WARNING: Late repayment can cause you serious money problems. For help, go to: moneyadviceservice.org.uk

Help Area

Welcome to the PiggyBank Loans Help Area

Repayment

Do I still need to repay my loan?

The terms and conditions of all loans remain as agreed when the loan was taken out and payment is due in line with the agreement to DJS (UK) Limited trading as PiggyBank (in administration).

What will happen if I don’t repay my loan on time?

The terms and conditions remain as agreed when the loan was taken out. If you are unable to make payment on time, please call the PiggyBank Customer Care team straight away on 08002061560 or email help@piggy-bank.co.uk

Can I take out a new loan or add additional funds to my existing loan?

The Company is unable to provide further lending from the date of the administration appointment.

I can’t afford to repay my loan. What should I do?

If you can’t repay your loan on time, please call the PiggyBank Customer Care team straight away on 08002061560 or email help@piggy-bank.co.uk

How do I repay my loan?

Your loan should be repaid as arranged when it was taken out. Payments will be taken as usual from the same debit card using Continuous Payment Authority.

If you pay by bank transfer, there will be no change to the bank details to which you should make payment. If you receive any requests to make payment to an alternative account, please inform the PiggyBank Customer Care team straight away on 08002061560 or email help@piggy-bank.co.uk

Never give personal or account details to anyone who contacts you unexpectedly. We will never ask for your full bank details.

I need to talk to someone about my loan or I have a question which is not answered here.

Please check the FAQs section of the PiggyBank website - https://www.piggy-bank.co.uk/help/

If your question is not covered, please call the PiggyBank Customer Care team on 08002061560 or email help@piggy-bank.co.uk

The call centre will remain open as normal, but please be aware that we will be handling a high number of calls and your wait may be longer than usual. Please note that the call centre will not be able to answer any questions related to anything outside of standard service enquiries.

Will I still be able to access my account during the administration?

The administrators will continue to provide access to the website and your online account area so that you may access your account.

Administration

What is an administration?

An administration is an insolvency procedure regulated by the Insolvency Act 1986. The administrator’s role is to realise the assets and distribute them for the benefit of creditors.

The administration will last for an initial period of 18 months but may be extended.

The administrator will provide regular updates to creditors. Any persons or companies who believe they are a creditor of a company in administration should send their claims to the administrator.

Why has the Company entered into administration?

A Notice of Appointment of Administrators was filed at Court on 5 December 2019. We are working to understand the factors which contributed to the Company’s insolvency and will provide an update in due course.

Who are the administrators?

Gordon Johnston and Shane Biddlecombe of HJS Recovery (UK) Limited were appointed as administrators following the company’s directors resolving that the Company should be placed into administration and a Notice of Appointment of Administrators was filed at the High Court. The FCA consented to the appointment of the named administrators.

The administrators are qualified insolvency practitioners, regulated by the Insolvency Practitioners Association. The administrators act independently of the Company and the directors for the benefit of all creditors and stakeholders. Their primary concern and mandate is to ensure that they maximise the returns to investors and trade creditors alike.

How will my data be protected in this administration process?

As part of our role as administrators, we may need to access and use data relating to borrowers. In doing so, we must abide by data protection requirements.

Information about the way we will use, and store personal data can be at https://www.piggy-bank.co.uk/privacy/

It is important that you read the terms and conditions so that you are aware of how and why we are using your data.

When will I receive what I am owed?

After your claim has been assessed, if your claim is agreed by the Administrators you will be an unsecured creditor of the Company and will be owed a distribution once all assets have been sold or realised.

Distributions to creditors are made in the following order: The costs of realising assets will be paid first. Any amounts owing to secured creditors are then settled, followed by employee claims and unsecured claims (such as providers of goods and services and redress claims). If, after paying the costs and amounts due to the secured creditors, there are insufficient funds to pay all remaining claims in full then creditors will receive a proportion of their claim.

Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of DJS (UK) Limited trading as PiggyBank’s assets have been sold or realised and certain costs and deductions have been taken into account.

Redress Complaints

Am I eligible to make a claim?

If you believe that you were provided with an unaffordable loan(s) through DJS (UK) Limited trading as PiggyBank you may have an eligible claim.

What is an “unaffordable loan?”

The unaffordability of a loan will be assessed by the Administrators, looking at criteria of the loan at the time it was taken out by the customer.

For more information, we suggest you visit guidance notes from the Financial Ombudsman. https://www.financial-ombudsman.org.uk/publications/technical_notes/payday-lending.html

How do I make an unaffordability claim?

