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  • FIRST POST
    • LeeUK
    • By LeeUK 24th Aug 19, 11:57 AM
    • 6,462Posts
    • 2,985Thanks
    LeeUK
    Weird Letter from Instant Cash Loans
    • #1
    • 24th Aug 19, 11:57 AM
    Weird Letter from Instant Cash Loans 24th Aug 19 at 11:57 AM
    Received this letter in the post today from Instant Cash Loans. I did have a loan from one of the brands listed on top of the letter back in 2011. It also says they wrote to me on the 19th July but I'm positive I've had no previous letter.

    Anyone else got this letter or know about it?

Page 1
    • sourcrates
    • By sourcrates 24th Aug 19, 1:20 PM
    • 18,604 Posts
    • 17,508 Thanks
    sourcrates
    • #2
    • 24th Aug 19, 1:20 PM
    • #2
    • 24th Aug 19, 1:20 PM
    Hi,


    Yes, the payday loan companies listed in that letter, all went bust, along with wonga, and a few others.


    The administrators are realising all the companies assets that still exist, and are to make this pot of money available to past customers who may have had reason to make a complaint about past lending criteria.
    You simply vote yes or no, as to wether you wish to be a part of this redress scheme or not, if you vote no, then thats the end of the matter.


    If you vote yes, your past loans will be reassessed by the administrators and if they decide mis-selling took place, you will be included in the payout.


    You wont recieve a massive amount of money back, just a small percentage of the pot shared with all the other past clients who have had their complaints upheld.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • LeeUK
    • By LeeUK 24th Aug 19, 5:58 PM
    • 6,462 Posts
    • 2,985 Thanks
    LeeUK
    • #3
    • 24th Aug 19, 5:58 PM
    • #3
    • 24th Aug 19, 5:58 PM
    I don't think I ever paid the loan back to be honest as I took it out when I was between jobs. It's all statute barred and long gone from my credit files now though. Still, I think I'll vote for the claim.

    Thanks.
    • sassy-one
    • By sassy-one 24th Aug 19, 8:54 PM
    • 2,335 Posts
    • 1,862 Thanks
    sassy-one
    • #4
    • 24th Aug 19, 8:54 PM
    • #4
    • 24th Aug 19, 8:54 PM
    So OP, you'll vote for a scheme when you opening admit you never repaid the loan?

    Any reply to you is wasted, no morals though screams.
    Life is to short to go on hating someone but there are some people who are pure evil and you are best far away as possible from.
    I've learned you should live every day as your last
    Snowflake <3 Always remembered
    Posted via my iPhone
    • LeeUK
    • By LeeUK 24th Aug 19, 8:59 PM
    • 6,462 Posts
    • 2,985 Thanks
    LeeUK
    • #5
    • 24th Aug 19, 8:59 PM
    • #5
    • 24th Aug 19, 8:59 PM
    So OP, you'll vote for a scheme when you opening admit you never repaid the loan?

    Any reply to you is wasted, no morals though screams.
    Originally posted by sassy-one
    These pay day lenders had no morals when they were giving unaffordable high interest loans out to people in society who could least afford it. So you can keep your morals and put them where the sun don't shine.



    .
    Last edited by LeeUK; 25-08-2019 at 3:37 PM.
    • Loki100
    • By Loki100 25th Aug 19, 12:04 PM
    • 1 Posts
    • 0 Thanks
    Loki100
    • #6
    • 25th Aug 19, 12:04 PM
    • #6
    • 25th Aug 19, 12:04 PM
    We also got this letter but we have never had a loan with any of this type of company - Inclined to ignore it? Advice please.
    • twhitehousescat
    • By twhitehousescat 25th Aug 19, 12:59 PM
    • 4,245 Posts
    • 5,234 Thanks
    twhitehousescat
    • #7
    • 25th Aug 19, 12:59 PM
    • #7
    • 25th Aug 19, 12:59 PM
    this us very much a publicity stunt


    friend got simular letter , and voted yes

    a few weeks later , email saying they had declined his claim

    no one had asked him "why" he thought he should have interest repaid , or to ask him to submit evidence/documents

    and I suspect that the administers are not obliged to answer to the financial ombudsman
    Time pretending I was asleep whilst under his desk , has given me insight to this sordid world
    • yoshiyella
    • By yoshiyella 25th Aug 19, 2:21 PM
    • 558 Posts
    • 235 Thanks
    yoshiyella
    • #8
    • 25th Aug 19, 2:21 PM
    • #8
    • 25th Aug 19, 2:21 PM
    I received an email and was asked to vote. I voted but I had paid off all loans I had had over the years through various companies.


