Payday lender trying to trace 12,000 borrowers who are still due redress, with average compensation around £175 per person

Borrowers who took out loans from payday lender Cash Genie have been urged to come forward to claim compensation after the firm went into liquidation.

The company, which offered short-term loans at an annual interest rate of 2,986%, was hit with a £20m compensation bill in July 2015 after it admitted to the financial regulator that it had engaged in unfair lending practices.

More than 92,000 customers were due to be compensated for what the Financial Conduct Authority (FCA) described as “serious failings”, including charging £50 fees to refer people to its sister debt collection firm, rolling over loans without their consent and using bank details given to other companies in the group to recover money.

On Tuesday, Cash Genie, which is registered under Ariste Holding Limited, went into solvent liquidation and the liquidator, RSM, is trying to trace 12,000 customers who are still due compensation, worth a combined £1.5m.

RSM said that average redress to customers, made up of cash payments and loan write-downs, had so far been around £175.

Steven Law, partner at RSM and one of the liquidators, said: “In this case Cash Genie has voluntarily entered into a solvent liquidation, meaning there is enough capital left in the business to redress all affected customers.

“We have been working closely with Cash Genie and its sister company, and are keen to find and pay those remaining customers.”

The FCA said borrowers who had not heard from Cash Genie but believed they were due compensation should contact the firm as soon as possible.

A phone line has been set up to assist with claims – customers who think they may be owed money can call 0333 366 0023 or email customerredress@cashgenie.co.uk.