Wage Day Advance | CURO Transatlantic Limited
CURO Transatlantic Limited (formerly trading as WageDayAdvance and Juo Loans) (in Administration) – “CTL” Joint Administrators – Howard Smith and Ed Boyle
For anyone else on this payday loan journey with me. I have listed out my claim with Wage Day Advance. So not to be confused as I am constantly updating this page! I am updating now in chronological order so that any new updates are at the top of this page.
BBC News Article on Wage Day Advance.
Update regarding dividend payments and the Customer Service CentreSummary
• The Joint Administrators declared and paid a dividend of 5.68p in the £ to all known unsecured creditors with an agreed claim in the Administration on 20 May 2020.
• A proportion of the payments that we made were unsuccessful and bounced back to us due to out of date customer bank account details.
• If you have not received your payment, please contact us to update your bank account details before 5 pm on Monday 20 July 2020.
• We will be making only one further payment attempt, and this will be made before the end of July 2020. If we do not have your updated bank account details before 5 pm on Monday20 July 2020, the Joint Administrators will not be able to process a further payment attempt to you.
• Provided your payment shows as unsuccessful in our records, if you do not update your bank account details with us before 5 pm on Monday 20 July 2020, you may still be able to claim the amount you are owed from the Insolvency Services Account (see below). However, it is likely to be a number of months before the ISA is able to make such payments.
• Shortly after the processing of our final payment attempt later this month, we will begin the process of winding down our Customer Service Centre operations and closing the Administration.
• Our Customer Service Centre will be closed from late August 2020, and we will not be able to answer any further customer queries after this time.
Dividend payments
On 20 May 2020 the Joint Administrators declared and paid a dividend of 5.68p in the £ to all known unsecured creditors with an agreed claim in the Administration.
This payment was made electronically to more than 100,000 creditors. If customers had not updated their bank account details during the period of the Administration, the bank account details paid were those taken from CTL’s company records.
A proportion of the payments that we made were unsuccessful and bounced back to us due to out of date bank account details. Please note that we have not received any interest from holding the funds that have returned to us, and that no profit has been made from holding these funds.
Further payment attempts
Since the start of June we have been undertaking a process to match unsuccessful payments to customers, and arrange for second payment attempts to be made to customers who provided updated bank account details.
Due to the high level of engagement from customers, we have already been able to process one interim payment run, which was communicated to the relevant customers on 30 June 2020.
We will be making one further payment attempt before the end of July 2020. This payment attempt will be made to those customers who have not received their dividend payments and have successfully updated their bank account details with us before 5pm on Monday 20 July 2020.
If you do not believe you have received your dividend payment from us, please contact customerservice.curo@kpmg.co.uk as soon as possible to provide alternative bank details.
We will not be able to process any changes to details that we receive after 5pm on Monday 20 July 2020, and will not be able to process a further payment attempt if your details are not updated at that time.
Unsuccessful dividend payments
If you do not contact us to inform us that your dividend payment has been unsuccessful, you may still be able to claim the dividend payment at a later date, but not from the Administration.
Following the conclusion of the final payment process, we will be sending any funds that we hold relating to unsuccessful dividend payments to the Insolvency Services Account (‘ISA’). This is a Government controlled bank account, and this process is in line with standard insolvency procedure.
If the dividend payment made to you has not been successful, and this is reflected in our records of unsuccessful payments, you will be able to claim the amount directly from the ISA. We will provide an update of the process to claim funds on this website when this process is open.
It is likely to be a number of months before the ISA can process payments to customers who had unsuccessful dividend payments and have not subsequently contacted us to receive a second payment attempt.
If you do not believe that you have received your dividend payment, please contact customerservice.curo@kpmg.co.uk before 5pm on Monday 20 July 2020 to discuss this with our Customer Service team.
Please also note that if you do not believe you have received your dividend payment, but this is not reflected in our record of unsuccessful payments, you will not be able to claim funds from the ISA, and the ISA will not enter into any discussions with you with regards to payment.
Customer Service Centre
Shortly after the processing of the final payment attempt, we will begin the process of winding down our operation of the Customer Service Centre and closing the Administration.
