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
Bit concerned I’ve heard nothing at all from administrators despite my complaint being with FOS for over 2 years.
Sara (Debt Camel) says
HAve you had the email from FOS saying they were returning your complaint to the administrators?
the very recent emails from the administrators are all about outstanding loans. You should get one about your complaint in the next week or so I think.
marty says
Ah thanks Sara yes I got that from FOS saying they would return it on 15th April, no idea why delaying it as I have been dealing with a complaints manager with the fos about my complaint sitting with them for over two years. I guess I’m just concerned with the waiting and waiting. Thanks for your assistance your site is excellent
Jennifer says
Long shot but any idea on timescales on when we might get any monies owed to us?
Sara (Debt Camel) says
6-9 months? That is a pure guess.
Cath says
Hi i had an email from the company taking over wda i cannot remember having a loan with the company but the have said>
CTL’s estimate of the redress amount to which you may be entitled has been provisionally deducted from your outstanding loan balance as at 25 February 2019. In addition to this, a further write-off has been applied to your loan, as it has now been deemed uncollectible following the sale of CTL’s business and assets to Shelby.
Does this mean that i dont have to pay anything and they will not chase for debt im not aware of ?
Recently checked my credit file and this debt is no where on equifax ,experian or clear score !
Sara (Debt Camel) says
Yes it means they have written off your debt. You won’t be chased for this. They will be selling the outstanding loans to a debt collector but yours will not be one of them.
Your credit record – Clear Score is the same as Equifax. But have you checked Noddle? That is a free report on the third credit reference agency, TransUnion (used to be called CallCredit).
Cath says
Not checked noodle but checked 3 other ones was just a bit worried as it had said provisionally deducted. I had an ex who took alot of debt out in my name about 8 year ago and think it might have been him who had the loan had alot of things i had to pay off down to that.
Sara (Debt Camel) says
The “provisional” bit is because the administrators have to get their proposals voted on to be approved. You don’t need to worry that they won’t be.
Boris says
My Email from Wage Day Advance was very confusing. It says I am entited to redress as follows:
£
Outstanding loan balance at 25 February 2019 per CTL’s records
208.80
Less: Provisional balance adjustment
(138.94)
Provisionally adjusted loan balance
69.86
So it sounds like I still owe them £69.86.
They then go on to say…
CTL’s estimate of the redress amount to which you may be entitled exceeds the value of your outstanding loan. The Joint Administrators’ have therefore provisionally written-off your outstanding loan balance due to CTL, and you are provisionally no longer required to make any payments to CTL in respect of your loan.
I’m very confused. On the one hand it sounds like i do owe them money but on the other hand they explicitly state my loan has been written off.
Any advice?
Sara (Debt Camel) says
I agree this is confusing. But the bottom line is that they have said they are writing off the balance. So I don’t think you need to worry!
tom p says
anyone had the supposed email from KPMG concerning Wageday Advance yet?
Claire says
I received one on Monday that said they will be in touch after 3rd April
Rich says
Yes, to say that a provisional adjustment to my loan balance had been applied based on estimated redress.
Goes onto say that I may be due further refund but the process for calculating the refund must be voted on.
Steve says
Nothing as yet…
Jb says
With all this stuff that is going on and sat waiting for an email. The question I have is. Are they also looking at accounts that have been closed due to complaints not being upheld
Sara (Debt Camel) says
So far as I can tell, all accounts are being assessed by the Claims Calculator, including those where there was no complaint and those where a complaint was not upheld.
Darren Seddon says
Has anyone received an email yet confirming figures if redress ?
Sara (Debt Camel) says
they have started to go out today. I have updated th article above to say this.
Kelly says
Hi I have had one email to say the redress that maybe owed is greater than the amount owed they have provisionally written off my loan but I’ve heard nothing since
Has anyone else?
Brett says
Yes, just got it. Say’s I’m owed over £5k but have to submit a claim via a link they provide. Then, when they know what’s what I’ll get pence in the pound of my redress. But how many pence in the pound hasn’t been proposed yet as far as I can see, so don’t know how much I’ll get
jan says
i have just had my email from them estimated redress amount £4037
jan says
my second email states £5228 minus what i owe making £4037 very easy to submit all my details are listed took about a minute
Jan
Brett says
Mines got old address details so just had to phone them to change them. The guy was very professional but couldn’t give an estimate of how much of the £5k I’m owed I’d actually get or when it will happen – which is what I expected really.
