Payday lender Dollar agrees to pay £15.4m in compensation following FCA investigation
Dollar Financial UK, the owner of a number of short-term lending brands including The Money Shop and Payday UK, has agreed to pay £15.4m in compensation to its customers after a review by the Financial Conduct Authority (FCA).
The compensation relates to 147,000 customers, who the FCA believed had suffered as a result of the company’s affordability checks, debt collection practices and system errors.
This is the third FCA investigation in to the short-term lending sector in the space of twelve months following reviews of both Wonga and Cash Genie.
Dollar Financial UK, the owner of a number of short-term lending brands including The Money Shop and Payday UK, has agreed to pay £15.4m in compensation to its customers after a review by the Financial Conduct Authority (FCA).
The compensation relates to 147,000 customers, who the FCA believed had suffered as a result of the company’s affordability checks, debt collection practices and system errors.
This is the third FCA investigation in to the short-term lending sector in the space of twelve months following reviews of both Wonga and Cash Genie.
Stuart Howard, chief executive of Dollar Financial, said: "As the new CEO, I accept the findings of the review and apologise to anyone who may have suffered difficulties as a result."
https://www.fca.org.uk/news/payday-lender-dollar-to-provide-154-million-redress
Helpline Callback
If you’re unable to call our free debt helpline number 0800 043 40 50 right now, you can fill in the form below and one of our advisors will call you back at a time of your choosing.