UPDATE –
- The administrators published their 1st progress report on 24 September.
- They had identifed 256,000 Wageday Advance customers as being owed redress for unaffordable payday loans. Of these, about 100,000 claims were submitted by customers (99,416 electronically and over 1,000 manually) before the deadline at the end of August.
- The administrators expect customers who sent claims will receive between 4.5% and 5.2% of the amount of their claim.
- The payment will be made in or before May 2020.
Contents
Summary of the administration
Curo Transatlantic Limited (CTL) had two brands:
- Wageday Advance (WDA), a mid-sized payday lender; and
- Juo Loans, a small guarantor lender.
CTL entered administration on 26 February 2019 because of the number of payday loan affordability complaints they were receiving. They appointed KPMG as Administrators.
SpeedyCash was also part of the same group as Wageday Advance. It was a brand name of SRC Transatlantic Limited which went into administration at the end of February 2019. See SpeedyCash in administration – send affordability claims by end July 2019 for the separate administration proposals and arrangements for SpeedyCash.The Administrators published Proposals for the administration in March and a set of FAQs.
- The Administrators proposal were approved by a ballot of creditors.
- Outstanding loans, less any compensation calculated, have been sold to Shelby or Lantern.
- The Administrators used a Claims Calculatorto decide which WDA customers may be owed compensation for inappropriate lending;
- 256,000 customers owed compensation were sent emails inviting them to submit a pre-completed Claim. The deadline for Claims to be submitted has now passed.
- In September it was announced that c.100,000 claims were received and that the administrators excpect to pay c. 5p in the pound to customers who made a claim.
Background to the administration
Like other payday lenders, WDA had seen increasing numbers of affordability complaints for several years.
In June 2018 WDA asked KPMG to look at a Scheme of Arrangement (“Plan A”), which would cap its liabilities for historic complaints. At this point, WDA was already struggling with affordability complaints – the cost of refunds, the administrative overhead and the FOS fees.
From June-September affordability complaints increased significantly, with 16,000 being received during the four months.
In October WDA asked KPMG to also look at the alternative of a sale of the business (“Plan B”). CTL’s parent company, the American subprime lender Curo, said:
we do not believe that, given the scale of our U.K. operations, we can sustain claims at this level and may not be able to continue viable U.K. business operations without action by the U.K. business to reduce the risk of claims relating to historic lending.
In the autumn, WDA stopped responding to customer complaints within the allowed 8 weeks. Many customers did not receive a response for 16, 20 or more weeks.
As part of the planning, a Claims Calculator was developed to assess all previous lending. This estimated that the total potential liability for affordability complaints could be as much as £223m.
In January 2019, Curo announced it had asked the FCA to say whether it would object to a Scheme of Arrangement which would cap CTL’s liabilities to pay refunds for unaffordable lending at c £18 million. The Administrators admit that:
redress creditors would … have faced a very significant shortfall against the value of their claims in the Scheme.
It is hard to imagine why the FCA might have thought this was a reasonable offer.
On 19 February, the FCA said it needed further information about the proposed Scheme. At that point, CTL decided it was unlikely to get Plan A approved. It decided to appoint administrators and proceed with Plan B. At this time it stopped offering loans through the Wageday Advance website.
Sales to Shelby and Lantern
Immediately on administration – some accounts sold to Shelby
The Administrators announced a sale of much of CTL’s infrastructure to Shelby Finance for c £8.5 million. Shelby currently trade as Dot Dot, a very small payday lender, and are a subsidiary of the doorstep lender, Morses Club. This is known as a “pre pack” sale – it was all planned before the administration started.
50,000 CTL customers, including all Juo customers, have had their loans transferred to Shelby.
The accounts sold to Shelby were considered to be “in good standing” with no arrears. The Administrators say “a small number” of people who were transferred to Shelby may get some compensation for unaffordable lending – those affected will get an email from Shelby about this. But most people transferred to Shelby will not be getting any refunds.
650,000 other CTL accounts remained with CTL. Many of these are accounts that have not been used for some time. Many current and old customers may be owed compensation for inappropriate lending.
Outstanding loans sold to Lantern in May 2019
No payments for outstanding loans were taken by the Administrators. Balances were frozen, with no further interest or charges added. Credit records will be corrected so no late/missed payments will be recorded because of this.
Many people with outstanding balances may have these reduced because of redress, see below.
In May 2019 the loan book – that is the legal term for all the outstanding loans – was sold to Lantern, a debt collector previously known as Motormile Finance.
