ADMINISTRATORS for a Bournemouth-based pay day loans company have been given an extra 12 months to settle the company’s finances. 

Thousands of people are still entitled to money after payday lender DJS (UK) Limited, trading as PiggyBank, fell into administration in 2019. 

Before it collapsed, the firm had caught the attention of the Financial Conduct Authority which raised concerns about the checks it made to see if customers could afford to repay their loans. 

In a progress report published on January 8, administrators Trusolv said 14,065 current customers were entitled to redress relief totalling £5,688,481. 

After the firm collapsed, 37,601 historic customers were entitled to the relief money, with accepted claims totalling £12,306,511. 

Bournemouth Echo:

The report, which covers June 2023 to December 2023, added further claims from 10 unsecured creditors have been received totalling £1,670,420. 

Nine former employees have residual unsecured claims worth £25,360 along with a further claim from the Redundancy Payments Service of £93,786. 

Previous preferential claims of £55,051 for unpaid holiday pay for employees have now been settled in full along with £8,821 for unpaid pension contributions. 

A provisional realisation figure (the process of turning assets into cash) of £481,255 was given by debt recovery advisor Lantern in September 2023. 

Trusolv said payments continue to be received from customers repaying their loans despite their loan facilities already being repaid. 

“As previously advised, this is primarily due to the customers not cancelling their standing order after the loan was closed,” Trusolv said. 

“These amounts overpaid need to be returned to the individuals concerned and this exercise remains ongoing.” 

The estimated outcome for creditors as of December is £50,000, but it is also expected there will be enough funds available to pay back creditors. 

Based in Parkway House, Avenue Road, PiggyBank employed 57 people at its offices before it went into administration. 

The administrators have been collecting repayments from borrowers of the company’s loans. The loan book totalled £24.7m when they were appointed. 

The report added: “The administrators are required to deliver their final progress report to creditors by December 5, 2024, or earlier if the administration has been finalised or they wish to extend it.” 

The administrators have been approached for further detail.