Scheme Progress Update – April 2025

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On 27th March 2025 the Scheme Supervisors declared a second Scheme Payment of 6.01 pence per £. You can find the Scheme supervisor’ notice here.

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We have now made all of the second Scheme Payments where we hold valid bank details for a claim. It’s important that if you have not received your second Scheme Payment that you login to the Scheme Portal to ensure your bank details are correct. If you are represented by a Claims Management Company, and we have made the payment to them, you will need to contact them for further information about when your payment will be released to you.

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Scheme Payment - The deadline for providing valid bank details, in order to receive your second Scheme Payment, is 17th May 2025. If we still do not hold valid bank details by this date then your second Scheme Payment can no longer be claimed.

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Refund - If you are due a refund as part of your claim, after 17th May 2025 these funds will be paid into Court and you will no longer be able to receive them without applying to the Court to release them.

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Second Scheme Payment

The Total Scheme Payments for eligible Scheme Creditors will be 18.51 pence for each pound due.

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Initial Scheme Payments have been paid at 12.5 pence for each pound due. This means that for most customers, the second Scheme Payment will be 6.01 pence for each pound due.

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As an example, if your Total Cash Claim Value was quoted as £1000, most people will receive a second Scheme Payment of £60.18.

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To help you calculate it a different way, if your Initial Scheme Payment was £100 most people should expect their second Scheme Payment to be £48.14.

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In a small number of cases, by error, some claimants received a larger Initial Scheme Payment. In these cases, the second Scheme Payment will be reduced but they will still receive 18.51 pence per pound when calculated across both Scheme Payments. If you are in this small group we will have sent you information about this.

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Initial Scheme Payment

The deadline for paying the Initial Scheme Payment has passed. Where we did not have valid bank details the Initial Scheme Payment is no longer available as funds have been redistributed in the second Scheme Payment.

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If you have not provided bank details, you can still do so in order to receive the second Scheme Payment.

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Payment Details

Payments will be made to the bank account registered in the Scheme Portal.

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If your bank details have changed since you received your Initial Scheme Payment, please update them in the portal to ensure your Second Scheme Payment is paid to your new details.

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We can only pay into UK bank accounts that accept third party payments and do not require an additional roll or reference number. Please note that some accounts, such as some savings accounts, will not accept payments from third parties and we will be unable to complete your payment. If you are unsure, please contact your bank or building society for confirmation.

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You must provide the name of the account holder, account number and sort code through the portal, or your Claims Management Company, for us to be able to complete your payment.

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If you are experiencing difficulty logging into the Scheme Portal, then please contact our Scheme Support Team. You can find how best to reach us on our ‘contact us’ page.

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If you have raised your claim through a Claims Management Company you may wish to contact them to ensure the appropriate payment details are recorded in the Scheme Portal.

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Please note that Scheme Payments will be forfeited after the cut off date (expected to be 17th May 2025).