If your loan has been sold, you will get an email explaining this. You will need to make a payment arrangement with Lantern for the balance outstanding.
I would expect Lantern to be understanding if you can’t make a high monthly payment. Don’t offer so much you will have to borrow from someone else to make these repayments. No interest will be added from here on.
Determining complaints and calculating redress
WDA stopped its normal complaints handling when the administration started. It has not paid any refunds after administration, including refunds that were agreed before administration.
Under the Insolvency Act the Financial Ombudsman (FOS) couldn’t carry on with their decision making once a firm goes into administration. All WDA complaints with FOS have been returned to the Administrators to settle.
The Claims Calculator
The Administrators’ Proposals explain how they are deciding if a customer should not have been given some loans and what the compensation, which they call redress, is for those loans. Here is a brief summary.
The Administrators have put all loans from Wageday Advance, past and present, including those over 6 years old, through the Claims Calculator that has been developed.
This is being used to reduce administrative costs. If complaints were looked at individually it would significantly reduce the money left to settle the complaints which were upheld.
The Claims Calculator is intended to give roughly similar results to typical FOS decisions. A loan is determined to be inappropriate by the calculator if it fails any of three sets of criteria:
- affordable – looks at loan size, income and expenditure evidence;
- sustainable – looks at the number of loans, the gaps between loans, roll-overs and how much loan amounts increased;
- responsible lending – looks at what a CRA check showed eg defaults, debt management and numbers of other payday loans.
For inappropriate loans, a redress amount is calculated as a refund of interest and charges, plus 8% statutory interest. Adding these up gives a total redress amount for each customer.
If you have already had an offer or a FOS decision
The Administrators will set your redress amount at the largest of:
- what the Claims Calculator says;
- any Final Response offer from WDA; and
- the value of redress determined by the Financial Ombudsman.
Customers who still owe a balance
People who had a balance outstanding and who should get redress got an email from the Administrators with the subject Important information about your loan.
These emails were sent to anyone with a balance and a redress amount calculated, even if they haven’t submitted a complaint.
The Administrators’ proposals were agreed, so the numbers in these emails are no longer “provisional” but final.
If you still owe money after this reduction
Here is an example of the key figures:
- Outstanding loan balance at 25 February 2019 per CTL’s records 420
- Less: Provisional balance adjustment (165)
- Provisionally adjusted loan balance 255.
If your redress is smaller than the balance, you will still owe some money – £255 in the above example.
Where someone has only had one loan, it looks as though the balance has been reduced to the amount borrowed less what the customer has paid so far. This is what FOS would have decided if the loan was unaffordable.
The Administrators will contact you in the next few weeks to give you the bank account details to make payments to. If you already have these details because you were in a payment arrangement, you can make payments now if you want.
The Administrators will be selling outstanding loans to a debt collector. If you only have a small balance left that you can easily clear, you may prefer to do that. Or you can plan to make an affordable payment arrangement with the debt collector.
If the redress is larger than the amount you owe
If your calculated redress is larger than your balance your email will look something like:
- Outstanding loan balance at 25 February 2019 per CTL’s records 240
- Less: Provisional balance adjustment (240)
- Provisionally adjusted loan balance Nil.
You will then get a further email (see below) saying you are owed redress.
If you are owed redress
You will have been informed of the calculated amount
The Administrators sent emails with the subject Important information about your redress claim.
These say:
- what your calculated redress amount is;
- that you are an unsecured creditor with a claim against CTL for this redress amount;
- there was button in the email to submit your claim – the deadline for doing this has now passed. You can no longer submit a Claim.
“My bank details have changed”
The Submit Your Claim page showed the last 4 digits of your bank account number that WDA had on file.
If you have submitted the Claim by the the deadline (now passed) you can later email the administrators with your new account details. There is going to be time to get all this sorted out, you don’t need to worry about this.
Payments will be made before the end of May 2020
The money the Administrators have left will be divided up between the unsecured creditors, including all the customers who have subitted claims and who the administrators consuder are owed compensation.
The administrators expect that they will pay between 4.5% and 5.2% by the end of May 2020.
Credit records
The Administratorswill update customers’ credit files to remove of credit records for loans that they have decided should be refunded because they are inappropriate.
Contacting the Administrators
The contact details are:
- Customer Service Centre: 0330 094 5695
- customerservice.curo@kpmg.co.uk
Updated – 25 September 2019.