Due to the recent UK outbreak of COVID-19, our Customer Service team has been working remotely, and the CURO customer service telephone lines have been suspended since 5pm on Friday 20th of March. These telephone lines will now be closed permanently.
Following on from this, our Customer Service Centre will be closing permanently in late August 2020. After this point we will not be able to answer any customer queries by telephone, by email or otherwise.
Update from Administrators:
As you know, on 20 May 2020, the Joint Administrators declared and paid a first and final dividend to all unsecured creditors with an agreed claim in the Administration. Payments were made to 100,021 customers on that date, and the vast majority reached customer bank accounts on Friday 22 May 2020.
We have been notified by our payment provider that some payments have been returned where they did not successfully reach customer bank accounts. It is inevitable that some payments are returned when making this volume of payments.
Since 20 May 2020, we have received over a high volume of emails into our Customer Service inbox, the majority of which relate to customers’ payment enquiries. We are committed to responding to each of these emails as quickly, efficiently and accurately as possible, and investigating any queries put forward by customers regarding the receipt of their dividend payment.
We are in the process of responding to the customers who have contacted us regarding their payment not reaching them and will continue to work through these queries as quickly as possible.
We will be making a second payment attempt to any customers for whom the initial dividend payment is returned to us, and who have contacted us to provide alternative bank details. We intend to make this second payment attempt as soon as possible, and in any event by the end of July.
We would also note that this dividend is the first and final dividend and that no further dividends will be declared by the Administrators in relation to these claims. Anyone whose claim was admitted in the administration received notification of their dividend payment and remains entitled to receive that dividend, even if this first payment attempt was unsuccessful in reaching their bank account.
It should be noted that CTL in Administration will not earn any interest on funds that are returned to CTL.
Notice of declaration of final dividend
What amazing news that WageDayAdvance are to pay creditors within the next 7 days!! I have kept you all updated with any information that I have received. As well as the conversations that I have had with their PR team. As confirmed, they are due to payout in the next 7 days from today.
The full email provided below…
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 £98.14. |
| – | We have processed your dividend payment, and you should receive the funds into your bank account within 7 days of this email. |
Dear Miss Ellis,
CURO Transatlantic Limited (formerly trading as WageDayAdvance and Juo Loans) (in Administration) – “CTL” Court number 1418 of 2019
Joint Administrators – Howard Smith and Ed Boyle
Notice of declaration of final dividend
Howard Smith and Ed Boyle were appointed Joint Administrators of CTL on 25 February 2019.
We previously contacted you to inform you that we had agreed your claim in the Administration at £1,727.76.
We are contacting you to inform you that a dividend of 5.68 p in the £ was declared on 20 May 2020 and is now being paid to creditors. This dividend was calculated from total funds available to be distributed of £7,232,445. We are notifying you of this as required by Rule 14.35 of the Insolvency (England and Wales) Rules 2016.
The dividend rate of 5.68 p in the £ means that, for example, a creditor with a claim of £1,000 will receive a dividend payment of £56.80, as unfortunately there is insufficient money to pay creditor claims in full.
The balance of funds held by CTL has been retained to pay the remaining costs of the administration process. There will be no further dividend paid to creditors.
Final Payout Update: Wednesday 13th April
I thought I would check in one more time with WDA this week. Good to hear that payments will be made this month. A PR representative told me that “Just to confirm there is no change to the position that it will be paid on or before the month end.”
WDA Payout Update: Friday 17th April
I wanted to share positive news with you all this Friday lunch-time, after speaking to a spokesperson today for the Administrators. Despite COV-19 disrupting many businesses right now. They have reassured me that there is no anticipated delay in paying dividends to us all. As formerly communicated to creditors, the first and final dividend will be paid on or before 31st May 2020.
WDA – Claim Update: COVID-19
Due to the UK on lockdown, the Administrators have had to suspend their customer helpline number to protect their staff. However, you are able to still contact by email. Payouts are not expected until the end of May 2020. I have copied their announcement which is highlighted below in bold.
Unfortunately due to the recent UK outbreak of COVID-19, following the guidance from the UK government and in the interest of the health and well-being of both our staff and wider communities, we have had to take the decision to suspend the CURO customer service telephone lines from 5pm on Friday 20th of March. We sincerely apologise for the inconvenience this may cause.
