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
James says
When does the vote close?
Josh says
25th April
Jordan says
out of interest I’ve looked through a few KPMG past administration cases. If for example the dividend is 20 pence in the pound, what seems to happen with them is the do not pay the dividend to creditors with a distributable amount of GBP 100 or less, i.e. creditors with a claim value of GBP 500 or less. This was because it is not economical for the body of creditors as a whole to bear the administrative costs of making payments below this level.
Sara, do you think this is likely to happen in the WDA case as well?
Sara (Debt Camel) says
There may well be some lower value – it would be foolish to pay out 22p. But I would be very surprised if it is as large as £100.
This is quite an unusual case. KPMG already have all your details on file, including bank details. And they are calculating the redress automatically, so they don’t have to verify Proof of Debt forms by hand. This all makes the whole system more automated and cheaper to use.
Sophie says
I just called the customer service line about this and he said to submit this claim whether I agree with the sum or not and the administration will be in touch about my existing claim in due course. He wasn’t very clear but I’m wondering whether this estimated sum could be what they think WDA should owe me on the earlier loans that were discounted from the initial redress agreement and they are dealing with the pre-agreed sum separately. Would this make sense?
The numbers seem about right if that was the case. I did email the claims line last week but I’ve not had a reply. I might wait and see if the email response is any clearer.
Sara (Debt Camel) says
“Would this make sense?” I suppose it’s possible but it doesn’t sound that likely.
Sophie says
Fair enough. I was just trying to make sense of what he was talking about. He didn’t sound too sure himself.
He said to just submit the claim form as it is, but surely that would mean I was submitting the claim for the lower amount, which I don’t want to do as I know it’s nowhere near correct.
Sara (Debt Camel) says
You don’t have to submit the form at the moment – not unless you want to vote on the proposals. You could wait a while and see if you get a reply to your previous email.
James Richards says
Please accept my apologies if this question has already been asked…
Recently received email from WageDayAdvance offering me a redress payment of £449.
I have taken maybe over 10 loans from them, amounting to way, way more than £449 [probably borrowed around £1500 across several loans for period of maybe 12 months+.
Would you recommend rejecting their offer, and proceeding to make a claim for previous refunds?
Sara (Debt Camel) says
Assuming you don’t know much about affordabilty complaints (so sorry if you do):
– you will only ever get the interest that you paid refunded, not the whole amount you borrowed. the idea is that you had the benefit of the money so should repay it but the lender shouldn’t be allowed to make a profit if they should not have given you the loan.
– it is pretty normal to not get a refund on all of the loans you had from a lender. At the start WDA may not have been able to see that you were in trouble. But by loan 4 or 5 they probably should have wondered… so a typical Ombudsman decision might be to “refund all interest on Mr R’s loans 7-10”
I don’t know how that actually compares to what you have now been offered?
There is no actual appeals mechanism for this offer. If you make a complaint now, your loans are put through the Claims Calculator it will come up with £449…
If you reject it you will have to provide evidence about why you think the offer should be larger. I don’t know how likely that is to succeed.
If you have had payday loans from other lenders, this would be a good point to start complaints about them – see https://debtcamel.co.uk/payday-loan-refunds/
James Richards says
Thank you! I realize I should have looked at this much sooner, and I am beginning my process of making affordability complaints with other lenders.
Do you think it is too late to make a successful affordability complaint with WDA for full interest of all my previous loans, considering WDA are no longer active as an organization? In this case I’m not sure whether to waste my time gathering evidence if the likelihood is that it will not change the amount already being offered.
Thanks for your help!
Sara (Debt Camel) says
It is unlikely you will get the £449 increased. I suggest concentrating your efforts on your other lenders.
Steve says
Got my email from the administrators today saying the claims calculator didn’t think I was entitled to redress, so I’ve filled in the form and emailed it over to them anyway, see what happens! Long shot as it was only three loans (one outstanding), but we’ll see…
Zoe says
Hi Steve,
I had the same letter saying I didn’t have a claim (I had 8 loans one after the other with the amounts increasing from £200 to £800). So was a little shocked. I was told the my outstanding debt was being sold to Lantern. Which I was annoyed about – I also noted my credit file was showing under query as my complaint was with the ombudsman. Now it’s noted as late payments since going to KPMG.
However yesterday I received an email from Lantern stating I owed nothing. It was a weirdly worded email as it was written like in a way that read like I owed money but stated my balance was zero. Not sure if you’ve had this or anyone else.
It’s great news that I don’t owe anymore but strangely written saying Lantern will be dealing with my account from now on. Very odd.
Sara (Debt Camel) says
It is odd, these Lantern emails are clear that your debt has been wiped but they are not very specific about why.
SM says
Hi Steve,
Is this after u received a ‘redress amount’ email-or not??
