Contents
Summary of the administration
Curo Transatlantic Limited (Curo) had two brands:
- Wageday Advance (WDA), a mid-sized payday lender; and
- Juo Loans, a small guarantor lender.
Curo entered administration on 26 February 2019 because of the number of payday loan affordability complaints they were receiving. They appointed KPMG as Administrators.
- The Administrators published Proposals for the administration in March.
- Outstanding loans, less any compensation calculated, were sold to Shelby or Lantern.
- The Administrators used a Claims Calculator to 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 2019 it was announced that c.100,000 claims were received and that the administrators expect to pay c. 5p in the pound to customers who made a claim.
- On 20 May 2020 the final dividend of 5.68p in the £ was announced and paid to unsecured creditors. The total amount being distributed was £7,232,445.
- Three further payments runs were made to try to resolve problems where payments had bounced back.
- No further payments will be attempted. The administrators have sent the funds they held relating to unsuccessful dividend payments to the Insolvency Services Account, in line with standard insolvency procedure.
- Any customer who did not receive their expected payment can claim it from this account. Email CustomerServices.EAS@Insolvency.gov.uk, and include your name, customer number, address and the name of the Company, being CURO Transatlantic Limited.
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.
Loan 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 – the legal term for all the outstanding loans – was sold to Lantern, a debt collector.
Borrowers whose loans were sold were sent an email explaining this.
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 were returned to the Administrators to settle.
The Claims Calculator
The Administrators put all loans from Wageday Advance, past and present, including those over 6 years old, through the Claims Calculator that has been developed.
The Claims Calculator was intended to give roughly similar results to typical FOS decisions. A loan was determined to be inappropriate by the calculator if it failed 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 was calculated as a refund of interest and charges, plus 8% statutory interest.
For customers who had already had an offer or a FOS decision, the redress was set at the largest of:
- what the Claims Calculator said;
- 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 even if they haven’t submitted a complaint.
Here is an example of the key figures:
- Outstanding loan balance at 25 February 2019 per CTL’s records 420
- Less: balance adjustment (165)
- 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, 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.
If the calculated redress is larger than balance the redress cleared the balance and a further email was sent about the remaining redress.
Customers who are owed refunds for unaffordable loans
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 before the deadline (which has now passed).
Credit records
The Administrators updates customers’ credit files to remove credit records for loans that they decided should be refunded because they are inappropriate.
20 May 2020 – payments made
On 20 May 2020 the Administrators announced all unsecured creditors, including people owed money for unaffordable loans, will get 5.68p in the £.
An email was sent to everyone saying what they would receive and payments started immediately. here is an example of an email:
Where payments bounced back, people were asked to supply updated bank details and further payment runs were made over the next months.
Related:
Refunds / For larger loans, overdrafts, car finance, credit cards and catalogues
Credit Records / “Suppress” records after administration
marty says
Rather disturbing the Fos adjudicator upheld my complaint as have been waiting over a year for an ombudsman to look at it and now this. So more wait. Fos have been poor
Christopher Aitchison-Knight says
If I’ve got a complaint about their inaccurate reporting to the credit bureau do you know who I should pursue this with now?
Sara (Debt Camel) says
The following is my best guess:
If you are told your account has been transferred to Shelby, complain to Shelby.
If not complain to WDA where it will be dealt with by the administrators.
Gareth says
If a lender goes bust what happens to data they have reported about you? Can you ask for it to removed from the cra’s as the company has no legal grounds to report and retain it any more due to them becoming insolvent. And breaching any contract they once had with you?.
Sara (Debt Camel) says
Nice try. No.
There would only be grounds to remove the data if it is incorrect. The lender had a right to report the data at the time and going into administration doesn’t change that.
Nicki says
That’s great just got a redress agreed so probably won’t be getting any of that anytime soon if at all
Sara (Debt Camel) says
That is my guess :(
Carl says
This is worrying news. Another lender collapsing and those of us awaiting recourse are now abandoned by the Ombudsman.
How many other lenders are going to follow suit when their overseas backers pull the plug?
Sara (Debt Camel) says
The only other firms with “overseas backers” that are publically listed are QuickQuid where its US parent doesn’t seem at all worried about refund costs and Sunny, who made some muttering noises last year but not in their recent results.
Carl says
That’s reassuring, but we’ve still been let down by the FOS.
David D says
I fully appreciate your grievance, i’m following this topic as I have a WDA complaint lodged with them too so i’m just as miffed as the next person but I can’t see how it is the FOS letting anyone down here. They are in receipt of a mass amount of complaints and come round to them when they can, it isn’t their fault that in the interim a company has gone into administration, it isn’t the FOS fault that companies stall or use potentially (heresay) deliberate tactics to get out of adhering to rulings and legislation.
Personally, I have nothing but gratitude for the FOS service and that is further to having some complaints upheld and rejected. It is a free independent service, we should be grateful for any help they provide no matter how long they require to complete their action.
Jon says
Furious about this. Waited over 4 months to get a final offer from WDA, then finally got it a week ago and agreed a decent sum, to arrive in 5-7 days. Now I probably won’t see any of it. So angry right now. This timing must be deliberate…
Sophie says
I’m in exactly the same situation.
I wondered if it was deliberate too.
J says
Me too. I thought it was a great offer last week, now I feel like I have been conned all over again. I think we are a few of many.
tom price says
likewise for me, the ombudsman awarded mine 3 weeks ago….
Pearly Girl says
Who is now the creditor – for DROs etc ?
Sara (Debt Camel) says
So far as I know, loans that have been defaulted are not being sold. If you don’t receive an email in the next couple of days saying your account is being transferred to Shelby, then it is probably staying with CTL.
All this should be clear by the end of the week if you phone up.
Steve says
Ugh…just my luck that I raise an affordability complaint with them on Friday, and then they go into administration today…!
Will see what happens, if anything..! Am I better off setting up a repayment plan with them, or holding off and see what they say?
Sara (Debt Camel) says
How good is your affordability complaint – how many loans have you had from them? How much interest have you paid on the loans that you have settled?
How much do you currently owe them?
