The Money Shop, Payday UK, Payday Express and Ladder Loans (Dollar Financial UK) is to refund over £15.4 million to 147,000 customers.

In July 2014, Dollar Financial UK better known as The Money Shop, Payday UK, Payday Express and Ladder Loans was investigated by the FCA to ensure that customers were being treated fairly and that their practices were in keeping with the appropriate specifications.

The report revealed that the company has been lending sums that their customers cannot afford to repay and have therefore been ordered by the FCA to rectify this issue. This problem has been attributed to Dollar’s debt collection practices, affordability checks and systems errors.

The FCA’s Director of Supervision – Retail and Authorisations, Jonathan Davidson, has stressed the importance of these checks, stating that the FCA believe that “Dollar is committed to putting things right for its customers.”

Dollar Financial UK’s redress relates to affordability loans taken out between 1 April 2014 and 30 April 2015, and collection loans between 1 January 2013 and 30 April 2015.

  • 65,000 customers will receive cash refunds
  • 67,000 customers will have their current loan balance reduced
  • 15,000 customers will receive a combination of these two techniques.

Further information has been made available for customers here

Any customers that have taken loans out with any of the Dollar brands (The Money Shop, Payday UK, Payday Express and Ladder Loans) during the above dates do not need to take action, as the company will be contacting their borrowers directly during November and December 2015, intending to fully complete the redress by early 2016.

Dollar have confirmed to Harrington Brooks that the following process will be applied:

  1. Each account will be assessed and client will receive a personal loan refund breakdown if they qualify for a refund. This will show what they have borrowed, what they have been charged, and what they should have been charged.
  2. The redress will be applied to the balance outstanding of the loan in first instance.
  3. If there is any credit this will be send directly to customer’s bank accounts.
  4. If there is any balance still to pay the customer will be notified on the refund breakdown that they need to still pay a given amount.

Once contacted by Dollar, if the redress you are entitled to affects your debt management plan with Harrington Brooks we will contact you to ensure that your plan and payments are appropriately reviewed.

Further information is available on The Money Shop, Payday UK, Payday Express and Ladder Loans websites.

If you’re currently worried about your finances, have unsecured debts from personal borrowing and would like to speak confidentially to an advisor who can talk to you about the benefits and considerations of a range of debt solutions and personal insolvency solutions, then please get in touch by calling 0161 413 9530. You can also visit to request a call back at a time to suit you. By requesting a call, you are under no obligation to use our services. Harrington Brooks provide solutions to customers living in England, Scotland and Wales.

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