I’m still awaiting ‘calculations’ email: whom s it from (sender address) as I Dnt want email to be lost in spam folder 🙄
Appreciated
Regards
M
Steve says
Hi SM, this was my calculations email, which I guess is also the redress amount email as the paragraph about getting no redress was under the heading ‘Potential entitlement to redress’ 🤷♂️
it came from noreply.WageDayAdvance@kpmgmail.co.uk
phil says
h6i
is there an address for speedycash claims that was in nottingham .the email address for cusotmerservice@_speedycash is for th6e united states
Sara (Debt Camel) says
Speedy Cash is now in administration – it is part of Curo, that own Wageday Advance. I suggest you email customerservice.curo@kpmg.co.uk and put AFFORDABILITY COMPLAINT ABOUT SPEEDY CASH as the subject.
Louis says
Just to clarify I received an e-mail with a redress figure, but are you saying that this is likely to not be paid until a much later date if at all?
Sara (Debt Camel) says
Yes. You will only get paid a percentage of that figure, depending on how much money there is and how many people claim. This won’t be known for quite a few months.
Phil says
Anyone else not had an email yet?
I received an email re the proposals but nothing about a redress or anything similar?
sam davies says
I had an email tonight with a redress figure of over £7500 am I likely to only receive a small amount of this?
Sara (Debt Camel) says
Yes, the administrators have said there will not be enough money to pay the full amount. What there is (not yet known) will be divided between the people who submit a claim. Don’t get your hopes up.
If you used other payday lenders, send them complaints now (see https://debtcamel.co.uk/payday-loan-refunds/ for how to do this) and you may get them paid in full!
Charlotte Clark says
Ive just received a random email from wageday advance regarding redress from their administration company as theyve now gone into administration
Joanna Kent says
I have received that as well.
I will be reading it throughly when I get home.
Charlotte Clark says
Im currently still paying my debt off through a dmp the amount is less than the redress calculations but from what i gather in the email they will clear the balance with the debt company and then the remaining will be part of an ‘unsecured claim’ ‘ if ‘ in future they will pay me that back
Sara (Debt Camel) says
If that is so you should stop paying them any money asap – if you are using a DMP firm tell them today. Basically you get “100%” of any debt written off and only a percentage – probably small – of the remaining unsecured claim.
M says
Hi, I received an email from wageday advance administrators today (well I’m unsure as the email looks dodgy) I’m wondering if there are also scam emails going about or is it legit? The email was WageDayAdvance • noreply.WageDayAdvance@kpmgmail.co.uk . I’m thinking it can’t be real as I had a partial redress in March 2018 when they partially upheld my complaint. Anyone know of any scam emails going around? Thanks
Sara (Debt Camel) says
The email address that came from is correct. The replay to address will be unique to you for your Submit Claim so I have deleted it!
This is real, the emails have been going out for the last few days. What they are doing now is a better assessment, including for example all loans over 6 years which they may have refused to refund before.
M says
Ah right thank you! Happy days if something good comes out of it for those who maybe didn’t get their complaint upheld previously or for those who were unaware of the whole irresponsible lending complaints and possible redress!
Sara (Debt Camel) says
people will only get back a small amount of that calculated “redress” figure – but it’s better than nothing!
ROSS MITCHELL says
i received n email but thought it was a scam until i looked up ll of this info –
within my email it stated potential redress of £3787; however, ive moved address and changed banks! i sent an email to the email address noted so hopefully they respond
Sophie says
I haven’t been notified of any of this or received an email. Should I contact them or just wait? This is the first I’ve heard of WDA going into administration! I’m still paying back a loan but in a payment plan as I’m facing financial difficulty.
Sara (Debt Camel) says
how many loans did you have before the defaulted one? Are you repaying WDA or is it with a debt collector?
Sophie says
This was my only loan with them. I took it out to repay a different loan (payday loan trap!). I was paying it directly to WDA.
Sara (Debt Camel) says
I’m sorry I missed your reply. If you still haven’t heard from them you need to try to contact them tomorrow – email and phone numbers in the article above.
Jon Wealls says
Hi Sara, just had a redress email from KPMG, my loan was defaulted and sold to Motormile/Lantern but in the email from KPMG they say that lantern will reduce my balance with them from the amount of my redress, I’ve 2 questions
1) Surely there is no right to set off as the debt was sold
2) This debt is statute barred and lantern have been informed of this and that I will not be paying it, and they have acknowledged this and closed the account, how can they now do this?
Thanks Jon
Sara (Debt Camel) says
It is routine eg in PPI cases, for redress to be used to first pay off debts that have been sold. The fact the debt is statute barred doesn’t mean it doesn’t legally exist. It is normal in PPI cases for this to happen too.
Sorry, you aren’t going to get anywhere with this one. On the plus side, you never paid the debt!
Jon Wealls says
Sorry Sara, but my understanding, from the FOS website, was set off could occur it the debt was still with the original creditor but not if the debt had been sold on as the new owner took all the rights of the debt but were not responsible for redress payments. Apologies if I’m wrong
Sara (Debt Camel) says
I am not sure what you are looking at that says that?
