Payday lender QuickQuid goes into administration – what you need to know
I’ve got a QuickQuid loan – should I continue repaying?
If you’re a QuickQuid customer, you should carry on making repayments, according to the administrator Grant Thornton.
Caroline Siarkiewicz, acting chief executive at the Government’s Money and Pensions Service, said: “If you miss any repayments you could be hit by fees and additional charges, and it could also harm your credit rating.”
I was mis-sold a loan – what will happen to my complaint?
A large number of QuickQuid customers have filed complaints to the firm, with some saying they believe they were mis-sold loans. During 2018 the Financial Ombudsman Service received 10,409 complaints about CashEuroNet, which trades under the name QuickQuid.
What’s more, FOS has ruled on many of these complaints in favour of the consumer. It says some 59% of complaints made to it about CashEuroNet between January and June this year were upheld.
FOS said in a statement on its website: “We understand that CashEuroNet, which includes the QuickQuid trading name, is in administration.
“We will be working with the administrators of the company to understand what that means for consumers, but it is unlikely that we will be able to progress any existing complaints about CashEuroNet any further, or look at any new complaints about it.
“Once we have clarity on this from the administrators of the firm, we will be writing to people who currently have cases against CashEuroNet with us to advise them on what they should do.”
We have asked the administrator, Grant Thornton, what will happen to outstanding claims and will update this story when we hear back.
After payday loan company Wonga collapsed last year, its administrator ended up setting up a specific website to make it easier for those who believed they’d been mis-sold loans to claim, although the deadline to do so has now passed. It had warned that even those who successfully claimed were likely to get back “substantially less” than they were due.
For full help on how to reclaim for a mis-sold payday loan, see our Reclaim payday loans for free guide.
Additional reporting by the Press Association.