PiggyBank is in administration

Payday lender PiggyBank is in administration.

This news comes after the Financial Conduct Authority forced them to stop trading as a result of concerns around poor affordability checks.

What this means for you:

If you believe you’re owed compensation for a mis-sold loan, you should get in touch via Resolver as soon as possible.

Your loan may have been unaffordable (and potentially mis-sold) if you found yourself unable to repay it without financial difficulty, falling behind on bills or having to borrow again.

You’ll be placed in a queue of other people who’re owed money. Any compensation may depend on how the company is wound down by administrators.

If you’re still repaying a loan, it’s best not to stop your repayments. Since you’ve entered into a loan agreement, you must fulfil it.

Missing repayments may cause you to be hit by fees and additional charges, and could also harm your credit rating.

Want to claim for a mis-sold payday loan? Check out our guide.