    I don't expect anything back but if it helps someone on a low income then so be it.
    • sourcrates
    • By sourcrates 25th Aug 19, 2:26 PM
    • 18,604 Posts
    • 17,508 Thanks
    sourcrates
    • #9
    • 25th Aug 19, 2:26 PM
    • #9
    • 25th Aug 19, 2:26 PM
    So OP, you'll vote for a scheme when you opening admit you never repaid the loan?

    Any reply to you is wasted, no morals though screams.
    Originally posted by sassy-one

    People generally repay their loans according to the terms agreed as it preserves their credit status and facilitates further access to credit.

    If they default on a loan, they will suffer the consequences of an adverse credit rating and find further borrowings more expensive or difficult to obtain at all.

    I don't see what morals have to do with credit at all. Credit is simply a business transaction. The likelihood of the debtor defaulting is built into the interest rate charged.

    If someone finds themselves in the situation where their debts have got out of control, the advice given should be the most applicable to that situation in a completely non-judgmental manner. The general well-being or otherwise of the credit industry is of supreme irrelevance when giving appropriate advice to an individual person.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • keepcalmandstayoutofdebt
    • By keepcalmandstayoutofdebt 25th Aug 19, 6:20 PM
    • 3,856 Posts
    • 2,021 Thanks
    keepcalmandstayoutofdebt
    this us very much a publicity stunt


    friend got simular letter , and voted yes

    a few weeks later , email saying they had declined his claim

    no one had asked him "why" he thought he should have interest repaid , or to ask him to submit evidence/documents

    and I suspect that the administers are not obliged to answer to the financial ombudsman
    Originally posted by twhitehousescat
    Agree.

    Whilst I had nearly 30 loans through PDE during years 2009 - 2011 (yes it really was a re loan every month) and 4 under PUk in year of 2011 even though it really does not bother me I have not heard a dickie bird. But it was suspected PDE lost my file conveniently long time ago when the likes of the FOS wasn't interested and it was difficult to be heard as having a problem.
    Not leaving my 'childhood' Home without a fight
    • TripleH
    • By TripleH 26th Aug 19, 9:17 PM
    • 306 Posts
    • 198 Thanks
    TripleH
    Loki100, hi, yes if you never had a loan from them ignore it.

    They will be searching for previous customers and you had a similar name. They would seek more information out before paying out.
    Wherever you go, whatever you do Richard Marx is right there waiting for you.

    Sweet dreams!
    • sourcrates
    • By sourcrates 28th Aug 19, 10:16 PM
    • 18,604 Posts
    • 17,508 Thanks
    sourcrates
    I have voted AGAINST the Scheme of Arrangement here.

    Mainly because:

    1. I had one or two loans with them in the past and there's no way that I'd ever get a payout for "irresponsible lending" based on that, nor would I expect one.

    2. I don't fully know what the outcome of EITHER option is for the company here. So I err on the side of caution and assume that they have proposed it as self-preservation.
    Originally posted by Les79
    Itís simple, if you vote yes, and the vote is carried, the parent company will make available £20.000,000 with which to make redress to clients, if the vote is not carried, the company will be liquidated and you will get 1p in the pound per amount owed, so nothing basically.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • loganjohnson
    • By loganjohnson 29th Aug 19, 5:32 AM
    • 4 Posts
    • 0 Thanks
    loganjohnson
    I think this is the best solution cuz itís based on you.
    Hi,
    I think this is the best reply cuz itís all left on you. Cuz if you say no, then the proposal stops there.