He did say further documentation would be coming in the post or email when the next phase begins.
James says
I am patiently waiting my ‘second email’.
Meantime…can I ask something re. eventual redress?
So, the Administrators determine the redress to be the highest of the 3 calculations…
Am I correct in saying it is a x pence in the pound settlement?
So the only relevance of the redress figure is as a multiplying factor for the eventual disbursement to creditors?
If ‘redress’ was £1000 and the offer was 5p in the £, the final payout would be £50?
Is a single figure pence offer most likely?
Just seems meaningless telling us huge redress figures if we barely end up with enough for a nice meal.
Sara (Debt Camel) says
I understand why this feels frustrating. But administrators would never be prepared to guess at this stage how much money there will be to distribute – they are trying to sell assets such as the loan book and in any negotiation why tell the other side what you expect to settle for? Also this amount you get will depend crucially on how many people submit claims. If half the people can’t be bothered (even though it is trivial to do, taking you less than a minute) then that will double the amount everyone who does claim gets.
My view is if you only end up with enough for a nice meal, or a pizza, well that’s better than nothing.
Rob says
Question to the OP… Do we have any projection of the percentage we will receive of our redress?
Thanks
Sara (Debt Camel) says
The administrators won’t make any projections. It depends partly on what they sell the remaining assets for and a lot on how many people send back their Claims. It’s dead easy, but many people won’t receive the emails if they have changed email addresses. And people who are owed £10 may not bother to claim it.
brett says
Interesting that KPMG are taking £2.5 million in estimated costs. I magine that will come out of the pot before we get anything
Sara (Debt Camel) says
Yes it does.
Rich says
I wouldnt build your hopes up.
You’ll be lucky to see 20% of the amount quoted in your redress. Fruitful for those who are expecting in the thousands I guess.
jan says
im just happy my balance is now £0 and anything else i get is a bonus :)
Jan
Robert Bateman says
When are they likely to have an answer on actual settlement?
Sara (Debt Camel) says
Not for months. It depends what they sell the rest of the assets for and how many people submit Claims.
Jen says
Why don’t they have insurances in place for situations such as this? I am so annoyed that we are now only getting a percentage of our original redress offer
Sara (Debt Camel) says
Because the FCA decided not to change the Financial Service Compensation Sceme to cover lenders. See https://debtcamel.co.uk/wonga-not-covered-by-fscs/.
danny sumner says
do we need to vote on the administrators will thas effect my redress?
says im owed around £500 after clearing my loan but its all very confusing to me alot of jargon
Sara (Debt Camel) says
No you don’t have to vote. It would only affect what you get if the Proposals were rejected, in which case who knows what would happen but the costs would go up so there would probably be less money to divide.
danny sumner says
so would you recommended leaving the voting side of it?
It’s really annoying as i submitted a complaint over a year ago about Wageday and had no response, if they responded in the time they should have by the guidelines i wouldnt have had to deal with pence per pound
Sara (Debt Camel) says
I can’t recommed what you should do, it depends how you feel.
Personally if it was me I would vote for the Proposals as I can’t see a better alternative for the Administrators at the moment.
Amanda says
when will we know if the provisional loan adjustment is final, whats the waiting time on that
Sara (Debt Camel) says
The deadline for voting on them is April 25th. So I should think if the Proposals are agreed, it would be announced that the provisional amounts are now final a few weeks later.
If the Proposals aren’t agreed (which would be very unusual) then they would have to go back and rethink everything.
M says
Will this also mean credit files will be updated with the cancelled/annuled loans?
Sara (Debt Camel) says
I don’t know, there is no mention of this in the Proposals.
Sophie says
I’ve just had an email from administrators stating my estimated redress figure. This number is less than the amount offered and agreed by WDA prior to the administration taking over, and the offer we accepted from them was only on half of the loans I took as they had refused to look at the ones over 6 years old.
