Payday lender, Cash Genie, goes into liquidation

Written by companyrescuelondonadmin 3 April 2017

A few months after agreeing to a £20 million redress for 92,000 of its customers, Cash Genie has gone into liquidation.

Liquidators from RSM Restructuring Advisory were appointed to the payday lender yesterday and have since confirmed the insolvency procedure will not affect the payment of redress over unfair practices, brought on by the city watchdog, FCA. The lender has entered a solvent liquidation whereby they can pay back any debt in full – this is also known as member’s voluntary liquidation. 

The investigation found several failings including refinanced loans arranged without customers’ consent and failure to provide yearly statements to customers.

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Categories: Liquidation, Creditors Voluntary Liquidation CVL