WageDay Advance: small payout for borrowers mis-sold pay day loans

WageDay Advance: small payout for borrowers mis-sold pay day loans

By Kevin PeacheyPersonal finance reporter

Borrowers mis-sold pay day loans by a loan provider which later on collapsed will receive not as much as 6% of this payment these are typically owed.

WageDay Advance went into management in February year that is last after being inundated by claims.

Some 100,000 borrowers will receive 5.68% of their compensation entitlement, administrators say in a case that mirrors that of Wonga.

One particular getting the re re payment stated she ended up being frustrated not astonished.

Marie Ellis found myself in a spiral of financial obligation after using payday advances from WageDay Advance, Wonga among others to fund day-to-day living expenses.

She worked in TV and film advertising, which she referred to as “exciting, but low-paid”.