FOS has said “The regulator’s guidance to businesses handling PPI complaints says that where the consumer’s loan or credit card is in arrears, the business may use the compensation to reduce the consumer’s loan or credit card balance if it has the contractual right to do so….
We would also apply this approach [the arrears approach above] if a business chose to buy back a debt it had previously sold on to a third party.
But if the debt was sold on to a third party and it cannot be bought back, or the business chooses not to buy it back, we might take a slightly different approach…”
My understanding is that most payday loan debt sales are on the basis that the original lender can buy the debt back.
I have seen a LOT of payday loan refund cases where the last debt has been sold and in none of them has the customer got anywhere by arguing that all the redress should come to him directly, not be used to offset the debt.
John says
Hi
I have recieved the email for potential redress due. Does anyone know the number to contact them on to change bank details ?
Sara (Debt Camel) says
it’s in the article above.
Rich says
Hi Sara/All,
Just some advice please…
I got the email for my redress off WDA for £3600. This then got me thinking over the years all the payday company’s I’ve had loans with, majorly multiple times where I pay and reborrow straight away or pay the minimum payment and top up. Some have been in arrears and I’ve had multiple charges.
Is there some way I can get in touch with the lenders to get them to check my affordability criteria and if there’s any irresponsible lending?
Thanks,
Rich
Sara (Debt Camel) says
There certainly is! Read https://debtcamel.co.uk/payday-loan-refunds/ and put in complaints to all the lenders you used more than a couple of times, or even once if the loan was very large.
NB you are not asking them to check the affordability criteria, you are putting in a complaint that they didn’t – if they do not offer you a reasonable amount of compensation send this to the Ombudsman. Many lenders reject or make small offers to very strong cases so do not let yourself be fobbed off.
Danny says
I already put claims against all lender,, mr lender cleared my balance, safety net cleared my balance, sunny paid me £780, wda refused so went to FOS, uncle buck refused so went to FOS and won and received £470, ferritum refunded 270, lending stream cleared balance, my jar returned all interest
So yes defo complain for irresponsible lending
Jade says
If you have only had 1 loan with my jar, can you claim interest back? And if so how?
Sara (Debt Camel) says
1 loan cases can be hard to win, but if the loan was large – and many Myjar loans are – then it’s worth a try using the approach on this page: https://debtcamel.co.uk/refunds-large-high-cost-loans/
Roger says
Hi,
My loan was sold to Motormile and then Moriarty Law who filed a complaint at Northampton Court. I did not contest and now have a ccj on my record. I have still to pay Moriarty Law the balance from the court order (from Feb 2018).
Two questions really:
1) Do i have any recourse here to get the ccj annulled?
2) Do i pay Moriarty Law the monies on the court order?
Sara (Debt Camel) says
Have you been sent an email from the Administrators saying that you are have a Claim for redress?
Roger West says
I have yes.
Sara (Debt Camel) says
ok, is the redress larger than the balance owed on the CCJ? Does the email mention the debt collector?
Roger West says
Yes, the court order was about £1295. The redress monies is circa £3500.
the e-mail does state…. “As you will be aware, your loan balance was sold by CTL to Lantern Debt Recovery Services Limited (previously Motormile Finance UK Limited) between 2011 and 2014.”
Sara (Debt Camel) says
So does it say it will be using the redress to settle the balance at Lantern?
Roger says
It states “Any redress claim you may have is against CTL in the Administration. This is separate from any loan balance that you may currently owe to Lantern.
However, Lantern have recently informed us that they intend to apply a reduction to your outstanding loan balance to reflect your potential redress entitlement. We understand that Lantern intends to contact customers in this regard over the coming weeks, and that Lantern are aiming to have done so by 30 April 2019”
Sara (Debt Camel) says
That’s good. So wait and see what happens then.
If the CCJ is indeed paid off, there is the question of whether you can have it removed. You could ask Lantern to consent to a set-aside and apply to the court. That would cost you £100 if Lantern agree.
But I would leave this until the money side is settled.
James says
I had previously contacted WDA advising I didn’t feel they had ran the relevant credit checks and I was point blank told they had and wouldn’t look to issue me a refund for charges/interest.
Now I received an email advising I may be entitled to redress of £370…. quite frustrating that clearly they lied in the very beginning and now I’ll be looking at getting pence per pound back!
Anyone else with similar issues? I’ve been trying to find my email correspondence with them but because it was years ago I’m struggling, even if I did find the emails would this make any difference at all?
Sara (Debt Camel) says
No it won’t make any difference if you find the old emails. I am sorry but you should have taken your case to the Financial Ombudsman back then. There are a lot of people who are in your position, now being told they should have a refund after being rejected, or being told now that they should have had a much larger refund than the one they were previously given.
