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QuickQuid rip off?
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mazza1985
Posts: 354 Forumite
Hi all
I took a payday loan out with QuickQuid - before I get a lecture on how awful they are I know they are a rip off but I am not here to complain about the interest out.
I took a loan out with them for £150, which needed to have £180 paid back on 19th march. I took an extension out, intending to pay the £30 interest and £90 off the original loan, making a total repayment of £120. They would then issue another loan for £60 on 19th march to cover the amount owing, and I was going to pay back £75 (£60 plus 25% interest) on 20th april.
In the mean time HSBC changed my debit card from solo to visa.
On 19th March the payment was not made as my card number had changed. Unfortunately I did not realise this and now I do not have the money to pay the balance owed.
HOWEVER
QuickQuid still gave me the extension loan. So now I owe £180, plus £12 late fee (192), minus the 60 quid extension plus 75 for extention and interest. So they are saying that I owe £207. I already paid 37 quid when they rang me last week as the woman on the phone was very verbally agressive, and did not listen to what I had to say. So by their guessings I still owe £180.
But how can they extend the loan if I did not make a part repayment? Are they allowed to do that? Im sure it is illegal and thats what I want to check. They said that if I did not ring them back by tomorrow they would take the whole £180 on 20th april which I cannot afford. I had to give them my new bank details to make the £37 payment. So basically they are holding me to ransom. They want £100 on 20th april and 80 on 20th may, for the loan extension. I dont know what to do! If I could borrow the money off family to get rid of it then I would but I cant and thats what got me into this mess in the first place.
My credit rating is really poor so I cannot extend overdraft or anything to cover it, but what I really want to know is if it is legal what they have done?
Thanks
Marie
I took a payday loan out with QuickQuid - before I get a lecture on how awful they are I know they are a rip off but I am not here to complain about the interest out.
I took a loan out with them for £150, which needed to have £180 paid back on 19th march. I took an extension out, intending to pay the £30 interest and £90 off the original loan, making a total repayment of £120. They would then issue another loan for £60 on 19th march to cover the amount owing, and I was going to pay back £75 (£60 plus 25% interest) on 20th april.
In the mean time HSBC changed my debit card from solo to visa.
On 19th March the payment was not made as my card number had changed. Unfortunately I did not realise this and now I do not have the money to pay the balance owed.
HOWEVER
QuickQuid still gave me the extension loan. So now I owe £180, plus £12 late fee (192), minus the 60 quid extension plus 75 for extention and interest. So they are saying that I owe £207. I already paid 37 quid when they rang me last week as the woman on the phone was very verbally agressive, and did not listen to what I had to say. So by their guessings I still owe £180.
But how can they extend the loan if I did not make a part repayment? Are they allowed to do that? Im sure it is illegal and thats what I want to check. They said that if I did not ring them back by tomorrow they would take the whole £180 on 20th april which I cannot afford. I had to give them my new bank details to make the £37 payment. So basically they are holding me to ransom. They want £100 on 20th april and 80 on 20th may, for the loan extension. I dont know what to do! If I could borrow the money off family to get rid of it then I would but I cant and thats what got me into this mess in the first place.
My credit rating is really poor so I cannot extend overdraft or anything to cover it, but what I really want to know is if it is legal what they have done?
Thanks
Marie
Baby Mazza due New Years Day 2013!
0
Comments
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You agreed to another loan.
You took out £150, so owing £180 with interest.
Balence: £0 +£180
You agreed to a new loan of £60 (used to pay old balance), so owe £75 with interest.
Balence: £180 - £60 + £75
You failed to make the payment so were charged £12.
Balence: £195 + £12.
You owe £207, for taking out a loan totalling £210 of which £60 was used against your balance.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
Sorry maybe I wrote it in a confusing way :-)
I know what QuickQuid are claiming the outstanding balance to be.
What I am asking is; Is the extension that they are given me legal as I did not make a part repayment. eg the extension was to cover the remaining balance if i made a part payment.
I think they are acting illegally, this is what i wanted to check.
Thanks for your input that.DarkConvict wrote: »You agreed to another loan.
You took out £150, so owing £180 with interest.
Balence: £0 +£180
You agreed to a new loan of £60 (used to pay old balance), so owe £75 with interest.
Balence: £180 - £60 + £75
You failed to make the payment so were charged £12.
Balence: £195 + £12.
You owe £207, for taking out a loan totalling £210 of which £60 was used against your balance.Baby Mazza due New Years Day 2013!0 -
It will depend on the exact terms of the 2nd loan, you may find you agree to a second loan to be paid on a set date, not paid on the condition of repayment. You will to read the paperwork you agreed to.
End of the day, the only difference is the £15 interest on the £60. Alot to some people, but what im saying in the grand scheme of things, if £12 is a late payment charge £15 isn't a great deal.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
Hi
Can you check your original paperwork to see what it says. It may say that if you do not pay off the loan as agreed the loan is automatically extended and costs incurred.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Didnt they try take it through DD rather than a card transaction? When I was using these with Quickquid, they always took the payments as a DD.0
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Be careful with this company, In givng them your card number you have signed up to authorise them to debit your account whenever they feel like it for whatever amount they think they are intitled too if you fail to meet the arrangement, and they will clean your account out to get there money back with no notice at all.
My advise is to beg borrow and steal if you have to to get rid of them on the dates that you have agreed to pay them, and once its finished, call your bank and tell them you've lost your card so they'll not be able to use it.0 -
No was definately card never let them set up DD, and DD would have gone throughVanillaDelia wrote: »Didnt they try take it through DD rather than a card transaction? When I was using these with Quickquid, they always took the payments as a DD.Baby Mazza due New Years Day 2013!0
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If you are A representative of QuickQuick you need MSE permission to post
please read the forum at the top of the page
Companies Posting/Info
or
Companies with permission to postPROUD TO BE DEALING WITH MY DEBT NERD #869
DFD 5/1/16Numpty,Not sure why but I'm crying
. Of all the peeps on this board you're the kindest & most supportive of all & I'm :mad: & 
for you all at the same time . Wish I was there to give you a big :grouphug: & emergency hobnobs
xx0 -
Ok update for you all.....
Rang them and said I was willing to pay back the whole amount they were asking for and asked for it to be spolit over 3 months. Was refused. Asked for this in writing. Was refused again.
I've cancelled my card to stop them from taking the full payment back, and will be sending them a cheque once a month for the enxt 3 months for a 3rd of the amount owing.Baby Mazza due New Years Day 2013!0 -
I'm just wondering though, if they haven't agreed to this, they will continue to add charges/interest on top will they not? Will this not add more time and cost to your loan?0
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