Jump to content

Anyone had a letter about a scheme? payday loans


4houghts

Recommended Posts

On reading the FAQs this seems like an attempt by the Money shop to off set liability from the amount of complaints they are getting for irresponsible lending in other words an attempt to keep lining their own bloody pockets...

Bollocks if you ask me stating they could go in to receivership and complaints would only get 1p in the £1 not that ive never had one of these loans but if i did id be signing dam all and going ahead with my complaint theses companies have been screwing people for years and they deserve all thats coming there way..

(A scheme of arrangement is a legal process which allows a company to enter into an agreement with its creditors (including you). For the scheme to go ahead, a majority of ICL’s creditors will have to vote in favour of it. If they do, everyone will be bound by it.

We are proposing the scheme because we have experienced a significant increase in the number of consumer complaints relating to our past lending activities. The cost of dealing with these complaints is very high and we also took the decision to shut down our stores and stop offering loans. If the scheme does not go ahead, we will have to go into liquidation and creditors are likely to receive less than 1p for every pound we owe them. We expect them to receive more if the scheme is approved: see question 3.)

You can find the scheme document by clicking HERE.

Hopefully the high court will see right thru them and fuck them right off....

  • Keeemon 2
Link to comment
Share on other sites

@FAUGH-A-BALLAGH I just found this elsewhere and was going to post the fact they can liquidate themselves if it doesn't suit them and pay less than 1% back, there is also some sort of vote that took place on what they should do like a naughty schoolboy being left to be punished by the pupils vote, weird.

QUESTIONS ABOUT THE SCHEME Q1. Who is affected by the Scheme? You are affected by the Scheme if you are a creditor of Instant Cash Loans Ltd (“ICL”). You may be a creditor of ICL if: - you took out a loan with ‘Instant Cash Loans’, ‘The Money Shop’, ‘Payday Express’, ‘Payday UK’, ‘Ladder Loans’ or any of the brands listed at the bottom of the next page after 1 April 2007 and this loan should not have been made because you could not afford to repay it; or - you were one of ICL’s suppliers, landlords or someone else to whom the company owes money.

Q2. What does the Scheme mean for me? If the Scheme goes ahead, we will invite you to submit details of your claim. If we agree, you will be entitled towards the end of 2020. We do not think we will be able to pay you the full amount we owe you. How much you receive will depend on a number of things, such as how many people submit a claim and how many of those claims are accepted. We think that: - former customers with complaints about loans will receive about 80% of what we owe them (although this amount may be lower); and - other creditors will receive about 13% of what we owe them. If the Scheme does not go ahead, ICL is likely to enter liquidation. If this happens, all creditors – including customers – would receive less than 1% of what we owe them. ?

Q3. What do I need to do now? Please read this document carefully as it contains important information about the Scheme. You can vote for or against the Scheme online. You must do this before 20 September 2019 and you will find instructions on how to vote in the letter we have sent you.

Q4. How will I submit a claim? If the Scheme is approved, we will be providing you with further information on how to submit a claim at the start of October.

Q5. What happens if I don’t agree with the Scheme? If you do not agree with the Scheme, you can vote against it. You must do this before 20 September 2019 and you will find instructions on how to vote in the letter we have sent you.

Q6. Am I guaranteed to receive a payment if the Scheme goes ahead? If you have a valid claim, you will be entitled to a payment if the Scheme goes ahead. As we explain in question 2, you are unlikely to receive the full value of your claim but you would receive more than if the Scheme does not go ahead.

Q7. Will I still be able to sue ICL or make a complaint to the Financial Ombudsman Service (FOS)? If the Scheme goes ahead, you will not be able to bring any other type of claim against ICL such as legal proceedings. If you are a customer, you can still complain to the Financial Ombudsman Service but it has told us it is unlikely to be able to progress your complaint because of the Scheme.

  • Keeemon 1
Link to comment
Share on other sites

5 hours ago, MrUKHackz said:

@FAUGH-A-BALLAGH I just found this elsewhere and was going to post the fact they can liquidate themselves if it doesn't suit them and pay less than 1% back, there is also some sort of vote that took place on what they should do like a naughty schoolboy being left to be punished by the pupils vote, weird.

QUESTIONS ABOUT THE SCHEME Q1. Who is affected by the Scheme? You are affected by the Scheme if you are a creditor of Instant Cash Loans Ltd (“ICL”). You may be a creditor of ICL if: - you took out a loan with ‘Instant Cash Loans’, ‘The Money Shop’, ‘Payday Express’, ‘Payday UK’, ‘Ladder Loans’ or any of the brands listed at the bottom of the next page after 1 April 2007 and this loan should not have been made because you could not afford to repay it; or - you were one of ICL’s suppliers, landlords or someone else to whom the company owes money.

Q2. What does the Scheme mean for me? If the Scheme goes ahead, we will invite you to submit details of your claim. If we agree, you will be entitled towards the end of 2020. We do not think we will be able to pay you the full amount we owe you. How much you receive will depend on a number of things, such as how many people submit a claim and how many of those claims are accepted. We think that: - former customers with complaints about loans will receive about 80% of what we owe them (although this amount may be lower); and - other creditors will receive about 13% of what we owe them. If the Scheme does not go ahead, ICL is likely to enter liquidation. If this happens, all creditors – including customers – would receive less than 1% of what we owe them. ?

Q3. What do I need to do now? Please read this document carefully as it contains important information about the Scheme. You can vote for or against the Scheme online. You must do this before 20 September 2019 and you will find instructions on how to vote in the letter we have sent you.

Q4. How will I submit a claim? If the Scheme is approved, we will be providing you with further information on how to submit a claim at the start of October.

Q5. What happens if I don’t agree with the Scheme? If you do not agree with the Scheme, you can vote against it. You must do this before 20 September 2019 and you will find instructions on how to vote in the letter we have sent you.

Q6. Am I guaranteed to receive a payment if the Scheme goes ahead? If you have a valid claim, you will be entitled to a payment if the Scheme goes ahead. As we explain in question 2, you are unlikely to receive the full value of your claim but you would receive more than if the Scheme does not go ahead.

Q7. Will I still be able to sue ICL or make a complaint to the Financial Ombudsman Service (FOS)? If the Scheme goes ahead, you will not be able to bring any other type of claim against ICL such as legal proceedings. If you are a customer, you can still complain to the Financial Ombudsman Service but it has told us it is unlikely to be able to progress your complaint because of the Scheme.

The Devils in the details in other words you might or you might not get something back but we are gonna hold you over a barrel and screw you anyway.

 

  • Keeemon 1
Link to comment
Share on other sites

  • 2 months later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...