I have accepted an offer of redress: will I get my money?
All cash redress payments have now ceased, so you will not receive the amount offered. We will be writing separately to any customers who have accepted an offer of redress. We will also be looking at the extent to which any redress claims may reduce your current balance or otherwise fall as unsecured creditor claims.
The redress owing to you could reduce your outstanding loan balance, or extinguish it, but in the meantime it’s important that you continue to make repayments. This can have a positive impact on your credit score and is part of your contract.
If you are a former customer and have settled all your loans in full, any redress due will rank as unsecured creditor claim in the Administration. Payments to unsecured creditors will depend on the level of realisations achieved from the Company’s assets. Whilst the position at the outset of the Administration is uncertain, current indications are that there may be sufficient realisations to enable a distribution to be paid to the unsecured creditors. Please note that the timing and the quantum of a distribution, if any, is uncertain and this is subject to change. You should also be made aware that this may take a significant amount of time to deal with due to the complexity of the case.