Updated 22nd May – WageDay Advance Payments and Payout information following 20th May Administration
Wageday Advance Redress Update – Current known payout news.
WageDayAdvance Claim News is currently:
- All documentation in relation to CURO, WageDay Advance and Juo Loans has pointed to the fact that claimants will get around 6 pence in the pound (5.6p) for redress
- Any customers should have received an email on May 20th, May 21st or May 22nd 2020
- The administrators are using the credit accounts on file and any emails or letters from the administrators should mark the dividend due to the customer’s account. If you’ve received a letter or email it means the refund is already in process I should be received by the 27th of May or seven days from the email you received
Wageday Advance Administration – How it happened.
You may have read my other articles about the similar wonga administration payouts or read about in the press. WageDayAdvance, like many other payday lenders, has had increasing issues with affordability. Eventually, after many years of complaints in June of 2018 they began to try and plan a way out. Unfortunately, in early 2019, the administrators were officially brought in to wind up the lender’s finances and outstanding debtor accounts. Similar payday loan companies like Sunny have also had administration, claim and payment updates.
Juo Loans, the smallest sister company of WageDayAdvance, also went into administration
WagedayAdvance Claim – What is Redress?
Some WageDayAdvance Claim customers may be owed “redress”. But what does this mean? Well, the administrators of the wageday advance claim process will look into how customers have been treated or advised when given loans. If these independent reviewers feel that the loan was given to someone who should not have received it, they may award a form of compensation. This compensation is often referred to as redress.
Essentially, just like in the case of the old-fashioned PPI claims, if you were mis-sold something to do with not being affordable, sustainable or fit for purpose, you may be owed wageDayAdvance redress
It is important to note that redress compensation does not completely eradicate a debt owed by an individual. It is merely an amount taken from the balance owed. In some cases the redress compensation payment may be larger than a borrower’s outstanding debts, in which case the lender would owe the borrower.
Sadly, in some case the amount off wage day advance redress compensation may not cover an individual’s outstanding balance. In which case, the borrower will still need to repay some of this.
As part of the wage day advance administration process some of the customer’s debts were sold on to other debt collection companies. Some of these companies included Shelby and Lantern. If you a wage Day Advance customer affected by the administration of the company you should receive an email from the new companies and the administrators explaining what happens next.