1.
Use or disclosure of data contained on this sheet is subject to the restriction on the title page of this proposal or quotation.
https://www.redbridgefinance.co.uk
Redress from Payday Lenders

2.
Payday firm, CFO Lending (£34 million), Ariste Holding Limited (£20
million) and Dollar Financial UK (£15 million) made a deal to pay over
about £65 million in redress to its customers. They made an agreement
with the Financial Conduct Authority (FCA) to provide compensation
to their borrowers for unfair practices. The regulator expressed that,
because of the firm’s negligence a number of serious failings took place
which caused detriment for many customers.

3.
CFO Lending traded under several brands including Payday First, Flexible First,
Money Resolve, Paycfo, Payday Advance & Payday Credit whereas Dollar
Financial UK trading as The Money Shop, Payday UK, Payday Express &
Ladder Loans. CFO Lending will pay redress to more than 97,000 customers,
Ariste Holding Limited will compensate about 92,000 of their customers and
Dollar Financial UK will refund to more than 147,000 customers. In August
2014, an investigation by the FCA found payday firms were treating their
customers unfairly. Some of the unfair practices were:

4.
The firm’s systems didn't show the correct loan balances for customers. As
a result, some customers ended up repaying more money than they owed.
Misusing customers banking information to take payments without
permission.
Applying additional fees for customers who had not repaid after 12
months, even though the required annual statement had not been provided.
Excessive use of continuous payment authorities (CPAs) to collect
balances from customers even when the firm suspected that the customer
was in financial difficulty.

5.
Failing to treat customers in financial difficulties with due forbearance
which includes refusing reasonable repayment plans suggested by
customers and their advisers.
Sending threatening and misleading letters, texts and emails to customers.
Routinely reporting inaccurate information about customers to credit
reference agencies.
Failing to assess the affordability of guarantor loans for customers.

6.
The firms acknowledged their mistakes and part of addressing these
mistakes is making things right for their customers with a redress
programme. The customers of the firms don't need to take any action as the
firm will contact all affected their customers. Since the FCA has taken over
the regulation of payday lenders, many payday loan providers have stopped
offering loans and withdrawn from the market.

7.
Redbridge Finance Limited is Registered in England & Wales with
Company Number 10625599. Registered Office: 1 Forbes Business
Centre, Kempson Way, Bury St Edmunds, IP32 7AR. Regulated by the
Claims Management Regulator in respect of regulated claims
management activities – CRM43144. VAT Number 270 5830 08. ICO
Registration Number ZA244805