible practices are starting to catch up with them."

    What happens now

    Money will be paid back on loans taken out between 1 April 2014 and 30 April 2015 in respect of affordability issues and 1 January 2013 and 30 April 2015 in relation to collections issues.

    The exact amount of cash returned will be assessed on a case by case basis.

    Customers have been told they don't need to take any action themselves. Dollar will start contacting customers immediately and plans to complete the redress exercise by early 2016, this includes tracking down those people who have changed their contact details or bank account information.

    There is also further information on The Money Shop, Payday UK, Payday Express and Ladder Loans websites.

    Here is what the FCA is advising in more detail:

    How The Money Shop, Payday UK, Payday Express and Ladder Loans customers will be informed whether they are due redress

    Affected customers do not need to take any action. The Money Shop, Payday UK, Payday Express and Ladder Loans aim to start contacting all customers immediately to explain how the redress will be provided.

    There is further information for customers who think they may have been affected on the firms? websites listed at the bottom of this page.

    What you should do if you still owe The Money Shop, Payday UK, Payday Express and Ladder Loans money

    Customers should continue to make payments unless they are told to stop by The Money Shop, Payday UK, Payday Express and Ladder Loans. Borrowers who are experiencing financial difficulty should contact The Money Shop, Payday UK, Payday Express and Ladder Loans to discuss their options.

    If you are struggling with your debts, there are free debt advice services which can help you. You can find out more on the Money Advice Service website.

    The Money Shop, Payday UK, Payday Express and Ladder Loans will write to all affected customers with details of how they will be paid the redress due. Affected customers will not need to apply for redress. There is therefore no need for customers to appoint a claims management company to represent them. Claims management companies charge for using their services and this could involve the payment of a significant fee relative to the amount of any redress received.

    Further information can be found on the following websites:

    The Money Shop

    Payday UK

    Payday Express

    Ladder Loans

    You can contact The Money Shop, Payday UK, Payday Express and Ladder Loans Customer Engagement Team on 0330 024 1642 or via email at Hidden Content or by letter at the following address: Dollar UK, PO Box 606, Hounslow, TW3 9RR.
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  3. #2
    Moderator thelostone's Avatar
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    good, some of the interest rates of these lenders is criminal

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