PiggyBank owner enters administration

Wed, 11 Dec 2019 | ADMINISTRATION

DJS Limited, the parent company of payday lender PiggyBank, has entered administration and will no longer be offering new loans to customers.

DJS has appointed HJS Recovery as administrator and HJS has said that it will oversee an “orderly wind down of the business.” In a statement on the company website, HJS added that, while no new loans will be sold, all customers with outstanding loans must continue to repay them as normal.

PiggyBank had around 45,000 customers and offered loans ranging from £100 up to £1,000. Loans could be repaid over periods of between one week and five months and came with interest rates equal to an annual percentage rate (APR) of between 1,255 per cent and 1,698 per cent.

HJS has warned customers with outstanding loans to be wary of the risk posed by scammers and told them not to give any details to anyone unexpectedly contacting them regarding PiggyBank loans.

The administrator has also said that customers with mis-selling complaints against PiggyBank should still contact the lender, but that any claims will be treated as “unsecured creditor claims.”

PiggyBank ceased trading in July following concerns from the Financial Conduct Authority (FCA) that its affordability checks on customers were insufficient. The lender was required to carry out an assessment to ensure it was only lending to customers capable of repaying their loans.

Despite the suspension being lifted in September, PiggyBank’s financiers were reportedly unwilling to put further funds into the company.

Many payday lenders have faced a huge surge in compensation claims from customers who claim they were mis-sold loans they could not afford. Wonga collapsed in 2018, while earlier this year the UK’s largest payday lender CashEuroUK, parent of QuickQuid and On Stride, also collapsed.

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