News about high cost credit
Is your guarantor loan unaffordable?
Is a DRO always better than an IVA?
Lucy says
Hi all received an email from curo today.
Part 1
“ Dear Ms…
CURO Transatlantic Limited (formerly trading as WageDayAdvance and Juo Loans) (in Administration) – “CTL”
Court number 1418 of 2019
Joint Administrators – Howard Smith and Ed Boyle
As you may already be aware, Howard Smith and Ed Boyle were appointed as Joint Administrators of Curo Transatlantic Limited (“CTL”) on 25 February 2019. CTL formerly traded under the brands WageDayAdvance and Juo Loans.
It has been identified that we have received an excess payment in respect of your loan account since 25 February 2019 (“an overpayment”). The potential causes of this overpayment are:”
Lucy says
Part 2
“You have made a payment that exceeds your remaining loan balance;
You have a redress claim against CTL which was offset against your loan (“a balance adjustment”), and you have made a payment that exceeds your adjusted loan balance;
Your loan has been written off by the Joint Administrators and you have made a payment following 25 February 2019; or
Your loan was written off by CTL prior to the appointment of the Joint Administrators and you made a payment in relation to your loan after the Administration began.
We will shortly be making a payment into the bank account which we hold on file for you to refund your overpayment against your loan. We expect this payment will be made in the next two weeks.
Please note that if you have entered into an Individual Voluntary Arrangement (‘IVA’) with your creditors, it will be your sole responsibility to declare the receipt of unanticipated funds to your IVA Supervisor (if required per the terms of your IVA).” Sara can you please advise if this refund is in addition to my redress claim. Any thoughts are appreciated.
Sara (Debt Camel) says
have they said you have a redress amount? how much?
have you made a payment to them since the administration started? how much?
Lucy says
Hi Sara I received an email on 4th April stating ‘Estimated redress entitlement as at 25 February 2019: £865.45’.
I did have a DMP with Step Change which I have now completed. I never paid Wageday/curo directly, and from what I recall with Step Change they stopped payment as soon as they entered administration as I called for confirmation at the time.
Sara (Debt Camel) says
You will have to ask StepChange if they have paid them any money since administration.
Simon says
Hi Sara
Just received email from wda administrators saying they will be paying approx 4.5p/5.2p in the pound so roughly £5 per £100
Just wanted to let you know incase anyone waiting for redress had high expectations
Keep up the great work you do Sara
Simon
Chris says
Got a similar message about an payment over the balance. In my case, won’t be more than a few pounds. I have sent them an email with updated bank account details and will let you know what happens.
Kaz says
Hi All,
I have Estimated redress claim of £697.89 and Customer Service Centre: 0330 094 5695 just told me I will probably get £35.
Is this correct?
Can they do this??
Sara (Debt Camel) says
sounds possible – the administrators said they expected to pay between 4.5% and 5.2% of the claim values.
If you are outraged, don’t blame the administrators, blame the regulators. It was the OFT and the FCA that let Wageday Advance ignore the rules about affordability checking and it is the FCA that has not organised a proper compensation scheme when a lender goes bist. If a PPI firm went into administration, customers with PPI claims got paid in full by the FSCS scheme, but the FCA decided that shouldn’t apply to lenders.
Tell your MP what you think of this regulatory mess by emailing them (it’s easy using https://www.writetothem.com/).
Darren says
I got the same email on Monday
I’ll probably get about a tenner
Darren says
Anyone been paid out anything yet ?
Sue says
I received an email last Tuesday stating that a refund payment was being sent to my bank account within the next two weeks. Has anyone received the same email and received a payment yet?
Zena says
I had the email last Tuesday I had a redress of 1800.00 and have recieved a payment of 10.00 what a joke
MM says
Hi Sara/all
I was a ‘victim’ of these pay day loans & Wage Day Advance :( aftr so much frustration I did receive acknowledgement to submit that redress form (April) which I DID bfr deadline & I even spoke to the cust service who advised that received etc
On Sept I received another email that I jus see NOW in my spam-saying I have missed the claims form submission date of extended 14th Oct! Fuming as this is such a lie, & can’t now prove that I completed/sent/spoke to cust service about it last year!! What can I do now, & wonder if others Hv also got this (clever) email as to avoid any payment!!
MM says
Wage Day Advance
I got the redress email (April) that I sent back but now I’ve received this; & they state I missed the deadline!! That I did not.
…”on 25 February 2019. CTL formerly traded under the brands Wage Day Advance and Juo Loans.
