Dollar Financial UK (‘Dollar’), trading as The Money Shop, Payday UK, Payday Express and Ladder Loans, has entered into an agreement with the FCA to provide £15.4 million redress to 147,000 customers for unfair practices.
A number of serious failings took place at the firm which caused detriment for many customers.
Affected customers will receive a combination of cash refunds and/or balance write-downs.
You can find further details about the redress scheme in our press release[1].
How The Money Shop, Payday UK, Payday Express and Ladder Loans customers will be informed whether they are due redress
Affected customers do not need to take any action. The Money Shop, Payday UK, Payday Express and Ladder Loans aim to start contacting all customers immediately to explain how the redress will be provided.
There is further information for customers who think they may have been affected on the firms’ websites listed at the bottom of this page.
What you should do if you still owe The Money Shop, Payday UK, Payday Express and Ladder Loans money
Customers should continue to make payments unless they are told to stop by The Money Shop, Payday UK, Payday Express and Ladder Loans. Borrowers who are experiencing financial difficulty should contact The Money Shop, Payday UK, Payday Express and Ladder Loans to discuss their options.
If you are struggling with your debts, there are free debt advice services which can help you. You can find out more on the Money Advice Service website[2].
You do not need to use the services of a claims management company
The Money Shop, Payday UK, Payday Express and Ladder Loans will write to all affected customers with details of how they will be paid the redress due. Affected customers will not need to apply for redress. There is therefore no need for customers to appoint a claims management company to represent them. Claims management companies charge for using their services and this could involve the payment of a significant fee relative to the amount of any redress received.
Where you can find further information and advice
Further information can be found on The Money Shop[3] website.
You can contact The Money Shop, Payday UK, Payday Express and Ladder Loans Customer Engagement Team on 0330 024 1642 or via email at [email protected] or by letter at the following address: Dollar UK, PO Box 606, Hounslow, TW3 9RR.
09/08/2019: Information changed Removed broken links to Payday UK, Payday Express and Ladder Loans websites