Steve says
Well, not sure – 3 loans, two paid and one outstanding.
Loan 1: £150 paid back £180 (£30 interest) (6/8/18 taken out for one month, paid off on 28/8/18)
Loan 2: £180 paid back £263.91 (£83.91 interest) (3/9/18 taken out for three months, paid off on 3/12/18)
Loan 3: £250, plus interest of £172.76 (not paid yet) (8/12/18 taken out)
I think I have a good case as I had numerous late payments and defaults on my credit file when the first one was taken out, so they should have seen I was in difficulty then, let alone quick requests for further loans after I paid off the previous one…
Sara (Debt Camel) says
OK, I don’t like trying to predict outcomes, but my guess is that if that case had gone to the Ombudsman, the most likely outcome is that you would have had the interest removed from the last loan so you only repay £250. This is because the gaps between the loans were very short and the loan amounts went up each time.
So your options here are to refuse to make a payment arrangement until you have a response to your complaint (I don’t know how much you will be pushed to make payments) or make a low payment arrangement now (say £20 a month?) knowing that by the time you get an answer to your complaint you probably won’t have paid more than the 3250 you borrowed.
Suzanna Walker says
1st six months of 2018 Curo (WDA owners) received 749 complaints
749 x £550 = £ 411,950 just for FOS to assess the complaint.
But FOS only upheld 56% which means that 44% were not bonafide complaints but still cost the company £181,258 . It surely must mean that making a bogus complaint only makes it more difficult for those who have bona fide complaints as £181,258 would surely have paid quite a few refunds. I suggest people think hard about making a complaint and if just trying it on is the only motivation you are not helping those with genuine entitlement to a refund.
Obviously the figures for the last six months of 2018 are not out yet but I guess they show a similar situation.
Sara (Debt Camel) says
I think suggesting that anyone who has a complaint tuned down at FOS did not have a “bona fide” complaint, perhaps even “bogus” and “trying it on” is entirely unfair and offensive. These things are not as black and white as you seem to think.
I will also point out that WDA could have saved itself 200k plus if it had paid out on what you term “bona fide” complaints directly and not made people have to take their complaints to FOS. This part is entirely within a lender’s control. But perhaps they are rejecting “genuine” complaints because they are trying to see what they can get away with?
Mark says
Well said Sara…..
marty says
I think if they just settled without the need for the Fos they would have saved money instead they buried their heads in sand and did not follow the rules stated by the Fos. I think my own claim is for less than the £550 they forced me to go to Fos with which is sad as their sole line was couldn’t help me as not within time scales.
Sophie says
Hi Sara (again!)
I accepted the offer from WDA and recieved confirmation from them on Thursday last week that they had passed my details to their payment department and the money should be in my account in 5-7 working days. It hasn’t gone in yet. Will them going into administration affect this?
Sara (Debt Camel) says
It is VERY likely that you won’t get paid, sorry. What I expect to happen is that you are now an unsecured creditor and that eventually, when the administrators have sold all the assets, you will be paid at so much in the £. No idea what that percentage will be at the moment.
Iain123 says
I see CURO share price is currently down 7% on the NYSE. Strange, I would have thought it’d be up after getting out of payday refunds!
I don’t get all this. The parent company is a billion dollar company, why aren’t they honouring payday refunds? Why isn’t the company that bought CURO liable for payday complaints? Why don’t directors of other payday companies close down and reopen under a new brand, avoiding millions in payouts?
Surely QQ and Sunny are now closer to throwing in the towel?
Sara (Debt Camel) says
“I would have thought it’d be up after getting out of payday refunds!” but the board wanted the Scheme of Arrangement to go through because the UK payday loan market looked very profitable…
“The parent company is a billion dollar company, why aren’t they honouring payday refunds?” the legal structure means they don’t have to.
“Why don’t directors of other payday companies close down and reopen under a new brand, avoiding millions in payouts?” a pre pack administration must be in the best interests of creditors as well as the company.
“Surely QQ and Sunny are now closer to throwing in the towel?” If Curo had been allowed to have a Scheme of Arrangement, I would have expected other firms to start looking at one. But administration? There is no inc=dication from their recent quarterly accounts that they are in that much trouble.
Joseph says
Really disappointed but not surprised by this, had an arrangement to pay £950 but case was with FOS – Now will probably have to pay all the £950 back then wait a long time for a refund (if I get one). Feels very unfair
AJ says
Made a complaint in October. Have not heard back from them and now they gone into administration. Do I wait another few months for there reply or should I go straight to FOS. I had 10 loans with them
Sara (Debt Camel) says
You can’t now send a case to FOS. If you do, it will be returned to the administrators in the next month or so.
There is nothing you can do (unless you still owe a balance?), you just have to wait for what is likely to be many months before the administrators first decide if you have a good complaint and then know how much they have to pay out.
Worried customer says
I have a complaint outstanding with the fos. I have over 40 loans with wda.
Complaint was raised back in December after I eventually spoke with family about my mess.
I have not had a response.
Is it likely I will not get any refund? I am quite worried now.
Sara (Debt Camel) says
It is likely that your FOS complaint will be returned to the administrators within the next month or so. (This isn’t FOS being difficult, under Insolvency law there is a moratorium on legal proceedings against a company once the company has entered administration.)
What Wonga administrators are doing is developing a way to determine how much of a refund these “returned complaints” and those still at Wonga will get. Then this will be reduced when it is known how much money is available to be paid out, so you may get paid “80p in the £” or “18p in the £”, this won’t be known for months.
Do you still owe WDA any money?
Iain123 says
One silver lining is this frees up FOS staff to deal with other payday lenders.
maggie says
My complaint has been with the ombudsman for 2 years!! against WDA because my loans are over 6 years old. I’m very angry about it as I had exactly the same issue with Wonga. I would take some kind of joy if I thought the people who made the most profit out of this would lose the most but unfortunately they never do! Good luck to everybody who still has claims to fight and I hope as many of you get the resolution you deserve as possible.
This was my last and biggest claim so time to move on and if anything comes then it’ll be a bonus.
