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
From them directly still says 5p to 5.4p per £
As you are aware, the Administrators are currently working within the timeframe of declaring and paying a first and final dividend to creditors in the CTL administration on or before 31 May 2020.
Following the restrictions put in place to deal with the COVID-19 outbreak, we have implemented effective home working arrangements for all the Joint Administrators’ staff, including the Customer Contact Centre, which is currently operating an email only service (ie it is unable to accept phone calls).
On the basis of current information, we do not envisage any delay to our timetable of declaring and paying a dividend by 31 May 2020.
We will keep the situation under review and should the position change due to the impacts of COVID-19, or for any other reasons, we will publish this information on our webpage: www.kpmg.co.uk/curo.
MM says
Thanks for that RR, if u dnt mind sharing, how much penny to the pound did you end up getting? I’m still awaiting response from Wage Day Advance. During these tough times, I’m hoping sooner than later!!
Thank you
Regards
MM
RR says
Apparently it was from Wonga. It’s strange because I never had any emails from them (still have the same one when I had loans with them) or any other information. I have changed banks also since then so no idea what’s happened. Everyone got their redress a number of weeks ago so it’s strange for them to not only pay me but get my account details.
Heather says
Has anyone heard from them recently? I called them to update my details but never had any confirmation by email or phone to say this was done and I have read from their 2nd progress report that they were checking identities which I don’t think they have for myself.
The final payment date is next month and I have a feeling I will never see any of the money back even if it a small amount. No replies to emails in months.
Andy says
Got to say customer services responded to me within 48 hours. I suspect payment will be dragged out until the last day of May. That said they should be able to update us far better than they are!
Kerry swann says
Yes I agree but with the covid 19 will it be the end of may? I very much doubt it.
Tracie says
Hi. I emailed them yesterday to update bank details and received this email today:
We can confirm that we have logged your request to change your bank details and will complete a validation process prior to making any payment to you at a later date, if you have a valid claim against CTL. During this validation process, we may request further information from you to validate your bank detail changes.
If we do require further information from you, we will contact you in due course.
Payment to creditors are expected to be made in early 2020, on or before 31 May 2020. However please note that CTL will not be able to pay your claim in full. We estimate that a dividend of between 5.0 and 5.4 pence in the pound will be payable to creditors, and we will confirm the precise amount that you will receive when dividend is paid to you.
Kind regards
We are now in the final stage of claims adjudication, prior to the payment of a first and final dividend to creditors, and are unable to consider any further claims in the administration.
Sandra malliband says
I have not heared anything atall to when we are going to see a refund
Marty says
Nobody has been paid yet they fully expect to pay on or before 30 May 2020 but cannot give an exact date as yet I’ve had no issues with the response time to emails but it’s very much bog standard response copy and paste.
I would have like to think that as previous customers it shows we were under financial pressure in the 1st place and given the pandemic would try to get people paid asap as every little in this tough times would help but they wont engage in that element of it.
JR says
Anyone else starting to thing we want see our money before the end of May???
gordon nilsson says
it would be nice when the money comes this month can used it keep girls happy i.e online shopping
Terry nicholls says
Some of us thought the same when Wonga were paying out, it started with a trickle then before we knew it all paid out, and as far as I know, on time
Sara (Debt Camel) says
well apart from the thousands that weren’t paid until April and the hundred or so who still haven’t been paid… lets hope KPMG make a better job of it.
gordon nilsson says
it would nice what money they are going pay out before end of may which year!!!
Jordan says
The payment will probably be made at the end of May. The administrators will take the view that the money is better gaining interest in their bank account rather than ours.
Sara (Debt Camel) says
The extra interest will be tiny. That is not the reason for the delay.
JR says
It’s not tiny on millons Sara, that a poor come back on a site you run.
Sara (Debt Camel) says
actually it is tiny… the money will be in an account unlikely to be earning more than base rate which at the moment is 0.1% per year. You work out the interest they will get at that rate for a month…
Tracie says
I’m confused as to why people keep going on about getting paid sooner.
It’s not going to happen KPMG have all their processes already set out like a fine tooth Combe and the date has been agreed since last year when this issue was raised and you revived your initial email.
They are not going to change this due to Covid-19.
I know people could do with the money now but think about it it was money we never had and your not getting the full amount only a small percentage. I’d love to get the £6000+ they confirmed I’m owned but I’ll be lucky to get £400.
If your living on the basis of getting this ££ then you may need to rethink the whole of your finances and how you are managing them and seek some financial help once this is all over. . I know once this all started along with Wonga, Moneyshop, Provident and the PPI’s I’ve claimed I paid a small fee and spoke to a financial and I’m in a much better place.