Customers who were identified as being potentially entitled to redress from CTL, using CTL’s Claims Calculator, were contacted by the Joint Administrators to inform them of their potential claim in the administration, by email.
We note from our records that you were identified as being a customer potentially entitled to redress. However, we have not received your redress claim form.
Sara (Debt Camel) says
So when did you submit the Claim and why did you phone them up about it? how much money was the Claim for?
MM says
I submitted the claim form, same time I received it (think during April) defo before it’s stated deadline. At that time, as redress amnt was £783. I was keen to process asap & hence called up (& emailed) the stated cust service number (aftr much delay) phn was answered & they CONFIRMED on phn via my ref nmbr that claim is “submitted” & they b in touch for payouts/2020.
Now send me above telling lies. 😤🤷🏽♀️
Sara (Debt Camel) says
Wageday Advance is set to payout about 5p in the £. So the final value of this is likely to be less than £40.
Their customer service calls will be recorded, so if you can find when you called them from your phone records, then you can ask them to look at the recording.
Ian says
I am just figuring out I have been palmed off the same way! I had forgotten about it but I received confirmation for my wonga redress today, just have to try our luck with an email
Sue says
In answer to my own post, I have received a payment of just £2.17 this morning from Curo. Words fail me! My original redress sum was for £1117.00. What more can I say??
Marty says
Seriously ? 0.2 % of your claim. That’s got to be an error !!
Sara (Debt Camel) says
They are refunding some amounts to people where they have found there was an error and a loan had been overpaid. This is separate from the calculation of redress. It may be these small amounts relate to that?
Sue says
Is it worth me querying this with Curo? Or do you think that it is correct. So disappointing to say the least.
Sara (Debt Camel) says
Did you get an email recently about a refund because of a loan overpayment?
Sue says
Hi Sara In answer to your question I got an email due to ‘overpayment’ of my loan. I am guessing its not worth challenging the amount that I received. Its just so unfair to start mentioning the sum of £1117.00 in terms of a redress refund figure and then to send just £2.17.
Sara (Debt Camel) says
ok then the amount you have had only relates to the overpayment. You should still get paid the percentage of the redress on your loan that everyone else will get – expected to be about 5% – in January or whenever they finalise that.
Sue says
Thank you Sara for your response. It has made me feel a lot better. I await another payment from Curo in the new year
Diddy says
I received £317 on a nearly £8,000 redress. Bit upset when the redress figure would have paid off a few things and blame myself for not doing this before but better than nothing (considering that I would never have know I could complain until I saw this site). Am I a similar position with Money Shop and Wong’a so will see what happens there…….
Pretty much just over £0.02 in the pound. Would imagine the others in administration will be pretty much the same.
Sara (Debt Camel) says
more like 4p in the £? What was your exact redress figure?
Marty says
I got that figure too working it out.
Not received anything though will maybe give them a call for an update.
Diddy says
Sorry you are right my bad calculations…..maths ain’t my strong point 😂
No emails, no notifications, nothing from the adminstrators…..just straight into my bank account this morning.
Turtle says
Has anyone had any luck with speaking to WDA? I have contacted the administrators a number of times over several months asking for a detailed list of loans but it’s like getting blood out of a stone. They wont budge.
I want to get the loans I had with them off my record but they wont even tell me which loans they have “accepted” as unaffordable and void.
Who do we complain to when the administrators are incompetent?
Joseph says
I know how you feel, they’re terrible – Scripted responses every time you call them
victor mullen says
So we are looking at %5 of total redress, think i will give mine to charity
Marty says
Just spoke to them on phone no payments have been made it was only for those who overpaid.
Payments still scheduled for May 2020
Diddy says
Interesting, didn’t think I had overpaid anything but will need to check back my statements…..thanks for the info.
Nicola says
My debt was sold to a debt collection agency. My redress amount is more than what I owe. Will this be taken into account or can I request the balance be wiped by the debt collection agency?
Donna says
Hi Nicola,
My debt was sold to Moorcroft so I’ve emailed them this evening to see if I should continue paying them, my redress is £88 more than my outstanding balance. I’m in a DMP with stepchange and they advised me in April to continue paying Moorcroft when I sent them the email. I’ll let you know if I get a response, I couldn’t see the answer to this on the FAQ’s of the administrators website.
Kelly Burton says
Hi I have received my overpayment this week which was £34 I understand that this is not a redress payment as these are still to be paid out in 2020
Maths is not my strong point either I have an estimated redress amount of £494.76 I take it that I will be luck to get £20 back ?
