MSE News
Payday lender PiggyBank sinks into administration
Payday loan provider PiggyBank has collapsed into administration and will no longer be offering new loans.
HJS Recovery has been appointed as administrators of DJS (UK) – which trades as PiggyBank – and has said it will conduct an "orderly wind down of the business".
PiggyBank had 45,000 customers and offered loans of between £100 and £1,000, to be paid back over periods of between seven days and five months. In a statement on the lender's website, the administrators say if you're a customer with an outstanding loan, you'll need to carry on repaying it.
And if you think you were mis-sold a loan, you can still complain – though you'll be treated as an 'unsecured creditor', meaning unfortunately you'll be unlikely to get much of your cash back.
PiggyBank is the latest in a growing list of failed payday lenders. Payday giant Wonga collapsed last year, and was followed by providers such as QuickQuid and 247MoneyBox.
Been mis-sold a loan? See our Reclaim payday loans for free guide.
I've got an outstanding PiggyBank loan – what should I do?
If you have an outstanding loan, the administrators say you should carry on paying it back in the usual way.
They also warn customers to be aware of scammers trying to capitalise on the lender's collapse. The administrators say they will never ask for bank details, and that you shouldn't give any personal or account details to anyone who contacts you unexpectedly about a PiggyBank loan.
If you have questions, you can still contact the PiggyBank customer services team on help@piggy-bank.co.uk or 0800 206 1560.
I was mis-sold a loan – can I still claim?
The administrators say that those with mis-selling complaints should still approach PiggyBank, by emailing complaints@piggy-bank.co.uk.
If you'd already made a complaint to the ombudsman before the company collapsed, this will be passed on to the administrators – so you don't need to resubmit it.
Any claims will be treated as 'unsecured creditor claims', including if you'd already accepted a redress offer, but haven't yet been paid.
Unfortunately, this means you'll likely be in a long queue of other claimants, and will be unlikely to receive the full amount of your claim.
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