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.
17 July 2019
We are aware that Instant Cash Loans (“ICL”) is proposing a scheme of arrangement with its creditors (which includes customers and former customers of The Money Shop, Payday Express, Payday UK and Ladder Loans) before it looks to close down the company.