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

Payday lender Piggybank collapses

Written by:
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 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.

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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

Read previous post:
Last minute insurance renewal adds hundreds to premiums

Drivers who wait until the last minute to switch car insurance could see their premiums rocket, particularly in December when...