Linda says
Totally confused about this. I received an email out of the blue re: ‘CURO Transatlantic Limited – in Administration’ explaining how the company had gone into administration etc etc on 4/3/19. The email gave various portals I could view to get further info and also stated they’d email me again on or before 25/3/19. But I’ve not received any further communication since. I’m confused as I already received a refund last year albeit a very small one as I had to clear an outstanding balance. Were the administrators just sending blanket emails to all customers at that point hence why I received one then and nothing since it did name me specifically on the email but it read pretty generic? Sorry in advance if this is a stupid question.
Sara (Debt Camel) says
The current emails are being set out in batches I think. You may still get one!
I would wait a week and then email them and ask why you haven’t had one as the previous email dated dd/mm/yy said you would.
Linda says
Thanks Sara. Would it be the customer services email I contact being customerservice.curo@kpmg.co.uk or the claims one?
Sara (Debt Camel) says
I’m not sure it matters, but try the claims one.
Ross Cooper says
This is email I received asking me to apply for redress & mentions that I am not identified as a customer entitled to redress. How do I calculate redress & is it worth filling in?
You submitted a complaint to CTL and / or to the Financial Ombudsmen Service which was not agreed and quantified prior to 25 February 2019. The Joint Administrators are therefore now providing you with the opportunity to submit a redress claim against CTL in Administration, in case you wish to do so. If you wish to continue seeking redress from CTL, you must now submit a claim against CTL in Administration as below.
Potential entitlement to redress
Prior to the Joint Administrators’ appointment, CTL identified a number of current and former customers who may be entitled to redress relating to CTL’s historic affordability, creditworthiness and responsible lending practices.
As part of this process, CTL developed a Claims Calculator, which estimated each customer’s potential redress entitlement,
You have not been identified as being a customer potentially entitled to redress by the Claims Calculator. However, we are aware that you raised a complaint against CTL which was not resolved prior to the Joint Administrators’ appointment, and therefore you are being provided with the opportunity to submit a redress claim against CTL in Administration.
Sara (Debt Camel) says
Hi Ross,
can you summarise your possible case – how many loans did you have from WDA, how large were each of the loans, what were the gaps between the loans, were any of them rolled – if so how many times, did you ever miss payments to any of the loans?
Liam says
Hi,
I had a redress claim for over £4000… I have just looked in my bank and I have had £165.43 put in my bank and it’s titles charges refund. I can’t think where else it came from.
Sara (Debt Camel) says
Can you ask your bank where the payment came from? The WDA Administrators are not paying out any refunds at the moment.
Liam says
I rang them up and about 15 minutes later on the phone they told me it was from them, my bank (Lloyds)
Sara (Debt Camel) says
a nice surprise!
Tim ber says
Hi.
I received the email stating in owed £1426. I already took a small settlement from wda last year. Should I have received this email. I’m out a claim in anyway on the off chance. Are they making it upto the amoubt I should of been paid or is it a completely different settlement. Will the take my previous payout off this or is this on top of.
Sara (Debt Camel) says
So far as I know, this is on top of what you have already received because your previous refund was too low according to their new calculator. But you will only receive a small proportion of the £1426.
Tim ber says
Ah nice one didn’t expect any more from them that’s a brucey bonus. I didn’t understand it while reading through thank you Sara.
So what the usual protocol now??
Expect 10% anything more is a bonus and time frame to receive the money a year??
Sara (Debt Camel) says
It may be les than 10%, it depends how many people get the email (it could have gone to an old address or ended up in spam) and submit their claim.
My guess is the money will be paid out before the end of the year.
Tim ber says
Thanks again for the reply.
Your a legend.
Jane Lindsay says
Hi I received an email from WDA with a figure of my estimated redress (£1500) minus the amount already deducted from my loan by Curo (£400) making my unsecured claim £1200. The next day I got another email saying the previous email was incorrect and that my estimated redress was £400 therefore my unsecured claim estimate was £0. Had this happened to anyone else?
M says
Hello Sara/all
Any one had any redress claims/updates from CHEQUE CENTRE??? As similar situ of administration??
Sara would’ve grateful with any contacts re: refunds etc.
Thank you
Sara (Debt Camel) says
It’s not really helpful to look at what happened in other administrations, these tend to be very individual situations. What people got back from another case will bear no relation to what you could get in this one. And the pre-pack sale of the loan book will mean the WDA administration should be much quicker than some others.
Andrew says
I have been advised of redress by email and states i do not owe anthing. I took out a loan of 300 toward end of feb, payt of 65 taken end feb and 205 end march. The payts taken by wda. Will a payment be taken end if april as well, not sure where i stand?
Sara (Debt Camel) says
Was the end March payment taken? That sounds odd – I thought they had stopped taking any payments after the administration started. I suggest you email customerservice.curo@kpmg.co.uk and ask if the loan has been written off.
Andrew says
Yes it was. I sent a relevant email but no reply. Will wait and see. Thanks
Sara (Debt Camel) says
While you are waiting for a reply, I suggest you cancel the CPA or DD with your bank so the April payment is not taken. For every £1 you don’t pay now that is written off by the redress, you save a full pound. If you pay more now, you get a larger redress amount but will only get a small proportion of that.
