Clients of WageDayAdvance whom feel they usually have a genuine claim for mis-selling must not wait.
WARRINGTON, ENGLAND – Allegiant Finance Services, the UK’s initial pay day loan claims expert business, has today highlighted a filing by Curo Group Holdings Corp, the US parent business of WageDayAdvance. The filing shows WageDayAdvance has proposed an arrangement towards the UK’s Financial Conduct Authority which may see its obligation to clients for cash advance settlement restricted to simply ВЈ17.9 million, despite it most most likely facing future claims potentially operating into tens of millions. Claims in Q3 & Q4 of 2018 alone accounted for $7.6 million based on WageDayAdvance’s reports with numerous claims staying undealt with due to backlogs. This surprise revelation comes right after WageDayAdvance announced it expanded its client base from 16,500 in 2017 to 23,500 in 2018, with revenue up from $14 to $20 million.
Jemma Marshall, Handling Director of Allegiant Finance Services commented
“This is really a profoundly concerning development. WageDayAdvance is a component of the lucrative worldwide team. It seems Curo is stating that in the event that FCA doesn’t consent to WageDayAdvance’s proposition to restrict its historic liabilities it may alternatively place WageDayAdvance into management or something like that comparable, similar to Wonga. Our concern is the fact that in the event that proposed scheme is agreed by the FCA, WageDayAdvance should be able to trade lucratively later on while its customers haven’t been completely paid – what message does that send down to customers along with other loan that is payday whom may aim to follow suit? Curo has benefited from unaffordable loans lent by WageDayAdvance as it took ownership in 2013, as well as its present proposals would probably give it time to keep earnings from those missold loans”. Continue reading “PAY DAY LOAN SCANDAL Another Significant Payday Loan Lender From The Brink: Leading Pay Day Loan Claims Company Warns That Wageday Advance Could Be The Next Payday Lender Lining As Much As Write Off Compensation Liability.”