This doesn’t seem to add up with what you’ve said above. Any idea what’s happened here?
Sara (Debt Camel) says
I suggest you email claims.curo@kpmg.co.uk and ask about this. Say in the Proposals, Schedule 2 1.1 says the minimum you should get is the previously offered redress from CTL and yours was £x. Also you had expected more as that response had ignored loans over 6 years old.
Sophie says
Will do. Thanks Sara.
Jb says
Are the emails competing out at random times of the day. Sat here waiting beginning to think I may not be getting an email
Jan says
my email was posted to me at 10.08am this morning
Sara (Debt Camel) says
They are send out more than a hundred thousand I think… it may take a few days. They sent out the provisional balance adjustment emails over several days and there were fewer of those.
Jen says
Hi Sara not been on for a while but just got an e.mail frm administration company for WDA just to see if anyone else had 1, I had a successful claim 2yrs ago still states I’m entitled to another £80 back, if you want a read I can send it to you
Sara (Debt Camel) says
Lots have been going out today! You are the first person to report they had a previous complaint settled and are now going to get a bit more.
NB you are only going to get a percentage of that £80, possibly a small percentage.
Alison says
Hi
I have a default logged against my loan and wanted clarification around this paragraph please;
‘If you have previously been making payments against your loan through a debt management company, a debt collection agent or an IVA (Individual Voluntary Arrangement) Supervisor, I can confirm that we have also sought to contact these parties to confirm the Joint Administrators’ provisional write-off of your loan balance in full.’
Does this mean that I can ask for the default to be removed from my credit file? I was fighting this default to be removed anyway before all this happened. I just wonder what my next action should be here.
Thanks
Sara (Debt Camel) says
The proposals haven’t mentioned changing credit records.
Anna says
Hi,
I made a complaint 2 years ago and recieved compensation (£1800) which I was happy with. I recieved a email today stating I was owed a redress of £492. Is this correct, I wouldn’t have thought I would be entitled to any more. Do you think this is a generic email or I am owed more money?
Thanks,
Sara (Debt Camel) says
I think all loans are being put through the Claims Calculator, even those for people who have already settled. So yes, some people will be told they can claim more redress. The email you received was using a standard format, but the figures in it were personalised for your account so they are accurate.
Iain123 says
WDA Update.
Based on my experience of refunds I was expecting around £2k from WDA.
Here’s the number they’ve come up with.
Estimated redress entitlement as at 25 February 2019: £304.29
Less:
Outstanding loan balance at 25 February 2019: (£0.00)
Estimated redress claim in administration: £304.29
Iain123 says
WDA is owned by a billion dollar company listed on the New York Stock Exchange. They bailed out on their obligations on technicalities.
These payday loans companies are the scum of the earth. If you can, don’t pay them a penny.
tom p says
I think, anything is better than nothing off them now, what is the address that the email comes from, I have still not received mine yet
Diddy says
Got the email today. Am delighted that my loan is paid off (was only a couple of months till it finished) and received a redress figure of £8450. Was well excited until I read the bit about it not being paid in full (pence in the pound) and the was timing not known. Assuming it will at the lower end of the “pence” scale so will probably end up with little or none.
Nice to know that thousands of us are at the end of the “food” chain will end up with practically nothing whilst the accountants get their millions first 🤔
It is what it is I suppose…..hope they ensure the employees of WDA get their money first though, not a nice thing to happen in your workplace, especially if you haven’t found alternative employment yet (happened to me, it wasn’t fun for a while 😢).
Sara (Debt Camel) says
Employees of a firm do get priority in Administration. But that wasn’t needed here – for WDA they were all transferred to Shelby.
Sophie Bartholomew says
My loan balance was £98 in March it wasn’t taken. My redress is 1258 minus the final payment so it’s now £1160 they say I’m owed. I’ve sent my email back to them today it was really easy .
marty says
Mental that i have still had no email. I actually feel very badly let down by FOS here 2 years they sat on my complaint surely the compensation scheme should be involved in all of this. Total farce
danny says
maybe you arent necessarily entitled? i believe its only people they have highlighted as lending unresponsibly too
Roberto Varela says
Hello ate you saying that we will get 1 pence for ever pound we claim?? For example my claim is £1700 I will get £17?? Or is this just your guess. The email does say
Unsecured creditors are expected to receive a payment against their claim during the Administration. The amount and timing of this payment is not currently known. However, CTL will not be able to pay your claim in full and it is expected that you will only receive a partial payment (pence in the pound) against your claim.