Josh says
Yes this is correct unfortunately the maximum you should expect to receive at the point of redress is £24.7 that’s if they pay the 5p in a £1 which is max. Don’t worry we are all not happy with this it’s disgusting I’m owed £3211 redress and looking. At receiving no more than £135… crooks they are all at they have put many people in debt and ruined there credit then the end outcome is this.
Amanda says
Do you think we could take it to the company still trading in America
Sara (Debt Camel) says
No.
Ciaran says
Hi
I know the deadline has passed for wage day advance. I have an outstanding loan of 550 from lantern, who are collecting for WDA. I have paid off 150 so far. This loan was so unaffordable for me and it will take another 9 months to pay off my plan.
Do you think I could write to WDA/Lantern to claim for an unaffordable loan. I don’t want redress I just want the debt cleared or the amount diwn to a minimum.
Advice please. Thank you so much for this site.
Sara (Debt Camel) says
Was this your only loan from WDA?
Ciaran says
Yes. Dating back 2016
This loan was used to pay back other loans and charges.
Sara (Debt Camel) says
The realistically it is VERY unlikely that WDA would have upheld your Claim for a refund if you had made one in time. And it is now to late to try.
And there is no good reason why Lantern should clear or reduce the debt. Sorry,
If the payments to lantern are more than you can manage, you can ask for these to be reduced.
Ciaran says
Because I believe I couldn’t afford this loan. Is it possible if I pay it back that I can get any negativity cleared from my credit file? Sorry for all the questions. Many thanks by the way
Sara (Debt Camel) says
You can only win an affordability complaint if the lender should have realised before they gave the loan that it was unaffordable. If this was your first loan and it was small, the lender isn’t expected to make detailed enquiries so the first few loans are hardly ever decided to be unaffordable.
The only reason to clear the negative mark from your credit record is if you had won an affordabilty complaint. Sorry,
Paul Godden says
Hi
Separate issue but we have had a client at National Debtline that has had a pay day loan debt passed to Lantern collection agency. The client has been told that Lantern can clear the £950 debt for him and he will pay them back £1150? There was no mention or discussion of a loan and Lanterns website doesn’t mention offering loan? Has anybody had any experience of this? It seems odd a collection agency offering a loan like this?
Sara (Debt Camel) says
That is an odd issue.
I suspect your client has misunderstood something. I can’t imagine Lantern have offered him a loan.
Ade says
Wageday advance have just emailed – they estimate between 4.5 – 5.2 pence to the pound will be paid out.
Andrew says
Yeah got that too my 1500 claim I may get back about 70 quid scum bags
Ross says
I have had that email too. My admitted amount is £653.51, but that drops to around £32 when the reduced amount is applied. Ah well, wasn’t expecting anything, as they’d paid me out once, so it’s a bonus I suppose?
Adam says
Good Morning,
I received an email this morning from the administrators stating they would be giving me somewhere between 4.5 and 5.2 pence in the pound for my redress. How do I workout roughly what i might get, am i doing 0.4 x 4523 (redress valuation).
Thanks
Adam
Diddy says
Yes it would be 0.045 or 0.052 x redress gives you the amount. My redress is double your amount so looking at around £400 on a redress of £9000+.
Better than nothing I suppose……😱😫
Nikk Will says
Has anyone else received an email from Wageday advance asking to vote by 19 Dec?
Nikk Will says
I believe it’s to vote that if any money is left over that isn’t sufficient to pay consumers its donated to a debt consumer charity
M says
Sorry- but if there IS money owing to be paid to *us/whom have suffered-only gttn 5p to £… now- then HOW is there left over £ for charity!? Shd it not b case that our redress is prioritised/maybe increase the % refunded instead!? Confused/annoyed ;(
Adam says
Yes, i got 1 this morning.
How are you working out the money you might actually get?
Nikk Will says
We still don’t know, just that it will be between 4.5 to 5.2 pence in the pound
Zena Forletta says
Yes I also have had a email stating this and they will be paying 4.5 to 5.2 of your redress
Adam says
So how would you workout roughly what you might get if you used 4.5 on 4523?
M says
I reckon Bout 0.05 x £4,523.. approx £225.00 😳…
Sarah says
Just received this from WDA
You are therefore a creditor of CTL with an agreed claim against CTL. Payments to creditors are expected to be made in early 2020, on or before 31 May 2020. However please note that CTL will not be able to pay your claim in full: we estimate that a dividend of between 4.5 and 5.2 pence in the pound will be payable to creditors, and we will confirm the precise amount that you will receive when the dividend is paid to you.