Thanks Sara for your brilliant site and advice to so many.
Sophie says
Just been put through to Shelby, who directed me to the administrator’s website and it says this:
I made a complaint against CTL before it entered administration – what happens to my complaint?
“Customers who have made a complaint against CTL prior to it entering into administration may have a claim against the CTL and will be contacted by the Administrators in relation to their potential claim in due course. This includes customers awaiting a response to their complaint, customers who have received a ‘final response letter’ from CTL with an offer of redress but have not returned it, and customers who have taken their complaint to the FOS. The Administrators will determine a process for agreeing creditor claims and will then contact relevant customers (including those who have already made a complaint), explaining what they need to do next in order to progress their claim.”
That specifies customers who have recieved an offer but not returned it. There is no mention of those of us that have recieved an offer and accepted it or am I misreading that?
The man I spoke to at Shelby seemed to think that if the complaint was closed prior to 25th (ie offer accepted and details sent to payment department) that it would be protected as a legal agreement but he wasn’t certain.
Even more confused than I was before now!!
Sara (Debt Camel) says
I don’t think the person you spoke to at Shelby knows anything about administration.
Wonga did not make any payments, even where a refund had been agreed and was in the process of being paid, after it entered administration. I expect the same to happen here.
In your case you DO have a claim against CTL, for the agreed amount of the refund.
Iain123 says
CURO shares down another 4%, and falling.
Anyone know why?
Sara (Debt Camel) says
Someone sold some shares… sorry to sound flippant, but this just looks like noise. The share price has recovered most of the earlier drop.
fiz says
if i received a final response letter from wageday advance which I intended to send to FOS?? where do I stand
Sara (Debt Camel) says
You can’t now send your case to FOS. If you do, this is going to be returned by FOS to the administrators in the next few weeks. The administrators will determine how your complaint will be resolved.
This will probably feel very unfair, but there is nothing you can do to change it. I will be keeping this page updated, so if you check back once a month or so, you will see if there is any progress.
fizz says
since the debt has gone to a debt collection agency, would there be a chance to get it removed from the debt collectors and get the negative remarks removed?
Sara (Debt Camel) says
Has it been sold to a debt collector or just passed to a debt collector to be collected for WDA? How many previous loans did you have with WDA?
Jennifer says
I made a claim against wage day for interest and was given a final response letter2 weeks ago and an offer which I accepted, do you think I will lose that now?
Sara (Debt Camel) says
You are only going to get paid a percentage of it and that after many months.
Paul says
Hi there
I took out a loan with wageday advance in January
Firstly should they have issued this loan knowing they were in a crisis?
Secondly my payment is due today and nothing appears to have come out my bank I’ve has no txt message that I would usually get or email (just the email from Shelby saying they had taken over)
Am I in a position to get the interest cancelled on this loan and just pay back what I borrowed?
Thanks
Sara (Debt Camel) says
“should they have issued this loan knowing they were in a crisis?” Yes. Their regulator was aware of their financial problems and allowed them to carry on lending. That argument will not help you.
“my payment is due today and nothing appears to have come out my bank I’ve has no txt message that I would usually get or email (just the email from Shelby saying they had taken over)” I suggest you ask Shelby why the payment has not been taken. This is probably an admin problem to do with the sale of the accounts. Your credit record should not show this as a missed payments and you should complain if it does.
“Am I in a position to get the interest cancelled on this loan and just pay back what I borrowed?” do you have a good argument that the loan repayments were unaffordable for you? HAd you previously borrowed from WDA, how many times?
Tim Harris says
I have just rang fos and been told my complaint logged with them 10 days can not be looked into as Wda have gone into admin
I have a current loan with them which they offered to wipe and compensate me . I declined the offer as I felt the offer was unacceptable..where do I now stand?
Sara (Debt Camel) says
Your complaint will be sent back to the administrators by FOS. You will be an unsecured creditor of WDA.
The administrators then have to do two things. First determine how large a refund should be calculated in your case. They may simply set this at whatever you were offered before, or they may be coming up with a new way – the Wonga administrators are developing a new way. Any new calculation will not be worse than what you have already been offered.
Second they need to divide up the available money between all the creditors, so you will only get a percentage of your refund.
BUT because you have an open balance, this should be wiped and only the remaining refund will be reduced.
Are you making any payments to this balance? If you are, you should probably stop now, as if you pay more off, then more of your refund will be reduced by the percentage being paid.
Kristym86 says
Bloody hell!! I am still waiting for my final response. Decided not to take it to the FOS yet. Probably no point now 🤷🏼♀️
So I have currently got just over £200 left to pay them. I pay back £9.92 per month. I get that I should still pay them but will I ever get any money back??!
I also out in a complaint to Wonga. Will we ever get anything back??
Sara (Debt Camel) says
“I get that I should still pay them”… possibly not…
CAn you say how many times you had borrowed from WDA before the loan you still owe? Do you know how much interest you paid
Kristym86 says
Hi Sara
Sorry been busy with work etc.
Right…
1st loan opened 26/05/2016 for £100 term of agreement 35 days. Extended it. Completed paying 26/08/2016. Think total amount paid was £173.60
2nd loan opened 26/05/2016 for £500 over 6 installments in which I am still paying. Balance as it stands £238.04.
From what I can see on both loans they did stop the interest when it went into arrears but there was some interest added.
As I said I’m paying £9.92 back a month.
Kristym86 says
Hi Sara sorry that was a typo above.
I took 2nd loan the same day I paid the first one back
Sara (Debt Camel) says
Well as an affordability complain it isn’t that strong . Yes the second loan was larger, but as it was an instalment loan, your monthly repayments would have been smaller than for your first loan.
How much have you paid to the last loan?
AB says
Hi Sara, I spoke to WDA last week and WDA offered me a ‘reduced settlement’ figure, saving £150 and I had a week to decide what to do. I had an o/s complaint with them but it’s not that strong, don’t I feel stupid now for not just paying it off at the time!!! Do you think the administrators will likely be prepared to accept the lower offer simply to get the money in or will I have missed the opportunity now?