Sara (Debt Camel) says
NO. I have never suggested it may be 1p in the £
I am saying you will get some number of pence for every pound. Whether that is 5p, 10p, 20p no one has any idea as it depends on how much money the administrators have AND on how many people submit a claim.
Robert says
Ok so I know it’s just a guess but what can we realistically expect?? For what you have seen can we get 50p ??
Sara (Debt Camel) says
I think it is highly unlikely you will get that much. But I am not going to guess.
Tom says
So are payments currently on hold? I only ask because Shelby has acquired my loan and reduced my amount owed but WDA still took a payment for £13 out of my bank yesterday
Sara (Debt Camel) says
That is surprising… as your loan has been transferred to Shelby, I suggest you ask them what is going on. If Shelby say you should be paying them, ask them if this £13 went to them. If Shelby say No, cancel the CPA to WDA with your bank and ask WDA to refund the £13…
JL says
When you send the claim form back is there a bit to update your bank details? Mine have changed from what the administrators have on file?
Thanks
Sara (Debt Camel) says
You are asked for the last 4 digits of your bank account number. I am assuming that if this matches what they have on file, that is where you will be paid. If it doesn’t, you will be asked to provide full bank details.
Fiona says
You cant change the information on the form so ive emailed you. As my account was closed in 2012
Sara (Debt Camel) says
Ah thanks, I have corrected the article above. Yes email them saying you want to change the bank account details.
Joanna says
Hi Sara,
I’m not sure if my query has been covered in this thread yet.
After a long wait for an Ombudsmen, WDA are now in administration. Instead of receiving just over £2,500 from their administrators, they have offered £368. Can I challenge this amount please? This is quite a drop in the amount
I have until 25th April to respond
cheryl says
You can challenge it but the chances of success are quite low seeing as the company has now gone bust effectively.
The other issue with challenging at this point is that it could become long and drawn out
Sara (Debt Camel) says
Hi Joanna, where did you get the figure of 2500 from? Had that been previously agreed?
Joanna says
Hi Sara
Hope you’re well.
The £2500 was the amount that would’ve been owed to me from WDA according to the FOS. Initially, the adjudicator sent a figure to WDA and they only wanted to pay out on 2 loans instead of 3. It was then in the process for an Ombudsman, while I was waiting for an Ombudsman, the administration took place.
Am I able to ask for the original amount?
Sara (Debt Camel) says
How much would the 2 loans WDA offered have been?
Joanna says
I don’t have the paperwork to hand, but as an estimate £1800 (inc. statutory interest)
Sara (Debt Camel) says
You should contact the Administrators and say what the adjudicator said and what WDA offered and ask if your claim amount can be set to one of those amounts.
Julia Lee says
Hi all,
just a bit worried as have not heard anything from the administrators yet, are they still sending out the emails?
is it just a matter of waiting or should I chase this up?
(complained last October to WDA, had several emails from them since then to say they would get to me by end Jan then end Feb and nil since obviously)
Thanks,
Julia
Sara (Debt Camel) says
I don’t think you need to be worried yet.
They are sending out many thousands of these emails. When they sent a smaller number last week to the people with outstanding loans, those emails went in batches over several days. I expect they are doing that with this latest much larger number of emails.
If you haven’t heard anything by the end of Monday, I suggest you contact them and ask.
The only people that should get in contact sooner are those who have changed their email address.
Anita says
Hi Sara,
I have also received correspondence from WDA. They saying I might be eligible for refund of £930 although no dates is given. They also say, if so they will pay penny in pound. Does it mean I might get from them £9,30?
cheryl says
probably about £130, seems like they are paying just under 15 percent
Sara (Debt Camel) says
I don’t think they have said they will pay one penny in the pound. The emails I have seen say:
“CTL will not be able to pay your claim in full and it is expected that you will only receive a partial payment (pence in the pound) against your claim.”