Iain123 says
They are taking £8 million in fees. LOL. No justice in this world!!!
Christian White says
The email sent out asks us to vote on three issues. a) To agree to an increase in fees for the administrators from £5.7m to £7.9m – an increase in costs due to the increased complexity of completing the administration; b) to agree that any residual money remaining after paying out creditors – if too small – be donated to a debt charity; c) to ask creditors whether they would like a Creditor’s Committee to be formed.
Quite a complicated message and, for those of us not versed in involvency practices, a bit of a minefield. It would seem Yes/Yes/No would, in the end, be a sensible set of answers. Yes to the first because unless the administrators do their job, nobody will get anything. Yes to the second because the amount to be donated will actually be very small. No to the third because it increases the costs of the administration and lessens the amount available for creditors. I hope somebody will let me know if that is correct!
Sara (Debt Camel) says
I can’t say what you should do, this is a personal decision. For what it’s worth I agree with your reasoning and that is the way I would vote.
Christian White says
That’s good enough for me! Thank you.
Jamex says
Hi
Im not versed in insolvensy but I can tell you we have been played, KPMG are the only winners and 7 mill out of your redress pot has gone. Is there anything we can do. Power in numbers.
KPMG sare taking over a million pounds in payment for the work they did. Does anyone else think it’s wrong all the claimants have taken such a huge loss 95 % loss and KPMG take full payment. Further more is there anything we can do to get a better figure. Surely if enough people make noise about this someone has to listen.
Sara (Debt Camel) says
The problem here is that the vast majority of administrations return less than a 100% to creditors. If the administrators were only going to get paid the same percentage as everyone else, they would refuse to do the job because they too would go bust if they took on work and only got paid 5% for it. They have to be paid in full.
There is a different argument to say that their fees are too high. This is a structural problem with the whole Insolvency industry, not just this particular case. An Insolvency Practitioner is an accountant who has passed extra exams. They are also personally liable – if a creditor decides they have been poorly treated it if the IP who is sued, not the firm they work for, and it is their family house and savings that are at risk. So they expect to be paid well for doing this job!
Jane says
Seems silly to have gone to all this work for 4.5 to 5.2 pence in the pound payouts. But what do I know, I made the bad choice of taking out a loan from them in the first place. I will await the £100 payout and treat myself & my son. I wonder if the courts would have been aware of the possibility of the reduction in payouts or were they only given the figures that we received initially…
Tony Montana says
This was what I have just received:
The Joint Administrators have now admitted your claim in the Administration for £4,934.87.
You are therefore a creditor of CTL with an agreed claim against CTL. Payments to creditors are expected to be made in early 2020, on or before 31 May 2020. However please note that CTL will not be able to pay your claim in full: we estimate that a dividend of between 4.5 and 5.2 pence in the pound will be payable to creditors, and we will confirm the precise amount that you will receive when the dividend is paid to you.
Was thrilled until I read on…
Kieran says
I know Iv missed the deadline but can I contact WDA for an unaffordable loan so the negative marking is off my credit file. Or is it too later
Sara (Debt Camel) says
Did WDA contact you and say they had determined that you had unaffordable loans and suggest you made a claim?
Kieran says
No. But I believe I have a valid claim. I have also won a claim with another company around that month too. Can I still contact them or have I missed the boat
Sara (Debt Camel) says
I’m sorry but if they didn’t contact you, you should have submitted a manual claim before the end of August. The administrators are not likely to consider a late claim.
Annonymous says
Just a heads up they have removed all Wageday Advance loans from my Equifax Credit report even loans from 2018. On my Clearscore report it states that these loans will be removed when equifax report next gets updated. This will help massively with me getting a mortgage mot having these loans on my report. As I’m sure it will many others.
Tan says
Wageday Advance removed all of my ones in second week of December, just gone. Including 2017 ones.
Wonga have agreed to removed also my “rejected” one (as part of the redress calculation) from 2018 after speaking with them very recently. So normally this would have stayed on my file. So do get in touch with them as with good reasoning they will also remove any which were deemed rejected and this will decrease volume of these loans on your credit file.