Sara (Debt Camel) says
No idea but I guess it’s worth a try. Phone them up tomorrow and say you want to accept the offer.
Keith says
Kinda at the same situation. I got a rubbish offer after six months of waiting. So Monday I got offered 65 pounds and I had been keeping an eye on wage day thinking it was gonna go. So I just emailed back saying yes I accept my redress. This was Monday . Then boom Wageday gone. Is it even worth me chasing this payment. Even so how would I do it?
Sara (Debt Camel) says
You are now an unsecured creditor. You should get a small amount in the end but I doubt chasing it now will get you anything.
Phil says
With regards to the default on my file from WDA – is there any way I’ll be able to get this removed? Is there evidence in the case of Wonga for example where they removed adverse history?
Worried it will be on my file for a further 6 years, and it wasn’t fair or right that it has been added. They refused to talk to me, I have numerous emails that went unanswered, tried to find resolutions etc and it was all ignored. Weirdly, only now are emails from months ago getting generic replies describing how the firm has announced it’s gone into administration etc.
I’m genuinely less concerned about the money and more about the adverse mark on my file.
Can’t help but feel I’ve been really shafted with this one.
Sara (Debt Camel) says
previously you said WDA “registered default, too quickly and despite me having set up payment plans to clear”.
Could you give some more detail about this? what were the contractual details on the loan – how were you supposed to pay each m0nth for how many months? Had you made any payments on time? Did you then miss any payments, if yes, how many? what was the payment arrangement set up?
Also how many times had you borrowed from them before this last defaulted loan?
When did you complain and what happened?
Phil says
WDA:
4 loans
7/1/17-£300
14/4/17 – £300
5/6/17 – £480
4/11/17 £880
At time of £880 loan I got myself into the worse position yet – multiple loans maximum amounts. Come march I didn’t physically have enough coming in to make all payments.
My credit report and bank statement shows I paid WDA in Dec, Jan and Feb.
My credit report and bank statement shows I missed a payment in March.
No notice of this at all, no email nothing (have checked junk file, I don’t delete).
In April I emailed WDA to ask if there was an amount owed, if so how much and could I repay. Only received automated reply, no further reply. I was in the process of setting up repayment arrangements with everyone to fully clear and get back on track. I wrongly assumed that when no reply nothing was outstanding (there was a lot to get on top of).
Phil says
In Nov I accessed Noddle for the first time (had previously only used experian and WDA doesn’t register on there). I saw here for the first time that a default was registered against me in June. Again no notice of late payments or default etc.
I emailed WDA to try and come up with an arrangement in Nov, Jan and Feb. No replies other than automated. In Jan I had one reply asking me to phone them to discuss, I asked them to stick to written correspondence. In Feb I then had a random email saying that they had identified that they need to send notice of sum of arrears but hadn’t so were reducing interest owed.
Now I’m getting email replies from my jan ones saying they’re now in administration.
Worried and annoyed that I worked hard to clear debts and they’ve issued a default that doesn’t feel right, and because they’re in administration there’s no way I can get it amended.
Sara (Debt Camel) says
I agree with you that you have a very good case to get the default removed.
My guess is the administrators will listen to this, but you may need to give it a couple of weeks. they have just walked taken over running this firm and – as you experience shows – it sounds like it is in a bit of a mess.
BUT you also have a reasonable case for the interest to be refunded on the last loan – and as you owe a balance, that would wipe the balance out. So I wouldn’t be too fast to give up your affordability complaint.
Bob Rooney says
The FOS is a joke. They are part of the problem because they have taken so long to deal with any of this stuff. There was a letter from the FCA about the six year cases in October and I am still waiting for my cases to be looked at five months later. The TSC had it right last week the FOS has abandoned people like us and they are not any better than the companies who preyed on the vulnerable to give these loans.
Sarah Harrison says
Received an email today saying Ed Boyle and I were appointed Joint Administrators of the Company on 25 February 2019. The Company formerly traded as a provider of short-term, high-interest consumer finance in the UK under two brands: WageDayAdvance and Juo Loans.
It is not currently possible to forecast the outcome of the administration, but we intend to write to you setting out our proposals for achieving the purpose of the administration by 25 March 2019.We are reviewing the affairs of the Company. If there are any matters relating to the Company and its management that you wish to bring to our attention,
James says
Sara,
Got an offer from WDA on 30/10/18.
Sadly I rejected this as I felt it should have been >£3k, not the £1100 offered. (Primarily due to historic loans.)
Referred this to the Ombudsman straight away but 4 months on my case has not been allocated and now this. Very disappointed in this but I appreciate many are in the same boat.
I do have a small outstanding balance with them, c. £200.
Is there any precedent or indication what type of % can be expected on refunds? Does the Wonga experience tell us anything about this? Also, is there any indication on whether those who have had offers from WDA will be viewed more favourably by the calculations when these are devised?
Email from Curo went into my junk mail, nearly never knew about this at all.
Thanks, disappointed.
Sara (Debt Camel) says
I suggest you don’t make any payments to the £200 balance!
“Is there any precedent or indication what type of % can be expected on refunds?” No. Sorry this depends entirely on the assets the administrators can sell and the number of refund complaints.
“Does the Wonga experience tell us anything about this?” No. And their % payout isn’t likely to be known for many months anyway.
“is there any indication on whether those who have had offers from WDA will be viewed more favourably by the calculations when these are devised?” I would expect your existing offer would be the minimum you would be allocated, but that’s all.
James says
Thanks, Sara.
If I got my existing offer at this point I’d be relatively delighted in the circumstances. Appreciate it could be a penny in the pound but the timescale is galling to close this out harnessed with WDAs initial delay tactics and the FOS not picking up the case in time.
J
Sara (Debt Camel) says
I do understand how frustrating this is. Realism suggests that if FOS had approved more cases faster last autumn, WDA would have been in administration well before Christmas. The real problem here is not FOS but the systemic lack of a compensation scheme to reimburse customers such as the FSCS.