That means you will receive some number of pence for every pound. It’s not known if this will be 5p, 10p, 20p etc.
victor says
Mine said i have £4100 in redress
Ross says
Morning Sara,
I’ve just received an email, from KPMG, stating that I may be due redress of £653.51. I am a little confused, as I am sure that mine was resolved, by the FOS, so surely I am not due any additional redress, or am I? I have clicked the link, to submit the claim, as you never know. I know that, if I am, I will probably only get a percentage but I’m not complaining as it’s money I was never expecting anyway!
sw says
I have had the same Ross, mine was settled in 2016. I wasn’t sure whether to click Submit or not.
Ross says
Hi sw,
No harm in clicking, as that’s what they were asking me to do. Nothing to lose and (potentially) a little money to gain? :)
jamesh says
Sara, I know you cant even begin to guess the pence in the pound figure but are we likely to be talking 2p/3p of20/30p?
Essentially if its 2p/3p then I’m not getting excited but 20p (20%) of £4000 is a bit more exciting!
Robert says
Wow you really believe it will be that low 2p/3p??
Sara (Debt Camel) says
NOBODY KNOWS.
Shaun says
Hi there, the email address my redress email came from gives me cause for concern can you confirm if your address was from noreply.wagedayadvance@kpmgmail.co.uk
Thanks i am just concerned it is spam
Sara (Debt Camel) says
That is the correct email address.
sw says
Sara, If I have already had a redress back in 2016, is it ok to accept this new offer? I am assuming it’s additional money they think WDA should pay? It’s only a small amount in comparison to the refund I had back.
Sara (Debt Camel) says
Yes it’s fine
Ross says
Am I right in thinking this has a Provisional End Date of 20/2/20? I am sure I read this on the KPMG website FAQs?
I was told £12,400 odd so 20p in the £ would be amazing if we get that lucky (doubtfully).
If there are 330,000 potential claimants, do we have any idea of the total amount owed to the total amount in the pot? Whats the ratio here?
Sara (Debt Camel) says
That date is the “one year” that all administrations are allowed to take. If it will take longer the Administrators have to go to court to get this agreed – the Wonga Administrators have said they will need to do this. The WDA Administrators say they expect to complete within this time – that doesn’t mean it will take all that time.
Roger says
Is this going I affect my credit rating? What’s the point in risking it for £750 which in reality could be £25?!
I have heard that people who claim for payday loan redress have problems with credit ratings afterwards.
Sara (Debt Camel) says
I am assuming you do not currently owe a balance to WDA
In that case the answer is No. Making a claim cannot make your credit record worse.
There is an argument that it should improve your credit record by removing any negative marks on the loans being refunded. I don’t know if this will happen.
C says
I’ve had an email from kpmg about a redress from WDA and having to apply for it.
I’ve alteady had my claim paid out directly from them without having to go to FOS.
Can I still apply for the redress…… it does appear to be the half that I was happy to forgo to get a quick payout.
Thanks
Sara (Debt Camel) says
Yes you can.
gillian says
hi sara today I received a email saying it is from howard smith and ed boyle administrators for wage day advance it says I have been identified as having a claim for redress for £1590.08 and to click to submit my claim the only thing is I had a claim last year and wageday paid out on some of the loans without going to the fos I was happy and excepted this so I am not sure what this redress is for should I click on submit anyway and just see what happens ty
Sara (Debt Camel) says
You were probably offered an amount by WDA which was too low. You can now claim the extra, but you will only receive a proportion of this, not the whole amount.
Tim ber says
I’ve just had the same. That’s great I had a really poor offer that I had taken for some unknown reason with wda. Most of my details are wrong with them tho I’ve sent an email to their customer services hopefully correct that for me
Charlie says
If I read this correctly, it seems like those with existing loans are getting more favourable treatment as they are gauranteed to get the redress value taken off their loan. Whereas someone who has paid off their loan will only get a partial amount of the redress.
Is that correct? If so it doesn’t seem very fair!
