You are here: Home - Credit Cards & Loans - News -

Payday lender Piggybank collapses

0
Written by:
10/12/2019
Payday lender Piggybank has gone into administration and all new lending activity has stopped.

HJS Recovery has been appointed as administrator of Piggybank’s parent company DJS (UK) Limited.

A statement on Piggybank’s website said customers should continue to make repayments for all outstanding loans in the usual way.

Customers with complaints should continue to contact Piggybank on help@piggy-bank.co.uk or call 0800 2061560.

Piggybank is the latest in a line of payday lenders to go bust.

Since the UK’s largest payday lender Wonga went into administration last year, QuickQuid and 247 Moneybox have also collapsed.

In 2014, the regulator cracked down on the sector by capping how much payday lenders can charge in fees so that total interest and fees do not exceed 0.8 per cent per day of the amount borrowed.

It also mandated that borrowers must never have to pay back more in fees and interest than the amount borrowed.

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week