James says
Appreciate it is maybe an ‘easy target’ to lament the FOS. From my own experience it seems they have went for the low hanging fruit and focused on the strongest, most recent claims as they are the easiest to resolve. This creates a twin problem for customers like myself… Firstly delays the time to resolve and secondly these claims are often going to be higher value so it is more keenly felt.
It seems some lenders cottoned on quick that a blanket policy of challenging historic claims was their best way of minimising their liabilities. From memory WDA (deliberately one assumes) took their full 8 weeks, then said it could be another 8 weeks for a FRL. If this front end shenanigans and delay of payments etc from the lenders could have been stamped out a lot less complaints would have perhaps landed at the FOS door. In turn, this would have enabled them to work more freely. Just my thoughts on the whole chicken and egg scenario with the issue of volume.
Sara (Debt Camel) says
I will say that if FOS had wanted to go for the easy route, it would simply have rejected the over 6 year loans as being outside its jurisdiction. But I do think FOS are under-resourced at the moment. And yes they should have made the 6 year decision faster.
tom says
Hi Sarah, also got an email from KPMG as below
This email is being sent to inform you that Ed Boyle and Howard Smith were appointed as Joint Administrators of Curo Transatlantic Limited, which formerly traded as WageDayAdvance and Juo Loans, on 25 February 2019
You do not need to do anything further upon receipt of this email
tom says
Page 2
Dear Mr Price
CURO Transatlantic Limited – in Administration (the ‘Company’)
High Court of Justice
No. 001418 of 2019
Registered Number – 04179322
Joint Administrators – Howard Smith and Ed Boyle
Ed Boyle and I were appointed Joint Administrators of the Company on 25 February 2019. The Company formerly traded as a provider of short-term, high-interest consumer finance in the UK under two brands: WageDayAdvance and Juo Loans.
The Joint Administrators completed a sale of the business and majority of the assets of the Company on 25 February 2019. A memorandum setting out details of that sale is available to view , together with formal notice of appointment. If you require a hard copy of either of these documents please email documents.curo@kpmg.co.uk.
It is not currently possible to forecast the outcome of the administration, but we intend to write to you setting out our proposals for achieving the purpose of the administration by 25 March 2019.
tom says
page 3
Following the implementation of the Insolvency (England and Wales) Rules 2016, it is now possible for a creditor to, at any time, elect to opt out of receiving further documents relating to the insolvency proceedings.
lease note that opting-out will not affect your entitlement to receive dividends should any be paid to creditors. There are also certain documents that opted-out creditors will continue to receive. These are detailed in the opting-out notice that is available to view and download .
If you wish to become an opted-out creditor, please download, sign and date the opting-out notice and send it to opt-out.curo@kpmg.co.uk. Please note that there is also an opting-in notice available to download and print on the Portal, should you wish to opt back in to receiving regular correspondence at any point after opting-out. If you have any queries relating to opting-out, please email opt-out.curo@kpmg.co.uk.
Throughout the course of our appointment, pursuant to Rule 3.39 of the Insolvency (England and Wales) Rules 2016, creditors will be invited to consider whether a creditors’ committee should be established, provided sufficient creditors are willing to be members of the committee.
In order to enable creditors to make an informed decision, a guidance note on the formation of a creditors’ committee and the role of a committee member has been published and can be found here.
tom says
Page 4
Please also note that the Joint Administrators are required to produce six monthly progress reports. All progress reports during the proceedings will be loaded on the Portal
Sara (Debt Camel) says
Thanks for posting this Tom.
This is all standard administrator stuff. No-one getting this email needs to do anything at the moment.
If you “opt out” your complaint will still be considered. in the same way, but you will get fewer emails in the next few months. I don’t think you are likely to get that many emails anyway, so if it was me I would do nothing and stay “opted-in”.
One of the next emails you get will be asking whether a “creditor’s committee” should be established and whether you would like to be on it. You can safely ignore that too!
Joseph says
Hi Sara,
I’ve read a few times you saying don’t pay any remaining balance you have with WDA, and I have one for about £900, but wouldn’t this turn out really negative for you if you just didn’t pay? Currently on a repayment plan for £80 a month. Credit score, debt letters etc could all come flowing in if you surely didn’t pay
Sara (Debt Camel) says
How good is your complaint against them? how many previous loans did you have?
Have you tried logging into your account and seeing what the balance is? Because the FAQs now say the administrators are applying “some provisional adjustments”?
Joseph says
All i get when i log into my account is: “For customers with outstanding loan balances: Your outstanding loan(s) remain with CTL and your account has not transferred to Shelby. The Joint Administrators will contact remaining CTL customers over the coming weeks. In the meantime, please view the Frequently Asked Questions page on KPMG’s dedicated website:”
I can’t click on anything else
John says
Just a quick question Sarah.Would cura be allowed to open another payday lending company under a different name in the uk .I understand it might be morally wrong .But businesses (some anyway) don’t necessarily see things that way. Ive been made redundant three times in my life by supposedly bankrupt companies that somehow get around the situation and start up again .Under a different name with miraculous cheaply obtained assets. Just wondered if financial services have different rules to caterers and building trade (my ex employers).
Sara (Debt Camel) says
a) the FCA would spot that and they would find it hard to get authorised.
b) I doubt Curo directors will feel like going on holiday to the UK, let alone opening a new business here…
TS says
I had the same email as others mention above on 4th.
I did complain over a year ago but they didn’t uphold the complaint, does this then mean that the administrators are going to reassess my complaint and I could still be entitled to a refund?
Sara (Debt Camel) says
That’s interesting. it sounds as though the administrators may be intending to include you in the group of people they will run their refund calculator for. But I am guessing here!
Maggie says
If the FCA would’ve accepted the scheme it would haven’t mean we’d (those who were lent to irresponsibly) all have a smaller portion of the refund amount owed to us, but now… administration is worse!! We’ll be lucky to get 2p in the £. Should have raised my complaint years ago! Curo and Shelby are the only winners! The FOS are a waste of breath- about time they were regulated and audited too.
