Wage Day Advance / Juro Loan's enters administration with Pre-Pack Sale

[Legal Beagles]

On 25 February 2019 Curo Transatlantic Limited (CTL), trading as Wage Day Advance and Juo Loans, a high cost short term credit firm regulated by the Financial Conduct Authority have placed themselves into administration.*KPMG have been appointed as administrators to manage the firms’ businesses and affairs.*The FCA will continue to supervise CTL*and is in close contact with the*Administrators with regard to the fair treatment of customers.
KPMG have been appointed as administrators to manage the firms’ businesses and affairs. The FCA will continue to supervise CTL and is in close contact with the Administrators with regard to the fair treatment of customers.
CTL has today completed on a pre-pack administration sale of part of their loan book to Shelby Finance Ltd (trading as Dot Dot Loans), a regulated firm and subsidiary of Morses Club PLC. Approximately 50,000 customers will be moved from CTL to Shelby Finance. The FCA will engage closely with KPMG in respect of the loans which are not being sold.

KPMG have contacted affected customers to provide them with the relevant information and necessary contact details. In addition, KPMG has updated the landing pages at both www.wagedayadvance.co.uk(link is external) and www.juoloans.co.uk(link is external).

Customers being moved to Shelby Finance Ltd, which includes all Juo Loans customers, will also receive communications from Shelby Finance, providing them with relevant information. Customers loans, agreements and repayment arrangements remain unaffected.

If customers of CTL have any questions about how CTL going into administration affects them they should call the consumer helpline on 0333 006 2000 (within opening hours or visit the websites mentioned above).

Customers should continue to make any outstanding payments as instructed by the Administrators, KPMG. All existing agreements remain in place and will not be affected by the proposed administration. However, the firm is no longer able to issue new loans.

Customers who are struggling financially can get free and impartial guidance from the Money Advice Service(link is external).


https://www.fca.org.uk/news/statemen...-pre-pack-sale

[Amethyst]

FOS Curo Transatlantic Limited and SRC Transatlantic Limited

28 February 2019

On February 25 2019, Curo Transatlantic Limited and its parent, SRC Transatlantic Limited, went into administration. Due to the nature of those companies, no protection is offered to consumers under the Financial Services Compensation Scheme. We’ve been working with the joint administrators from KPMG to clarify the impact on the cases already with us and whether we’d be able to take on any new cases.

The joint administrators have confirmed that whether claims will be accepted – that is, whether complaints will be upheld and someone becomes a ‘creditor’ of the insolvent company – is now a decision for them. They will also decide how much is owed to each creditor.

This means we won’t be able to progress any complaints about Curo Transatlantic Limited (trading as Wage Day Advance or Juo Loans) and/or SRC Transatlantic Limited (trading as Speedy Cash) any further, or to take on any new cases brought to us.

As a result, we expect to hand complaints to the joint administrators for them to assess. We’ll do this as soon as we can. We’ll write to individual consumers and claims management companies to explain this, to let them know that they don’t need to do anything further at this stage, and to say that the joint administrators will get in touch directly.

For further information, see KPMG’s statement, with a link to a ‘Frequently Asked Questions’ document, which includes a section entitled “Creditors and potential redress claims”.