A payday loan company is forced to pay back more than £ 15million to its customers.
After what the regulator called “a number of serious failures” which “have caused harm to many customers”, the Money Shop – which has stores in North Wales, including in Mold and Rhyl – and other outlets have been informed that they have to refund the money.
The money will be repaid on loans taken out with Dollar Financial companies – which include The Money Shop, Payday UK, Payday Express and Ladder Loans – between April 1, 2014 and April 30, 2015, and between January 1, 2013 and April 30, 2015.
The exact amount of money returned will be assessed on a case-by-case basis.
Customers were told that they did not need to act on their own. Dollar will begin contacting clients immediately and expects to complete the turnaround exercise by early 2016, this includes tracing people who have changed their contact details or bank account information.
You can also find more information on The Money Shop, Payday UK, Payday Express and Ladder Loans websites.
A spokesperson for the Financial Conduct Authority said: “The FCA expects all credit providers to carry out appropriate checks to ensure that borrowers do not accept more than they can afford. to repay. We are encouraged that Dollar is committed to making things right for its clients. “