Andrew says
I will do that. However it is annoying that the payment was taken in March. Presumably there is no recourse for gettin that back even though it should not have been taken.
Sara (Debt Camel) says
Indeed. Did you receive an email headed Important information about your loan from noreply.WageDayAdvance@kpmgmail.co.uk couple of weeks ago?
I suggest you point out that FAQ 18 says: You will be unable to make payments against your loan in the short-term due to the administration. . I suggest you say you want a reund of this payment and for your redress amount to be reduced because of this set off.
Jae says
I got a redress email, but my details were incorrect. I sent an email advising of the change to my details, but have not had any response in a week. Has anyone else tried to update their details seccuessfully?
Nikita Neal says
Same here. My address was the only thing that needed updating so I sent the email but I haven’t had a response yet.
Becci says
Hi Jae I sent an email and had no response so called them instead. I was in a queue for about 10 minutes then got all details updated with no issues.
Joseph says
Hi Sara,
Do you know when we will be able to pay Wage Day Advance? I’ve had an email about redress and I’m happy with this. I just want to pay it off and get it over with.
African Queen says
Hello,
I wanted to post an update from WageDay Advance. I was fortunate enough to get my refund from them before they went into administration. However, I received an email from them on Friday last week saying that the administrators believe that I am due a redress payment of £376.39 from Lantern (formerly MMF). My last loan was referred to MMF and I paid it off at the time.
The email also included a vote on the joint administrators’ proposals.
Nice surprise but I just wondered if anyone else has received this email.
No timeline as to when payment will be made.
Thank you
Peter says
Hi Sara
I received the redress mail but the amount is lower than what I expected, and the bank account number is also wrong (old, closed account).
Should I still submit the claim via the submit button on the kpmg email, OR submit a different claim form with the new amount via the form/email id provided by kpmg website?
I called their customer line and they said they don’t know it’s my call, but they recommend doing BOTH of the options above.
Seems like it will cause confusion in their system at the very least; and my redress (whenever it comes) will go to the wrong bank account, with only the lower amount considered by them.
Any thoughts?
Sara (Debt Camel) says
Can you say how many loans you had, how many you think should be refunded and why?
Peter says
4 loans, 3 refunds.
refunded based on all 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.
Sara (Debt Camel) says
You have two problems. The old bank account will get resolved. Hopefully they will find an easy way of sorting this as many people will have the same issue.
The other one is the the refunds isn’t as large as you think you should get. You had 4 loans – are they refunding the 4th?
It is unusual to get a refund from loan 2 at FOS. It does happen, indeed some people will get arefund from loan 1, but refunds from loan 4 are pretty standard.
Affordable – could WDA have told ist was not affordable looking at the information they had? Or are you just saying it wasnt affordabel if they had looked at your bank statements, because you are not going to get a refund on that basis.
Sustainable – can you say how large each of the loans was? whether any of them was rolled, if so how often, and what the gaps between the each of the 4 loans were ?
Responsible – what new/very recent problems would have showed on your credit record during this time? How many other payday did you have when you took out loan 1? loan 2?
Peter says
Thanks Sara
1. on the bank account issue- the helpline says to submit the link nevertheless and update the bank acccount separately on phone. There will be no new emailed link nor are they going to send a confirmation that bank account has been verbally updated. there’s potential here.
2. on the loans- 2nd & 4rth were top-ups; there were 3 other paydays around time of loan 2,3,4; all 4 loans had delayed payments; they were all taken out within a period of 15 months; loans sizes were 600, 300, 500, 300.
Sara (Debt Camel) says
I have now added a section to the article above on “What can I do if I think I should get more than they have calculated”. See what that says – you are going to have to do all the work to calculate what you think you should get back and explain why.
Steve says
I have had an email with a redress amount of £10348. I’m guessing the best I can hope
For us normally £0.20-25p to the pound which I will still be happy with..Is this figure normally right sara.
Sara (Debt Camel) says
Sorry there is no “normal” here. It could be a lot less than that, but it depends on how many people submit their claims. Some of the emails will have gone to email addresses that no longer exist or have gone into spam and never been seen. It’s impossible to guess.
SAM says
I emailed in response to their email on 10th April bank details and address have changed. Have chased up via email today as I would like to submit the claim. Will let you know if I receive an email reply.
Jordan says
Sam – I emailed 3 weeks ago about my bank details but haven’t heard anything back. I wouldn’t worry about it because it will be a t least 6 months before any pay outs are made.
John says
Just phone them on 0330 094 5695
I spoke to them this morning with updated bank information. I had no issue
Dominic barlow says
Hi there I am in an Iva does this mean I could have money owed to me or have it taken of my debt? Thanks
Sara (Debt Camel) says
It may be paid directly to your IVA firm. If it comes to you and it is more than £500 you should inform your IVA firm of the windfall.