Sara (Debt Camel) says
or even better talk to StepChange who won’t charge you any money at all! The best debt advice is free :)
Jr says
It’s the principle not the money. kMPG said payments would be made at the start of 2020 by the end of May 2020 at the latest. No one as yet has been paid. Fine tooth Combe :) do you work for them ?? They retain money to earn interest I have friends who used to work for them, they are in this for themselves.you seem slightly naive to think Any different.
Sara (Debt Camel) says
There is no reason to think they won’t make these payments. The fact they have said they will pay by the end of may does not suggest they should already have paid some people.
Tracie says
I understand what is being said but it’s not the end of May 2020 yet!! Can’t really complain until we reach that point.
Steven Williams says
Agree 31st is the dead line they have put in black and white, no point worrying till 1st of June
Tee says
I’ve seen where someone mentioned online shopping . Every little penny helps and will go a long way but remember you are only getting 5 pence to a pound so if you are owed £1000 then u get £50 payment back so pls don’t depend much and promise your dear ones gifts
Steven Williams says
Oh I was thinking they took 5p off every £1 they owed us, not gave us 5p for every £1!!!! Deffo not getting any we’re near what I thought I was gonna get back then 🤬
Iulian says
Good morning all,
I am waiting for a redress from wda but I am not sure if they have my correct bank details.
I tried to call them but you no longer are able to get in touch with them by phone.
Any advice?
Thank you
Tracie says
See previous post from myself. I sent them an email you can see their reply….
jr says
I emailed curo to chase a payment date last week. Today I got this response ” The exact timing of payments is not currently known, and the joint administrators will contact creditors in advance of announcing an unsecure distribution when further details are known”
Oh. ??
Jordan says
They’ve got 14 working days after today to make the payments so I’m sure they have everything in order.
Jr says
Glad you are confident 😊
Edwin says
I was advised today by the creditors that they wont be paying out this month due to covid-19 related issues. Disgrace! I am due over £4000 so I am due probably £200 but money would have paid some of my rent. I could cry. Is this legal!?
MM says
Oh no! But can’t say I’m surprised! Disgusting service!
Hv they said “when”??
Thanks
MM
Sara (Debt Camel) says
No one else has reported this and Edwin has not responded when I sent him an email asking about it.
Marty says
Get tweeting piers Morgan terrible if true they should have being doing their upmost in these horrible times poor excuse terrible communications etc
Diddy says
If this is the case, surely they should be informing everyone now as to not build up expectations?
RR says
We all need to take a step back a second and not jump on the “it’s a disgrace” band wagon. I’m owed over £400 but I understand that their office will have been closed so staff can’t process our claims, it’s not just a click of the fingers to get everyone working from home either.
Their staff are humans and nothing has been said about you not getting your money. Just pure speculation at this stage. You’ll get your money, be patient in these awful times.
JR says
Think everyone understand this, but no one’s been informed !! That’s a generic email to all affected and takes seconds.
So no it is very poor.
Sue says
Has anyone else apart from Edwin received an email stating that payments will not be paid during May. Could this email have been a scam? I was just wondering how many others on here have received the same email?
Steve says
When I messaged I Still had the before or on 31st May for payment
Sue says
I had an email just two days ago confirming my bank account details and also stating that we would receive payments on or before 31 May. That’s why I was wondering who else had received the email stating that this is now not the case.
Kerry says
No not had an emails I’ve been waiting for one but none as yet..but totally agree that everybody should be informed on what’s going on.
Tracie says
I’ve received no emails or messages about delayed payments.
Sue says
I have just sent an email to KPMG asking if payment has actuallly been deferred due to Corona Virus. I will let all know on here if I receive a response.
Mark says
I have literally just received an email informing me they still intend to make payment this month
Sue says
Thanks Mark. I had a feeling that payments are still intended for end of May. Lets hope we are right.
