Wageday Advance borrowers ‘disgusted’ to get back just 5% of what they’re owed from mis-sold payday loans
"DISGUSTED" WageDay Advance customers will only get back roughly 5 per cent of what they're owed in compensation for mis-sold payday loans.
The lender's parent company, Curo Transatlantic Limited, went bust in February this year leaving 650,000 hard-up Brits in limbo.
Borrowers were then given until the end of August to apply for compensation, but only 100,416 claims were submitted out of an expected total of 256,000 eligible customers.
Sadly, if you missed the deadline, you won't be able to apply anymore and you won't get any compensation for mis-selling.
But even if you did, you'll only get between 4.5p and 5.2p per £1, administrator KPMG has announced.
It means someone with a compensation claim of £1,000 would only receive between £45 and £52.
"There will be a hundreds of thousands of Wageday Advance and Wonga customers who agree with that."
She added: "Wageday Advance customers have been let down by the UK regulators.
"When a PPI firm went bust, everyone who was mis-sold PPI could get a full refund from the Financial Services Compensation Scheme.
"But customers who were mis-sold loans by payday lenders are not covered by the FSCS and will only get back a few pence in the pound. How can this be right?"
WageDay Advance customers with questions can contact KMPG by emailing customerservice.curo@kpmg.co.uk.
Wonga borrowers have less than one week left to claim compensation for extortionate loans, so we've rounded-up everything you need to know about submitting a complaint.
More than 50,000 CTL customers, including all Juo borrowers, have been sold to Shelby Finance, which is owned by Morses Club.
But beware of payday loan reclaim firms that "rip-off" customers by taking almost HALF of refunds.
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