At this moment we are unable to provide a timescales as to when customer service telephone lines may be available again, as such, we would advise all customers who wish to contact us that the FAQ section of our website provides updates and answers to most common queries at www.KPMG.co.uk/curo. Alternatively, customers may contact our customer service team through email at customerservice.curo@kpmg.co.uk.
WDA – Claim Update: Dividend Info
A big thanks to Nat Daley in our community for sharing the latest update. Wage Day Advance confirmed that they will be paying out before 31 May 2020. However, what they have not revealed UNTIL NOW is that they estimate that the dividend will be between 4.5 and 5.2. pence in the pound.
Personal Update:
I rang today for an update today. A very friendly customer service agent (who answered in minutes), told me that they are processing all submissions. Payments should probably take place at the end of May 2020. Emails should be going out soon. Watch this space!
Wage Day Advance: The amount and timing of payments to unsecured creditors of CTL is not currently known. However, we expect that payments will be made in early 2020, on or before 31 May 2020.
Information on how your claim has been estimated can be found in the Joint Administrators’ proposals, which are available to view here or by visiting www.kpmg.co.uk/curo.
If you did not submit your claim by this deadline, it is unlikely that your claim will be considered by the Joint Administrators and you may not receive a payment.
Please note that CTL will not be able to pay your claim in full, and it is expected that you will only receive a partial payment (low pence in the pound) against any valid claim you may have.
Wage Day Advance | CURO Transatlantic Limited
CURO Transatlantic Limited (formerly trading as WageDayAdvance and Juo Loans) (in Administration) – “CTL” Joint Administrators – Howard Smith and Ed Boyle
For everyone who is on this Payday loan journey. I thought I would share the latest from the administrators for Wage Day Advance. Wonga has just announced its payout this week, which was 4.3p in the £. It looks very much likely that payouts from Wage Day Advance will be minimal too.
Wage Day Advance Administrators contacted me last year to ask if I wanted to submit a redress claim. The deadline to submit a claim was 31 August 2019. Check your inbox and junk mail if you also took out loans with them. I nearly failed to submit my claim.
The full email from Wage Day Advance
Howard Smith and Ed Boyle were appointed as Joint Administrators of CURO Transatlantic Limited (“CTL”), which formerly traded as WageDayAdvance and Juo Loans, on 25 February 2019.
| The Joint Administrators believe that you may have a redress claim against CTL in relation to one or more loans that you have previously taken out from CTL. |
| We previously sent an email providing an estimate of your redress claim against CTL and instructions on how to submit your claim in the Administration. |
| IMPORTANT: Our records show that you have not yet submitted a claim in the Administration. You must submit your redress claim by 23:59 hours on 31 August 2019 in order for your claim to be considered. |
| Please note: Claims can only be submitted by the means described in this email. Any other format of claim notification, including relying upon a previous submission by a claims management company, will not be accepted. |
| You are receiving this email because the Joint Administrators believe that you may have a redress claim against CTL in relation to one or more loans that you have previously taken out from CTL. |
Dear Miss Ellis
CURO Transatlantic Limited (formerly trading as WageDayAdvance and Juo Loans) (in Administration) – “CTL” Court number 1418 of 2019 Joint Administrators – Howard Smith and Ed Boyle
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.
You are receiving this email because the Joint Administrators believe that you may have a redress claim against CTL in relation to one or more loans that you have previously taken out from CTL.
Details of your estimated redress claim against CTL were initially provided to you in an email we sent in the week commencing 1 April 2019. Our records show that you have not yet submitted your redress claim in the Administration.
A deadline for the submission of redress claims in the Administration has now been set of 23:59 hours on 31 August 2019.
Details of your estimated redress claim in the Administration are provided below, along with a link through which you may submit your claim.
If you wish to be entitled to receive a payment in the future, you will need to submit your claim in the Administration.
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, you have been identified as a customer who is potentially entitled to redress from CTL.
The Joint Administrators have estimated your potential claim using CTL’s Claims Calculator, as follows:
Deadline: 23:59 hours on 31 August 2019
Reclaim amount: £1,727.76
Payment Deadline: on or before 31 May 2020
| Estimated redress claim. 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. | £1,727.76 |
Customer service centre info provided
The Joint Administrators have established a customer services centre, which can be contacted at customerservice.curo@kpmg.co.uk or on 0330 094 5695.