mark says
Sue to be honest it’s all a bit of a farce really don’t you think ? It’s like the old bullseye tv show ; here’s what you could / should have had but in reality you are getting a pittance back
Sue says
I totally agree Mark. I was originally due back £1500 but now it will be a fraction of that. Yes, I do remember Bullseye – sadly!! Its tough times in life right now but rumours that we wont be getting paid during May aren’t helpful. I live in hope we will receive a small windfall at the end of May, some good news in these difficult times
Mark says
Sue , Well they have assured me this morning they do still expect to pay this month . My figure was just under £3000 🤦♂️So probably looking at £140 or thereabouts . Oh well the way I see it the best way to look at is it wasn’t expected until they informed me months ago that they owed me anything which I suppose then begs the question why didn’t they own up sooner 😳
Marty says
I emailed yesterday they still do not know exact figure per £
Sue says
It makes me wonder how we got into this situation in the first place Mark🤦♂️but at the time it was the only option I sadly had. I was informed a year ago & have been looking forward to receiving a payment of around £1500, to now be told it will be a lot less is disappointing. I had a small redress refund from Wonga but that is another story!! It was dragged out but I have learnt my lesson now about payday loans and didn’t realise how it would spiral up to the evel of debt I got myself in sfter taking out ‘just the one’ small loan as a ‘one off’. Now I am happy that I have got out of that trap & I hope others will be able to do the same.
Mark says
Hi sue I think the trouble was it was far too easy to get multiple loans off multiple companies which helped in the very short term but found to our cost it was very harmful indeed . Yep it is a wee bit disappointing to be told they owe you £1000s but end up paying you only a small percentage of that . I would rather not been told what I should have got to be honest
Beth says
This is the email response I have just received;
Thank you for your email.
Payment to creditors are expected to be made in early 2020, on or before 31 May 2020. However please note that CTL will not be able to pay your claim in full. We estimate that a dividend of between 5.0 and 5.4 pence in the pound will be payable to creditors, and we will confirm the precise amount that you will receive when dividend is paid to you.
Kind Regards
We are now in the final stage of claims adjudication, prior to the payment of a first and final dividend to creditors, and are unable to consider any further claims in the administration.
Nikki W says
I am hoping the payment is received before the 31st as that’s a Sunday! Let’s wait and see. We have waited such a long time now it would be a shame if they delay it further. I am owed around 9k 🙈 but will receive a fraction of that. I’m just glad I am out of the payday loan cycle now and in a much better place.
Gem says
Yes it’s gutting isn’t it I’m owed £3800 wish I looked into it years ago. But if I’m honest I didn’t know who/where I have all these bloody loans! I’m in a debt free place and happier and healthier for it x
Tracie says
Like you Gem I was owed over £9000 wish I’d known then what I know now.
But am in a much better place now owing nothing to any of these companies and just waiting for all of THEM to pay me what little they do thanks to Debt Camel
Thank you Sara you have been a god send 😉
Sue says
Just to let everyone know that I have received a response to my email that I sent to KPMG two days ago asking if there was going to be a delay in payments being made. Their response to me today was that they do not envisage any delays to payments being made on or before 31 May 2020.
This sounds promising. I dont know why someone posted on here that payments would not be received by end of May?
Sara (Debt Camel) says
I don’t know why they said that either.
Tan says
People don’t realise the ramifications when they write comments like that. Already people are going through difficult times, so all it does scare and panic people. Unless it is truly a fact and supported by some evidence, people should refrain from writing such inaccurate comments. Maybe they just wanted everyone to email WDA, to seek and confirm reassurance, so they felt reassured? There is nothing wrong with wanting to know but let’s not do it through by panicking people, ok. It’s not very nice.
Tracy says
I have just heard from WDA and they say they can not now change my bank account details as, “the payment details have been locked”! So they now want my new details again and a copy of my bank a/c to show it is mine in case the payment is thrown back from the a/c of record. Just thought I should let you know.
Tracy says
I have now had to use an account tracing service as I do not know which bank it will be paid to
Angela says
I changed my bank details with them a few weeks ago with no problems. This must mean that payments are imminent?!
James says
Did they give any indication which day they will start processing payments ?? Ta
Mark says
Anyone have any updates?
Terry nicholls says
Nothing since November, still about 2 weeks untill its late.
Mark says
Mark , I did put a post on here just before the weekend after I received an email informing me they still expect to pay by the end of this month . No exact date given so it’s just a waiting game just now . I think if you emailed them they would give you the same answer as I got
Andy says
I suspect they will leave payment as long as they can. I expect it on the last day! I am surprised they have not contacted us to confirm the amount though!
Marty says
Same bog standard response received today dont know the pence in the pound and expecting to pay on or before 31st may
Kerry Swann says
Are they even operating? I’ve had no response since January
sara says
I haven’t heard anything at all since last year :(
Angela says
They are definitely working on it as I emailed them 2 weeks ago asking when payment was being made, and got a reply a week later. Same old thing… payment will be on or before 31st!
Kerry Swann says
Thanks Angela. Yes there quick enough to to your payment each month but trying to get something back off them it’s a joke.