Ash1982 says
Hi I haven’t put any claims in, can I still do so? I paid my last loan off end of Jan19? I had an email notifying me of the administrators at the start of March but nothing else
Sara (Debt Camel) says
How many loans did you have from them? How many other payday loans did you have at the same time?
Ash1982 says
I potentially had 4 or 5 with them and at times 4 or 5 elsewhere.
Sara (Debt Camel) says
If you want to put in a claim, read the new section in the above article: “What can I do if I think I should get more than they have calculated”. You will have to get all the details on the interest you paid on each loan and say which loans you think should be refunded – it is VERY rare to get all loans refunded and most people don’t get the first few refunded.
jason maxfield says
jason hi i just want to no how long it takes for the redress takes befor you no what you are going to get back.
Sara (Debt Camel) says
It will be quite a few more months I am afraid.
Laura says
Does this mean that any trace of wagedayadvsbce on my credit file will be removed following the redress process?
Sara (Debt Camel) says
The administrators haven’t said anything about credit records
I should get a reply by the end of the week from them.
Sam says
I called today as no response to my emails in updating address etc. Automated message saying they are experiencing high number of calls and no operators available. No option to speak to anyone just a suggestion to email. Not sure if I should submit claim against wrong address and bank account but their deadline is looming.
My email is worded differently. It says i have until 30th April to submit claim. My husbands email is worded the same .
Sam says
My email is worded differently. It says i have until 30th April to submit claim. My husbands email is worded the same .
Sara (Debt Camel) says
I don’t know why your email says the 30th. I have seen several that all said 25th. i will ask the Administrators tomorrow.
Are your claims against Speedy Cash? That has different timescales from Wageday Advance.
Phil says
Has anyone else not heard anything yet?
I’m concerned as I haven’t had any correspondence at all, despite having a default with an outstanding balance and submitting an affordability complaint.
I sent several emails to WDA and have now sent an email detailing my complaint to Kuro but am still yet to receive anything at all.
I believe the default was incorrectly and unfairly issued but can’t seem to get hold of anyone to address it. Both through the phone and email. Any suggestions on what I can do?
Samantha says
I haven’t received any response to any emails and cannot speak to anyone on phone. I appreciate they will have received a high volume of queries but should be equipped to at least respond in a timely manner.
Sara (Debt Camel) says
The Administrators have told me they will be correcting credit records eg deleting records for any loans that are being refunded.
While this doesn’t say what they will do in yoru case, it is good news that creedit records are on their list of things to be sorted.
Andrew says
I’d changed bank accounts, so when I tried to click on submit, the account number was incorrect. I called them up, got through very quickly, was queued at number 2, so got to speak to them in about 5 minutes. Spoke to the gentleman, gave security info, they had all the rest including loan numbers (I wanted to check in case this was some kind of scam). I’ve gave him my new bank account, he said he’d updated my account, and to submit the claim later that day. He explained the account last 4 digits would still be wrong, on the “frontend”, that I saw, but was correct on the backend, and I wouldn’t get another email explaining the change or about the claim.. So I submitted. Not a fortune, but it was nice to have my outstanding debt to WDA be wiped off, and they owe me via the redress claim £130.00. I can’t think anyone will get paid until, after the end of the month when the submission date closes, then a while after that while they process if people have accepted the claim amount or not.
Sam says
You are lucky, I have been calling every day and get the same message “high levels of calls, no operators available” and call ends. I have emailed several times to update my details and submitted claim anyway.
Heather says
Hello,
Has anyone had a reply from either email or telephone? Can’t get a hold of anyone on the phone and no replies to emails from over a week ago.
My details needed updated and I am worried about deadlines (25th April). I’ve submitted my claim, but should of updated the details first I was confused.
Sara (Debt Camel) says
EDITED – April 25th is NOT the deadline for claims, that hasn’t been announced. The 25th date only matters if you want to vote, otherwise a claim can go in afterwards. Other people do seem to be getting through.
Antalert says
I rung them regarding bank details got through quite quick they have quoted me £4000 redress I asked them about time limits they responded that could be within 2 weeks from the 25th April ? Not months stated on here ?
Sara (Debt Camel) says
I thought they were going to allow more time for claims. As they aren’t – the deadline for the claims is the 25th – then it just depends how fast the administrators move after that point. 2 weeks would be great!
Sara (Debt Camel) says
I still think it’s months. April 25th is not the deadline for claims. I don’t beleive this is going to be wrapped up in two weeks.
Ben Williams says
I have received a redress claim for £7000, what sort of percentage should I get back and how long does it normally take?
Sara (Debt Camel) says
you may get a low percentage back but what it will be isn’t known. Someone has been quoted a timescale of 2 weeks, which would be great, but I have been saying months.
