When you have currently had an offer or a FOS decision

The Administrators will set your redress quantity in the biggest of:

  • exactly what the Claims Calculator states;
  • any last reaction offer from WDA; and
  • the worthiness of redress decided by the Financial Ombudsman.

Clients whom nevertheless owe a stability

Those who had a stability outstanding and who should get redress got a contact through the Administrators utilizing the topic important info about your loan .

These e-mails had been provided for you aren’t a stability and a redress quantity determined, no matter if they will haven’t submitted an issue.

The Administrators’ proposals had been agreed, so that the figures within these e-mails are no“provisional” but final longer.

In the event that you nevertheless owe cash following this decrease. Let me reveal a good example of the figures that are key

    navigate to website

  • Outstanding loan stability at 25 2019 per CTL’s records 420 february
  • Less: Provisional balance modification (165)
  • Provisionally adjusted loan stability 255 .

Should your redress is smaller compared to the total amount, you can expect to nevertheless owe some cash – £255 when you look at the example that is above.

Where some body has just had one loan, it appears to be as if the total amount happens to be paid down to your quantity borrowed less what the client has compensated up to now. This is exactly what FOS might have determined in the event that loan ended up being unaffordable.

The Administrators will contact you within the next couple weeks to provide you with the banking account details to help make re payments to. In the event that you curently have this info since you had been in a repayment arrangement, you could make repayments now if you’d like.

The Administrators will soon be offering outstanding loans to a financial obligation collector. That you can easily clear, you may prefer to do that if you only have a small balance left. Or perhaps you can intend to make an inexpensive repayment arrangement using the financial obligation collector.

In the event that redress is bigger than the quantity your debt

In the event your determined redress is bigger than your balance your e-mail will look something such as:

  • Outstanding loan stability at 25 2019 per CTL’s records 240 february
  • Less: Provisional stability modification (240)
  • Provisionally adjusted loan stability Nil .

You’ll then obtain an email that is furthersee below) saying you will be owed redress.

If you should be owed redress

You shall have now been informed associated with the determined amount

The Administrators delivered e-mails using the topic important info about your redress claim .

  • exactly what your determined redress quantity is;
  • that you will be an unsecured creditor by having a claim against CTL with this redress quantity;
  • there was clearly switch when you look at the e-mail to submit your claim – the due date for achieving this has passed away. You’ll not any longer submit a Claim.

“My bank details have changed”

The publish the Claim web web web web page revealed the past 4 digits of one’s bank-account quantity that WDA had on file.

It is currently (20 May 2020) far too late to improve the account details when it comes to very first run of repayments. Should you not receive your repayment, inform the administrators then of one’s brand new account.

Credit records

The Administrators will update clients’ credit files to eliminate credit documents for loans they have determined should always be refunded since they’re improper.

Calling the Administrators

No phone contact can be done as a result of Coronavirus. The e-mail for contact is:

Coronavirus – can’t pay debts & bills

Is the guarantor loan unaffordable?

Is a DRO constantly a lot better than an IVA?


gordon nilsson says

good point they stated every who invest claim should make it happen money am now looking at contacted the F.O gays because they need certainly to explore this simply how much interest they have been making in the funds.

Sara (Financial Obligation Camel) says