Angela says
Tracy says
May 18, 2020 at 6:10 pm
I have just heard from WDA and they say they can not now change my bank account details as, “the payment details have been locked”! So they now want my new details again and a copy of my bank a/c to show it is mine in case the payment is thrown back from the a/c of record. Just thought I should let you know.
They changed my bank details a few weeks ago with no issues! This may mean that payment is imminent?!
Jordan says
Hopefully KPMG have learnt lessons from the Wonga situation and are a lot more efficient and professional in making the payments on time to everyone.
Saran says
This is an update on kpmg website on 20 may 2020
Sara (Debt Camel) says
Thanks for the heads up!
So:
– everyone will get 5.68p in the £.
– people should get an email sent today “or shortly afterwards” saying their dividend payment has been made.
– if you get the email but no payment is received within 7 days, you need to contact the administrators.
Saran says
Great news 👍🏽
Denise O'Brien says
Thanks for keeping us up to date, fingers crossed
Saran says
just got my email so payment within seven working days 👍🏽
Linda says
Hi there,
Let’s all be honest when we stupidly took these awful loans out we thought we were solving are financial problems, but instead it became a cycle of deBT. I just checked my junk mail and found a email sent today, informing me I will be paid in 7 days. I am grateful but also very disappointed with myself hopefully we all learn from this. The pay back is crap but we must acknowledge its money we really didn’t know about…. I got 700£ from over 12,000£, well that’s what they said I will get. Let’s just be grateful that we are getting something in this very difficult time for all. Linda
Denise says
Hear, hear Linda!
Charlie says
Totally agree with you anything is better than nothing at all😀
MM says
That’s some good news/response.
Thank you to all whom made this possible. Yes, not ideal- given circumstances/principles… but better then nothing.
Regards
MM
Nikki W says
Just had my email
Laura says
I just received my email and told that my payment has been processed and I will get it within 7 days of the date of the email!
Dave L says
Well that’s positive, I have an email today saying that I will be paid within the next seven days far more efficient than Grant Thornton and the Wonga administration.
Kim says
Same here had my email saying payment processed and should receive in 7 days :-)
Justin says
I just got an email from wageday advance, saying I’m getting 5.68p to the £1. So I’m basically getting £14.01p, it did make me smile as I didn’t expect anything really, but thanks for the dinner one day lol.
mark says
according to the email the payment has already been sent to bank accounts. I would assume monies will hit bank accounts within 3 to 5 working days
Angela says
Light at the end of the tunnel!
Has anyone received their email yet?
Mike says
Just had a reply from wda. My dividend will be paid in 7 days.
Which is good news.
Mike
Kerry says
Yipppppppeeeeee finally
Sarah says
I’ve just had my email. £40 I’m now very almost debt free, a year to go thanks to this site so I’m going to treat us to a take away as all bills etc are no to to date.
That’s the last for me thank you everyone here and Sara for all your amazing help I hope you all get to the end of your journeys with this
anita says
Haa anyone not had an email yet. Ive checked and nothing 😢
Marty says
mines went to spam so check there
Angela says
Me neither :(
stewart says
yes i have had my email
Rosie says
Just received e-mail as well, close to £215. Couldn’t be coming at a better time. Great news…
gordon says
no i have got a email as yet
Angela says
Yayy I got the email! £111.66… happy days :) Thanks everyone for the support x
GRAHAM says
Let the 🥳 party start
Just waiting on the money shop now lol 😂 but seriously has anybody heard from them 😝
Denise says
No still waiting
Terry says
I’ve just received an email. It confirms the final dividend amount (5.68 pence to the pound) and that my payment is being processed and should be in my account 7 days from receiving the email.
Denise says
Just received my email .
Ian says
I’ve just had my email with the amount I’m being paid and the correct bank details.
I dont remember getting an email asking me to check my bank account was correct though, so I had to contact them to update my details.
Lorna says
Yes have just received my email from them today better outcome than Wonga and seems more organised aswell hopefully it should be plain sailing
Derek says
Just got my email too saying payment within 7 days.
GH says
Just received my dividend email, £102.68 due back. Says has been processed and should hit my account within 7 days
Steven says
Had my email getting £17.16 from the £302.16 witch they admit to owing me ?????
Sara (Debt Camel) says
Yes, there isn’t nearly enough money to pay the amounts people should have got, so everyone is getting paid just a small proportion.
Fred says
Although it’s a shame it’s low I am happy it’s 5.68p as I had a Feeling it may be a lot less.