Josh says
My understanding is that the plan is to get things moving as fast as possible after the final date of voting. The costs already incurred are relatively high and the longer it goes on the more they have to charge. This will result in a reduced payment for unsecured creditors. I would be surprised if it’s a matter of weeks that would be unusual. I have a claim myself but I think realistically we shouldn’t be expecting any more than 15p to the pound that’s just me looking into the value, assets etc I suspect it’s gonna be less myself.
Sophie says
Is 25th the deadline for all claims now or just if you want to vote still?
I still haven’t heard back about the redress estimate being incorrect, just a standard “sorry we’re busy, we’ll reply when we can” email. I don’t want to submit a claim for only about half of what they owe me but I don’t know an exact figure to put in on a new claim form.
Sara (Debt Camel) says
I have now had this clarified by the administrators.
The 25th only matters if you want to vote – that is the deadline for voting and in order to vote you have to have submitted a claim. If you don’t want to vote you can submit the claim afterwards – the Administrators haven’t yet announced the deadline for this.
BUT what should you do?
You wrote “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.”
In this case you should get at least what they offered you before. I suggest you wait and see if you get a reply to your query. If you don’t, when they do announce a deadline you can send them a claim form with the old agreed amount on it attaching your previous email from WDA as proof of the amount.
Sophie says
That’s great. I just panicked when I saw people saying the deadline was so close! Thanks Sara!
Sabrina says
I’m happy with the amount they’re stating will come back to me, I’m just no sure which way I should vote on the proposals?
Sara (Debt Camel) says
You don’t have to vote.
I can’t advise you what way you should vote. if it was me, I would vote in favour as I don’t see a practical alternative to what the proposals say.
NB you aren’t going to get a full refund of the redress amount they stated. You will only get a proportion – how much won’t be known for some time.
andrew says
Hi guys, I had an e-mail on the 5th of April saying I was due a redress claim. I clicked the link to confirm, Was just wondering does anyone know when/how long it takes them to get in touch to confirm the redress amount and of course if/when we cacn expect it. Thanks
Joanne says
Hi all,
I rang the customer helpline today to submit my change of bank details. I was on hold and waiting about 20 minutes until I spoke to someone.
Details updated and for your info you don’t get a reply when you submit your claim on the email they sent us. The only way to check they have received it is to click on the link again. If you can’t submit they they have your claim for redress.
I also questioned when we could expect any money as someone had quoted two weeks from 25th April. I was told it will take a lot longer than that but can’t give an estimation. He said once the deadline of 25th April for claims to be submitted they will be in a bigger picture. After that once they are closer to making payouts we will be informed be email with regards to pay outs for Wage Day Advance .
Sara (Debt Camel) says
“He said once the deadline of 25th April for claims to be submitted they will be in a bigger picture” I don’t think that is quite correct. After 25th of April the proposals will have been approved, so things can move forward. But that isn’t the deadline for Claims to be submitted.
Shaun F says
Sara,
In your experience, what percentage of these redress figures do you think we can expect? And do you know how many people have made claims so far?
Sara (Debt Camel) says
Experience means nothing here as no-one has handled an administration in this way before. I can’t guess how many of the emails the administrators sent out were unseen because the email account is no longer in use or because they went straight to spam.
I have no idea how many people have made claims so far. And I am not going to ask because it doesn’t seem to me to be a useful number to know.
James says
How long after the vote closes should we hear when our payments on loans that are still outstanding may restart?
Lee says
Hi
When do you think a decision on the amount of refund we will get and when do you think it will be repaid ?
Sara (Debt Camel) says
The order of events is likely to be:
– first the Administrators have to announce whether their proposals were accepted in the vote. this may feel like a formality to you but nothing else can be done until it is agreed.
– then there will be a deadline set for people to submit claims.
– the Administrators have to sort out the rest of the insolvency – selling off any assets, deciding on Claims that they have been sent that are not affordability complaints etc
– then after the deadline and sorting out the rest, they will know how much money there is left to divide between the people they have already decided have good affordability complaints.
– my guess is it will get paid pretty soon afterwards.
marty says
Just read administrators have until 2021 now.
Payments to creditors to be made with 9 months of 31 August 2019. So anyone thinking a wee bit of cash coming soon it won’t be. Wonder how much kpmg making out of this. Oh dear
Nikita says
Where did you read this Marty?
marty says
It’s on FAQ’s on the email i got about the redress
Michelle says
Yes I just received the email too, they said redress payments to be made in the period before 31/05/2020 they will advise payment date confirmation at some point.
James r says
There charging £470 per hour!!!!
Sarah says
FYI – I have just received an email from WDA stating claims will be paid out by May 2020
“Dividend payments are therefore intended to be made to customers with valid redress claims against CTL on or before 30 May 2020. It is intended that these payments will be the first and final payments made to CTL’s unsecured creditors.
