MSE News

Payday Loans

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

Payday lenders told to offer compensation

The financial regulator has written to payday lenders today telling them they must compensate customers who were sold unaffordable loans

15 October 2018

Wonga goes into administration - what it means for you & Martin Lewis's view

Wonga has gone into administration, marking the end of the road for the UK's largest payday loan firm. Below you can read MoneySavingExpert.com founder Martin Lewis's view

31 August 2018

Actor Michael Sheen to take on high cost lenders

Hollywood actor Michael Sheen has launched a new campaign to tackle high cost credit

20 March 2018

Four in 10 workers have had no pay rise in the last year, poll of MSE users finds

Forty-one per cent of those in work have not had a pay rise in the past year, according to a new poll of MSE users

15 November 2017

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