We are aware that Instant Cash Loans (“ICL”) is proposing a scheme of arrangement with its creditors (which includes customers and former customers of The Money Shop, Payday Express, Payday UK and Ladder Loans) before it looks to close down the company.
ICL has said it will be necessary to place the company into liquidation if the scheme isn’t approved. Because of this, ICL says it’s not in a position to make any new offers of redress.
So we’re getting in touch with people to explain that we’re not progressing their complaint further at this stage – as well as what the next steps are.
You can find more information – including some FAQs on what the proposed scheme means for consumers – on ICL’s website.