Piggy Loans

Update: In December 2019, PiggyBank Loans (a previous trading name of DJS (UK) Limited) went into administration. They are no longer engaging in lending activity, but any outstanding loans will remain subject to FCA regulations.

Information correct as of 20/04/21 (FCA)

Are Piggy Loans UK contacting you about an outstanding loan? Are you considering a loan with Piggy Loans? We’ve compiled the most important, in-depth information about PiggyBank’s loan for you in this loan guide.

Who are Piggy Loans?

PiggyBank was a trading name of DJS (UK) Limited, which was established in 2012 in Southampton.

Did you land on the wrong Piggy Loans Loans Page?

Many people land on this page when they are actually looking for the Piggy Loans Loans Login page. If you’ve made the same mistake, I’m glad we have found you. The information here should answer your questions!

Loan interest and other charges

The Financial Conduct Authority went a step further by introducing price caps to protect borrowers from being faced with high charges. The caps which were introduced include:

  • A cost cap of 0.8% per day on the value of the loan borrowed– a combination of interest and all fees charged.
  • A cap on default fees of £15 – a default interest may still be charged, but it cannot be more than the original rate of 0.8% per day.
  • A complete cost cap of 100% –you should not be asked by the lender to repay more than 100% of the amount you have borrowed.

The limits are applicable for credit agreements with an interest rate of 100% or more per year and that will be fully or substantially repaid within a year.

There are other regulations which came into force in May 2017. Lenders must be willing to provide information on their products on a price comparison website, which must be authorised by the FCA and they must also provide borrowers with a summary of the total cost of borrowing.

Making a complaint about Piggy Loans UK

As is the case with all other loan companies Piggy Loans UK do not have the right to treat you unfairly, or try to harass/embarrass you into making payments. If you feel that this is the case, you can make a formal complaint about their behaviour, and if they fail to resolve it, you may want to consider escalating the complaint to the Financial Ombudsman.

If they fail to provide you with a response you are happy with, you may want to speak to the Financial Ombudsman, who you can reach on 0800 023 4567 or 0300 123 9123.

Logbook Loans Loan Review

Continuous Payment Authority – what you need to know

You may not be aware of this, but most loan companies will set you up to repay the outstanding debt using a CPA or Continuous Payment Authority. This means that they can take money from your account to pay off the debt.

There have been new regulations introduced which allow for a bit of extra control over the CPA. These mean that if the CPA fails on two occasions, the lending company may not make any further requests.

Lending companies are no longer permitted to take partial payments from your account, unless you give them express permission to do so. The new regulations mean that if the full amount is not in your account, they are not permitted to take anything. If you give them permission, this is totally different, but they must not just take the payment in parts without you saying they can.

When you can’t pay back the loan

Not everyone is in a position where they can afford to pay back a loan they have been given.

The law in place for lenders state that in this scenario they must:

  • Provide debtors with information on where they may be able to obtain free independent debt advice.
  • Allow the debtor a reasonable period of time to repay the loan, based on their circumstances.
  • Freeze interest and additional charges, where applicable.

Seeking help to pay off your debt

If you want help with your debt problems there is free advice and support available. These are some organisations to contact:

  • Contact Citizens Advice – a well known organisation who provide advice on all kinds of personal issues, including debt problems
  • Contact StepChange Debt Charity – a charity who will provide you with free debt advice, and help you get back on your feet.
  • Contact National Debtline – an organisation who provide free debt advice and support.

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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