Wonga, WageDayAdvance and Juo Set Up Payday Loan Applications

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BORROWERS who owe payday lenders Wonga, WageDayAdvance and Juo Loans money only have a few months to submit compensation claims.

Emails seen by The Sun were sent to customers entitled to payment alerting them that a deadline has been set by administrators for all new claims.

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Wonga customers have until the end of September to claim compensationCredit: Alamy

The three companies went bankrupt after struggling to process hundreds of thousands of compensation claims from borrowers who accused them of irresponsible lending, leaving vulnerable Britons cracking down on sky-high interest rates.

Wonga stopped lending in August 2018 and now admins say customers now have until midnight September 30, 2019 to request payment.

Borrowers of WageDayAdvance and Juo Loans – both of which are owned by the same parent company, Curo Transatlantic Limited (CTL) – They were told they had until midnight August 31 to claim.

Customers who have already requested money from both lenders do not need to do anything because their claim will not be affected.

    WageDayAdvance customers have until the end of August to claim compensation

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WageDayAdvance customers have until the end of August to claim compensation
    All Juo Loan clients have been sold to Shelby Finance which belongs to the Walrus Club

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All Juo Loan clients have been sold to Shelby Finance which belongs to the Walrus Club

The emails were sent to customers who the company believes may be entitled to recourse regarding one or more loans taken out in the past.

Following the court hearings, the two administrators were allowed to set time limits in order to fairly distribute the remaining funds among the claimants.

Wonga administrators expect payments to be made within four months of submitting the claim, with a possible final payment date of January 30, 2020.

WageDayAdvance and Juo Loans came into effect in February this year and customers have been urged to expect payments by May 30, 2020.

But the compensation is not guaranteed because you will be added to a list of creditors owed by the companies once you have made your claim.

Wonga’s email warns successful applicants will receive “considerably smaller” payments than they expect.

Indeed, the total amount of claims should be greater than the remaining amount of cash to be distributed.

Payments will only continue as long as there is enough money left.

How to claim compensation from payday lenders

IF you think a payday lender owes you compensation, here’s how to make a claim according to financial blogger DebtCamel:

You will need to prove that you could not afford the loan when you borrowed it. If having the loan meant you couldn’t pay your bills or other debts, then you were loaned irresponsibly.

You may also be entitled to compensation if you have had late repayments, or have taken out back-to-back loans as this shows that you really could not afford a new one.

Examine your emails, bank statements, and your credit reporter for evidence.

You will need to write an official complaint letter to each lender explaining how you were irresponsibly loaned out and include the evidence.

You will have to cite “unaffordable loans” and ask for reimbursement of the interest and fees you paid, as well as the 8% interest from the Ombudsman on top.

Make copies of all evidence before sending it in in case something happens to them.

Also request that the loan be removed from your credit report.

You can find a letter template here.

Wait up to eight weeks to hear from them. If you are not satisfied with the response or they do not respond to you, contact the financial mediator.

So far, Wonga customers have typically received payments between £ 500 and £ 1,000, although some may qualify for more.

It is not known how much WageDayAdvance applicants received.

Sara Williams, debt advisor at the Citizens Advice charity, which runs the DebtCamel blog, aims to raise awareness of compensation claims because it is “so easy to do”.

She said, “For Wonga, you just need to give your name and address so that he can identify your loans.

“If you’ve received an email from WageDayAdvance it’s even easier, just click a button to submit a request that has already been completed.

“If you had loans from other payday lenders that you could only pay off by borrowing again, you can also complain.

“You don’t need to know what all of your loans were and that also works if you have loans right now.”

Earlier this year, a group of lawmakers warned borrowers had been “on their own” and called on the government to intervene.

The Treasury Committee feared that during 10,000 Wonga customers will miss up to £ 1,000 in compensation for poorly sold payday loans.

A spokesperson for Joint Administrators KMPG on behalf of CTL told The Sun, “We expect funds will be available to make payments to customers with a valid repair request.

“However, at this stage, we are unable to confirm the amount of these payments, although these will only relate to a portion of the repairs due.”

Wonga administrator Grant Thornton said he was alerting customers of the deadline set in order to meet the company’s January 30, 2020 claim deadline.

She also directed clients to her free online verification tool to help with the claims process.

Over 50,000 CTL clients, including all Juo borrowers, have been sold to Shelby Finance, which belongs to the Walruses Club.

Even though these customers have been asked to continue making payments normally, they may also have the right to claim.

Wonga fined £ 2.6million for false legal threats


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