Anonymous says
Thank you for the update. I had 39 out of 42 wonga loans accepted to be taken off my credit file. The ones that weren’t accepted were from 2014 and should fall off early next year thankfully. This website has been a massive help over the last year or so. My credit score has increased and my Credit report will look alot clearer once these loans have disappeared. If I had known the consequences a few years ago I’d have never of taken them out. I have emailed Equifax and Credit Karma direct forwarding the email from Wonga with all the loans they have stated they will take off in a hope to speed up the process. If they come off in the next couple of months I’ll be happy.
Chris says
I haven’t heard a perp from WDA/Curo or anyone since April / May… my redress claim was for £3152.38. If im lucky i may get around £150… any idea when this payment should be expected?
Thanks
Sara (Debt Camel) says
before the end of May next year is all that has been said.
Rachael B says
Hi Sara, I thought I had read here that the payments would be made before the end of jan 2020? Has there been an update? Many thanks.
Sara (Debt Camel) says
That is for Wonga. End May for Wageday Advance.
Joanna says
Sadly, WDA was one of the first Payday loan companies that I wrote to. They dragged out this complaint to the very end with silly delaying tactics. Now I will only get a tiny sum.
jason maxfield says
i was told that it will be may this year
Karen says
my accepted claim was for £545.16. I will be lucky to get £50
steve says
I submitted a claim for these WDA and the total loans I paid is for £3,802 – which I managed to pay, although all these were across each year. How do I work out the claim based on this figure? thanks in advance.
Sara (Debt Camel) says
When did you submit the Claim? You can’t work anything out from the total amount you paid, you need to start with the total interest you paid and then probably disregard the first few loans.
Steve says
Dear Sara
I had a loan with quick quid and made a redress claim for a loan of £250 that was 7 years ago . And I did it my self and I got paid £2250-£250 outstanding loan . So £2000 net to my account ., I had another one with mr lender and I have my case with financial obdsuman and they dealing with it , but honestly wageday advance my redress claim worked out of £2750 and I unluckily I will get £100 !!! So my question is could I complain to financial obdusman because isn’t fair amount we all get after what we have been through due to their greed and us being venerable at that time accepting their loan ?
Thank you
Sara (Debt Camel) says
No the ombudsman can’t take a complaint about this. the firm has gone bust. There is no more money.
Bert says
Just got off the phone to WDA as they’ve been having problems validating my bank details. Sorted that now. But the guy told me that once the bank verification process is finished, they could start making payments before the scheduled date of 31st May 2020. He was talking about late January to early February. Not sure if this is widely known so thought I’d post it here. He obviously couldn’t commit to an exact date but he said the bank verification process is almost finished
Joanna says
Thanks for letting us know. They dragged out my claim for 2.5 years, which is handy for them because they can now throw me a few pennies instead of £2,700
Patrick Barker says
Did they confirm if it would be 4.5% or 5.2% I know it’s not a big difference but every penny helps!
Bri says
So much for late January early Feburary….
Bert says
No, sorry, he said the same as the previous email that it would be between 4.5 and 5.2. I know what you mean though as it’s about 40 quid difference on my £5.5k. Every penny helps but I’m resigned to accepting what will be will be now.
Sarah says
I had no idea you could log claims with these company’s until I read on your Wonga blog all the people are doing it. I used a lot of company’s back in the day and was going to start this afternoon writing to these companies.
Checked them all and no deadlines but my question is have I missed the deadline for WDA?
Sara (Debt Camel) says
Yes, too late for WDA
Sarah says
It’s ok I’ve just realised I’ve done this one as they wrote to me.
Only a small claim amount off £366 (%) but I see this as money I was expecting.
Now to tackle the others.
Thanks for all your help Sara
Ruby says
Hi Sara
I am a bit confused, WDA sent me one email saying my redress was £1,099, but then sent another email to a different email address of mine saying I owed £384 and it was sold to Lantern (who have now sold it to BPO). I did change email at some point in the many years that I was borrowing from them, so I think they think I am two different people?! Even though my name, dob and address were the same. BPO can’t seem to do anything about this. Surely if they just subtract the amount I ‘owe’ from the redress figure I’m still owed money and not the other way round?
Sara (Debt Camel) says
You need to talk to the WDA administrators urgently not BDO. You should have done this when you had the Two emails, I don’t know what can be done now.
Ruby says
Thanks Sara. I didn’t see the first email until recently as I haven’t used that email account for a few years. It was only when I got a message from BPO that I logged back into it to check, as they seemed to have both my email addresses. I will contact WDA tomorrow, hoping it can be sorted.
