CURO or Wage Day Advance

yoshiyella

[FONT=&quot]Dear All,[/FONT]
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[FONT=&quot]My mate has received the below email (personal details removed) about a payday loan he had over 9 years ago.[/FONT]
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[FONT=&quot]Basically it says CURO have been appointed administrators and that my mate could be awarded redress for the loan he took out and to click on this link to make a claim. The email also states that the loan balance is 0.[/FONT]
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[FONT=&quot]Any advise? Is this legit or should he be wary? Any other comments?[/FONT]
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[FONT=&quot]Cheers :beer:
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[FONT=&quot]Dear Mr Yoshiyella's Mate[/FONT][FONT=&quot][/FONT]
[FONT=&quot]CURO Transatlantic Limited (formerly trading as WageDayAdvance and Juo Loans) (in Administration) - “CTL”[/FONT][FONT=&quot]
[FONT=&quot]Court number 1418 of 2019[/FONT]
[FONT=&quot]Joint Administrators - Howard Smith and Ed Boyle [/FONT][/FONT][FONT=&quot][/FONT]
[FONT=&quot]As you may already be aware, Howard Smith and Ed Boyle were appointed as Joint Administrators of Curo Transatlantic Limited (“CTL”) on 25 February 2019. CTL formerly traded under the brands WageDayAdvance and Juo Loans.[/FONT][FONT=&quot][/FONT]
[FONT=&quot]If you are receiving this email, it is because the Joint Administrators believe that you may have a claim against CTL and are inviting you to submit this claim. Additionally the Joint Administrators are required to provide creditors with a copy of their proposals for the conduct of the administration and invite you to vote on these proposals.[/FONT][FONT=&quot][/FONT]
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[/FONT][FONT=&quot]Potential entitlement to redress[/FONT][FONT=&quot][/FONT]
[FONT=&quot]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.[/FONT][FONT=&quot][/FONT]
[FONT=&quot]As part of this process, you have been identified as a customer who is potentially entitled to redress from CTL.[/FONT][FONT=&quot][/FONT]
[FONT=&quot]The Joint Administrators have calculated your potential claim using information from CTL, as follows:[/FONT][FONT=&quot][/FONT]

[FONT=&quot]Name of creditor [/FONT][FONT=&quot][/FONT]


[FONT=&quot]Email address[/FONT][FONT=&quot][/FONT]
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[FONT=&quot]Address of creditor[/FONT][FONT=&quot][/FONT]
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[FONT=&quot]Estimated redress claim[/FONT][FONT=&quot][/FONT]
[FONT=&quot]The value of this claim takes into account, and therefore includes, outstanding uncapitalised interest. For further details please refer to Appendix 8 of the Joint Administrators' proposals.[/FONT][FONT=&quot][/FONT]
[FONT=&quot]Estimated redress entitlement as at 25 February 2019: £295.61

Less:
Outstanding loan balance at 25 February 2019: (£0.00)

[FONT=&quot]Estimated redress claim in administration: £295.61[/FONT] [/FONT][FONT=&quot]
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[FONT=&quot]Provisionally adjusted loan balance: NIL[/FONT][FONT=&quot][/FONT]
[FONT=&quot]Particulars of how and when the debt incurred (If you need more space append a continuation sheet to this form).[/FONT][FONT=&quot][/FONT]
[FONT=&quot]Calculated using the method detailed in the Joint Administrators' proposals document dated 27 March 2019.[/FONT][FONT=&quot][/FONT]
[FONT=&quot]Bank details (last four digits) (required in order to allow a dividend distribution to be paid to your bank account in due course when a dividend is paid).[/FONT][FONT=&quot][/FONT]
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[FONT=&quot]Details of any documents to substantiate the debt[/FONT][FONT=&quot][/FONT]
[FONT=&quot]Documentation agreed between the creditor and CTL to evidence the loans advanced by CTL to the customer before the date of the appointment of the Joint Administrators.[/FONT][FONT=&quot][/FONT]

[FONT=&quot]If you have a valid redress claim against CTL, you will be an unsecured creditor of CTL and your claim will be an unsecured claim against CTL.[/FONT][FONT=&quot][/FONT]
[FONT=&quot]Unsecured creditors are expected to receive a payment against their claim during the Administration. The amount and timing of this payment is not currently known. However, CTL will not be able to pay your claim in full and it is expected that you will only receive a partial payment (pence in the pound) against your claim.[/FONT][FONT=&quot][/FONT]
[FONT=&quot]If you wish to be entitled to receive a payment in the future, you will need to submit your claim in the Administration. If you would like to submit your claim now, you may do so using the button below:[/FONT][FONT=&quot][/FONT]

Bermonia

Check online, however I am aware that WageDayAdvance went into administration a quick google search should confirm the administrators.

Mrs_Ryan

I got the same email- I’m pretty sure it’s legit because if you click on the address it came from it comes from KPMG which are a respected firm of administrators. A quick google to WDA’s own website confirms it is KPMG handling it so it looks good to me.

Ben8282

The information given appears correct but I think it would be prudent to contact the administrators by means other than clicking on the button below to confirm this before providing any personal details. I am not convinced that the e-mail is genuine.

fatbelly

Debt Camel has written about this here

https://debtcamel.co.uk/wageday-advance-wda-administration-sale-morses-club/

If you are owed redress

You will be informed of the calculated amount

If you are owed redress the Administrators are sending emails with the subject Important information about your redress claim. These started to go out on 4 April.

These say:
◾what your calculated redress amount is;
◾that you are an unsecured creditor with a claim against CTL for this redress amount;
◾there is a button in the email to Submit your Claim. This is very easy – it takes you to a form which is already prefilled with all your details and the amount. You only have to add the last 4 digits of your current bank account. If these do not match what CTL have on file, because you have changed banks, I think you will later be asked to give your full bank details;
◾There is another button that let’s you vote on the Proposals, see below. To do this you have to have submitted your claim.

You will also get this email if you had an outstanding loan but the redress amount was larger. So if you owed a balance of £240 and the calculated redress was £1000, the balance would be reduced to zero and you have a claim for £760 from CTL.

You will later receive a proportion of the calculated amount

You won’t be paid the full value of the redress calculated because there is insufficient money.

How much you will get will depend on:
◾how many people submit claims. Some people may not bother; and
◾how much money the administrators have to distribute to the creditors. This will not be known for some months.

People who had refunds agreed before administration do not get any priority. This isn’t a decision by the Administrators, it is what legally has to happen.

You can vote on the Proposals

The Administrators’ Proposals have to be approved by the creditors. This is why all the calculated redress amounts and the balance adjustments are described as “provisional” at the moment.

As an unsecured creditor, you can vote on this using the button in the email you receive.

You don’t have to vote. For what it’s worth, here are my thoughts:
◾I don’t see any downside to a creditors’ committee being set up but I doubt it will help you;
◾if you are thinking of nominating yourself to be on the committee, read this R3 Guide;
◾the proposed administrator fees and expenses look standard.

You may not like the redress that has been calculated or the fact you will only get a small amount of that in the end, but voting against the Proposals will not increase the money available to pay the refunds.

I suggest if you are unhappy a better option would be to contact your MP and say that you feel you have been let down by the regulatory system that failed to enforce rules about affordability checking and that the FSCS should cover lenders so there is compensation when a lender fails.