Waissel, who also now works as a lawyer is suing Cowell's production company Syco Entertainment accusing it of breaching their duty of care during her time on the show.
Speaking to The Sunday Times, Waissel said: “I am pursuing a civil case of personal injury under negligence, which pertains to duty of care.”
The statute of limitations on such a case is three years so Waissel will first have to convince a judge her case has merit.
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Waissel's complaints lie largely with the contract X Factor contestants sign to appear on the live broadcast part of the show.
She said: “I was [contractually] given £1 in exchange for appearing on the live shows section of the programme. That structure is manipulation and coercion at its finest. Company A, who is in a position of power, seeks person B, who is vulnerable. Company A says, this is the biggest opportunity of your life and without it, you would be nothing. That is the absolute pinnacle of where it’s all gone wrong."
Waissel added: “There are so many of us who have been so trapped and it’s not fair, there was a huge imbalance in power. I just wanted to be able to understand [the contracts] and to protect people from being manipulated in the future.”
Last year, it was announced that a documentary was in the making about accusations of bullying, harassment and exploitation that took place during the filming of the show.
After premiering in 2004, The X Factor has not been broadcast since 2019 with ITV since stating that they had no plans to produce a new series of the singing contest.
Watch below: Simon Cowell hints at 'plans' for new X Factor.