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Payday lender Piggybank collapses

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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.

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