Sara (Debt Camel) says
It is correct. It isn’t a decision by the Administrators, it is what has to happen. Anyone who still owes Wageday Advance money has a legal right of set off for that amount.
J says
Hi, I’m not sure if anyone else has had the same thing.
A few years ago I successfully reclaimed from Wageday Advace. They are now in administration.
I received an email from administrators KPMG, saying that I have been identified as a customer who could potentially be due redress.
They have invited me check the details they hold for me (including bank details) and submit a claim. They have also advised the amount they think I may be due.
I am obviously going to claim even though I’m not sure if I’m entitled to anything since they WDA already settled pre admin.
What’s your thoughts?
Sara (Debt Camel) says
See my reply to Gillian just above.
Josh says
As it stands there value is around 22million correct me if I’m wrong ? We will be lucky to see 1p per pound my redress is 3300 aswell there estimation for redress is over 200 millions. Daylight robbery really after all the drama they have caused over the years.
Sara (Debt Camel) says
“Their estimation for redress is over 200 millions”. True, but
a) some of that will be settled by a write off of outstanding loans
b) many of the emails being sent may never be read if they go to an old email address or end up in spam
c) many people may not bother to claim, perhaps being suspicious, especially if the amounts are low.
I don’t have any idea how the numbers will turn out.
Keith says
Hi Sara i have same question as many today. I had an offer of redress of 60 pounds from wda after 6 months of waiting.. the next day wda went under.
Today I had email from wga kpmg they said I have been offered 555 as redress and click to submit . Which I have done. Also mumble jumble about voting .
1st question do I vote?
2nd question is there a times ale on redress does it depend on pot
Diddy says
Hi
I have a question on credit file. I checked my report on Noddle, Equifax and Clear Score. Noddle shows that payment was made in March (? Which wasn’t the case as payment wasn’t made), Equifax shows a green S (I assume means satisfied?) and Clear Score shows nothing for March at all.
I can only assume that they will all be updated at some point in the next few months…has anyone else checked theirs and does it show the same?
Thanks
Sara (Debt Camel) says
That’s a good question, it would be interesting to know. But Equifax is the same as Clear Score, it would be mor einterrtsing to add Experian to the list – you can check that for free using MSE’s Credit Club.
Diddy says
Checked Experian and it doesn’t even appear anyway on my file?? The.n again, neither do quite a few of the lenders I used??
Dee faulkner says
Me and my husband both had loans at the same time as we were struggling to make the last 2 years off our mortgage payments he has received an email saying to make a claim but I have not received an email why is this
Many thanks
Sara (Debt Camel) says
Could you have changed your email address?
Joanne says
If my bank account has closed when I had a loan with WDA should I be supplying my new bank details in the form you submit if details are wrong
Sara (Debt Camel) says
Apparently you can’t change the bank details on that form. So just send it then email them to say your bank account has now change to new sort code and account number.
Tracie says
I received my redress email on Friday. Bank details wrong so I just sent an email advising them of this and how do I supply my new details. Don’t really want to send by email would you suggest I call and provide the details?
My redress was for £7000.
Sara (Debt Camel) says
I would wait a week and see if you get a reply to your email.
James Simpson says
I got an e mail saying i am potentially owed £456, i am with the same bank but have a new debit card, so of course the number is different, how do i give them the new number ?
Sara (Debt Camel) says
But you have the same account number? The “4 digits” I assumed was the account number not your debit card.
James Simpson says
I’m sorry, yes i am with the same bank account, so nothing has changed there, it is just my debit card that has changed, sorry for being so silly…lol
Rosie says
Hi,
I have just received an e-mail from KPMG on behalf of WageDay Advance about a potential entitlement to redress of nearly £3k even though WDA upheld my complaint and refunded me nearly £6k 2 years ago.
Has anyone else had an e-mail like this ? Just want to know if this is legitimate or scammers chancing their arm.
Thanks
Sara (Debt Camel) says
It’s legit! Lost of other comments from people getting the same email.
tom p says
I got my email on Friday – a redress of £439.28. If I see anything of this I will be happy as I was not expecting anything tbh
Brian says
Hi
I got the impression from a previous email I recieved that not all claims have gone to the administrators in regards to wageday advance. If thats the case then surely the amount of 200 million owed to redress claims is wrong. This will therefore effect the amounts we will get (hopefully more than we are expecting). Am I correct or am I clutching at straws.