However, call and email volumes to the centre are currently high and we therefore recommend that, before calling or emailing, you should view the Frequently Asked Questions guide at www.kpmg.co.uk/curo.
The Frequently Asked Questions include further information on submitting a redress claim in the Administration, how claims have been calculated and a number of other customer queries.
Yours faithfully
For CURO Transatlantic Limited – in Administration
| Information on your rights of referral |
| As required by rules made by the Financial Conduct Authority, the Joint Administrators inform you that you have the right to refer your complaint to the Financial Ombudsman Service. However, following the appointment of the Joint Administrators, the Administrators have been in dialogue with the Financial Ombudsman Service to confirm the impact of the Administration on the complaints the Financial Ombudsman Service currently holds and how to deal with new complaints referred to the Financial Ombudsman Service during the Administration. The effect of CTL going into Administration is that all cases received by the Financial Ombudsman Service will now have to be dealt with by the Joint Administrators. This means that the Joint Administrators will determine whether a complaint should be upheld and whether a customer with an upheld complaint should be treated as a creditor with a claim in the Administration. Accordingly, the Financial Ombudsman Service will not be able to further progress any existing complaints about CTL and will not be able to deal with any new complaints that are referred to it. In both types of situation, the Joint Administrators will deal with the complaints and keep customers updated with the progress being made to determine those complaints. |
Official Press Release
Howard Smith and Ed Boyle have today been appointed as Joint Administrators of CURO Transatlantic Limited (“CTL”). CTL was a provider of short-term, high-interest finance to consumers and operated exclusively in the UK under the brands WageDayAdvance and Juo Loans.
Immediately following their appointment, the Joint Administrators concluded a sale of the business of CTL and the majority of its assets to Shelby Finance Limited (“Shelby”), an unconnected purchaser, which is a subsidiary of Morses Club PLC. This deal secures the continued employment of all 205 employees of CTL, who have transferred to Shelby, and we expect that the accounts of approximately 50,000 customers will also transfer to Shelby as part of this transaction. Shelby will begin contacting all transferred customers shortly.
In excess of 650,000 other customer accounts, both current and historic, remain with CTL.
The Joint Administrators are currently determining their strategy regarding CTL’s remaining loan book and will contact customers with outstanding balances in the coming weeks, as soon as their strategy has been finalised.
The Joint Administrators will also contact customers who have potential redress claims against CTL in the coming weeks to explain their position, and where applicable, to invite them to submit a claim in the administration.
Ed Boyle, Joint Administrator, said “We are pleased to have secured the sale of the business to Shelby, which is the best available outcome in the circumstances for CTL’s creditors and other stakeholders. CTL was subject to a significant number of consumer redress claims arising from its historic affordability, creditworthiness and responsible lending practices. Over time, and with the number of claims increasing, the financial and operational burden of resolving them became unsustainable. The Joint Administrators will now work to realise the remaining assets of the Company and to then distribute the available funds to creditors.”
Howard Smith and Ed Boyle were also today appointed as Joint Administrators of SRC Transatlantic Limited (“SRC”), CTL’s UK holding company. SRC operated formerly as short-term, high-interest lender via a small number of high-street stores under the brand name Speedy Cash and stopped lending in 2017. Any current and former customers of SRC with outstanding loan balances will be contacted in the same manner as those of CTL, and the Joint Administrators will invite the submission of creditor claims in due course.
Current and former customers of CTL and SRC are encouraged to view the Frequently Asked Questions section on KPMG’s dedicated website for these two administrations (see links below), which provide further information until relevant customers are contacted directly over the coming weeks.
CTL – www.kpmg.co.uk/curo
SRC – www.kpmg.co.uk/src
The affairs, business and property of CTL and SRC are being managed by the Joint Administrators Howard Smith and Ed Boyle are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in
England & Wales.
We are bound by the Insolvency Code of Ethics.
The Officeholders are Data Controllers of personal data as defined by the Data Protection Act 2018. Personal data will be kept secure and processed only for matters relating to the appointment. For further information, please see our Privacy policy