Claims must be submitted by 23:59 hours on 31 August 2019. If you do not submit your claim by this date, you may not receive a payment in respect of any valid claim in the Administration that you may have. “
Joseph says
Just had an email saying my debt has been passed to Lantern. Anyone heard of these people? Who are they? What now happens with my complaint? I had a provisional decision to remove all the interest and just pay the principle amount borrowed but now I don’t know what’s going on.
Sara (Debt Camel) says
Thanks for the news, that is going to affect everyone with an outstanding loan I think.
I have updated the article above to say the loans have been sold to Lantern. You will need to make a payment arrangement with Lantern – don’t offer more per month that you can easily afford. no interest will be added from here on.
Jordan says
Deadline for claims is 31st August 2019.
Josh says
Well I received an email today, the good news the provisional loan balance has been finalised meaning the outstanding 800 pound is now wrote off. I’m still owed 2321 though and there is no indication of the percentage of this I will received still? Also I believe they have said they hope to pay us by May 2020 ? So we have a long wait. The end date to submit claims is the end of August ? Correct me if I’m wrong? Will they not let us know how much we will be receiving before that date ?
Sara (Debt Camel) says
The Administrators can’t have any idea of how much will be paid out until all claims have been submitted.
They have to have a complete list of claims. And for any where someone is saying they should get more than was calculated, they have to decide how they should be assessed. And they have to seel the company’s assets.
Sorry, this takes time.
cyrilv says
So… email today from WDA/KPMG containing the following;
“We understand that you submitted a compliant to CTL and / or to the Financial Ombudsmen Service, which was not agreed and quantified prior to 25 February 2019.
We previously sent you an email to inform you that you were not identified by CTL as being a customer potentially entitled to redress, however that we are still providing you with the opportunity to submit a claim in the Administration, if you believe that you are entitled to redress from CTL. This email is to confirm the deadline for submission of claims in the Administration.
If you haven’t already submitted a claim in the Administration, you may do so by completing a blank customer claim form and submitting this to claims.curo@kpmg.co.uk.”
Thing is, I *did* send a form to them on April 11th. Assuming I need to do no more other than wait and hope?
cyrilv says
Can anyone give me an answer here, please? FWIW my original claim was sent to WDA about 8 weeks before they went into admin. I sent KPMG’s form to them on April 11th.
Sara (Debt Camel) says
Have you asked them to confirm they have received it?
cyrilv says
Might try that, thanks.
simon says
Hello
Could someone direct me to where I could get hold of the blank complaint form to send to KPMG please ?
Sara (Debt Camel) says
I have added the link into this section of the article: “What can I do if I think I should get more than they have calculated”
Geoff says
Is there still people who are yet to receive any email from WDA or any other linked party? I’m yet to have an email and none of my contact details have changed, so am a bit concerned. Is there a date they’ve stated they will contact customers by?
MK says
Hi I’ve just received my first email from Lantern in relation to the WDA administration……Any ideas why they want a screen shot of my credit file?
We write with regard to the above referenced account number(s) and recent communication(s).
In order to conclude or progress matters we need you to provide the following information within 10 days from the date of this communication.
1. Screenshot of credit file.
If you have any queries or need to talk to us, please get in touch.
Yours sincerely
Lantern
Please note: If you choose to communicate with Lantern by email, unless otherwise advised by you, we will accept this as your permission for us to contact you through the same channel. Such communications may include collections activity and negotiations.
Sara (Debt Camel) says
No idea. They can access your credit record themselves if they want. Weird.
Terry 60 says
I have had an email today, regarding aWDA loanwitha redress amount of just over £1000,it says that I can contact them at the number provided, orvia email address, it also says that there is no need to contact them as the claim will be dealt with,but I am seeing hear, dead lines for claims to be made, and “click on the link” to submit claim, there is no link in my email.
Sarah says
I’ve had the same email. I’ve looked at the email over and over thinking i must have missed the submit claim link! I’ve emailed them but had no reply so i think i’ll try and call them next week if I’ve had no reply.
StevieC says
Hi,
I received an e-mail on Friday from KPMG in regards to their administration of WDA. They informed me that my account has now been sold to Lantern and I would receive communication from them shortly. I e-mailed back stating as I had claimed redress on the 1 loan I had with them due to affordability (still owing £506) how can they just feel my debt to a debt collector. I copied later customer services into my e-mail. Today I have received an e-mail from Lantern to say the debt has been written off with a zero balance? Has this happened to anyone else?
Sara (Debt Camel) says
Yes a few people are getting these emails from Lantern.
StevieC says
I received an email from Lantern today to inform me that my account balance has been written off. Over £500. WDA had informed me through KPMG that they did not feel I had a redress claim which I countered.
Diddy says
I see that they still haven’t removed WDA from my credit report. It’s great that have wiped off my balance but it still shows an outstanding balance. The last time it was updated was March and nothing since, hopefully they will do this soon.
Sara (Debt Camel) says
The administrators are planning to do this.
If you may make any other affordability complaints it is a good idea to download a current Noddle report while it still has the WDA loan and keep it to help other complaints.