Regards
Brian.
Sara (Debt Camel) says
The administrators are sending an email to everyone with a claim. But many will be going to a no longer used email address or go straight into spam and never be seen. And some people will see the email and think it’s like those “you are due a refund from HMRC/DVLA etc” scams and ignore it.
Every person that doesn’t claim means that people that do claim will get a larger amount of the money there is.
Also people with an outstanding balance will have some or all of that written off. I don’t know whether that write off was included in the 200 million figure or not.
This is why I am not prepared to make any guess at how much people may get – I have no idea!
Nicollette says
Hi, i received my email on Friday IE: WDA I’ve a successful redress at £16.50… that’s £16.50 they must be kidding? I had 4 loans from these people & the debt was cleared. I can’t tell you how disappointed I am. Should I question it? & also does it make a difference whether you’ve paid off the debt in terms of a unaffordable loan claim..
Sara (Debt Camel) says
That seems a surprising amount – it may be a late payment charge or something that they are refunding. Were these loans recent? Did you think you had a very strong case for a refund?
Nicollette says
Hi, Yes I thought my case was quite strong& looking at my credit record I should of never been offered these loans. Although all 4 loans were paid back.. can’t say I’m happy with the end result.
Nicollette
Robert Bateman says
I’ve been reading the messages plus Sara’s replies on here since receiving my redress notice last week, and one thing is quite clear.
I get that this is how things are done legally by the admin team, but the vast majority of people involved with a claim (like myself), will have been caught up in the nasty payday loop of endless high interest, so will therefore feel like some justice has been served upon reading the initial redress figure.. Yet, after researching this kind of thing, its apparent that the unsecured creditors will likely see less than 20% of their redress given.
I fully admit that I had knowingly been borrowing and paying off loans, aware that it would likely lead me down this awful road, to which people quite rightly say “your lucky to get x amount”…… Doesn’t take away that they were lending illegally and using shady tactics, praying on the financially weak to make absolutely millions.
Yet here we are, the ones who were mistreated, sonehow last in the pecking order. It’s absolutely disgusting.
Ria says
Hi,
I have received an email suggesting I have a claim of £322, however do not have an option to submit the claim? Do i just wait for further information? Quite a confusing email all round to be honest.
TIA
Shabnam says
I have tried calling the stated tele number on email: but no ring tone/sounds like no connection!
Has anyone else been able to *speak to some on
0330 094 5695??
Regards
M.
Sara (Debt Camel) says
The number is being answered, first with a standard message then you are asked to hold to speak to someone. You may need to wait a while.
Shabnam Motegheria says
Thanks Sara
Just that every time I have called aftr the auto mssg it’s like an engaged tone… 🤷🏽♀️
Will kp trying tho.
Thanks
M
Sophie says
It did the same to me but the third time I tried it went through to the queue. Maybe just too many calls for the system to handle.
Tracie says
Yes I spoke to a very nice gentleman yesterday in order to change my bank details.
Called the number at about 10.30am and was picked up pretty quickly.
Remember this is just a call centre and they will not have details on what is happening and the length of time it will take
SM says
Thanks.
If anyone knows/has contact for number who can give’ us updates on redress/refund: that would be appreciated,
Thank you
M
Derek Wary says
I got an email too saying I was owed a redress of £1700, yet last year I already got over £2000. Is this correct, even if it is pence in the pound it’s a win win for me!!
Sara (Debt Camel) says
Yes it’s correct. It may, say, be a refund on loans over 6 years which WDA refused to look at before but which are now being considered.
MAR says
Hi, I have two outstanding loans which were with WDA, both overdue as I was in a lot of debt and haven’t paid them for about 7 months so many late payments. I got an email saying that Shelby finance were now in charge of the loan. does this mean that I wont get any redress?
im not really sure what I should do
Sara (Debt Camel) says
It is surprising that 2 overdue loans were passed to Shelby. I suggest you contact Shelby and say you want to make an affordability complaint about the loans.