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Compensation from Dollar Financial UK - are you affected?

On Monday 26 October, the Financial Conduct Authority (FCA) announced that Dollar Financial UK has agreed to refund approximately £15.4 million to 147,000 customers who may have suffered detriment as a result of the firm’s affordability checks, debt collection practices, or system errors.

This affects customers of the following organisations owned by Dollar Financial UK:

  • The Money Shop
  • Payday Express
  • Payday UK / MEM Consumer Finance
  • Ladder Loans

What are Dollar Financial UK going to do about it?

Dollar Financial UK is working with the FCA to make recompense to those customers who were affected. The redress scheme applies to the following:

• loans taken out between 1 April 2014 and 30 April 2015 and whether they were affordable

• loans taken out between 1 January 2013 and 30 April 2015 and whether they were collected in the right way

The compensation paid to affected customers will consist of either cash refunds or a reduction in the balance that’s owed. The exact compensation amount each customer is due will be assessed on a case by case basis.

Dollar Financial UK have announced that:

  •  65,000 customers will receive a cash refund
  •  67,000 customers will have their current loan balance reduced
  •  15,000 customers will receive both a cash refund and a reduction in their loan balance.

I’m a Dollar Financial UK customer, what should I do?

Customers affected by this don’t need to take any action. Dollar Financial UK will be in touch with everyone who’s been affected by early 2016. This includes tracking down those people who have changed their contact details or bank account information. You do not need to use a claims management company to get your refund if you’re entitled to one. There’s further information on the following websites:

The Money Shop https://www.themoneyshop.com/frequently-asked-questions/
Payday Express https://www.paydayexpress.co.uk/frequently-asked-questions
Payday Express / MEM Consumer Finance https://www.paydayuk.co.uk/frequently-asked-questions
Ladder Loans https://www.ladderloans.co.uk/faqs
FCA http://www.fca.org.uk/news/payday-lender-dollar-to-provide-154-million-redress

I’m a StepChange Debt Charity client and a customer of one of these firms - what do I need to do?

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Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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