Sara (Debt Camel) says
I’m not sure what you are trying to say. The administrators have sold much of the business to Shelby for £8.5m. Curo were only proposing to put £18m into the pot for refunds in a scheme of arrangement. If you only get 2p in the £ now, that suggests you would only have got 4p in the pound under the Scheme of Arrangement…
I understand how frustrating this is, but the only way you could have got a decent refund is to have complained earlier, as you said. All you can do now is wait and see what the refund turns out to be. It may be more than 2p in the £.
Robert says
Got an email from Shelby Finance today. After acquiring my account from WDA, they found that they hadn’t performed credit checks when giving me my loan. They’ve offered to write off the rest of my loan (£80) My first victory, and a small one, but it’s still something.
Sara (Debt Camel) says
Good to hear that Shelby are looking at the accounts they have taken over, not just trying to collect them. Shocking that your application wasn’t credit checked.
Had you had previous loans from WDA?
Tom says
Hi sarah, i have a loan with WGA that id on a tepayment plan but i am considering compalining for irresponsible lending, but my loan has been passed on to shelby after the adminstration change…so would i have to complain to WGA or shelby? Thanks
Sara (Debt Camel) says
How much did yoiu borrow on this last loan and how much is still owed on the loan? How many previous loans did you have with WDA before this defaulted loan?
Tom says
I borrowed 500 and owe £960, i had one loan with them before and this is the 2nd loan.
Sara (Debt Camel) says
I suggest you ask Shelby. Normally you have to complain to the original lender, but this is an odd situation. It will be a good result for you if interest can be removed on this loan so you only repay what you borrowed.
David D says
Apologies if this has already been covered in the above; I had a complaint lodged with WDA which was yet to hit the 8 weeks mark, so obviously now I know I’m not getting a response from them but will this be handed over to the relevant parties accordingly or should I chase it?
the 8 weeks deadline is the end of next week.
Sara (Debt Camel) says
The 8 week deadline is now meaningless. You are unlikely to get any response by that time and you now cannot send a complaint to the ombudsman.
“will this be handed over to the relevant parties ” no handover is needed. The administrators are effectively running WDA including their complaints department so they already have your complaint.
You just have to wait I am afraid. There is nothing you can chase.
Steve says
I put my complaint into WDA about a week before they went into administration; since then they’ve stopped calling chasing payment for overdue payments. Should I call them to set up a payment plan/find out the status of my account, or just wait and see? I currently owe £380.45 to them.
Sara (Debt Camel) says
It isn’t to your advantage to make any repayments here as getting the balance written off may be your best hope of a good result to your complaint.
Can you log into your account? if you can, has the balance changed?
Steve says
Sorry Sara, I didn’t realise you had replied!
I can log into the website, but it doesn’t show my account. It just says “For customers with outstanding loan balances: Your outstanding loan(s) remain with CTL and your account has not transferred to Shelby.
The Joint Administrators will contact remaining CTL customers over the coming weeks. In the meantime, please view the Frequently Asked Questions page on KPMG’s dedicated website:”
Can anyone else see their account when logging in?
James says
I had a payment arrangement of £50 a month with WDA before administration. Would this still apply or would my account become defaulted as a result of them going into administration?
Sara (Debt Camel) says
Was this the only loan you had from them? How much did you borrow on this last loan and how much have you paid to date?
James says
I had one loan previously but as soon as that was paid I took another one for £700. I made one payment but then had to enter into a payment arrangement. Since then I received an arrears notice 2 days before the administration and with the interest currently frozen I believe I owe about £900. I am anxious that this will default and I have no way to afford a £900 up front payment
Sara (Debt Camel) says
If you haven’t already, I suggest you send in an affordability complaint. See article above for how to do this. If that is upheld, you would only have to repay what you borrowed, no interest. AND any negative markers on your credit record would be deleted. There are no downsides to trying for this, it is a simple email to send, if it doesn’t work, it doesn’t work.
I can’t guess what the administrators policy is going to be on adding defaults. But with interest frozen it would be very foolish of you to try to borrow your way out of this by borrowing elsewhere. There isn’t much you can do except sit this one out. With a payment arrangement of only £50 a month, WDA may well have added a default at some point anyway.
James says
Is it likely I would have to pay this back all at once though?
Sara (Debt Camel) says
I think it’s HIGHLY unlikely the administrators are going to demand you repay the lot at once when you have a payment arrangement set up. They would rather the £50 a months roll in with no problem.
Jordan says
I find it strange that they can get away not paying the customers they owe money but the customers that owe them money still have to pay.
Phil says
(I know I’ve described this before but wanted to go into a bit more detail, sorry if I’m repeating certain points).
I have had a default and current outstanding balance from a loan with WDA –
I have sent the simple letter as advised, but I’m concerned that part of what makes my affordability argument so strong is the failure to complete credit checks and check account information. I’m not including that am I running the risk that they won’t review that aspect of my complaint? Should I send over a more detailed argument including bank statements and credit report?
I also believe the default was unfairly issued but haven’t included this in my email either – again just the simple one as described above.
Is there any idea on how long they take to reply? I had been seeking written contact from WDA months before they went into administration to no avail. As yet I’m yet to receive any confirmation or real personal acknowledgement from the administrator other than the email explaining the administration.
I’m extremely keen to get the default marker removed from my credit report, and want to settle the balance, but it’s difficult to achieve when you can’t have dialogue with them.
Tried calling too to see if it would help but all they did was a read a text saying they were in administration and couldn’t help any more.
Just a bit concerned that now the normal 8 weeks rule doesn’t apply etc that it’s all just a bit up in the air.
Sara (Debt Camel) says
“Should I send over a more detailed argument including bank statements and credit report?” well you can if you want, but I think it’s VERY VERY unlikely anyone will look at them. The administrators have to find a simple, automated way to assess complaints. If a human has to look at each complaint, including bank statements and credit records and think about them, the cost of doing this would be so large there may well be no money left to pay any refunds at all.
“I also believe the default was unfairly issued but haven’t included this in my email either” you could send them a separate email about this with the title “THIS IS NOT AN AFFORDABILITY COMPLAINT”. And emphasis how you had been trying to get WDA to look at this for months.
Phil says
Brilliant, will give that a go.
Thanks again!