If you believe you are eligible, you can make a claim through our Customer Support team at complaints@piggy-bank.co.uk

The Administrators are working on an Online Claims Portal to make claiming for unaffordability quick and easy. We will let customers know once this Portal is live.

Do I need to use a Claims Management Agency (CMA) or Claims Management Company (CMC) to make my claim?

No. You can make claims directly to the Company.

A CMA/CMC can also help you submit a claim. It is up to you if you want to use one. If you decide to use a CMA/ CMC, please make sure you understand the scope of their services and how much the service will cost you before agreeing to its service.

I have previously submitted an unaffordability claim to DJS (UK) Limited trading as PiggyBank which has not yet been finalised nor agreed. What will happen to my claim? Do I need to resubmit my claim?

Any unaffordability claims which were being handled either by DJS (UK) Limited trading as PiggyBank will now be assessed by the Administrators. You will not need to re-submit a claim.

Due to the volume of claims that have been and will be received, the Administrators are working with DJS (UK) Limited to finalise the assessment methodology and online claims portal.

Should your unaffordability claim be upheld, you would be considered an unsecured creditor for the value of the assessment claim. However, the timing and quantum of the final creditor claim is currently unknown and will not be known for some time. Please do note, however, that any payment is highly likely to be significantly smaller than the accepted claim amount. This is because it is expected that the total value of all accepted claims will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of DJS (UK) Limited trading as PiggyBank’s assets have been sold or realised and certain costs and deductions have been taken into account.

I have previously submitted an unaffordability claim to the Financial Ombudsman Service (FOS) which has not been finalised nor agreed. What will happen to my claim? Do I need to resubmit my claim?

Any unaffordability claims which were being handled by the FOS are now in the process of being handed back to the Joint Administrators. You will not need to re-submit a claim.

Due to the volume of claims that have been and will be received, the Administrators are working with DJS (UK) Limited trading as PiggyBank to finalise the assessment methodology and online claims portal.

Should your unaffordability claim be upheld, you would be considered an unsecured creditor for the value of the assessment claim. However, the timing and quantum of the final creditor claim is currently unknown and will not be known for some time. Please do note, however, that any payment is highly likely to be significantly smaller than the accepted claim amount. This is because it is expected that the total value of all accepted claims will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of DJS (UK) Limited trading as PiggyBank’s assets have been sold or realised and certain costs and deductions have been taken into account.

If I have an unaffordability claim, when will I be paid?

The Administrators will assess all redress claims during the course of the administration. No payments will be made until all of the assets have been sold or realised.

The administrators are working with DJS (UK) Limited trading as PiggyBank to identify whether, following determination of your claim, you can be notified of the status of your claim. Currently, we do not have a date for payment of any claims. Further updates on unaffordability claims will be posted on the PiggyBank website.

Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of DJS (UK) Limited trading as PiggyBank’s assets have been sold or realised and certain costs and deductions have been taken into account.

I have already received confirmation that my unaffordability claim has been agreed and the amount that I will receive. When will I receive this?

Claims for which a customer has not received payment but has been notified that they are entitled by a Final Response Letter (FRL) and have accepted the offer within it will now be considered as an unsecured creditor for the value of the FRL. Currently, we do not have a date for payment of any unsecured creditor claims. It is highly likely that the payment you receive will be much smaller than your claim amount. Further updates on unaffordable claims will be posted on the PiggyBank website when available.

Will the FSCS pay my claim if DJS (UK) Limited trading as PiggyBank does not?

No, the FSCS do not cover claims under consumer credit agreements.

If I have previously received a redress payment from the Company, can I claim again?

You cannot be redressed twice for the same loan. If you previously received a redress payment from the Company, then the historic loans that were redressed at the time will not be considered again. If you took out further loans from the Company after your previous redress payment, then you may now submit a claim for these new loans if you believe these were unaffordable loans.

Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of DJS (UK) Limited trading as PiggyBank’s assets have been sold or realised and certain costs and deductions have been taken into account.

What should I do if someone has indicated they can ensure I can get a higher claim amount, but I have to pay them a fee first?

The Administrators are under a duty to treat each claim equally. Every claim will therefore be assessed in the same way, irrespective of who submits the claim. As mentioned previously, customers do not need to use a Claims Management Company (CMC) or third party to submit a claim. Using a CMC or third party will not accelerate the claims process, nor entitle you to a higher claim amount. It may also expose you to charges that may be deducted from any final payment you might receive.

Will anyone ask for my bank details?

We may ask you to confirm that your previous bank details are still valid and give you the opportunity to update your bank details (e.g. if you have closed/changed bank accounts), although further proof of ID and other supporting evidence will be required.