Many high-cost lenders have closed, often because of the cost of complaints. When that happens, customers with complaints usually become unsecured creditors and get only a small share of what they’re owed, if anything.
Administration
An administrator (an insolvency firm) takes over, sets a deadline for claims, and pays out a percentage (“pence in the pound”) of agreed claims from whatever money is left. The Ombudsman usually stops looking at new complaints.
Schemes of arrangement
Some lenders asked the court to approve a scheme limiting what customers could claim, so the lender could keep going or close in an orderly way. Schemes set a deadline, and once it passes you can’t claim, even if you didn’t know about it.
Lenders where claims have closed
- 247 Moneybox
- Amigo Loans
- Buddy Loans
- Loans at Home
- Morses Club
- MyJar
- Peachy
- Provident
- QuickQuid
- Safety Net Credit
- Satsuma
- Sunny
- Uncle Buck
- Wonga
For Everyday Loans, George Banco, TrustTwo, older loans were covered by a scheme but newer ones can still be complained about.
What you can still do
- Check whether you borrowed from other lenders that still trade
- If your loan was sold to a debt purchaser, you can complain to them about how it’s being collected
- Check your credit file is accurate