Steven Williams says
Av told them to keep it, al try to push what they have admitted owing me
Sara (Debt Camel) says
You won’t get anywhere with that – they have followed standard practice for administrations and there simply is no more money.
Len says
Pointless. They don’t have the money to pay you, hence the administration. Take it and forget about it, there’s nothing you can do.
Garry says
just had my emai £280.85 from £4944.55
paul says
10 quid here.
Had a check back and remembered i put my complaint to the FOS years ago, which was refused.
Neil says
Received email too. Next 7 days for payment, so a week today at the latest. From the £7.5k they admitted they owed me, I’ll get just shy of £400. Better than nothing and thankfully a chapter of my life I can close and never go back to.
Nick says
Has anyone else not yet received an email?
Chris says
I haven’t received anything yet.
WDC says
Just receive the following email:
Howard Smith and Ed Boyle were appointed Joint Administrators of CURO Transatlantic Limited (‘CTL’), which traded as WageDayAdvance and Juo Loans, on 25 February 2019.
A first and final dividend of 5.68 pence in the pound is to be paid to unsecured creditors. This means you are due a dividend of £134.32.
We have processed your dividend payment, and you should receive the funds into your bank account within 7 days of this email.
Bob says
I thought a “direct payment” meant it was instant and you didnt have to wait 7days?
Mike says
Where does it say direct payment? It is more then likely a Bacs payment hence the wording “within 7 days”
Tracie says
Just got my email was in junk folder so please check.
Will be getting just shy ☺️ of £500. They have confirmed my bank accounts last 4 digits and payment within 7 days of the email.
Thank god that door has now closed. Would have been nice to get what was owed but something is better than nothing and thankfully no one else has to go through what we all have been through.
Now just waiting on one more Moneyshop which we’ll hear nothing from till end of year.
Once again thank to so much Sara you have been a god send. 😁⭐️ You have helped us keep our sanity and kept us well informed from day one.
Jenny Price says
Received my E mail.
Thank you so much Sara for all your useful information.
Money shop next year!
Dan says
I got –
This means you are due a dividend of £6.11.
Joseph says
Has anyone received their payment yet and if so how long did it take? It’s says ‘we have made payment by direct bank transfer’ and then it can take 7 days but bank transfers are immediate aren’t they?
Deano says
It cant take 7 days to process…if theyve sent it it should arrive pretty swiftly surely???
Denise says
With soe banks and building societies it could be held for three days for fraud purposes
Bob says
My thoughts exactly
Charlie says
No unfortunately they are not always. A BACS often takes 3-4 working days on a standard device but you can initiate a rapid one of about an hour but there is a fee attached. I m as make and receive BACS payments in my workplace most days.
Sara (Debt Camel) says
The email people have received says in the blue box at the bottom:
We have made payment of your dividend amount of £xxxxx by direct transfer to the bank details for your account held on our customer database. The payment reference that you will see on your bank statement is “CURO”.
I think the administrators have tried to explain what is happening in this email in clear English but I don’t think the term “direct transfer” here should be read as implying any particular banking transaction method.
Mr Jerham says
Yes received it this morning, only received email yesterday.
MM says
Those who received email yesterday & payment this morning- what Banks you with pls.. as I’m TSB & not received payment.
Thanks!
Trevor says
My email arrived today and I will recieve £89. I used every lender that I could during a desperate time but im pleased to say that with some sizeable payouts from some of those lenders that are still trading, I am now debt free and looking forward to buying my first house. There have been some big wins and losses during this reclaiming process, but the information on here has always been spot on! Thank you Sara!
Mr Jerham says
Got the money in my bank this morning ;-)
Bob says
What time? I have got nothing and my bank has said it should have no pending period and arrive as soon as paid.
Mr Jerham says
9am this morning.
Bert says
My Monzo account is showing the money as being available tomorrow AM which would suggest it’s a BACS payment.
Dee says
Hi so finally got my email, but noticed the bank account they have paid it to is the incorrect bank acc, luckily I have an email from then sent in July 2019, confirming they recieved and updated ny bank and address details. So now seems like I may have to wait months to get/if I get this moneny now!
Ross says
I’m with HSBC and my account is telling me there is a pending payment clearing on the 22nd (tomorrow)
Dee says
No unfortunately the old bank was some time ago now
I have emailed them so hopefully will be sooner rather than later ! Just annoyed as I did the changing of my address and bank details when I was sent an email to check frustrating as they confirmed they had updated them just think it’s unfair that I may have to wait longer for something that wasn’t my fault