MoneySavingExpert News

Payday Loans

Mis-sold an Amigo loan? Redress could soon be on its way after High Court approves complaints scheme

A compensation plan put forward by Amigo Loans to return at least £112 million to borrowers it wrongly mis-sold high-interest loans to has today (23 May) been approved by the High Court. The move is a significant win for borrowers and follows a previous proposal that was rejected by the Court.

23 May 2022

Amigo borrowers have until 5pm today to vote on their preferred mis-sold loans redress scheme

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.

10 May 2022

Almost 80,000 QuickQuid borrowers will get back just over half of what they're owed for mis-sold loans

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.

26 April 2022

Provident confirms payouts for borrowers – but they'll get back less than 10% of what they're owed

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.

13 April 2022

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.

15 February 2022

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