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.
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[1] and www.juoloans.co.uk.
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[2].
Questions and answers for consumers[3]
Notes to editors
- On 1 April 2014 the FCA formally took responsibility for regulating the consumer credit market.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA[4].