Andy says
I was paying WDA through a DMP but cancelled this when I made my affordability complaint- I’ve not had a response due to the administration.
Without going into detail, im now going through a process where I need to demonstrate that I am financially stable- this is my only outstanding debt and to be honest I want to just pay it and get rid. Will this continue to be reported on my credit file or will it be marked as closed as I literally have no way of paying them and no way of contacting anyone to resolve. It’s extremely frustrating.
Phil says
Has anyone had a reply from WDA/ the administrators when contacting them since the administration?
Re above I’ve submitted a complaint re a default and am keen to enter dialogue but not a peep yet… keen to see if they’re just not responding to anyone?
Naro says
Hi Phil
I also made a complaint onthe 6th of March and I they have not replied to my complaint. I did not receive any email from the administration.
James says
Hi Phil
No contact at all regarding my outstanding balance or complaint. Rest assured it’s not just you.
Joseph says
Had anyone got a contact number for the administration or for WDA as I want to pay off my loan? I’m really struggling to find any contact details
Neil says
Hi,
Can anyone help me with this query.
I would just like to know where I stand with my outstanding balance with WDA. I had a balance of around £80 owing to them but I put in a irresponsible / unaffordable complaint in with them before they went into administration and did receive a complaint acknowledgement.
Whats the worst that can happen to me re the outstanding balance? . I am concerned that the debt will increase with fees and extra interest and I could end up paying back much more than the balance of £80.
Sara (Debt Camel) says
The administrators have said that any balances owed are frozen, with no more interest or charges being added.
Julia Lee says
Hi,
I made a complaint to WDA last September, had an email 8 weeks later to say it will take another 8 weeks, then another message to say it will take till end February.
No email from them since and no reply to 2 emails to the complaints email address.
Now I see they have gone into administration. Should i wait for a reply anyway, contact the administrators or go to the FOS?
Thanks a lot,
Julia
Sara (Debt Camel) says
You now can’t send the case to FOS. Sorry, you just have to wait for a decision from the administrators. This is not going to be soon.
Julia Lee says
Thanks Sara!
Chris says
Has anyone heard anything from WDA? I had submitted an affordability complaint prior to them going into administration and was due to receive a response by 2/4.
I assume the administrators won’t reply by this date?
Sara (Debt Camel) says
I don’t think anyone has heard from them yet.
Amanda broomhead says
I have a loan of 900 not trf to shelby when should we here from administrators what’s happening with this I’m v worried.
Sara (Debt Camel) says
Were you in arrears with this loan?
Have you already put in a complaint?
Gareth says
I have a £300 loan paid over 6 months for £100 a months, already made 3 payments towards it so 3 left to pay, hadn’t made a complaint and isn’t in arrears it remains with CTL but still had no contact from the Administrator’s about the loan, anyone heard anything about when that’s likely as the 25th of March has passed and no updates still.
Sara (Debt Camel) says
Do you have grounds for an affordability complaint? If not, the best thing is to carry on making the payments. If you do, then you need to get the complaint in asap and you should consider not making any more payments, as there may not be enough money for you to get a full refund.
Gareth says
Wouldn’t say I have grounds to complain and I can’t make any payments, it hasn’t taken the payment on the due date and can’t contact anyone about it as Shelby don’t own it so it’s just stuck frozen until I get an update
Sara (Debt Camel) says
So if you have made all the contractual repayments so far, there should not be any implications for you. At some point you will be contacted and asked to resume payments. You should NOT have your credit record affected because you were unable to make the payments.
Amanda broomhead says
I’m in the same situation loan hasn’t been sold go shelby. Cant make any payments as no website or details to pay to. And no update from administrators. Want to know what happening worried about this
I was on a repayment plan. Worried administrators will want all the money in a lump sum
Sara (Debt Camel) says
Have you made an affordability complaint? If you are on a repayment plan this suggests the loan wasn’t affordable! Did you have previous loans from WDA?
Amanda broomhead says
Yes I have submitted a complaint and also had previous loans
Chris Day says
Has anyone else with a WDA loan in default noticed a change on credit report? Logged onto clearscore tonight and its showing ‘a credit report is being removed’ but then shows ‘ a new unsecured loan’ will be added – all in WDA ‘s name!! Best part is im a recent bankruptcy discharge, so they shouldnt be putting anything on my credit report!!
Sara (Debt Camel) says
That’s odd… is the amount owed zero on the “new unsecured loan”? Does it have the default date on or before you went bankrupt?
Chris Day says
Im going to have to wait for the full details to appear on the report as this info has just appeared today mid-month between report updates. Thought it strange and wondered if others had spotted a similar thing.
Im in two minds whether its worth emailing a copy of my discharge letter or if it will just end up in the administrator’s deleted email box!
Ffionpearl says
Make sure they don’t add a different default date or a balance ( although common sense would say the entry should be €0 balance with default before or on the day that your bankruptcy order was made). Mind you some lenders manage to mess this up…
Carrie says
Hi Sara
I have had an email from WDA stating that I am due some estimated redress. This has lowered my balance by half which is a good outcome. Has anyone else had this email?
Laura says
Hi Carrie, I’ve just had the same email. I currently owe £267 and my estimated redress lowers it to £77, which I’m very happy with!
Sara (Debt Camel) says
These have been going out from yesterday. I would be interested to see a number of them!
Sara (Debt Camel) says
Has anyone had an email from the administrators about their balance? A couple of people have mentioned having them on the main payday loan refund page.
Steve says
I’ve not had anything yet 😔
Sarah Harrison says
Hi I received one yesterday saying my balance and I’m may be entitled to a redress which will be deducted from the outstanding balance. Thanks Sarah
Brian says
Hi I emailed the administrators to make a affordability complaint around 2 weeks ago. I have not had an acknowledgement yet.
I’m just wondering if anyone has heard anything ?
Thanks
Sara (Debt Camel) says
The administrators have just published their Proposals for how they plan to calculate refunds and generally handle the administration. And some people who have current balances owing are starting to get an email saying how their balance has been reduced. I will be writing an article about this.
Do you currently owe WDA any money?
