»

Emails from the money shop

New Post Advanced Search

Coronavirus: Stay up to date with the latest from MSE


The MSE team is working extremely hard to keep the info we have about your travel rights, cancellation rights, sick pay (and more) up to date.
Stay updated with our guides: Coronavirus Help & Your Rights * Coronavirus Travel Rights
NEWSFLASH 27/03
MARTINS VIDEO FOR SELF-EMPLOYED * DELAY HOUSE MOVES * EUROSTAR UPDATE

Emails from the money shop

edited 30 November -1 at 1:00AM in Loans
4 replies 3.3K views
mixiahmixiah Forumite
3 posts
Eighth Anniversary Combo Breaker First Post
MoneySaving Newbie
edited 30 November -1 at 1:00AM in Loans
Anyone else had emails from the money shop?
"Attached to this email is a document relating to the voting process for the Scheme of Arrangement being undertaken by The Money Shop, please read this document carefully and take the appropriate action required."

I'm just not sure if there's any benefit in voting against what they are proposing? Or even voting at all.

Any advice would be welcome.

Replies

  • MovingForwardsMovingForwards Forumite
    3.8K posts
    1,000 Posts Name Dropper Photogenic First Anniversary
    ✭✭✭✭
    If you had a payday loan with them, or one of their sister companies then voting yes, if there is more than no votes, means you should receive a payment/compensation once they have gone through everything.

    A few PDL companies seem to be doing it at the moment!
  • Yes. Similar emails.

    If you vote for the scheme and the scheme goes ahead, they have a pot of 20 million to pay out in compo and redress claims for missing sold pay day loans. If the scheme goes ahead, customers will receive between 13% and 80% of what they owed.

    If the NO votes win then the company goes into liquidation and customers will receive less than 2% owed.

    So it's better to vote YES
  • pikachupikachu Forumite
    28 posts
    Part of the Furniture Combo Breaker
    I've had emails from them as well
    I had short terms loans from PaydayUK between 2010 and 2014
    I did think it was a scam initially
  • Nigelj2k17Nigelj2k17 Forumite
    1 posts
    First Post
    MoneySaving Newbie
    Yes. Similar emails.

    If you vote for the scheme and the scheme goes ahead, they have a pot of 20 million to pay out in compo and redress claims for missing sold pay day loans. If the scheme goes ahead, customers will receive between 13% and 80% of what they owed.

    If the NO votes win then the company goes into liquidation and customers will receive less than 2% owed.

    So it's better to vote YES
    Not really as simple as this or there wouldn’t be a vote at all. 
    Even if people vote yes there’s no guarantee of 20% as they’ve already said it’s likely to be less than 14%

    I voted no as the way it was explained to me is that if this goes ahead the money shops owners and directors get to keep the money they’ve squirrelled away for years and start afresh with a short term loan company the day after the payments are made. If more vote no and they’re liquidated they won’t be able to get any backing from the fsa to start any more “prey on the needy to get rich quick” businesses

    judging by the fact Wonga predicted a 20-30% payout and actually paid out 4.3% I wouldn’t go spending your 20-80% just yet
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support