Joanna says
Curo, the company that are dealing with WDA are getting on my nerves (putting it politely)
I have sent off my information to them via email and via Recorded delivery post. They claimed that they never received any of my information, so I sent the email with the scanned documents again to ALL Curo email addresses that I could find. Finally, they confirmed that they have received my documents.
Today, they have emailed me info marked for the attention of 2 of their other customers. I really don’t know what to say….
Sara (Debt Camel) says
What do you want them to do?
J R says
Has anyone expecting a measly refund received anything yet?. Not heard a thing for approaching a year other than I was due redress of £6325.
Sara (Debt Camel) says
Payout is expected by the end if May. No one has received anything yet.
Joanna says
Hi Sara,
I wanted them to apologise for their poor administration which they have finally now done.
Tracie says
I was just wondering if WDA has contacted anyone to confirm bank details. As I know they are due to payout end of May 2020?
Terry nicholls says
I sent my new address and bank details in May last year, I did not have a reply from them until August to say they had changed my details
Tracie says
Thanks Terry
Terry says
I was sent an email before Christmas by WDA saying I was owed 900 now from wat I’m reading I’ll be lucky if I get 50 quid. Feel pretty cheated was ok for them to charge me shocking payments on a loan but wen it comes to the crunch they can’t get the rent out
Jr says
All part of going in to administration it could be worse I’m owed £3211 and if they give max payout will see £160.
You won’t be receiving any more than £45 and it’s likely to be less.
It’s shocking how they are able to get away with it.
GRAHAM JESSUP says
Have they announced a dividend payment on 17th February 2020 and has this gone unnoticed by everybody ,it’s on there KPMG website updates
Sara (Debt Camel) says
Has it? can you give a link?
GRAHAM JESSUP says
The link is http://www.kpmg.co.uk/src
Sara (Debt Camel) says
that is actually for SpeedyCash which was a different legal entity to the company that had the brand name Wageday Advance, so the % being paid to creditors will be different.
Ttacie says
I was sent and email about the redress last year and that they worked out I was owed £6934.74.
I suppose I’ll walk way with around £300-£400 pounds.
I’d love to know if those that earned commission and bonuses on us will have to pay that back!!
Marty says
Payment to creditors are expected to be made in early 2020, on or before 31 May 2020. However please note that CTL will not be able to pay your claim in full. We estimate that a dividend of between 4.5 and 5.2 pence in the pound will be payable to creditors, and we will confirm the precise amount that you will receive when the dividend is paid to you
Marty says
These type of things should be paid immediately in the current climate
j r says
I agree but suspect this might delay things even more!!!!
Ed says
https://www.insolvency-kpmg.co.uk/Viewer/pdfViewer.aspx?sid=cr2zjhnuvi2uhtvyxpnuj2ok&did=91354b23-8c32-48a1-a1a1-4f9dc238e34a
Latest Curo / WDA update. 102,000 claims, latest estimate is for 5.0 – 5.4p / £ dividend
Beth says
Have I read correctly that some people have already received redress payments? Just wanted to know how this has been communicated please?
Thanks
Sara (Debt Camel) says
no one has yet been paid.
Marty says
I got this response after asking them to pay out due to the pandemic
It is expected that sufficient funds will be available to allow a payment to be made to CTL’s creditors.
However, the exact timing and amount of such a distribution is not currently known, and the Joint Administrators will contact creditors in advance of announcing an unsecured distribution, when further details are known.
Payment to creditors are expected to be made in early 2020, on or before 31 May 2020. However please note that CTL will not be able to pay your claim in full. We estimate that a dividend of between 4.5 and 5.2 pence in the pound will be payable to creditors, and we will confirm the precise amount that you will receive when dividend is paid to you.
Sara (Debt Camel) says
They won’t pay out until they know the exact amount. They aren’t deliberately delaying this so it’s unlikely they can choose to speed it up.
Mart says
They informed us this week that the payout would be between 5 and 5.4 percent
Matt says
How did you learn of this? I havnt heard anything for a couple of months now
Mart says
Ed’s comment on the 24/03/20 with the link for the report.
jason maxfield says
hi i am jason and i did my redress along time ago and iwas told it would be end of may i have moved sins then and may is coming fast i have a new email now so i dont no what is happering and i live some where ells now do i need to let them no
Vicky says
I would phone them. Noone has had anything back and told us on here it will probably be electronic payment to the bank account you used for the loan but we wont know if you will get an email to confirm until the time comes.