Amigo, which lends money to those with a poor credit history, has said it faces insolvency without a new plan to cap payouts for mis-sold loans.
A proposal to set aside a separate pot of money for compensation was thrown out by the High Court a week ago. Now Amigo has said it will not appeal...
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Amigo faces collapse after failed bid to cap payouts
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MyJar enters administration (Payday Lenders)
On 22 December 2020, MyJar Ltd, was placed into administration. David Clements, Paul Boyle and Anthony Murphy of Harrisons Business Recovery & Insolvency (London) Limited were appointed as Joint Administrators.
Source: FCA -
Amigo Loans: Bid for survival with plan to cap compensation
Borrowers who believe they have been mis-sold loans by sub-prime lender Amigo may see payouts capped under a new plan.
Amigo wants anyone whose complaint is yet to be resolved to take a proportion of a pot set aside for compensation. The lender has been receiving a deluge of claims for... -
QuickQuid victims promised 'easy' compensation scheme
Borrowers who believe they were mis-sold a loan by collapsed payday lender QuickQuid will need to apply for compensation via an online portal. The company's administrators, Grant Thornton, will run the system and have promised it will be "quick and easy". The portal is not yet live, but is... -
Payday loan complaints reach five-year high
Complaints against payday lenders have soared to a five-year high, the industry watchdog has said. There were nearly 40,000 new complaints brought last year, up a "startling" 130% on the 17,000 the previous year, the Financial Ombudsman Service said. In too many cases people have been left... -
Wonga: Fourfold rise in compensation claimant estimate
More than 40,000 customers of former payday lender Wonga are seeking compensation with more expected to follow suit, administrators have said. The total is four times the previous estimate, accountants Grant Thornton said, although many will expect little in terms of redress. These customers have complained... -
5corpio started a blog post Watchdog orders payday lenders to compensate customers sold loans they could never payin 5corpioWatchdog orders payday lenders to compensate customers sold loans they could never pay
The City watchdog is clamping down on payday lenders, after complaints from borrowers more than trebled this year. Just two weeks ago, Money Mail raised concerns about the tactics lenders use to entice borrowers. Now, the Financial Conduct Authority (FCA) has written to 150 payday-lending bosses, ordering... -
Wonga payday firm stops offering new loans
Payday lender Wonga has said it is no longer accepting new loan applications as it teeters on the brink of collapse. The company said in a statement on its website that it was continuing to "assess its options" and existing customers could still use their services to manage their loans. It... -
5corpio started a blog post consortium cash call rescues payday lender Wonga from insolvencyin 5corpioconsortium cash call rescues payday lender Wonga from insolvency
Wonga, one of Britain's largest short-term money-lenders, has been saved from going bust by an emergency £10m cash injection from a consortium of high-profile technology investors. Sky News can exclusively reveal that Wonga, which was among the pioneers of the UK's online payday lending sector,... -
Payday lender Wonga records £65m loss amid overhaul
Wonga - Britain's biggest payday lender - posted pre-tax losses of nearly £65m in 2016, but claims its business has been "transformed". The short-term lender had previously admitted it had "lost its way" under its old management and had been accused of targeting the vulnerable.... -
Lending Stream / PRA Group
Hi all, I'm on a quest to clean up my Experian report and have two entries for the same debt which I need some advice with.
They are Lending Stream & PRA Group.
The entries read as follows:
Lending Stream:
Account Started: 28/01/2011; Default Balance: £788;... -
Continous Payment Authority
hello
if i cancel my current debit card and get a new one would this stop the PDL companies taking the money from my account?
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Ferratum - claiming back interest charges
Hello all
has anyone had any dealings with Ferratum?
i like many people have gotten into the cycle of taking multiple payday loans out to pay another back and to make ends meet ending up in a debt spiral so im amazed that this company state on their website FAQs "... -
How could I let this happen again....
Dear All,
I am finding it so difficult writing this post, but I really do not have anyone else to turn to. I know I have been extremely foolish, and I know my friends will not judge me on here.
Due to a difficult few months I have got involved in PDL yet again, I am beyond... -
Payday loans - My journey
Hi
This is the first time I have ever posted on a forum so forgive me if I get things wrong.
I just wanted to say thank you to everyone who takes the time to post advice for other people's benefit. I have researched for many hours the various posts before finally taking the plunge...Last edited by Dantayler; 6 July 2016, 21:10.
