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MSE News: Payday lender Dollar to refund over £15m to 147,000 borrowers
Former_MSE_Helen
Posts: 2,382 Forumite
in Loans
Dollar, trading as The Money Shop, Payday UK, Payday Express and Ladder Loans, lent many more than they could afford...
Read the full story:
Payday lender Dollar to refund over £15m to 147,000 borrowers
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Payday lender Dollar to refund over £15m to 147,000 borrowers
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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--> FCA Press Release - Payday lender Dollar to provide £15.4 million redress to over 147,000 customers
--> FCA - Information for The Money Shop, Payday UK, Payday Express and Ladder Loans customers about its redress schemeFree/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
I contacted Money Shop yesterday as I had a loan with them during this time. I borrowed £300 and ended up paying back over £1000.
I got a reply from Money Shop today saying I wasn't eligible for redress.
So the question is, if I'm not eligable considering the trouble I went through with them, who is?0 -
From mse article "Refunds will be given to customers in relation to 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 the system error. However, the FCA says it's not a blanket approach whereby everyone who took out a loan between these periods is affected."
...A real shame those dates above largely only correlate to current regulator, it's like dates have been fudged somehow...
I only thought about Dollar f!nance the other day and hadn't they disappeared - certainly less prominent, whilst appreciate I can hardly talk as I still borrow (less) this way, mind you I just don't know how you can blanket 'affordability' either
I can't work it out and admit I think it's best I give up, they (Payday Express) were double charging 'defaulters' back in 2011 knew I wasn't imagining it at the time so even though I don't need the money anymore, just seeing this finally brings some sort of closure. What timing and why now.0 -
I think many of my payday loans may have been taken out slightly before this period although I fell into financial difficulties and was still trying to pay them off during the dates stated.
Between Money Shop, Payday Express and Payday UK I borrowed around £900 but paid back around £4000 in interest, fees etc. I'm very unhappy that they now tell me this was fair and I cant claim anything back.0
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