Payday Loans

Credit providers SafetyNet and Tappily have collapsed into administration and stopped taking on new customers – but there's no immediate change for existing borrowers. Both former and existing customers can still submit mis-selling complaints, though there's no guarantee you'll get anything back. 

If you were mis-sold a loan by embattled financial firm Amigo Loans then redress could soon be on its way after the High Court today (23 May) approved a complaints scheme to divide at least £112 million between affected borrowers. 

Provident borrowers who were mis-sold loans they couldn't afford will receive refunds of some of the interest and fees they were charged this July, it's been confirmed. But they'll get back less than 10% of what they're owed.

Thousands of Amigo borrowers who were mis-sold loans they couldn't afford are being given the opportunity to vote on two different redress schemes: one that will see borrowers get back an estimated 41p per £1 owed and allow the company to continue operating, and one that will see borrowers get back 33p per £1 owed but will result in the closure of the loans firm. Here's all you need to know.

Around 78,500 QuickQuid and Pounds to Pocket borrowers, who were mis-sold loans they couldn't afford, will receive refunds of some of the interest and fees they were charged at a rate of 53.5p to every pound owed, it's been confirmed. Pay outs are expected to be sent within the next two weeks.

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. Borrowers can still submit claims for mis-sold loans though, but you'll need to be quick. 

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 by the lender, it's been revealed. 

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. 

Borrowers with mis-selling claims against Glo, Greenwood, Provident or Satsuma likely won't now get the full amount they're owed. It comes after the High Court approved a new scheme put forward by the firms' parent company, Provident Financial, which will limit payouts and set a time restriction on claims. But don't let that put you off if you think you've been mis-sold, as you could be due £100s.

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.