Brian says
Hi Sarah
Thank you for your reply. I do not have any outstanding balance. I emailed after their administration making an affordability complaint.
Sara (Debt Camel) says
OK, so I am writing two articles, one on refunds where a balance is owed (not relevant for you) and a more general one on the Proposals and how refunds will be calculated (will be relevant).
I don’t think many people have got the emails so far, just keep a lookout for one turning up in your spam box over the next week or so.
James says
Hi, I made a complaint to WDA in June last year, they refused it, I didn’t proceed to FOS as it was a relatively small amount. Just had an email today from the administrators saying they think I’m entitled to redress and have written off my balance (*provisionally) they state I am no longer required to continue making payments (*provisionally) they also said the redress exceeds my balance so I may be entitled to a refund and instructions will follow on how to submit a claim.
I’m going to stop paying it but also, can I submit another claim if they already rejected my complaint more than 6 months ago?
Sara (Debt Camel) says
I think you can. I don’t think it makes any difference what happened to a complaint before they went bust, the Administrators are just looking at what the redress should have been.
I will be updating the above article to talk about this soon!
Gareth says
I got my email through from CTL say what my current outstanding balance was, and the provisional balance adjustment is the same, leaving the provisionally adjusted loan balance at Nil. So I’m guessing this means I no longer owe them anything? And won’t have to make any payments again? Does say I may be entitled to more but can’t be bothered perusing as I’m happy with the loan balance being Nil
Sara (Debt Camel) says
It should be very easy to submit a claim – they will tell you the amount and all you have to do is provide your bank statements. So wait until you get the next email which explains what they have calculated your redress as.
natasha sheridan says
hi
my self and partner had loans with wage day and we have had the following emails
outstanding loan at 25/02/19 = £1054.25 less provisional balance adjustment £739.82 = £314.43
loan at 25/2/2019 £763.96 less provisional adjustment £530.71 = £233.25 adjusted loan balance
however the next line reads on both of them
CTL estimate of the redress amount to which you may be entitled exceeds the value of your outstanding loan. The join administrators have therefore provisionally written off your outstanding loan balance due to CTL and you are provisionally no longer required to make any payment to CTL in respect of you loan.
I am in an IVA so doubt this is going to do anything for me other than free up some of my payment money to be distributed to my other debts. It is however making me want to go and chase the other pay day lenders for irresponsible lending but will anything I get back have to go to the IVA???
anyone know
Sara (Debt Camel) says
“will anything I get back have to go to the IVA???” Yes. Sorry.
Sara (Debt Camel) says
Re-reading this, it seems like an odd email I don’t know why the “provisional balance adjustment £739.82” doesn’t equal the redress amount they calculated…
They have written off the whole of the debt because you are in an IVA – that makes sense.
Christian White says
Hi
Just received a message from the administrators of WDA saying they had provisionally reduced my outstanding balance to nil – in my case, about £380 – and saying that they considered the amount I should receive to exceed the current balance and that I would provisionally be entitled to a further payment. My sense from the message was that they were working with the FCA to establish possible mis-selling cases and trying to anticipate claims against Wagedayadvance. It all sound promising until you realise that now WDA is in administration, you are just an unsecured creditor of the company and unlikely to get more than pennies in the pound for redress.
BTW I had already paid back £750 or so of the loan in my DMP.
Hope that info is helpful to others.
Regards
Chris.
Sara (Debt Camel) says
They have worked out a redress amount for everyone. I don’t know why they didn’t put that number on your email, but you should get another email with this redress value over the next week or so. The FCA is not involved.
I will be updating the article above with what I know tomorrow morning.
Reen says
Hi Sarah This is a part of what I received today but they have reduced my outstanding balance to nil, only thing is I tried to claim previously but they werent accepting my reasons why, so I havent been in contact with them although they were phoning 2 or 3 times a day since last January 2018 until they went in administration. I was also a day late in sending complaint to ombudman and never bothered replying as I had too many things going on at the time.
“As the value of your estimated redress amount is greater than your previously outstanding loan balance, I can confirm that you may also have an unsecured claim against CTL.”
“You will shortly receive a separate email etc (about voting etc)
It is expected that sufficient funds will be available to allow a payment to be made to CTL’s unsecured creditors, however the exact timing and amount of such a payment is not currently known. Unfortunately unsecured creditors are expected to ultimately receive significantly less than the value of their claims in the Administration in this regard. I know this probably sounds a silly question but does it look likely they have looked at my initial complaint and there is a possibility of some kind of redress however small and my balance reduced to nil aswell ? I know this has only just been confirmed and you are looking into it too but can you please let me know when you have looked into it. Many thanks and keep up the good work we all are so appreciative for what you are doing,
Sara (Debt Camel) says
Lots of people with balance have been getting these emails. I have rewritten the main article above to say what is happening.
But briefly so far as I can see, all customers loans are being looked at for refunds, whether they complained, let a complaint drop or didn’t complain.
It sounds as though your balance has been wiped. This will have used some of your calculated refund. You will get another email in the next few days saying how large the rest of your refund is and how to claim it – this should be very easy. So even if you get little, it’s worth doing!
Sara (Debt Camel) says
I have COMPLETELY RE-WRITTEN the above article to reflect the Administrators’s Proposals and the emails people are currently getting.
Thanks to everyone who has helped – you know who you are!
Jennifer says
I received a settlement figure a week before they went into administration. I have no outstanding debts with them and I haven’t yet received any email from them.
Steve says
Hi Jennifer – I think the emails are being sent out in stages as I’ve not received one yet either.
Sara (Debt Camel) says
so far as I know, the only people who have received them so far have outstanding balances.
Q14 in the FAQs here suggests they might be going out to everyone else from tomorrow
Steve says
Hmm, interesting as I do have an outstanding balance with them. Will see if I get an email from tomorrow. Otherwise I’ll get in touch as what it suggest in Q33. Thanks Sara!
Sara (Debt Camel) says
One person got an email at 3am this morning, so they are still going out!
Jennifer says
Ok thanks Steve. Thanks Sara, I’ll keep an eye on my emails