MoneySavingExpert News

Payday Loans

Provident to wipe loans for tens of thousands of borrowers - what it means for you

Tens of thousands of borrowers with high interest loans are set to see their remaining debts cleared as doorstep lender Provident and short-term lender Satsuma officially shut shop and stop collecting payments.

22 December 2021

Thousands of Amigo borrowers expected to get back less than half of what they're owed - but it's more than the payouts initially proposed

Thousands of Amigo borrowers, who were mis-sold loans they couldn't afford, are expected to get back less than half of the interest and fees they were charged, it's been revealed.

15 December 2021

Over 78,000 QuickQuid borrowers expected to receive payouts after being mis-sold loans - but they'll only get back up to half of what they paid

Around 78,500 QuickQuid and Pounds to Pocket borrowers, who were mis-sold loans they couldn't afford, are expected to receive refunds of some of the interest and fees they were charged. But they'll only get back up to half of what they paid - and some will receive less than a third.

30 November 2021

Provident to limit loan mis-selling payouts for up to four million customers under new redress scheme – what it means for you

Anyone with a current or future guarantor, doorstep or payday loan mis-selling claim against Provident, Glo, Greenwood or Satsuma, some of the sectors' biggest lenders, likely won't now get the full amount they're owed.

4 August 2021

Car finance and high-cost credit payment holidays extended

The financial regulator has confirmed further measures to support borrowers struggling to make payments on car finance deals, buy-now-pay-later agreements and other credit products due to the coronavirus pandemic, with many able to get another three-month payment holiday if needed

15 July 2020

Payday lender Sunny goes into administration

Payday loan provider Sunny has collapsed into administration and will no longer be offering new loans

29 June 2020

Mis-sold Wage Day Advance payday loan customers will get back less than 6% of compensation claims

Compensation will be just 5.68p in every £1 as administrator KPMG says there's no more money available for claims

22 May 2020

Mis-sold Wonga customers to get 4.3% of compensation claims

Those who were mis-sold payday loans from Wonga before it collapsed will receive just 4.3% of the compensation they're owed, according to the firm's administrators

30 January 2020

Steep rise in payday loan claims – but 1,000s are being stung by unnecessary fees

The number of complaints against payday loan firms soared by 130% in the past year, new figures from the the financial watchdog show. But the majority of claimants are using claims management firms, meaning they won't get the full compensation payout if successful.

16 May 2019

Mis-sold customers of Wage Day Advance and Juo Loans won't be given full compensation

Administrators for payday loan providers Wage Day Advance and Juo Loans, which collapsed in February, have admitted that customers who are owed compensation will only receive a "partial payment" for their claims

3 April 2019