*The Money Shop, Payday UK, Payday Express and Ladder Loans to pay £15.4 million redr

[Legal Beagles]

Dollar Financial UK (‘Dollar’), trading as The Money Shop, Payday UK, Payday Express and Ladder Loans, has entered into an agreement with the FCA to provide £15.4 million redress to 147,000 customers for unfair practices. Source: Information for The Money Shop, Payday UK, Payday Express and Ladder Loans customers about its redress scheme – Financial... Read more »
Read More -> *The Money Shop, Payday UK, Payday Express and Ladder Loans to pay £15.4 million redress


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[Amethyst]

Re: *The Money Shop, Payday UK, Payday Express and Ladder Loans to pay £15.4 million

Dollar Financial UK has agreed an approach with the FCA to provide redress to those customers who were affected. The redress relates 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 collections issues. The agreed package will consist of a combination of cash refunds and balance write downs. The exact amount of redress each customer is due will be assessed on a case by case basis.


• 65,000 customers will receive a cash refund.
• 67,000 customers will have their current loan balance reduced.
• 15,000 customers will receive both a cash refund and a reduction in their loan balance.

Customers do not need to take any action. Dollar will start contacting customers immediately and plans to complete the redress exercise by early 2016


Further information can be found on the following websites:
The Money Shop
Payday UK
Payday Express
Ladder Loans