    Yes, the payday loan companies listed in that letter, all went bust, along with wonga, and a few others.


    The administrators are realising all the companies assets that still exist, and are to make this pot of money available to past customers who may have had reason to make a complaint about past lending criteria.
    You simply vote yes or no, as to wether you wish to be a part of this redress scheme or not, if you vote no, then thats the end of the matter.


    If you vote yes, your past loans will be reassessed by the administrators and if they decide mis-selling took place, you will be included in the payout.


    You wont recieve a massive amount of money back, just a small percentage of the pot shared with all the other past clients who have had their complaints upheld.[/QUOTE]
    • twhitehousescat
    • By twhitehousescat 29th Aug 19, 8:46 AM
    • 4,245 Posts
    • 5,234 Thanks
    twhitehousescat
    Hi,
    I think this is the best reply cuz itís all left on you. Cuz if you say no, then the proposal stops there.


    Yes, the payday loan companies listed in that letter, all went bust, along with wonga, and a few others.


    The administrators are realising all the companies assets that still exist, and are to make this pot of money available to past customers who may have had reason to make a complaint about past lending criteria.
    You simply vote yes or no, as to wether you wish to be a part of this redress scheme or not, if you vote no, then thats the end of the matter.


    If you vote yes, your past loans will be reassessed by the administrators and if they decide mis-selling took place, you will be included in the payout.


    You wont recieve a massive amount of money back, just a small percentage of the pot shared with all the other past clients who have had their complaints upheld.
    Originally posted by loganjohnson
    [/QUOTE]

    administrators? , this is no better than the actual company did it , 99% of cases were denied, but a high percentage of people were paid out when they challenged this with the ombudsman

    in the case with the administrators , the customer has no eight to state reason pr to show documents to show the criteria was wrong

    smoke , mirrors and keeping the press etc happy
    Time pretending I was asleep whilst under his desk , has given me insight to this sordid world
    • older_wiser
    • By older_wiser 29th Aug 19, 10:39 AM
    • 2,261 Posts
    • 3,668 Thanks
    older_wiser
    had a similar email afew months ago they got back to me saying my claim has been accepted and i will get payment in january don't expect to get much as sourcrates has said probably 1p in the pound.

    At the time i was using these loans to help me out and get to where i am now which is no debt very healthy savings and a decent amount set aside in stocks and shares how things change. Without these loans i doubt i'd be in the situation i am now but i understand why people complain about them i just saw them as a stepping stone and they were useful to me at that time in my life when banks wouldn't even consider me.
    • Mrs_Ryan
    • By Mrs_Ryan 29th Aug 19, 11:55 PM
    • 11,062 Posts
    • 20,973 Thanks
    Mrs_Ryan
    I had the email but didn’t vote as I’ve already had hefty payouts from PDUK and the Money Shop a few years ago.
    Open University 2:1 Graduate 2017; MA at DMU complete 2018- MERIT!! Round 2 OU 2018- BSc Combined STEM (Sports Psychology) Year 1 PASS! E117 &DE100. Year 2- K220 and E235.
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    Strictly 2019- TEAM RAMSEY!
    Elle
    • barrysingh101
    • By barrysingh101 23rd Sep 19, 8:02 PM
    • 1 Posts
    • 0 Thanks
    barrysingh101
    this letter seems legit but you have to investigate more before proceeding.
    • JReacher1
    • By JReacher1 24th Sep 19, 5:22 AM
    • 3,230 Posts
    • 4,513 Thanks
    JReacher1
    There’s a typo in the second paragraph where is says “own” instead of “owe”.

    It annoys me.
    • Gig1968
    • By Gig1968 30th Sep 19, 12:09 PM
    • 56 Posts
    • 6 Thanks
    Gig1968
    Any news on the scheme of arrangement meting held on September 24 .
    • rhyswales12
    • By rhyswales12 18th Oct 19, 12:33 PM
    • 4 Posts
    • 1 Thanks
    rhyswales12
    Claim
    Received a email about my claim yesterday but never voted before hand so I submitted my claim and the received a message saying they would review it and contact me at the end of next year.
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